 All right. Hello, everyone. Hope everyone's having a good day Today, I'm gonna continue Talking about market state and add a little more detail to it went into it last week And I'm gonna continue to build on Awareness and so we're gonna kind of take the same presentation and we're gonna take it one step further talk a little bit about structure and then we're gonna get into the current conditions for for Bitcoin and if we have time we'll take a look at Ether as well So before I get started, I just want to cover all the bases, you know, this is Presentations all Educational so everything that we're going over here is to help you Make your make better decisions in trading and when you are trading we definitely you should be using risk capital Not money. You have you can't afford to risk It's it's not only detrimental to your financial health, but it's gonna mess up your your the clarity and your thought process and your decision-making so Definitely that is one of the main things of succeeding in trading is being able to think clearly and Being well properly capitalized is the way to do that. Hi, my name is John Slazas from Dharma Capital Trading I've been involved in futures and Trading for over 35 years and I've had a analytics business for the same amount of time Basically, I started at the mercantile exchange former member of the exchange and Currently a CTO Cpo and CTA I've I founded JS services in 1984 which is a Analytics firm based on you know fact-based trading solutions and I began trading crypto in 2013 Really got into it more full-time in 2017-2016 founding partner of Dharma Capital and Dharma Capital Trading and My passion in philosophy is I believe in empowering traders through self-realization and data-driven methods So understanding who you are so you can perform perform more intuitively and provide, you know quantitative fact-based solutions To help you trade more intuitively So fact-based trading is trading based involved making decisions on objective data and analysis then subjective Emotions or opinions, you know having a statistical baseline as your foundation is going to help you get in sync with the market when you know when you You're subconscious Understands that you're dealing with true facts versus an opinion It makes you easier for you to get in sync with things, you know Sometimes when you're in sync with the market and you're trading more intuitively It's because your opinions are matching up with what's happening in the marketplace and then when you your ego decides to take charge the next day And things aren't so into sync, but your ego knows better. That's when things get really out of whack So it's it's all about Having that baseline and that's those are the types of trading tools that we provide our playbook Our price map integrations and our integration with book map. These are all fact-based trading tools Really lay in the foundation so all the do any you know Experience and order book tape reading Technical analysis, whatever you're doing to make your decisions This is kind of the this is the underlying foundation to that and the first layer of You know a foundation of fact foundation is based on the state, you know understanding What are the underlying prevailing conditions? you know the dynamics of the trading environment at any given time, you know, this is you know, what is that foundation and And Market states gonna, you know encompass, you know a bias, you know, is it positive negative sentiment? Is it? You know neutral Non-trending, you know, is there good liquidity for executing trades or is it poor? Do is the expectations for volatility are we anticipating a you know more volatility or more of stagnant market? You know Most people look at state as you know some market that's either in a trend state or a non-trend state. I like this quote from Sun Tzu You know watershapes the course according to the nature of the ground on which it flows The soldier works out as a victory in relationship to the phone who he's facing So what we're you know understanding the state of the market will give us insight on what tactics we need to incorporate to succeed in that environment and Taking a strategy-based trading approach where you're looking to you're focused on Market states and aligning tactics with those states You know so that way we're looking for specific states to participate in We can align our tactics with those Those conditions and we can feel comfortable in those states So if you search out markets and that are always in a trend state versus let's say just only trading Bitcoin or only trading a specific market It's it makes it a little easier, especially if you're just getting started out And if you find some tactic that really works for you it's kind of It's kind of your style. We can't force your style in on every state condition. You have to Identify what conditions that tactic works well in and then search out those conditions and this This facilitates tactic assessment and adjustments. So if you're always putting yourself in the same condition You're going to be able to Understand when things are working well and things aren't working well You're gonna you're gonna pick up more nuances to to when things work well or when things don't work well You're gonna pick up new tactics adjustments During in those conditions everything's gonna become real aware and clear because you're always in the same condition versus if you're Focused on a market Specifically which is what most people do Uh, you're you know, you're every day is a new new adventure and you've got a new condition to deal with and And so it's it makes it a little more difficult, you know as you as you become more experienced You're gonna go through these different environments, and you're gonna have these natural tactic adjustments to them But it's it provides a lot of clarity when you focus on specific states And end of the day This is gonna improve your bottom line because you're