 Okay, YouTube stream started and 10 seconds to go and good morning everybody. Welcome to Friday the 15th of December 2023. End of quite a volatile week, lots of economic releases and we have even more today and obviously the Fed week and today's also options expiry. Without further ado, let's just do the disclaimers. All book map limited materials, information and presentations are for informational purposes only and should not be considered specific investment and vice-null recommendations. Trading equities and digital currencies involve substantial risk of losses and is not suitable for all investors. Past performance is not necessarily indicative of a future results. Okay, and with that being said, I was a little bit distracted because I was watching the action in NQ and ES as well. We've had a good little pullback just now, so I'm just watching to see what happens there. Right, we normally do our slide show. I'm just going to flatten. I just had a trade on and it just came up as a pullback. I've now ditched that trade so we can focus. I was just long at this little pullback down here, so I was long in NQ from about, I actually had two orders in, so there was a scale in, not something I ordinarily do. It went a little bit further than I thought, but since we have started, I have ditched that trade and let us, let us refocus. One of the reasons why that trade was there was because we've got a confluence of sell resting icebergs indicating that there is likely to be further auctioning around the 496 to 4789 level and ES and just over the 16, 810, 16, 813 level in NQ if that plays out, but again, that is just a probability and we cannot predict the future and we try very, very hard not to predict the future in this room. Okay, since we are on a time scheduled to get to the 830 release, let's quickly do the slide show. This is what we always do. For anybody new that's joining, I understand there may be some new people from Tom's room and very welcome, if you are here, feel free to ask any questions either in the Discord channel or in the YouTube channel, but one of the things we do here is to do a prep, both for this session, which I call the breakfast session, which is really from 8am New York time through to the RTH, open the 930. It normally has quite a bit of range and volatility and some of the price and auctioning action is actually quite clean, so it can be quite an interesting time to trade. So one of the things we do is a slide show, so this is just some of the prep that we do, so if I just quickly switch to that, so we'll go back to those screens later. Don't worry, the markets will be here every single day, but anyway, let's have a look. So this is just the news on deck. I've got all the news for this morning, and this is New York time, Eastern time, so the main event is the PPI, which is at 8.30, so that's the one we're going to be watching. Thanks to our friends at Financial Juice, I'm a subscriber there, so they are my friends, and I will be streaming that live at the 8.30, so we can listen in live for the last 10 seconds, coming up to 8.30, and just for the release, I just quite like doing it. It's interesting seeing the action, if there is actually movement or significant movement off the price levels of ES and NQ at 8.30, sometimes we get tradable action, either at a retest of that or some other type of action, but we'll have a look and call that live as we see it. Again, we do not predict the future, we just talk about probabilities and setups that may be of interest. Okay, so yeah, there's some other news. I mean, there's the Baker Hughes at 1pm, so the main news, as I said, is the PPI at 8.30, and also the other main news is that there will be options expiry at some point today, and when we get to look at the market profile, I will show you where I believe most of the options is expiring today. Okay, quickly, just looking at the daily, we are already well into multi-multi-month highs in ES, we've broken that previous high this week, and the action overnight has been bullish as we'll get to, that's ES, that's just showing how strong this is. What we were calling earlier in the week was that until we saw any kind of downaction from this little range after this big move up, the action was likely to continue to be bullish, and we also had things like the Fed, which increased the probability because there was plenty of talk of the dovishness that the Fed were going to take, which proved to be the case, so the price action said the probability was it would continue up. On this occasion, that is what played out, and if we look across to NQ, we can see exactly the same thing, so let's not dwell too much on that. Okay, I do like to put a 10-minute chart across as well as the daily just in this prep. There's a reason for that. The gray shaded area is the ETH, so this is today's ETH, and the gray shaded area is the previous ETH. The reason is because we have the whole of the RTH action, which is the white unshaded area, and you can see where we are in ETH in relation to that, and this dashed black line is the mid, so whenever we stay basically, or we hold the mid, and here we hold the mid and settlement, which is T plus 1 that shows it has been quite bullish, and that's NQ and moving across, in fact, just double checking. I haven't got my ES, I must have not brought it into the Valdub. Anyway, the ES is very, very similar, so it's basically held up mid and settlement, and another chart that we like, or another, this is a text-based chart, this is a relative volume chart. So for ETH, it's really the top half of this chart. The bottom half is really stuff to do with internals in RTH, which we won't dwell on here. But ETH, Asia is AAS, EU is the European session. ETH, the total ETH session in RTH is yesterday's RTH, and the sum is everything. So in ETH so far, we've been actually above the relative volume of over 100% for the entire session. At the start of the Asian session, we were way above that, and we've drifted down a bit. I'll show you that the actual relative volume chart that underpins this in the second. But we can see that we're close to the averages overall, 23 out of 23, and 81 out