 Good morning traders, this is Bruce at VLOXPRO. If you can hear me and see my screen just type yes in the questions. All right, thank you Okay Well today we have Daniel Scalic. He's presented once before with us and Lucky to have him back again So let me read the disclaimer first trading futures involved substantial risk of loss is not suitable for all investors Past performance is not indicative of future results There's just want to let you guys know of a few things before we get to the introduction for Daniel and then I'll pass it over Just want to show you a few things here on the website book map comm You can see this is the I don't know why it says two days here. It should be last day for the 33% discount on book map and this is for the advanced version. It's a yearly or a quarterly So let's just click on the pricing tab and you can find out more about the details here Okay, so the the advanced quarterly And then you get it for the year as well So you'll save quite quite a bit more with the year if you're interested in doing that This webinar is recorded and I'll show you where that is. Okay, you can find it either here in the portal when you log in and right here under Recorded webinars. Okay, and you can click for the playlist here And that'll take you to the YouTube channel or you can go directly here to the YouTube channel And you can see the if you got a scroll up to the top and you can see the all the recorded webinars this week Okay, or you can just go directly to that YouTube channel I also want to show you or send the link here to you in the chat box for Danny's Previous webinar that he did with us back in February. So if you if you guys want to review that as well Okay Let's see here a few questions already. Oh And then here's here's Danny's Twitter feed as well. I'm gonna put that into the chat for you All right. So you have that Dan you want the Expiration to be April 1st, okay Now it's Well, I mean especially we've got it all set up this way for now. Let's see another question Yeah, Carl, I can I can speak with you later about that Okay, okay, so Daniel Scalic. He's a E-mini primarily S&P E-mini Trader discretionary trader from the retail side He's been involved in trading for about six years You know the last year a couple years. He's been full-time He is a follower of futures trader 71 and client at S5 trading and Uses a lot of the same principles that FT71 follows Let's see Yep uses in the investor RT charting and then trades directly from bookmap here So you can see that he was also was a waiter at the restaurant Parisay here in Manhattan and As we could see from the last presentation a lot of discipline in his trading so It's excellent to see and it's great to to see that transfer over Into this very very challenging field of trading. So without further ado Daniel, I'll just Turn it over to you Cool, thanks Bruce and Thanks for having me back Really appreciate everybody showing up. It's really cool to have Such a great support here within the community and I'm seeing a lot of your names in the audience And traders I recognize and whom I've borrowed ideas from so thank you and Hopefully I can reciprocate here and you'll be able to take something away from this today So let's let's jump right in The market's back and over the past several months. We've been exhaustively watching this miserably slow equity futures market. I trade the ES exclusively and There have been many days where I'd sit here and watch the fluctuations for hours and not be able to find a single trade and You know even more days where I can only find one trade and that's it for the session and That's not due to my having changed anything in regards to trades or entries just the the opportunities simply weren't there and I know that you know a lot of you have been going through the same sort of thing because we talk about it in the S5 Chat all the time but the past few days we're finally seeing some action and of course Tuesday was that trend day down so Despite that welcome volume and range. I don't like to trade trend days. I'm just not good at it And I don't know anybody who is to learn from so I just stay off the mouse but I'd like to take you through my thought process on those excruciatingly slow days and Show you how that translates over to this newfound volatility, which will hopefully Stick around for a little while. Let's see here You got my screen Yep, looks good perfect All right, so that's what we're gonna do. We're gonna go through low volatility Starting from the higher time frame working down I'll kind of just quickly summarize How we get to the trading because we went over that last time so I don't want to cover that again But let's move right in So here's what we've got this is the what the market looked like as far as Last Friday morning Around 845 a.m. Or so right here Okay, I'm prepping for the day and completing my homework and my hypotheses this is a 15-minute candle chart of The regular trading hours session only meaning from 9 30 a.m. Until 4 15 p.m. Eastern And it goes back as far as March 6th here okay, so two weeks and You can see I've added two micro composite profiles one is for this entire range of kind of balance and acceptance and The other is for the past two days here We got this this push-up on the raised interest rates the Fed announcement on this Wednesday and then this inside kind of balancing day On the Thursday So as you can see even with this this huge push-up on the federal lease Which I likely considered in price discovery mode after that session was complete is still in quite a bit of balance overall Right, which is why I extend this this forward to just see you know how this is reacting From what we've built these past two days in addition to this prior acceptance so then we take it to the overnight section and I'll give you a quick rundown of this chart another 15-minute candle chart, but separates the Cash open or the cash session here from the overnight or the globe X session On the bottom here You can see my footnotes from the homework from that morning just gives me an idea as to the overall global sentiment Is money generally moving into risk assets like the equity futures and dollar index or is there a flight to safety with money Moving into treasuries and gold etc and sometimes it's mixed and sometimes everything's flat, but I Write this down so I can come back and check at the end of the week if the global sentiment at the time of my homework led to a certain type of day and Often it is indeed indicative. So Here we can see that not too much has really changed globally overnight Everything for the most part is pretty flat and I guess you could say there's a slight sentiment towards risk here Yours down a little bit. The treasuries are flat, but for the most part everything's flat So then I want to see what the ES has done overnight. I'm looking at this box here and I try to get into as much detail as possible, but we covered that again pretty extensively in the last webinar so The basic gist is just to examine price action for the session on its own for example There's this kind of local double top at 2380. That's interesting. I'll put it in my notes. I also want to Examine price action as it relates to the prior RTH session. So we've opened Chopped sideways tested the prior volume point control