gonna have that more consistency because you're gonna be in that environment And so that's that's really what we're talking about here with, you know, understanding market states is to really You know develop this strategy based trading, you know, you have this, you know this foundation To enhance your you know an objective market evaluation, you know, you understand the market state, you know Understanding that yeah, we are in a trend state Well, these are the tactics I'm going to use, you know, just you just lock in and things just This you know things change in your awareness Because you're starting to coordinate your strategies with the you know the conditions and It helps you to remove subjective opinions and It really grounds your expectations and these are the facts. This is the foundation It just doesn't matter what I think, you know, it's more likely this is gonna this is going to occur And if that doesn't align with my with what I my beliefs and then take a backseat backseat or trade small You know, but you know Having that awareness and objective awareness is is key and this is your edge for discretionary trade because it really Encourages, you know more instinctive decision-making because you own that environment You know when you when you say okay bottom line. Hey, you know, it's raining out, you know, and and I've got a I'm playing you know Football well, I know that I better have Bring my other cleats that have a little more depth to them because I'm gonna need that traction because I'm playing on a Natural turf and it could get celebrity out there You know versus if it's you know, dry and you're playing on astral turf, you know That you'll what you having the proper equipment And then and also none of that it's just kind of being aware that you know, you know when you're if you're you know If you're receiving you're going off for a pass and you're gonna catch the ball and it's raining out Well, you know, you're gonna have that extra focus on really getting in your grip, right? Versus if it's if it's dry and hot you've got sticky gloves on, you know Being able to be a little more aggressive to anticipate that it's gonna be easier to catch that ball so just You know just really When you really own the environment It really it it makes a difference in how you're able to Make Decisions more instinctively and that's what it's all about. This is what we're talking about with with all of our tools and This whole concept of market-state. It's really understanding what that baseline environment is and It's and it really just goes to the classic trading code, you know from Sun Tzu is you know strategies without tactics Is the slowest route to victory tactics without strategy is the noise before defeat You know this this is what we're talking about the market-state is is the strategy foundation and Your setups are the tactics so the market-state is the board that you're playing the game on and Really owning that awareness of that truth Will start to really make a big difference in your in your performance in your game. It's gonna give you that it's gonna help you to Lock in and trade more intuitively and when you do get out of flow, it's gonna help you get back into flow so for general market-state types You know again, you know that just you know keeping it really simple You know most people define States is either trending positive trendy negative Or non-trending some people might look at certain situations as pivotal as well or positive or negative deviations or extremes You our analytics actually go even deeper, you know trend states just don't trend You know in a typical Positive structure or negative structure. Sometimes that structure is accelerating sometimes that structure is more digestive Sometimes there's corrective states within there, you know, so each you know each general market-state type That you know, you can get you know more what I call a signature state And we're gonna talk about that in a different time, but When we look at these general market-states and as you have and we you know the idea is to you know really start to take your tactics and your decision matrix and Align them with state conditions So if you have a trend-following tactic, you're gonna want to align that with markets that are in a trending market-state And if you have a deviation tactic, you're gonna want to align those with markets that are non-trending So today we're gonna go get more in-depth on bear trend and we're gonna Bitcoin is in a it's in a bear trend market-state today and we're in so it's ether So we're gonna kind of see how they're performing. I'm just kind of team that live practical application up But when we're looking at a market-state You know, we want to have you know, it's gonna improve our awareness and that What our what our analytics do is we're identifying the condition. Okay, we're in a bear trend We're identifying the expectation So the image is kind of is showing us a market in a bear trend is making lower move lows lower move highs That's the expectation. This is what the price action should look like This is you know as when you when you're in the heat of the moment and you're trading And the market's giving you a vicious rally You know understanding that the underlying foundation is bear trend It's going to give you more insight into what that rally is and it's more likely to be corrective and Understand the attributes of the state. So if you're you know, look into a line tactics or trading systems You know, maybe you have a black box automated system that you know works well in markets that Perform well that that black box performs well with volatile market conditions. Well, you know bear trend situations is a One of the attributes is increased in volatility. So These would be states that you'd look to apply that that black box system You know, so you can you know, you can kind of tweak your your automated systems as well along with your discretionary tactics