of 100, 80%, but that's still showing very good range and plenty of opportunities that were present in the ETH sphere. So let's get back to the action. So yes, and both thank you that they're continuing to pull back down here. We're going to talk about the heat map next. Because we have some new people along, I better explain what is on this heat map. It may seem unfamiliar to a lot of people that have not seen my screenshots in the Discord channel. I mean, one thing you'll notice straight off the bat is that there are no bubbles. There's no volume bars. There's no volume bubbles. There's no Delta bubbles. There is a reason for that. This is my book map that I use for my own trading. I am a trader. I'm not an educator. I do these webinars twice a week, but this is how I use a book map. I have lots and lots of volume information. I do trade auctions. I trade fractals of auctions. There is a tremendous overlap between auction theory, supply and demand type setups, Wycoff, all of that. I think you'll find that a lot of people that use book map and auction theory have a lot of overlap in their trading style. So my trading styles will overlap with Tom's. I will be slightly shorter term swings than him. He'll take much bigger swings. But we do have a significant overlap when it comes to the fact that this is a game of chance, a game of probability, and a game of mathematics. That is something that I will always harp on about. So just looking across at this, what we can see in the heat map, this is a completely unfiltered heat map. It's dimmed down as much as possible. I've zoomed out a bit so you can see about 55 points in NQ vertically and about 27 in ES. These are on one of my smaller monitors. When I have them on my bigger monitors, I scrunch these charts up a bit. In that sense, it's going to be a little bit unfamiliar to me because I've got a bit more vertical height when I present this book map for people. But the idea is certainly on the NQ chart that I'll just show you first, where we have this zoomed out vertically is to see these liquidity bands, these heavier liquidity bands preferably ones that rest, and when I use the word rest, it means that it's been there for several hours as clearly as we possibly can, because those resting liquidity bands usually have two purposes, and those purposes can double up. So they often perform the support resistance, which you can see this one did here. In fact, once we got to this, if we ignore the action just a bit earlier, but if we got to the action here in NQ where my cursor is, and that is about 6 AM or just after 6 AM, you can see price approach, this heavy liquidity zone here, again and again and again, and we basically formed a range which we have broken down out of, and there's a little bit of a pullback, pullback down to the low 90s. Why I traded along as I mentioned, I'm out of that trade now, and that was quite a nice one, was that there is a cell resting iceberg here and three of them in here. So I've actually got a view on where there are multiple cell resting icebergs, and I will again explain that view too. I actually think that sometimes erodes the probability. If there was one cell resting iceberg here in ES, and it had a decent amount of traction already in here, we've got one with 118 orders already transacted the upper one, and we hadn't had these two also. I would say there was a very high 80 to 90% probability that provided we got a good pullback away, that as long as we've got confluence with some of the other factors like the longer term trend, the macro, et cetera, et cetera, there's a very good probability that we're going to re-tag this, either hit it and go through it or at least approach it within one or two ticks, and that is why I like to show those resting cell icebergs in the Discord channel and talk about them, because it's often a very good risk to reward a type trade, and it also, just as importantly, it goes hand in hand with the auction theory that we talk about here. So why does this go hand in hand with the auction theory? It's because price has auctioned up here, and sellers are advertising that they're willing to transact business again up here, and so they're trying to attract price to continue or to further explore the auction in this direction upwards towards the 4789 level. So that is why it goes hand in hand with auctions. And we've also, if we zoom out further, we've got that heavy liquidity band there at 4790 and we've got some 4798. Talking about the TPO chart and the relative volume chart, let me just pull that up. So this is the ES1, I'll go on the NQ1 Secondly, so this is where I do have this overlap with some of what Tom talks about. Over here on the right, this is not a composite volume profile in the sense that Tom has. This is just the order book. So this is the same as the heat map. The reason why that that's there is that this can become a very, very high level view of the order book, because it encompasses, you know, normally a couple of 100 points or so. So you get a very wide view of where some of that resting liquidity is hiding up above or down below. Okay. And the point here is, you know, to see how the auction has been developing this week. So if I scrunch this up, you can see that big breakout on FOM's C-Day. And the fact that we've continued to trend upwards and broken that multi-multi-month high. And if you also look at the auction here, we're really, we just we've just paused at this LVN on yesterday's RTH profile. But if you look at the auction for ONH, the overnight session, and the overnight high, it's a relatively poor high. And what that means is that there's quite a lot of, if I actually I have not got my pen, I'll dig that out. So I'll bring that over in a second. It's not a normal distribution in the sense of the nice curve. And my pen is coming. It's just taking time to appear. Sometimes it takes a minute when I haven't got it. And then I have to go and find it. Is it? Okay. It's deserted me. Epic Pen has deserted. There we go. I was looking at the wrong screen. One of the problems when you've got four monitors are when you drag something in on a live presentation like this, and you