tested lower pushed higher and we're still accepting higher and that's that's important to me and then I'm also interested in the volume profile shape and how the kurtosis looks at the extremes whether it's sharp or soft and You know, I'll note any low volume nodes or high volume nodes and Things like that and then that information is used to formulate my hypotheses And so again, I'm just gonna go through this quickly so we can move move ahead to the trades here But I think it's important to at least note where these come from where the trades come from so we can always come back to this if you guys have any questions, but because global sentiment had maybe a slight bias towards risk and We tested lower and accepted higher than the prior RTH V pock overnight. The first typo is bullish Now in this low volatility market, I only am accounting for about 14 or 15 points of range So as you can see both hypotheses include the prior volume point of control the 76 75 Which is right here. It's underneath this black line Because that coincides with the two-day volume point of control the most rated price Okay, and also both hypotheses Include this overnight high to be tested and taken out at 80 75 now that there's a reason for this difference in price and that's because As a target level, I want to target the lowest or the closest Possible place that sellers might find price advantageous and turn around right but as a reversal level I want to see that 80 75 overnight high Resolved and pushed through by a little bit and so if we're gonna chop and open up and push up to it I want to see it push through and the next thing we have is the LVN right here from the prior day a low volume node So I'm expecting that to be more of a reversal session reversal area then this overnight high level itself and Another thing to note about these hypotheses is that they both end with a push higher And that's due to two different reasons. Let me go back to this other chart here So one of them is that the closing swing I'm pretty much all of these you'll see is a push down and A move higher all right chop sideways push down move higher Sideways down higher sideways down higher down higher closed higher every single day, right? Not here, but for the most part and then the other reason that for that is Because we're gonna continue higher on this one up to this 93 naked V pock and on the second hypothesis I'm expecting a bounce on the first touch of the 6775 level and that goes back to that other chart as well That's the most trited price Since the sixth so for the past two weeks. That's the highest rated price and we've pushed above it So if we're gonna pull back to it I'm expecting that to happen later in the session and I'm expecting the first test of that to provide some sort of rejection Pretty straightforward here. My goals are developed based on the prior week's performance always want my tick expectancy to be at least three ticks per trade and That's an average number of ticks capitalized on for the week per trade So next I want to get knocked out for a full stop less than a quarter of the time This way say I have four trades For argument's sake right one is a full stop out for 16 ticks with two contracts eight ticks each right to get scaled out And stopped it even and I get one winner. Okay one full loss one winner two break evens Then that one winner only needs to be 28 ticks to get me an average tick expectancy of three ticks per trade Right, so three ticks times four trades 12 plus to 16 from the stop out 28 And that's only one winning trade out of four. That's not even a two-hour trade, right? So if I'm able to add on and scale out just one time before hitting my target that ought to do it But the reason for this image other than the fact that baseball season's right around the corner is Because of something FT recently discussed in one of our stage five member AMA webinars regarding size and targets All right, basically the analogy is that home runs are exciting in both baseball and trading But but not sustainable Unless you're a very small percentage of those players or traders So just like the team that was put together in the movie moneyball I'm interested in hitting small targets at a higher rate of success and that's something that I've been trying to work on lately mostly because of that but Kind of like another analogy is that Bruce Lee quote something like don't worry about the guy who's practiced 10,000 kicks once But who's practiced one kick 10,000 time right makes sense So that leads into sizing up and this idea of conscious discomfort So there's a great chat with traders podcast from a couple weeks ago In which the host Aaron five field interviews this trader by the name of Branigan Barrett If you listen to it If you haven't listened to it, you should just check it out I think it's like episode 114 or 15 or so But either way he does a great job of explaining the importance of just pushing yourself Both purposefully and deliberately To some level of discomfort No matter what it is you're doing because that's where the magic happens and those are the moments Where you find out a little bit more about yourself So these examples of prevailing through discomfort On this slide obviously weren't self-imposed But these gentlemen were each forced to consciously defy some level of distress and They certainly speak to the greatness it can come out of facing some type of anguish So one of the ways in trading to healthily push yourself up is by sizing up and When you've become contented with trading one and two lots, it's time to raise the ante a little bit And that's the idea. So that's where I am currently. I've bumped it up a little this week And I'm trading four lots and scaling twos and You can bet your ass. It's uncomfortable I can already tell that it's made me complacent in adding back on after getting scaled out Because I'm emotionally attached to the value of trading the higher dollar amount So, you know, how can I use that next week? One of my goals will be to just push You know, if the market's moving in my direction I want to make sure I get at least one scale in on how like 66% of my winners or something like that you don't have to See what this week's review looks like for those numbers, but you get the idea and then my fourth goal in regards to leaving a runner With my last contract, right? I've heard several traders talk about holding a runner after they've hit their targets for the day but Until what like a certain time the close of the session Why am I all of a sudden basing a trade exit on time when everything else has been based on price and volume? So well, some of you S5 folks might recognize that question today at one but it's something that I'm trying to work on now and To hold this last contract as a runner, but more of a mental stop than as a target What I mean by that is for example, if I'm long and I see a Lower high and then across below a prior swing low then I'm out. Just price action based like this At least that's the goal for this week. Anyways, so That the condition to this goal is that the exit must not be based at all on emotion As in just because the market runs up eight points and I'm happy to take profits there because it's a lot of money Emotion That's not a good enough reason in itself to take profits So just like