Based on the market state. So it becomes a filter so You owning the environment is so key owning the condition, you know, really You know accepting that okay, this is the condition and Going through all the all the experiences that you've had trading a bear trend market state you know and You know the training markets are very straightforward, you know, they're markets that are making lower move lows bear trend Lower move lows lower move highs, you know, this isn't this is negative price structure You know if the market continues to hold structure Then we should anticipate it to persist You know if the market's trending lower, we shouldn't be looking say all the markets markets, you know gone so far so low today You know, I'm gonna come in and catch this falling knife. No You know if the market's holding structure, that's your story. You're sticking to it You the expectation is this trend should continue and until a break structure. That's just that's that's what it is You know and You know if we have positive situations where it should be looked at as corrective, you know And we should anticipate to find resistance below the prior move low maintaining the negative structure of the bear trend state Again, you just align your expectations. What's more likely to occur and Then take and then you're working that with you know, what what's happening in the current moment What's happening in the order book and as long as that's performed expectation That's your expectation is that the bear what the conditions and the expectations of the bear trend should continue So owning the characteristics You know, lower move lows lower move highs sustain negative structure and And you know identifying high points and fluxing points that indicate potential exhaustion of price action And then aligning your trading strategies, you know, this is an example from our playbook that we're going to get into in a minute But if we if we identify a market that's in a bear trend state bottom line, we're focused on trend following strategies We're gonna we're identifying, you know, the first and second structure breaking points of that trend You know, so if we have a market that's trending lower negative lower lows lower highs Here's our first structure breaking point. Here's our second structure breaking point. You know, we break our first structure It's more of a pause. We break the second structure. It's over. This is no longer true. So, you know identifying those points and Being prepared for potential shifts to adjust your trading strategy, you know, there should be no hope If the market is breaking structure We shouldn't you know continue to hope that it's gonna the bear trend is gonna reignite because it's it's markets telling you that it's not So in any market state, you know, right, you know, we want to identify the characteristics Understand those persistence patterns and structures So we have that foundation You know, you can really catalog your tactics according to states And execute tactics that align with, you know, a trend to capitalize and potential gains Maintaining, you know, it's staying alert for potential transitional indicators And they'd be ready to adapt You know, if the market starts to break structure of that, you know The negative condition negative bear trend we want to make sure we have a backup plan. What's next? And so part of that and understanding, you know, the state and structure is the state is the structure of the state and sentiment bias and so these are the, you know, pivotal inflection points of market structure and They help to understand where the market transitions from a new market state To different environment Changing the expectation and we can use, you know The structure and sentiment bias to really optimize our risk management and the timeliness of our trades So what is market structure? So market structure is not price structure. So it's not the lower move lows lower move highs The price structure is really a reference point to historical price action and market structure is not supporting resistance levels You know, it's not technical analysis So market structure is quantitative and it's based on, you know It really it's it provides the framework that defines the state context. So again adhesion So if you're, you know, if you're doing technical analysis, you're looking for support and resistance, you know Sometimes it works. Sometimes it doesn't work. Well, the times that works is when it's in alignment with market structure Times it doesn't work is when it's not and so it's it, you know Understanding what that base foundation is is the state and then understanding the price framework of the state is Really where you start to get some awareness because then you're observing this price action within structure and That gives you insight and that gives you clarity and that gives you awareness So what are the knowns and unknowns, you know, so what what do we know? We know that when a market holds its structure Its behavior can be more easily predicted as its characteristics are well-defined So this is, you know pure logic here, you know, if the market's in a bear trend And it's holding lower move lows lower move highs Then it's easier to predict that the expectation because we know that this is a trending market to Bear trend trending market market the expectations market is going to go lower The problem comes in when the markets in the state of transition and its structure is breaking down and this this causes You know things to become less clear and less predictable And this is what happens when the markets, you know get into these impossible situations when it's you know Some days the markets are just fluid and everything's in sync and that's when the markets holding structure And when the market breaks structure, that's when things get difficult and it's like there's no things don't make any sense It's because the markets in turn is transitioning potentially to a