have a little app opening up like Epic Pen, it doesn't always behave itself. So this one will ordinarily open up on a screen above my eye shot and today it opened up down there. So let's just draw what I mean here. So for a normal distribution from this LVN here, we'd be expecting that to be a finished distribution. So this, because it's quite chunky at the top, is suggesting that we haven't finished. The only issue I have with saying that is because we only have one hour 15 minutes left of this ETH session. So this profile is effectively dead and buried come 9 30am Eastern time. So whether we do any exploration above that, above that profile, the current overnight high is moot. Let us get rid of that. But if we had a much longer time, I would suggest that that would be a better probability and we're still watching these three resting iceberg and seeing if price can make its way gradually up there. Right. Okay. And the other thing to point out on this TPA just representing how the auction is going is that I draw some of my levels across here. And I did mention earlier that I was talking about some of the options expiring. There are two, when I was looking at the options expiry for today, I'm not talking about the live zero DTE gamma. That is not this. This is the static options snapshot as we came into today's ETH session. The two biggest SPX, which is the option most related to ES futures. And it's got a premium where ES is currently about 53 54 points ahead of SPX. So you have to add 53 four points from SPX to ES or subtract them from ES to get to SPX. But the two biggest options expiring levels for this Friday are at 4750 and 4700. The 4700 relates to this zone in ES about 4753, 4754 in the ES terms. And the 4750 relates about 4804. That's why I've drawn those in case they bound or they set the upper and lower boundary of range for the RTH session, because there's an awful lot of money in the options. And it's quite common on an options expiry day like a monthly options expiry day like today for people to pin price in a range so that options expire and they make a profit at their expiry. So that's why I have those two purple lines drawn. The other colored lines you can see is settlement yesterday's high yesterday's low, etc. Just typical things that the probably in most people's key levels that they look at. Okay. And and queue for I just naturally if I just flick over to the relative volume chart that I was talking about. So we started off quite high dip down. And we're just we're still pretty high and above 100%. When as long as we're over 80% relative volume, and this is the last 10 trading days that I measure this across and I do it for only 10 days because things have been changing so rapidly in the market. So I previously did this over 20 days. But these days I do it over 10 just because the markets change so much all the time. But that gives you an idea of where my numbers for my relative volume came. And if we just go across to the NQ, you can just see the picture again, relatively poor high in NQ. You can see that you've got two highs just around about here, which is the day high and the global X high, they just both ran that position. And if I scrunch up the chart, you can see this big, this big order in the book up at near 16 935 16 16 940. So it's just by the by, I'm not saying that we'll get there. It's just something that I have noted because it's in the book as an advertisement. Okay, right, let's get back on to this. Okay, any questions so far, feel free to ask. And I'm just going to have a quick look in the channel to see if we've got any company. Yeah, we've got a fair bit of companies today. Yeah, good morning, Marius. And good morning, Stan. You're always very, very welcome. We do quite a bit of live commentary as well in this hour. So that, you know, as and when I stop talking about things, I'll then actually just focus on the immediate price action and I might start zooming in on the horizontal axis, which actually reminds me that I started talking about what was on this heat map. But I did not finish. Okay, so, okay, there is only one add on that is present. And you can see the the dots and the numbers for which is the stops and icebergs on chart. So if I show you all the options of the add-ons that are available, you can see there's only there's only two that are ticked. I can scroll up and down, you can see that to the tick the stop nice books on chart and the rate of my pro. I like keeping a very clean picture because even though I am mostly a discretionary trader, I like to be as objective as I can. And I find that if you have things like indicators and and the like that that can cloud at your judgment, and it's better to retain remain and retain your objectivity as much as you possibly can. And that's why I try and keep these charts as clean as possible. Okay, so we've got a dim heat map. We've got no dots. The only add on is the icebergs and the stops. So the red dots are the stops above and below and they are filtered to a moderate extent, but not actually that much. Okay, we've got two columns here. These are both cloud notes. You saw my TPO profile and those automatically come across to the second column. The first one's from my execution chart. If I'm actively stalking a price zone, you'll see that over here as well. Okay, the next column is the delta column. So I will just very quickly. I've done this before the other days. I'll just do it quickly. I'll just drag in this. So this is just a volume profile with a delta ticked and it's just bars only. I've had webinars in the last few weeks where I've had bars and then numbers and bars and numbers. But I'm trying to keep it as clean as possible so I can try and get the message across that I'm trying to explain it and I will get on to it in a second. So that's just the delta and this is the exact same column without that delta box tick. So this is the chart volume profile that both the chart volume profile one is the delta. That's the ask bid volume difference. And this one is just the total of the ask and bid volumes. So the addition one's the subtraction. Okay, and if we look live across what's happening, we've got