baseball trading is 90% mental and the other half is technical and So here's how that they played out. This is a quiet day, man a two tick rancor chart for the whole session and This is really appealing to my desire for everything to fit beautifully onto an eight and a half by eleven sheet of paper But let's walk through it. Okay, so we've got this we've got this open right on the edge of value in range And we test down towards the prior volume point of control, which I expect to act as type of a magnet early on So we move down we get a pullback here and and then looks like a continuation lower And because we get another rejection there for about five ticks. I go ahead and say the seventy seven half level is my opening swing low so This this little tick further after we get this bounce up and another push down Counts as my extension to the downside. Okay, so now I want to see what happens to the upside And as we move up we get a lower high and this is very telling of what the market is Accomplishing we've moved up and we found sellers lower than then they were able to get right off of the open here and buyers Just didn't have the conviction to push higher So as we get a rotation down further extension to the low side, that's more conviction that There are confirmation that sellers are in control here and we do get a test of this Prior volume point of control again So I'm expecting that to bounce on the first attempt and then to accept which is exactly what happened So as soon as we get back to the middle of this range and I see a little bit of help in bookmap and something to lean on here I'm short with my four contracts from around the mid here now It rolls back over and I get my first scale out that scale out is not based on anything except for the Prior price action this prior swing low I want one tick ahead of this low because I'm expecting this continuation to be further So I get that scale out which moves my theoretical average up eight ticks. So where are we here 78 half or so? So I'm looking at eighty half right about right about the high of the day is where my theoretical average is now That's where my wrong point is excuse me, so This rolls over get my get my scale out theoretical average moves up. We get a chop here. We're putting in more volume at the lows We get another move up And we have the developing volume point of control which acts as a little bit of resistance and we have the view app above we have the mid and this is all This is a fresh mid because we've got new lows and we see it starts to roll over I can add on somewhere in here And as I add on there, I'm looking for the next Level to scale that out again and the next level I can see where buyers might step in is this Prior value area low. That's what this is. This is the first standard deviation Of the volume for this day. And so this is the value area low So I want a front run that by three ticks. This is 75 quarter. So I'm looking for 76 and we get that immediately That's actually where the volume point control for this day ended up And so I get another scale out And that pushes my theoretical average That's that's a lot of fun when you see that scale out and that second scale out happen that theoretical average man just bolts up and Of course, I'm not gonna wait for it to get all the way back there to be out. I'm still wrong Basically above the mid here on these shorts Or higher swing highs So as that happens, we do get this slow churn kind of lower but For the most part that there's there's nowhere else really for me to get in I mean we get a pullback to this zipper that might have been an area to get short We get another pullback to the the initial balance low the first hour is low That might have been an area to Aggressively put one on which is what I want to do, you know, I want to get aggressive here But I wouldn't add two here. I put one here just in case it were to continue higher and I Can add another one up here later if I need to but the ultimate target here or the My second hypothesis target two is this prior low a day plus three ticks. Everything's plus three ticks So 73 half I'm looking for 74 quarter and it happens to be right where the overnight volume point control is and That has a high percentage of being hit. So that's a great spot for me And that's where I take profits. So I have one contract left. I took out one so I can leave a runner Okay, and as that happens buyer step in and push up for this five-point rotation the largest rotation of the day so far and Impulsive move back through the mid and as we start to rotate back down now I know where my wrong point is and that's this line I don't want to see after this higher low a higher high and so as this moves up in the continuation move Of this five point impulse. That's where I'm out and I'm flat Okay, so as that happens Immediately as we get this this continuation higher now. I'm looking for longs For a couple reasons. I mean we're on this side of the mid so I'm expecting it to hold We've we've put in a lot of volume down here and we haven't really tested above yet So all of this all of these prior Areas that we've tested can be used as support now And also we now have a neutral day. We've tested the initial balance low We've tested the initial balance high and there's a very small Probability that we will close below The initial balance low after having tested that one first So most often it will either continue above the initial balance high or land somewhere in between But very uncommon for it to to do this So I would have been looking here for a long but we get this flush down through which happens pretty quickly and There was just there's nothing in the order flow to suggest that I should have been Getting in here as an entry so And also, I mean this this this line here this between this gray band and this white band. This is 3 30 p.m So one of my rules is that I don't trade after 3 30 p.m. If I have a Trade to manage that's fine, but I don't add on anymore and I don't enter so all of this is kind of happening at the same time so I stayed off of that one and Looks like we would have had a nice You know entry for shorter after that, but you know again, that's after my time anyways So not much to work with but enough to get one trade on and that's all it really takes So now the real question is how does this methodology translate over a day that looks like this? right yikes just looks like a mess and I've heard many traders talk about volatility as a good thing because it leads to more opportunities but Be careful there because if you don't really have your discipline and self-awareness under control The excitement of this type of market only creates more opportunities to become emotional and more opportunities to lose money So it's really important to be in control here and just Take a few deep breaths and just slow down Even if I miss a trade I can't become emotional about it because it's going to affect my next trade and Again with more opportunities. I can afford to be picky So in this seemingly erratic market I can actually pass on more trades than I could in the lower volatility market because they don't take all day to pan out So this type of behavior was very intimidating for me At first it's it's fast It changes direction It doesn't sit long enough in an area for me to think