new market state Or it's just downshifting that state and so things become less clear and less predictable Become more difficult more laborious So understanding the market structure and its alignment, you know, so if we're looking at a bear trend You know that the two main structure points for the bear trend are that the current move low price And because this is the low structure price that must be violated to confirm a new move lower low move low and the high price of the move that made them the lower low You know, this is the high price structure finds, you know, the peak of the bear trend market state You know, so if the market is going to continue to make lower highs lower lows It shouldn't go above this price point if it does this isn't true And so we have to change our expectations and if it's holding structure We shouldn't be hoping, you know, because we have some other other tactic that's given us a positive signal We shouldn't weigh into that too much because the foundation in the market is bear trend and the structure is holding So it really comes down to, you know, an if then statement, you know If a market's holding structure then tactics then line your tactics with the characteristics of the state Because it's more likely the state the state's going to follow through If the market breaks structure then alter the expectations and anticipate a change in state So we break structure, we don't want to sit there and hope that things are going to change And the bear trends could continue because we get anchored You know, you get anchored and you get stuck on this Markets going lower. That's the, you know, that's that's my position. I did all this work Last night and it came out that we're going lower and it causes you to just pause and just hold on to, let's say, a negative position You know, you're holding a short position and the market's going against you, but you're anchored on that fact Because that's how you started out the day and maybe it started working at the beginning of the day But when it breaks structure, that's telling you things have changed. That tells you, hey, it's time to To readjust focus on the facts And you know, and if you're in that situation lighten up or get out and that's really where you go to every time When you get you're not clear and you don't have awareness and you don't know what's happening. You focus on the facts And you understand, you know, so you know really owning the the the state Characteristics Understanding the structure and observing price action is performing to that expectation or not. And then what if You know, if price action is consistent with state expectations, anticipate market structure will hold and reach its targets We're going to get into that in a moment and understanding that market structure trumps price structure And most people will look at And most people will look at Price structure, especially interday price structure and feel there's some real value in it when there's not in terms of market structure alignment You know, all the you know, the higher time frame alignment is where all the big money plays And so this is what the big, you know, this is what is important is is the market state shifting or is it going to persist And so understanding those boundaries you know, that that really is is is the You know, the main the main drivers of price movement. So you know Where are those state boundaries? Where are those confirmations of potential shifts in state? You know, that's where we want to participate in the market So we're going to get into we're going to take a look now at The live market and what's happening And we're going to go into our We'll use our application So this is our playbook This is our market grid It's color-coded so you can quickly see markets in different states. So this is a market that's in a Bear trend acceleration. This is a signal a signature state Marketing a bull trend correction another signature state bear trend is what we're going over right now And we're going to take a look at Um, the bitcoin perpetual contract. So here's the start of the trading session And so what I've done is I've drawn out the Time frame structure. So previous days high previous days low previous days close And the in the midpoint So this is just a simple tool A simple fact base foundation That you should be aware of every day, you know, what what's how does the current price? Action is performing to the time frame. So the daily time frame or weekly time frame You know, where is where is that that within that structure? And so if we understand that this market is in a bear trend and we're opening up here And we're trading above The previous days close. So, you know, anytime you're in a negative trend state And the market is higher on the day What does that tell you What awareness do you have? Well, the awareness is that we're more likely in this part of a bear trend We're in more of a corrective aspect of it And so what's an immediate expectation for a, you know, a correction? Let's it could go to the, you know, where's the point of most resistance The previous days high point You know if the market's going to start is market's going to perform the expectation of a bear trend state Then, you know, it really should, you know, exhaust You know, any, you know, we the expectation is for a corrective move Where can the corrective move go where it can go back up to yesterday's high Kind of simple as that But we with our application We also have are able to identify the price structure So we understand the state, but now let's take a look at the structure of that state And so here We're identifying we've got Three price points that are identifying the structure the high point Of that bear trend Where, you know, where a corrective move can go to And the breaking point for the resumption of the trend Now again, this is based on market structures. So it's it may or may not align with price structure So I'm going to put we