this nice little auction range and you can see the purpose of this volume profile column that is better shown on NQ in this little range here. One of the things we're trying to do with this is to see where the current distribution is. So that, you know, if I zoomed right in there, you'd see in this little fractal two distributions, you find this little trading range down here and then the previous one up there. And then if I zoom right out, you see the bigger fractal that that's in play. So that's why they are there. Hello, Trader HE, welcome as well. We are about eight minutes away from the news and I haven't forgotten about it and we will turn on that feed a little bit closer. So that is the purpose of that. And the purpose of the delta column is for the fuel. Okay, and by fuel I'm looking for delta fuel. So what I'm saying or one of the theories I'm espousing is that price goes down to go up and price goes up to go down. So what do I mean by that? They're going to go, if this is a range, and again, I cannot predict the future, and we're going to bounce to the bottom of the range or just have a spring of the bottom of the range, which is a supply and demand term, I'll get on to a Wycoff term. This red delta shows potentially trapped sellers. And what we're looking for if we zoom vertically into this column is potential trapped sellers that will provide the fuel to get to the top of that range or the top of this particular auction distribution. Why will they provide the fuel? Because as price gets further away, they might execute their stops, which will be by stops, which will encourage price to go up towards the top of that range. Okay, and that is the simplest possible description I can give of why I've got those columns there, right? I've also said in various webinars, I've coded across a lot of platforms. So it started with easy language translation, multi charts, etc. But I've coded across lots. And if you get a trading view, you can still see plenty of things that I've coded that they're still present. But I don't really use indicators. I did it as part of my educational purpose. But these days, I like to see things in their purest form. I do have algos that I'm always working on in my trading execution platform, which is Sierra chart. But again, they're not indicators. They're just some method of executing automatically or semi automatically observations on the auction. But they're definitely not indicators. Okay, right. Just having a look at the time. Okay, also have a quick look at what is below. So we've got settlement here. So this could have partly been, you know, this pull back toward settlement, which is T plus one from the overnight high. So if we zoom right out, the idea here is to see how long some of these resting liquidity levels have been in play. And you can see that I have got the heat map from the start of the ETA session, which is 1800 hours. And you can see importantly that there is a resting liquidity of 270, which is the biggest in this visible part of the book that has been there for the entire session. So when I see something that's that's like that, which has been resting for or present for over 12 hours, I consider it as potential market generate information that they're advertising that they believe that they want mark the market to go up there and transact there. And this takes across to the other add on. So across here, and I better zoom out on this one. This is a filtered heat map using the traded trader map pro add on. The stops and icebergs add on does not currently work with this. But the beauty of this is that if we go into the settings, and we can see that the filtering is we are showing only the orders that were not changed by price or size. So if you see this here, this 47975 and you see 257 orders, that is telling you that there were 257 orders or well, actually, I think they increased them about there. But there were some of those 257 orders. How many were there 148 of them have been there for the entire ETA session. So yeah, so that's why this is here because this often gives you a very good high level perspective of where the auction might travel to. And you can see, you know, on this zoomed out picture, how well it's captured the the resistance or the brick wall that has stopped price at 4788 or so. Okay, and you can see this liquidity that was it was attracted to which it has just come down to which is at this 4780 level. And if we go across to the to the NQ one and we zoom out and we have a look at the same kind of picture, you can see how this you can manually back test whether this has any use to you during the course of the session. So you can see price here, it's a little bit hard to see unless I choose zoom in so you can actually see the gray price lines. And this is just the last price, it's not the bid ask it's just the last price. But you can see how this filtered heat map does provide, you know, like support and resistance and magnets, bounces off and backwards and forwards like a game of ping pong. And that's, you know, that's one reason why I use it. And because nothing in that add on goes against what I view to be auction theory. Okay, let's get back on the as we go into the news, we've got a couple of minutes, and I'll turn on the feed now. Just yet so it's connecting. One of the things I mean, if you haven't attended my webinar during one of these 830 releases, one of the things we try and do is if there is some volatility that occurs at 830, to use the drawing tool in book map to approximate as best we can the price at 830, I write on the release, what was the price before the the major movement up or down that occurred with the release. So so you'll see me trying to use this pen tool over here and over here to mark that. Why am I doing that? Because sometimes it gives us an idea, both in terms of bullish or bearishness and also potentially as a target or an entry point provided the setup is there, it's in accordance with your trading plan. And the risk and reward is is there. My philosophy of risk and reward. If you haven't heard me go on about this time time again is that I place equal dollar bets. So I've got my order brackets automated