about my entry Which is why it's very important for me to anticipate my next trade while the market is forming And especially my targets and my wrong area So with that being said, you know, let's get back to the real question how do I trade this market differently than the prior sleeping market example and The answer is I don't and I'm explicit in that I don't have the pricing structure or the mentality or skill set to just start scalping I do have to continually remind myself that just because I'm seeing something that is indicative of the market going one direction or the other Does not make it a valid setup so just because there are more opportunities doesn't mean they are good opportunities and The more opportunities they are despite the excitement of this rushing market the more patient I have to be But you know my trading is exactly the same. I'm constantly asking myself, what is the market doing? Is there an impulse move that might see a pullback or Is it a continuation move which is more likely to see correction next? I'm looking for areas of consolidation or zippers and how the market is reacting at those prices and this is all just an inner monologue and external monologue in my trade log, but What does this lower high and lower low indicate? Where in the order flow are the large players? How is price reacting at my levels of interest? So then when I have a good idea of what the market's doing and I see an opportunity to become involved I look for an area with some backup and a sign from the order flow to enter But the key here really is forcing myself to be even more patient and more choosy than usual Despite all of these opportunities. So in one simple way that I can do that a really simple way to just kind of calm this all down As soon as I recognize that it's moving with some gusto is to just take this from a two tick rinco to a three tick rinco chart and That's a pretty obvious thing to do, but look how much cleaner that looks and that's simple change Takes a lot of anxiety out of watching it unfold so quickly and kind of calms me back down to an emotional level Or I can trust myself So as trivial as this may seem, you know, it has the effect of repairing my emotional state And that's a big deal, right? I mean look at this Next to this is a lot of they're a lot more similar than this is just that scares me man So I'm not gonna make you sit through Another explanation where you know you get where this information comes from by now This is my homework sheet for yesterday morning a day after that 40 point trend day down on big volume So I'm just gonna pop back and forth to this while we're looking at book map In the same sense that I would be peeking down at it on my desk as the day plays out But the main thing to notice right off the bat is that I've accounted for 20 points of range here On each hypothesis as we're starting to get more volatility. I mean we've only seen one day of it so far So I'm a little bit weary about it But yeah, I think 20 points is pretty good here So I don't know let's let's let's go to book map. Let's check it out. Okay. So here we are markets about to open and You can see I've already put in the opening swing high and the opening swing low here Just to go ahead and have it on my chart. So I don't have to do it as we're as we're going through here but I'm just gonna go ahead and play it out and Speed it up just to touch here. All right, so we open and the first thing we notice is This volume is still here. This is this is You know, it's moving and As we test down Zoom into this a little bit. I'm constantly changing the scale is pretty much all day long using that that mouse wheel is Really getting its getting its money's worth, but here you see we open and push down and This liquidity on the bid step the side and so all of a sudden we know that the next time this tested It's likely to be pushed through and that's exactly what happened and this liquidity was right at the prior low of the day So as soon as I see this I already know that we're likely to start trading outside of prior range and I want to see if we start accepting down there or if We get buyers protecting and start to push back inside for longs Okay, so that's where my head's at and immediately. We're not immediately. I mean we're going 16 times speed here Let me slow it down, but we do get that push right back in And we see you know down here we had still some interest a lot of volume going off here On the bid, but as we retested that level We and you know that confirms that this is the opening swing low for me But the kind of they're not as interested down here anymore and then we see somebody step in here with liquidity on the offer and Get a couple icebergs in here and we start moving higher So as we move higher we make a higher high than this high on the opening print here and So I want to see I mean this this already tells me that buyers seem to be in control We've traversed this entire range and pushed to a new high and now we have The opening swing high as we start to get a rotation lower And we do see a little bit of you know sellers starting to pull here and then they get a little bit more aggressive Pull but still that they're they're showing here. So now we know this is likely fake liquidity And now as we pull down I want to see extension the opening swing high is in the opening swing low is in Now I'm just waiting to see which side we get that extension to I'm not acting I just want to know so that's twice that we've tested this level without three times now Where the liquidity pulled but the buyers just exhausted So we'll see if we get pushed through and we do And now there was a quick double top. We pushed right through it and now we've tested the overnight high So the statistic that we're gonna test You know 97% chance that we'll test either the overnight high or the overnight low throughout the regular trading hours That's complete and we're getting this pushed lower now now we have a couple areas to kind of lean on here and I'm interested to see what we do Near this prior low a day Because we've already we've already pushed up into the prior low a day. So that tells me buyers buyers rejected The idea that we're gonna spend today below the prior range They show a force here good volume We get a higher high and get a higher low a higher high buyers are interested here. So now I'm looking for an area To get long Now we see this pushed down And it sweeps right through the middle of this area below These little swing lows. So I step aside and I'll see anything in here for me to get long and now my mind is changed and I don't know if that's the right terminology here for it But my read of the market has changed try not to impart my own biases but we talked about this moving across the entire range now we found sellers at the overnight high to the tick and We've pushed all the way through Straight down almost. All right, so now I'm looking for there. We there we get it I'm looking for sellers to step in at the prior low of the day because now they want it below and And that's exactly what happened. We have this beautiful little area to lean against Whoops wrong wrong tool there just a second Rectangle there we go We've got this beautiful area of consolidation right here to lean against We had this little poke up. So I'm wrong at 