have a an overlay and this is the same overlay. We also have In book map So you can see it's over here in book map as well So what this is identifying is that you know 26 248 Is what we call our upside pivot 25 177 is the downside pivot. So this is identifying this structure points here Today sentiment is balanced. So there's no bias Because we're in the middle of this And so trading above the the midpoint, which is also in alignment with the previous session close Signals this corrective rally And so now the market what did it do? It came up to challenge The high point, you know, this is kind of the the extreme and actually We have This is our Extreme price level critical range. We call this our critical range positive extreme, which identifies Kind of the validation point for any, you know Any breach of the market starting to break out above here. When is it validated? It's validated above here And so this is what I was talking about before when you have Price structure that's in alignment with market structure. So it's really identifying this 26,550 area As, you know, the really the key point which would discount this whole bear trend I would say that, you know, this this corrective rally is not just a corrective rally. This market is in transition So what do we know about, you know, so again, it's owning the environment and what do we know about corrective moves? You know, corrective moves can be, you know, kind of sharp. It can be emotional You know, the this corrective move has been pretty, you know, digestive You know, it's it's kind of you have these sharp surges And then you have these, you know, these you know, these pullbacks, but we're still correcting And here we're we know this is our top of, you know, structure point Of this market state And so this is where we want to really clue in is this true? Are we transitioning? We know where it's validated, but what's happening at the moment And what's happening at the moment is we have what's called a reversal signal So really, let's really dial into this. So we understand that we've got our structures defined here And we're taking a look, you know, we're, you know, owning the environment, right? That's what it's all about Improving our awareness So at this point when we open up and we're above our sentiment bias And we're above the previous day's close And we're above the previous day's midpoint And we know that we're in a bare trend You know, this gives us insight that we're in a corrective situation And and we're and where where is the market going to want to test? It's going, you know, we're here It's going to it's looking to press And challenge this peak Because that's going to keep this negative trend in play And so it does that So we have that awareness that we're in a corrective state here. Where can it go? It can go here We're here. We're aligning time frame structure with market structure And we see there's good alignment So we're confident that this is really the upper peak Of any corrective move So as the market's correcting here, is it going to stop here? And resume the bear trend? Is it going to stop here and resume the bear trend? It's more likely it's it's starting now to resume the bear trend and the reason is this This is the main market structure point and what happened is The market came up and rejected here we call this a The price distance between upside Between two major These are our price map levels between two major price map levels It's called an average price map distance and the market likes to trade in segments of full APMDs or half segments or two times segments So here the market validates that this Structure is good You know it tags the tags the figure and produces a reaction. We call it a half APMD move Then the market comes up breaches This metric boundary because this boundary is identifying the area of influence of this figure It stabilizes off the lower metric boundary. So it just basically tags both sides of this metric boundary So again, it's validating this structure point saying this is a good structure point Now it confirms a breach pulls back again and it's working positive price structure So as a corrective move this thing should just start to scale if we're really going to go And transition this thing should start to scale Here again, it makes a higher high. So, you know, three strikes to a top, right? So you've got you know, you make a higher high. We know this is our extreme We know we have great alignment here The market comes up starts to you know, it's still holding positive price structure And then all of a sudden it's not it's breaks price structure here For this move and price strike price structure here for this move But more importantly, it's breaking market structure. So it's breaking this market structure boundary So you call we call this a reversal where the market starts out on one side of a figure Breaks out to the other side of the figure And then fails So this is what currently what's happening right now in bitcoin is the market is in What we call a sell up reversal And this is kind of the next presentation. We'll get into strategy themes um and this is uh Which identified that, you know, the the optimal strategies and the head strategy teams for this state structure So this this reversal signal is not as strong As a reversal signal if sentiment was above the market and the market was negative The fact that sentiment is below the market here at 25 7 14 This becomes pretty much our target area So the expectation now and this is also where we can use, uh, you know, the order book and Microstructure to really help us tweak out our Our timing So we know the big picture And then we lock into the microstructure and we can see You know, just keeping it super simple You know, we can see how The market got really excited As it got into these extremes and we know this is a big extreme because we know this whole area is the top of this So we know we're up here So we you know, we're