in a way in Sierra so that, you know, if for example, my risk portrayed was a $300 that no matter what my my stop size was, and my stops are really based on rotations and that's live rotations as I'm seeing them on my very, very short term timeframe chart that regardless of my stop size, I am placing a number of contracts. That means that my total risk is the same dollar value per trade. This does not mean I don't pyramid it into or scale in strays. In fact, I mentioned it as we spoke as we joined this webinar, but I try and keep the same risk dollar per bet. Okay, 30 seconds to go. So interestingly, we've got these three resting icebergs above in just dig this one right. Sorry. Just yeah, we've got sorry, we've got four resting as we've got the NQ one as well. And this is the unfiltered heat map. Right, let me just focus on turn the browser up. And I'm just going to get the pen tool ready. So it's lower than the forecast with that pen gone. And I'm not going to get that one right, but I'll try. Okay, so lower than forecast, we can turn off that stream. I haven't actually listened to that part of my webinars recently and found out whether they're definitely in YouTube, but I believe that they are. Okay, so if we now zoom in vertically on NQ, you can see where that is about the 804 level. And on ES, it's zoom in. It's about the 82 75 level is what we're watching. And we're just observing. A lot of this game, you know, regardless of the fact that I do take quite short term swings is about patience. It's really about risk and reward. I am not expecting to win 100% of my trades, not 90, not 80. Not I know I do not care. Really, if it's between 55 and 70, I honestly don't care. But what I do care about is that I take a good bets with good risk to reward ratios, so that I end up with a good positive expectancy regardless of how many individual trades that I lose. Okay, so we've got a second iceberg here now that maybe they've split that one. I'm not quite sure where that came from. So you've got two there in NQ and we're just about to tag that one. And we're watching the ES won the ES ones have stayed the same. The line in the sound of the scene of the crime as I call it has been retained as support. So you can see, not that we actually spent time looking in the micro price action, but there was a little stop right back to that scene of the crime in NQ. So price broke up, wobbled around, came back, took some stops out and then it has moved up and taken out that first resting cell iceberg. And it is quite choppy the way that it just had a sweep straight back down or slip. I call them slips, sweeps, whatever. It doesn't really matter what you call them. That's where there is a vertical price action and book map is a very good place to see it. So you had a vertical price action. And what that ordinarily means or the highest probability something like 80% is that when you have a vertical price action that it will come back and at least auction some, if not all of that vertical slip, which really is from here down to there, it may not happen immediately, might not happen for hours. Often it happens straight away. So we're just watching that. And we're also watching the fact that we now have a break down below the scene of the crime. So until we get back above the scene of the crime, our immediate focus has switched to the downside. So that is the purpose of that line. You know, when we're looking for very short term auctioning trades, so we're watching it doesn't necessarily mean we're going to stay on that side, we're just watching to see what the action is. And also what this delta and the volume profile looks like in this auction. So you know, if we zoomed right into this, you know, what is happening in this fractal of the auction. So I'm actually being quiet because I'm observing or at least trying to observe what is happening. So yeah, when I say I'm observing, I'm also obviously observing where they're putting in the liquidity. And the fact that we, yeah, what is quite common is where you do have a nice clean break of this scene of the crime, there will be a retest of it. So that is not surprising. On NQ that retest has not got to within more than a point or sorry, it's, it's a whole point where it's normally a better retest than that. And ES has not had a retest that is not a retest there. So the fact that we had a retest of sorts and NQ and immediately rejected it is short term, quite bearish. And you can see that. And so we're watching them take out this little bit of liquidity that they placed in at 90, then we zoom back out and remember, remind ourselves of what action was here before. So if you see these lows here so far, this is a spring. So, you know, if we have just taken out these lows here in NQ and then we reverse back up, this has a potential to be a spring. But so far, it's not a clean rejection of this sort of zone, which is about the 16, 7, 9, 1 and a half level. In fact, we haven't got a back above it. And then when we zoom out vertically, and we look at this liquidity that the resting liquidity at 16, 7, 70. That's interesting. Slowly trying to make our way back above those previous lows. And so we're working out whether this is ended is going to end up being a spring. Let me get the word right. Remember, you know, if you took that trade there as a spring, and you know, you have to define your triggers, you know, some of what I say maybe of used you may not be of use to you. But when you take you that that trade there, if you took that as a spring in NQ, let's just have a look at it there, right? You know, as it came down smacked into that liquidity below the previous lows, you know, you do not know what is going to happen. So people say, oh, you should only take a spring after it's had a clean break back up, etc. etc. Most of the time, you don't really know. You know, and a lot of what people say is seems to be based on them knowing the future. And we do not know the future. We cannot predict the future. And we definitely do not try and do that in this room. Okay, so I'm just zooming out on yes to look at this liquidity they put in place at the 47750. But I'm also noting the liquidity