38 half because you can see more exhaustion there and So that would have been a great place to get short But there's really just nothing here. I couldn't see anything to jump in like I said the market's moving so quickly I didn't have a chance to try to you know catch this as it went down You know we didn't we didn't spend much time here and there's nothing in here telling me You know, these guys are moving aside. All of this is is moving aside There's you know, I would like to see him moving down as we got closer or you know something in here getting brighter I didn't see anything to get short and that's fine That's one of these instances where I could see an area that the market might turn around But I don't need to get involved and I don't need to be emotional about missing this That's the the fear of missing out, right? I missed this this short opportunity and now we're on our way back down my scale That would be 35 quarter and I try as hard as I cannot to think about this while this is happening Because that's just gonna mess with me emotionally. There's no benefit to it So we start to move lower We're accepting lower. We're putting in quite a bit of volume down here Now we did get a quick Higher low, but then we got a lower high again right in front of this exhaustion and push lower again So we've got a little channel here setting up But you know, there you go again. We get liquidity here. That's backing off Quiddity here that's backing off more fake liquidity. It's hard in this for me anyway in this low vol or high volatility market to make more sense of this kind of gray With just these very few Areas of white and I have my my my brightness turned pretty far down I want to see the large players here, but it's just it's kind of muddy You know, there's not much to to take away from these areas right now So so far. I'm still not seeing anything That prior low at a trade would have been great because I would have got my scale out here I'm looking for my MCL vn is my next target plus three ticks. I would have gotten my target here So I'd be sitting real pretty and happy Looking for more areas to scale in and out if I was short, but I'm not and I have to erase that from my mind Otherwise it's gonna cause me to make a mistake So we've got let's see We've got an impulse move a pullback and someone would have a continuation But again on a higher time frame. This is also an impulse move So we've got a lower a fresh low So we've got a virgin mid which now lines up with the MC volume point of control and the prior high of day So I'm looking in this area for continued shorts Sellers seem to be in control I expect them to step right back in at this prior low a day even though it's a second test here Because we have a fresh mid We've got the session view app is right here. So just below right around 37 which Also, you know is showing how much volume is going off down here So let's let's speed this up a little. I think we're about to hit it. So I'll let it rip So it comes up here And this is what I see All right, we've got a Ton of all you coming in all of a sudden on a push-up All right, we've got This liquidity on the offer that's pulled You know, we've got a couple little items down here of liquidity on the bid that's chasing Chasing this market up. All of this is saying don't get short Right, but of course if you were concerned that you missed this prior low a day trade and you're thinking about Oh man, how much money that would have been so much money there And then I would have caught my my target there and I would have made more money there How much money is that and you're counting up the profit and loss and now you're saying I Don't care that this liquidity stepping out of the way. I don't care that this is a huge push-up I don't care how much volume is right here. I don't care that there's orders on the bid moving higher I want to get in short So that's what I did I got in short FOMO and that's why it's brutal and this didn't take long to To knock me out. Okay So now at least that's a race from my mind and you know, I paid for it. I paid for that lesson So now we're seeing This move higher and now that I'm out of this trade and I'm not looking for shorts anymore at least I'm not necessarily looking for longs quite yet But now I have more of a clear head Let's see we get this push-up. This is what I'm looking at here We have a double top as we move up and we tag the overnight high 42 level again Which the statistic here is that if you know, we have Price that hits the same high or the same low 15 minutes apart and moves at least 12 ticks between That it has a very high probability of being taken out throughout the session. So I'm expecting I'm looking to the high side now and so I need something to lean against and So this is what I have. I have this prior not because it's a prior entry. It just happens to be there But let's put another rectangle here. I've got this area and so I know that if I get a test down into this area and I see buyers start to step in which that is just noise there. It's not I'm just pointing here, but If I see a reason to get long here, I at least can lean on this I have something here now. I have the prior low of the day that I I'm still playing against because now I want I'm expecting buyers to protect now that now that they've shown a little bit of strength Now I know I'm I'm wrong really at 3750. That's my wrong point. So I could move that up a tick but You know also I'm pretty aggressive here. You know this this entry is really aggressive I wanted to see this prior low of the day and the mid it's still the same mid right because we've got the same high We didn't break any highs But I'm expecting this this to hold up but as I see this start to rotate there's a little bit of more emotion that goes off and This is telling me this is a little bit more fear that you know what I've got a stop on the day I've got a break even on the day and This looks like a good a good long. I don't want it to leave without me because My daily P&L right so you know and this is all something that this replay mode and bookmap is great for because I'm I'm seeing this outside of myself while I was in the trade and Doing this and that way I can evaluate it and I can take the steps to to curb it in the future So here we go bad habit here again to to chase the market I chased it up as it pushed in I mean again It's it's hard to catch these Without more support From the order flow, but there's a reason for that. It's because there wasn't support from the order flow Which is why we fell back down in here Okay, so as we fell back down I Got a Low here, so I know I'm wrong because this exhausted here We got and get buyers to step in you know, I'm only giving it about six ticks of six or seven ticks of space Which again, I would have loved to have gotten in at this this beginning of a rotation up due to this volatility Or sorry Liquidity here, you know, that's more more of a sign. We've tested down here sellers Exhausted right at the lower end here again sub and we get a little bit of interest From buyers. So this was my my entry, but I wasn't patient enough. I got too aggressive here and That's okay. Watch it play out And as this moves up, there we go get a scale and I can move my stop. I'm still wrong at new swing lows. I mean You know