seeing the you know, we're not in the trees We're overlooking the forest here and we see the big picture and we're here And so the expectation is what's more likely to occur is that we're going to get an exhaustive reversal signal somewhere up here And then when you get a signal off a figure, it's it's more valid Which would Which targets it at the least here More likely here and this is really that we're this will be the true test of This bear trend because at below this point is where it would validate that the market is going to you know Really start to extend and press it to the downside And we can see how the market got excited here A lot of buyers are coming in on this that doesn't follow through So we have you know some intensity of trade here And then we have less intensity of trade on this move So more intensity of trade here less intensity of trade here And then here we're getting You know some size orders coming in here is the market starts to fail And you know now we're below the VWAP which is in alignment with the upside pivot So basically as long as the market's trading below 26 to 48 the expectation is the market's going down to 25 714 Or somewhere in this band And at the very least we're going to see the market coming into this area here And then here we can that's how we can use the microstructure To you know kind of work that Trade here's interesting too. You've got some resting paper coming in You know in this area. So you've got liquidity that's kind of in alignment as well So microstructure is in alignment with the microstructure here Same with this So you've got you know some liquidity building up In this area here So the expectation here is if you did get an emotional break and it starts to take out these You know make it goes negative on the day we go through the midpoint Um, you know there could be a normal reaction You know with this liquidity to provide some stabilization, you know before the market You know really makes its next decision And its next decision is going to happen here. Are we really going to extend that bear trend? Continue down to you know yesterday's low point or this 25 177 area Adjust these colors here a little easy to see again. That's the yesterday's high yesterday's low So we're still we just have you know, we're still an interior from yesterday's price action still But the foundation is bear trend. We know that's the upper extreme and we're getting an exhaustive signal here So any you know, so this is also telling us that this momentum is slowing down If we did get another squeeze to the upside it's a rally to sell Maybe it's going to you know kind of turn over in the next session Maybe we're going to do it now We can use the order book and look at liquidity here and how that's building up And use our microstructure and tape reading skills Here And as long as the market's in there. So now we're we're working this negative price structure. That's our focus And as long as it starts as long as it's holding negative price structure right now Our expectation is this bear trend is going to resume Let's just real quickly go through ether as well because it's in a it's in a Bear trend state as well. However, sentiment's a little different and the structure of Ether is a little different because we have our sentiment bias is actually at the upside pivot So with ether we've got you know again just outlining yesterday's high yesterday's low point and its midpoint and the Last crypto close So similar situation where you have, you know, we know that the market is in a bear trend The expectation is you're going to see, you know lower moves When we look view that within the market structure lens We know that, you know, if the market is bad, it's going to stay below and trend below the directional here Here's our critical range And then we have our midpoint So if the market's really negative it should stay below that midpoint and go and if it's not it's more corrective If it's corrective, where can it go? It can go here. It can go to sentiment It can go to where that structure break will occur The fact that you know, you know keeping a fact focus, you know fact is the market Previous days high is in alignment with market structure. So that gives us additional confidence that this is a good peak You know again looking at the big picture We have some minor structure points that can kind of, you know, help us but With our position management But here's our, you know, the previous days midpoint is in alignment with this Market structure point. That's gives you confidence net change for the day You know gives you awareness. Hey, we're corrective. Where can we go? We can go here We test the metric boundary. That's all we really need to do You know, crypto is more like a seismograph. So this thing could easy jam up here and It still means nothing until we start trading at these levels and that would tell us that we're here So as long as we're below this point expectation is that rallies aren't going to follow through And as and then as the market moves through the midpoint You can kind of, you know, it's kind of like the the VWAP of market structure And market moves through this midpoint that's going to shift sentiment and we're and that's going to give us the expectation That this market can come down to this 1548 level Retest yesterday's low point. So the key thing, you know, and and again, you know, moving And I, you know, kind of aligning that with What's happening in the microstructure a lot of history Uh, but you know where we're at currently And so the key here is can the market start performing like a bare trend So if you take if you mark this point here, you know, just just keep it simple You know, so we're observing price action within market structure. So if we're if we're looking at this as here's our peak Are we ready to resume this bare trend? Maybe we tested it. It's all we needed came down made a low made a high made a new low made a high