that's below 4771. When I look at that liquidity, then I look across at the book level. And obviously, I am looking at some form of chart as well. Just going to drag something in as well. So if I just drag a chart in, you know, this is just a bog standard. I think it's one minute scrunched up so it looks like a five minutes the same the same concept. You know, if you scrunch up a one minute chart, it becomes a five minute chart. Just to show you the price action for the last few hours. And we're in the pink or magenta line is settlement and you can see settlement being tagged the right there in ES. One of the things that we cover when we talk about the European open or particularly the London open, although the the one hour of the German open has been quite volatile recently and definitely tradable is that this level is often of important significance in the ETH session. I'm talking about C plus one or settlement, because there is usually some form of imbalance of orders, and a large number of orders, so potentially a large imbalance at that settlement price. So it's often a retag, which again goes with the auction theory that they're retagging and imbalanced to check their sums or whatever else that they might be doing at that imbalance, or maybe getting a further imbalance or maybe evening out that imbalance. But that's one of the reasons why settlement is such a significant level that plays out at various parts of the ETH. I'll just get rid of the trading view chart. That was just to show you. Yeah, before I get rid of it, yeah, the shaded areas are just standard deviations of VWAP. One of the things that I do in the ETH session more than any other time of the day, the standard deviations, the dark one, which is within one cent deviation of global global X VWAP, I kind of do a user as a proxy for the value area. So that's what that is. You know, once it breaks out of that dark shaded area, I kind of see it as clearly exploring i.e. trending upwards in this scenario. And I'm curious to see, can it stay out of value and continue to explore in that direction? In other words, it's a precautionary thing for me as well as trying to keep me on the right side of the trades. Okay, so we're just seeing what's happening at this settlement level. At the moment I can't really see any clear rejection. What I can see in NQ is we're developing into a really, really nice tail, which at some point will give us quite a significant little snapback, but at the moment they're still exploring. When you get this green intersection in a red tail, that's a danger sign. So if you're looking to long and you have potentially trapped green, it can go down further. It's more likely to be the other way around where you have a green tail at the top. And then you suddenly start noticing big swathes of red towards that top. That's because they're absorbing sailors towards the top and then they can likely to continue exploring upwards. So that's one of the reasons why, sorry, it's the second reason why I have this shaded in. It's also, depending on your use and the amount of space you've got, if you widen your columns, you can get a slightly different picture. I try and keep it pretty narrow for this purpose because we don't have an awful lot of space. So we're looking at this liquidity and then we can always look across at the filtered heat map and you can see this liquidity that we've just about reached. They've just removed it. That was in place for a little bit of time. In fact, you can see where all these liquidities came in place at 4 a.m. one hour after the London Open. So again, that's another reason for having that Trademap Pro filtered heat map. There is a question in Discord and I'll just get back on the unfiltered while we watch that. So that was a nice tag of liquidity. You can see the stop of 35 and I'll just go and read Balian's question. If you're looking to scalp that, for example, partly based on that red tail and the likelihood of a snapback. I would do discuss scalping from time to time because it interests me as a part time scalper. I have to move a box out of the way of your comment, Balian, so I can read it. I believe you've gone over this in earlier streams. You mentioned about using stops based on the current rotations. Can you talk about it briefly? How much look back period of rotation you used for the S main, those stops? Okay, right. If I'm going to talk about that, let me just give you some background on how I do it or why I do it, Balian. I'm mainly an ETH trader. I'll trade the first two hours of RTH. That's 9.30 to 11.30 New York time about three, four times a week, not every single day. But every single day I will trade parts or lots of parts of the ETH session. I'm one of those people that I found with myself. I can only maintain my focus in terms of detailed observation of the markets for about maximum of two hours. ETH can work out quite well for me because I can do a one-and-a-half two-hour focused and then just go and do something completely different because of the times that I'm in, which is Perth West in Australia, which is the same as Beijing and Singapore in ETH. There's a lot of other things. It's daylight here. We're 13 hours behind New York, or sorry, ahead of New York at the moment. Okay, so taking that into account, the fact that I'm in ETH, Balian, in relation to your question, within that ETH there are lots and lots of sub-sessions. Maybe next time I'll draw up a table and write them all out. But as an example, you've got the pre-Japan session, which is 1800 New York time, when it opens. ETH opens up until, depending on daylight saving, I think it's currently seven o'clock. It's about one hour forty-five. In your summertime it might be two hours forty-five, that particular little session. Then there's a Japanese pre-open, which opens 15 minutes before the main Japan open. Then you've got like an hour and forty-five minutes of that Japan. Then the China open, then a mid-morning dull bit, then a late Asian morning, then a late, then an Asian afternoon session, etc., etc. But I could draw that up as a table. The reason why I say that, Balian, is because the levels of volatility, we cannot