technically I'm not wrong at the prior lower day. I'm wrong Maybe a point or so below, you know, give it a little bit of space here But I'm trying to be really aggressive here and and that Is something that I should evaluate for the future in this high volatility market is possibly Taking a little bit smaller size with a little bit more room, but currently, you know, this is it I'm trading exactly the same way And I just want to see I kind of you can walk away now. All right my My targets in And it's up here at 4575 what was that? Let's see what this was. Let's go back. We'll look at it together Here's my hypothesis Hypo one target one is 4650 the hvn just from you know, yesterday's From yesterday's trend. Ah, this is the wrong one. Let's see Okay, well, you can't really see it here But we've got a low volume node here and this is where the volume point control ended up after yesterday's trend down at the High volume node at lows, but the next high volume node up was at this level. This Is 4650 so front run that by three ticks and that's where you get 45 75 Right here. Okay, and that goes in You know pretty soon pretty early because I want to front run. I want to be the first one in there and So now I'm looking for areas to scale in and as this moves down this much, you know I'm I can't afford to add on this close to my my theoretical average here So what I would have loved to see happen is for this to make a new high Which is actually this is a triple high now. We've got another another tag of this Overnight high Where are we here? Oh? Not yet. We do get a triple high though and I would have loved to see Was that the third one am I confused? Yeah, that was the third one. Okay, so here's your triple high this one's the one Just after 945 after the push-up Overnight high tag overnight high tag overnight high. So now we've got a pretty high chance I mean if you were to look at this this on a wider scale here that kurtosis is is just falling off because of You know tagging this level this overnight high so many times So we're more likely to to get back up there, but I don't see anywhere that I can really add on There's nothing in here that tells me. I mean we get a zipper here We kind of get a push down to it, but not really, you know, and then we just take off and There's that volume coming back in as as buyers become aggressive for We here we here we move up and I'll show you what I was looking at here Okay, I've got two contracts left here and as we move up this is another five and change maybe six-point rotation up, right and We move up. We've got aggressive buyers still moving in and then we've got sellers starting to pull here So as this comes up and starts to rotate down I mean that was 32 times speed, but it is easier to see a little bit in real time It starts to roll over anything over Four and a half points. I'm looking at, you know, where is the top of this where should I be taking profits? And as this starts to roll over Everybody pulls here and I'm not that interested in and taking profits, but we get this higher high and Kind of a stall here of this move and it starts to rotate down So now I put in to take takes and profits. I want to see it, you know Start to rotate down. I want to take profits because I want to get in somewhere in here I want to add on Somewhere around the middle of this move maybe, you know, right at that 42 level where we hit that triple Overnight high, maybe that'll be something will show up here. Maybe You know, we'll come all the way down here and test this liquidity and they'll move up or they'll hold or something And anyway, I'm interested in adding on so I want to take some profits here The the error. I think that I made here was pulling this order. I Wanted to leave this runner, right that we've been talking about that it's kind of got me confused lately and I Got greedy here. I said if it's going to go up here, you know, I still I want to add more on to this trade I don't want this trade to be over yet. I still think we're going to go higher Something else that's in the back of my mind is that huge trend day down yesterday You know, maybe we're going to correct that today and go all the way back up So, you know, I'm greedy and I hold on to this runner instead of taking my my singles here and closing this trade and you know working working the next trade and Capitalizing on the maximum favorable excursions. So there I would have been I would have been out of this trade It's a beautiful trade instead. You know, I'm still not really wrong in this trade until all the way down here So as price moves this far away from where I think I might be wrong You know, basically, this is my risk now and that's just silly. So we I got to find figure out a way To change this so a couple of ideas to do that Worth to either leave this in, you know, if it were to continue up without a rotation now Now this is like a eight or nine point move, right before we get a rotation down and we get even further So that that should have been taken, you know, take the money and run or We've got a couple more opportunities here as we see this start to rotate down We've got we've got our rotation point here our new low, right and we get a push up and we get a lower high So now I could move this up to lower lows and then I know that's another wrong point And I can still wait for it to move down here and enter another trade. I need to stop worrying about You know holding on to this Just agreed So as we move a little bit forward here We do end up getting a lower low Even though you see this aggression Start to come in there. Just kind of this looks like market maker activity is it just kind of Follows the market around and then that's it. I should be it, you know at worst I should have taken off profits there Instead I wait for it to come all the way back around and tell me I'm an idiot but You know, at least it's a it's a successful trade and it's a successful day because I'm learning from this and I think that's a that's a really important part of the process is this review Right So, let's see. Let's go back There we go. So That's it Bruce, what do you got? Okay, yeah a few questions here see Francisco has a lot for you Judy as well and yeah get your questions in for Daniel and We'll start answering these so Judy was asking about the midpoint at how you find the midpoint each day Is the point from the RTH trading? Yes, it is it is So other than book map even though I'm trading directly on book map This is my my key not even the three tick. I mean currently the three tick Renko, but this is my key chart this is investor RT and It plots this light blue line and this just comes straight from futures trader 71 This this is the middle of the range starting At the open as soon as we move down You see the blue line move down and as we extend range higher now It's it's the high of the day minus the low of the day divided by two right? Constantly and it just plots it automatically so I can watch this chart and see Oh, we're pushing down to the mid, you know, and I can look and At book map and say well, it's around 40 75 right now or wherever it is and You use that in confluence with any other any other areas So now, you know, even this balance here this this mid touch here as complements with the opening swing high With that triple tagged overnight