And if we're working this negative price structure, we can key off this point here 1606 It's in alignment with this metric of this price map level And as long as this market's holding negative structure, our expectation is the bare trend has the potential to resume Where does this where do things really validate? That things could get really ugly. Well, they could get ugly if we get below The 1584 directional and why do we like that? Well, it's below the midpoint What would be a natural move natural move would be come down to the the previous day's low or Which is also in alignment with the downside pivot So we have a lot of good alignment with price structure for this time frame structure and market structure So observing price action and then as you're observing price action you go to the order book You go to the microstructure and you're working your you know, this is going to help you with your timing When's it ready to make that move is liquidity going to start to build up and support this 1608 level or is the market going to start to build liquidity off of the directional off of this area here and stabilize things so when you're You know, we're observing price action within market structure in the context of the market state So we're identifying these pivotal influxion points of the market structure And we're identifying where there's the potential for this market to transition to new states Which would change our expectations and when we understand where the structure points are this is where we can really leverage that sentiment And in that that those are our risks. That's where our risk management comes into play. That's where our timing needs to come into play That's where our complete focus is so we you know observing price action within that market structure In the context of the state because the price the market structure is defines the framework of that state Are we holding structure? Then this is our story and we're sticking to it. We're in a bear trend And we're the expectation is those characteristics of a bear trend are going to rear their head at some point You know, we might you know, they could squeeze you, you know all the way to the end of the trading period Um, and then immediately is the trading period is over. You know, we resume the downtrend You know, so absolutely you can have those one day squeezes or it happens midday All of a sudden it just says hey, you know, we've we've been correcting all day and it's over Now we're going to resume and all of a sudden the market is under duress But this is our expectations that hold structure those characteristics are or more what's more likely. So if you So ideally you're aligning your tactics and if you're trading if you're trading the corrective position You better have you know some very aggressive risk management Versus if you're trading from the With it for the in alignment with the characteristics of the state you can your risk management can be a little wider because you're in you're in alignment with that state And especially if you're able to participate At structure alignment, then you really can define your risk and avoid trading in the middle and focus on Where you want it at structure breaks and as the market starts to break structure It's over and maybe it doesn't like immediately pop But and and you all of a sudden you break structure. You didn't get stopped out and now the market is again pulling back That's an opportunity to get a dance out of your position. It's not an opportunity to say, oh great I'm still I might be right No, the market shouldn't have broke structure if it was really going to perform like To the expectation of a state and if it does break structure, it's telling you something It's either transitioning to in a to a positive situation or it's transitioning to a neutral situation Either way, it's it's it's it's not good for a short position Absolutely you could dance out and make it and still be profitable Um But you need to take that you need to take the money sooner than later because more likely the market's just going to churn and go Siders and take that money away from you or it's really going to hurt you and it's going to transition So this is the ticket Playbook It's your statistical baseline quantitative analytics It's going to identify your market state You know if you're trading crypto you're trading futures stocks ETFs, whatever you're trading It's color coded you can quickly identify states that you like It's going to identify the structure of that state Where is that alignment? Where do we want to participate? and we give you a full price map to Give you the all all the levels to position manage any opportunity along with some trade vision We support that with you know education and all this stuff And then what we'll get into next time is specific Strategy alignment. So with the markets in this state with this structure. These are the optimal Strategies and these are the head strategy themes So really you know just identifying the facts What it is Where to do it And how to do it And if you're an options trader, we also support that with you know expectations on volatility events and shifts So if you like to take a two-week free trial, you can go to jsservices.io Sign up if you have any questions you can reach out to me directly At jss at jsservices.com. I'm happy to answer any questions Well, thank you for your time today I hope this was enlightening You know definitely focusing on market states and having you know understanding what that foundation is And and not losing sight of it having that foundation And then that gives you the clarity for your execution tactics throughout the day But you have to have a base foundation and having an objective statistical foundation makes everything Your life a lot easier because you have this fact base You have this benchmark that's free of any subjective bias You just telling you what is Well, good luck and enjoy your day Cheers