predict anything, but we can see from past days, you know, particular days of the week, past sessions where there have been economic releases, what the volatility of those sub-sessions are like. And they're like individual sessions. So, you know, a lot of people look at RTH and say, you know, I trade the first two hours, or you know, it's got a certain characteristic. Well, those individual sub-sessions within ETH have all got their own characteristic, so that I have to bear in mind, and I've got various alarms that tell me what time, or what little mini-session, according to my mini-sessions we're in, and I bear in mind that with with the rotations that are occurring within those sub-sessions. So, if I, yeah, let me just do a screenshot. I will, let me see, where can I paste it? So, I can paste it here. So, if I I'll paste it there, and then we'll just blow this one up. So, if I paste it here. So, if I take a screenshot, and this is just going into, okay, and I zoom in there, right. I think you can see, yeah, you can all see it, right. This is a 10 second chart going into that 830 news, right. So, I'm looking, I've been thinking, and I think I mentioned it in another Discord, I'm thinking about doing like a pace of tape in the game, but which wasn't a pace of tape, but just some kind of little text thing, saying what the last five or six rotations are, but I don't really need it. You can just quickly see what those rotations are. And if you can see that, that is a 10 second chart, and those are all individual rotations. That's what I like to relate to my stops. So, I'm looking across and working out, you know, on the basis that I said it previously, you know, am I going for half of a big rotation? Am I going for a full of a small rotation? You know, how does this equate to my strategy, my setups, etc. So, I'm using that. Anyway, let me get rid of that. Okay, and let me get back on to NQ. So, if that answers your question, Belly, and the answer in text form is that I'm looking at the smallest rotations on my execution chart, which is likely to be a 10 second at this time of the day, although sometimes at the 830 releases, I knock it down to five, and in our RTH for the first hour or so, I'm sure it'll be on for something like five seconds. I'm looking at those rotations because things happen quite quickly, and I just want to know what is the fractal of the optional rotation that is currently in place. You know, they've got a rhythm to them, and it also helps me with this whole question of, you know, can I clearly accept, sorry, can I accept that I am clearly wrong? You know, if you can see from the last screenshot, you know, if the average rotation, I'm just looking up the board, you know, I'm looking at, let me read out a series of rotations, you know, they go 25, 13, 26, 16, 17, 15, 9. Right. You take those, for example, and say you have a trade, and suddenly you're 50 ticks down, right, and you're still in that trade. You know, what is the reason why you're in that trade? Why have you not let yourself be stopped out? How can you get your 1R on this basis, you know, because you've effectively so far clearly you've risked 50 ticks so far and pretty more because you haven't stopped out, and that means that 1R is at least 50, so you have to get 50 in the other direction. So, you know, you're asking for 100 tick rotation in your favor because you've got to get 50 to get back to break even, and then another 50 to get to be a 1R, to be a valid trade or a minimum valid trade, and if you're taking less than a 1R trade, you know, yeah, some people do, but in terms of longevity, you know, unless you think you're one of those crazy 100% traders that don't exist and they're just figments of people's imagination or bullshit if I may be so bold to say, you know, it doesn't mathematically make sense, so that's why I look at those rotations in that way. Anyway, yeah, let's have a look at some live action because I know we also only got 13 minutes left, so I've got to just zoom out again, so we just got to get back to the picture of where we are in ES, so if we get back to the 830 news, we broke up a little bit, we came back quickly or relatively quickly through the scene of the crime and ES has been so weak, it hasn't even been able to retest up to that, although we've got three resting cell icebergs, and I mentioned right at the beginning of this webinar that where you have three of those kind of dilutes the probability that they're going to get tagged. I don't know why that is, maybe it's just because they're just too keen to drive it down, who knows, but from my testing, I don't necessarily like three, I prefer one with a bit of volume on it, but yeah, it may well get tagged later in RTH or towards RTH, but anyway, that is, so if we were trying to take a trade there, you know, let's drag this across and look at how these columns could have helped, trying to drag this so we can see, so what I would be looking at, and I haven't got the numbers here, I would be looking at the volume of the auction at the lows here and here, this double bottom here, all right, within this, and you know, if I zoomed all the way into that little range, and this is one of the reasons why I have an infinite or infinity scroll now, so I can zoom in and out very, very, very quickly, and I can do exactly the same here, it's got the same functionality, so I can see these little frattals occurring, so you know, what I'm saying is that you've got a small auction down here, and whether you're able to get in at the top of this micro auction to get down to the bottom of that and then continue down, so that's one of the reasons why you're looking into these things, and you know, this is mainly a scalping technique discussion, just looking into this, and I can see from the bottom there that, yeah, maybe we should just add a column here, insert a column, and just configure this to be the numbers just so that we can see this, this is just looking at this and looking at this from a scalping perspective for a second, so we're looking at what is hitting at this level here, 102, if that was NQ and it was 102, you'd say without a, you know, a shadow of a