high and you know could be a possible place to to look for for entries long Okay See Francis go ahead a bunch of comments about it different things, but we'll get into the One here on the technicals Why didn't you take the opening swing low? Around 933 that day Why didn't I take? This for a long Yeah, I mean in book map it. There was a little double bottom there. I remember Okay, let's see. Let's check it out. Why didn't I take this long? Well here Yes, that's a question. Yeah Because I need to see the opening swing develop first before I make any moves as part of my plan, I want to see those market on open orders go in and How how they form is important where they form is important and Which side is crossed after that? And that's that's where my day really starts is it is this extension now. I'm looking to see what happens So, you know This just this will you know this first low where buyer step in and the first high where seller step in that's the opening swing low And after after I get an extension one way. I want to see how far the other side can push Okay, and if they get they get through that that middle area and any areas of What could be support if they get down to the downside now? I know that sellers have been found and that's that's where I can start start my day trading But I need more information than that. I can't just as this moves down. You just Catching the old falling knife right to try to to try to get in here. I mean, it's it's very aggressive and Of course, you could just put your stop in below that and that might work out but But it doesn't work out for me as far as you know the the amount of times that I would try to catch this area Versus Getting stopped out of it, especially on like a driving type of day like the trend day You could just be trying to fade that all day long and that'll ruin your whole your whole trading career But even even when it comes to these reversal levels Let's see Where's my Hypothesis for this day. Here we go. So We have 38 quarter and 46 half those are the areas that I'm looking at as extensions of the opening swing 46 half and 38 quarter Right. So as we move down, we've gone through my 38 quarter area where I thought Buyers would step in they didn't step in there. They pushed lower. So now I want to see how far how far they're gonna go I'm not just gonna front run it now if it goes down to my levels and I do see some Byers stepping in Then that's that's an area that I might look to As far as a pullback or whatever, but I know I'm not interested in in front running this or getting in here I want to see how far they can push Okay. Yeah, and Francisco is just following up and saying that yes He would have taken it in his in his opinion. Just it was clear for him But this answers another question Francisco That you're asking about In Opportunities in his trading plan. He's being just very disciplined and he's following his plan And that wasn't a part of his plan and that was described in his answer there So just trying to try sorry Daniel. I'm just trying to know that's exactly right answer His previous question as in the same moment here Yeah, yeah, I mean if I'm not following my plan, then what am I doing? You know, I need I need something everything's a data set you know if if Something happens and I I get stopped out trading my plan, you know, like we talked about last time even either My plan's wrong or my entry was wrong but I can figure out which one it was if I trade my plan and I can Adjust it my plan or my hypothesis or whatever it is in order to fix that if I if I trade outside of my plan Then I don't have anything to work with I don't have a you know, that's just a random trade for me Right. Okay See another question Carlos is asking how do you consider the initial swing information RTH? How do you define the in the Initial swing low I guess Yeah, so that's like we're just saying is as soon as I see If the market's moving down, I want to see the area where buyers step in and this is kind of arbitrary I mean you can you can we talk about this a lot of times in the in the chat room because it's not so obvious sometimes And even though, you know sellers stepped in right off the bat here and started pushing down that gives this cause for a possibility this 40 half level of Being the opening swing high because that's where sellers stepped in but as we move up then if we were to Roll over here short of this 40 half level then that would confirm that's the opening swing high for me But since we pushed higher This is where sellers stepped in and that's now my opening swing high and that's just it's just an eyeball kind of thing You know this got tagged twice so that kind of confirms it for me there This rolled over to the midpoint so that kind of confirms it there, but you know some days it's easier to pick out than others Okay, how do you handle hits but no fills on your initial entry when you decide to get in at a worse price? I usually leave it and you know, it's really frustrating When I don't get filled But of course, you know But if I see you know, I might give myself two ticks of space on either side Either on the entry side and when taking profits, I give myself about two ticks So, you know if this comes in which you know was actually to my detriment on this on this trade Let's see just on this trade here Because I chased it and I mean I say one or two ticks We're talking about this is this is 38 and I chased it all the way up to 39 quarter So, you know, this is this is a this goes down in my book as an error Even though it ended up being the trade ended up working out You know the real trade like I said was to wait for my level to be tagged and watch what happens there And as we saw that rotation, that's where I want to get in okay So I'm not gonna front run it at the prior load a 38 But if I see it start to roll start to rotate see if we get any more insight here Not really here But as I see that start to rotate up and I see these guys come in there you go There's a little bit of help Then boom I'm gonna put it here and as you know if it touches touches and I see you know a big green dot I might move it up another tick, but that's enough and I don't I really don't want to chase it any more than that So I'm Hoping to get filled at least here, and if I don't then I've missed it and that happens sometimes It's you know, I know some some people like to use market orders for that. Let's just just the way that I do it Okay See Kurd is asking you have a style that uses several small targets Target trades on the way to your bigger picture targets Have you looked at the expected expectancy for each individual trade separated by the small and larger targets or Looked at it if you didn't scale in or out Yes, and that was something that I went back and forth on for a really long time and You know I would I would look for a A prior strategy several years ago was to just go all in all out To the closest target and then look to the next trade and go all in all out because then I'm Maximizing the amount of money that I'm making if I can go if I can take this from here to here on a hundred contracts That's great, but I'm also risking 100, you know the same amount on the other side so Scaling in and out was something that I couldn't wrap around my head for so long I know FT 71 was probably sick of me at the time asking about scales and I don't understand why this has been official But it is completely in order to fund the trade So if I if I'm in here In long and I get this scale out my theoretical average my zero line is 38 And I know you guys understand that now, but so now this is where my entry and my stop are So, you know had had this been a better trade. Let's say and I caught it down here where I should have then my My theoretical average is in an area where the market hasn't even gotten to yet. That's my entry And so as we push higher those scales in and scales out are now my actual trade and I'm using the risk Mitigation from this scale out in order to keep me from losing any money as that trade continues in the direction that I anticipated The levels that I'm scaling out at Are you know, I kind of I would like to hold something for a longer-term picture But you know like we saw in this trade if if this gets up to even my very first target I should have taken this and that's it and that that whole trade is done Even though it only gotten get to this very first Target right we didn't we didn't see these these other at least until later in the day I don't think we saw them at all 54 59 quarter and that's only I mean, that's my first target I'm not I would have loved to hold something there and that's what I was thinking at the time But in retrospect and in my my goals for moving forward I need to I need to be able to see that you know, it's okay to take profits here But if it moves up here take the take the profits There's no reason to let this continue running, and I think that's what that's what you're getting in okay See Chris is asking about if you could show your contrast settings Hmm. Yeah, and that's you know, that's something that you hear all the time and and webinars and I'll be glad to show those to you, but I Fiddle with these every day, and I don't have a special as much as a perfectionist as I am I'd love to have an Excel file that says my favorite contrast settings for a certain type of volume are 52% You know 61% and 13% or whatever, but this is something that I'll move back and forth You know just to see Let's see. Let's move it up to where we were here You know I'll as you zoom in and out, of course the brightness is going to change So really, you know, this is all kind of doesn't doesn't matter so much As I as I zoom out and we have higher liquidity back here, you know, this this gets dimmer You know and on and on But I do like to try to keep Excuse me a Pretty big difference or a higher contrast I suppose between the whites and the blacks so Okay. No, I mean, that's a good point and you know, we go over in the in the webinars You know every day more or less that you will need to fiddle with it and the reason being is that? It changes. I mean, we don't know what it's going to be It's it's think think of it like like a it's an image in Photoshop or something and you just adjusted your picture for Perfectly the way that you will do the way that you like it. You got your settings all nicely set And and then all of a sudden a really bright object is added into your picture all of a sudden That's that's what happens here. So you will need to adjust for it So I just wanted it to follow up with that point Okay, just a few more questions and we got to wrap it up Philip is asking also about the volume dot settings if you could show. Oh, yeah, I mean again, this is something that That I play around with especially depending on the time of day I do leave it on the smart setting for the dots clustering and I leave my transparency alone, but I like to see every single trade that happens and You know, I know that a lot of people like to change that to see only where the bigger players are and I understand that But I want to see What happens at the tips and that's something that I talk about a lot in my you know to myself in In my trade notes, let's see if we can find a good example here Because if we start seeing a lot of accumulation I mean, well not really, but I want to see like if you know, for example There's there's no trades happening here and we see the greens just lighting up The the best offer all the way up here Then I know, you know, there's still a lot of interest there and it's most likely algorithmic accumulation especially when you see the same space between And again, that's something that Bruce goes over every day in the webinars and I definitely recommend to check those out Okay There's a few more questions here. I think I'm gonna have to wrap it up Though and you can reach out to to Danny on his his Twitter if you don't mind Let's let me let me grab the screen for just a moment. Are you all finished there Danny or? Okay, so let me let me just show his his Twitter here and And a few other things as well. So you can reach out to him here And I'll put this into the chat for you guys There you go Okay And a few other things so Danny's previous Webinar was you can you can find it oops I'm sorry. Let's see. Where is it? Yeah, you can find it here under the February 2017 on our our YouTube channel And I'll have it up here in the March 2017 here in just a moment. Okay, so give me about an hour or so and One more thing and I need to let you guys know this for tomorrow We're having a webinar with Jean-Marc. He is a scalper Really interesting character. I just need to let you guys know He he doesn't speak English or it's it's limited so Would be interesting to see how this goes, but he's got some really interesting things to show But I need to let you guys know about that. Okay, and Let's see and the special we have going on at book map. You can find it at book map calm Here under the pricing tab if you're interested. So there's a 33% discount And that's on the quarterly For every three months, but this is the new product here is for the the yearly So if you're if you want to get the extend that 33 discount For you know every month then then that go for the go for that yearly Okay. All right. Well, this is recorded. We'll be up later for you guys to check out and Danny, thank you very much Excellent job Yeah, yeah, you know, thanks a lot You know, I just want to say thanks everybody, you know, I really hope this information was helpful in one way or another You know whether that was You know help you gain a little bit more confidence as the market starts to pick up the pace or if you've learned that you never want to Sit through me speaking for an hour again I guess there's always a silver lining. No, but of course it's it's really my pleasure to come on and share part of my journey for My friends here and I can't wait to see some of your webinars I know each of you so has something to offer that I could learn from So yeah, but thanks Bruce. Thanks to Sahi and FT and please hit me up on Twitter Let me know what you're struggling with and like I said last time. Let's let's work together as a community hone the skill set This is our office. These are our peers You know, we have to hold ourselves accountable for not following our trade plans But you know, I think it's really important that we also pat each other on the back when we have a breakthrough So that's all I got. I really appreciate it. I hopefully hopefully do it again soon Great. Thanks, Danny. Thanks. Have a good one. All right. Bye. Bye everybody