doubt that you've got a 90% probability that we're going to continue in auction down, but this is ES and 102 isn't really that much, but it's interesting there, so that's just trying to show you how these columns can work with micro frattals or within frattals, and maybe you saw the settlement there, you know, if you'd done your prep you'd have seen that and seen, you know, with price action theory you've got a big down move, you've got a bounce or a little frat to auction there, the probability from a price perspective is that you'll get a continuation based on this ranging action or distribution here to continue and then maybe you could have taken an entry somewhere in the top half of this range with an equidistant stop, but targeting that settlement and that was the only way that I could have used it, what would have been a much better example is if we'd had a clean test within one or two ticks of this scene of the crime, but we didn't get that, so I'm just trying to demonstrate what those columns are about, just get back there, I think we finally got some up action now, so we're just looking, yeah you've got to trade what, I mean, one of the things that I find about leaving things on your chart and leaving things as notes, I mean we've got these these cell icebergs, we've got a clearly bullish market, you know, we've got those, that option's interest that I mentioned up above, which is over here, which hasn't quite been stretched up to yet, so you've got bullish targets above and you've also got maybe some stops above yesterday's high, so you've got reasons why it might go up, so you've got confluence with that, with the stops above that, with the magnets of that resting liquidity there and the magnets of those cell icebergs, but you have to stay in the present and that's one of the hardest things in trading, you have to observe what is happening in the auction right now, you know, so, you know, as we, as we actually went down there was clear indications that it was going to continue, you know, I gave you one, but I mean, we could have spent quite a bit of time just analysing it, I haven't done an awful lot of live order flow analysis in this hour, but, you know, ordinarily I do a little bit more, one of the things that does get a bit crowded on this chart is some of these little ices that appear, these little pink lines, so if I set my filters too low, I get lots of those, you know, then momentary icebergs, they're not resting icebergs, I don't, I mean I'll observe them, I'll see them, I'll just see that, you know, that they absorb some people there and there and there four times, but that's all, I'm not actually using them in any defined setup or any systematic way in my observation of the auctions, so they're by the by, so, you know, if we'd found something here, what would be the target up at the moment, you know, it'd be maybe a tag back to settlement, and then maybe eventually a tag back to the scene of the crime, and then if we got back beyond that, then up above, but we'll have to see what happens in the next couple of hours or so. I think Tapesh is about to ask a question as well, please do, I've got about five minutes left, I'm not sure if you went over this, do you by any chance do htf analysis, and if so what is your approach? Yes, I do, I do that slideshow at the beginning of every single one of these webinars, so the htf analysis, depending on what is happening, and really what has been happening is we've had a clean uptrend or week, so there hasn't been an awful lot of opportunity to delve into how individual day profiles link back into other ones, merge them, composite them etc etc, so yes I do, but the ETH action for the last few days, so this Wednesday and this Friday I today, there hasn't been any point doing that, because we've just you know we've just been going up in a basic straight line, but yes I will look at the dailies, I'll look at the TPO's, I'll talk about macro themes, on Wednesday I spent quite a bit of time talking about the macro themes before we did them, before the federal release came out, and I look at you know a scrunched up picture of a 10 minute over two or three days, so yes I'll do all of that, yeah I strongly believe in fractals within fractals within fractals, that you know on some basis or some fractal time frame we're in a range and on another fractal time range we are exploring or trending, you know it's just that is a fact, you can go and you can zoom in and out and you can see that yourself without me needing to show you, but yes I'll always do that every slide show, you know part of the purpose of this hour is a PREP, which is also a PREP for things that can occur in the RTH session, so you know when I talk about those two options expiring, two option expires today, it's really for the RTH session where they may come into play and the zero DTE gamma may be present around them later on after 9.30, and I'll talk if there was a particular swing high and if you go back to the slide show at the beginning of this webinar and you look back at that multi-month high in NQ and ES that was broken in the last couple of days, you'll see that we've had that on every slide show just referring to that and the fact that I had a line drawn across from it so that was the target and that was likely to get taken out, we didn't know when it would be taken out but in every webinar we've looked at it and it just happened to be this week that they finally smashed straight through it, so yes is the answer to your question, I think you've always got to do it and I think you've got to have some flavor of macro analysis in your work, you know it's not always true that the harder you work, you know the luckier you get, you know some of that is true but being able to better understand things certainly has one advantage which means that you're going to understand what you're doing and you're going to be able to hold better for better targets if you understand at the root, you know the deep deep root cause of your strategy and how your your setups and your triggers relate to that strategy, you know that should benefit you, you know both in terms of getting the hell out of a trade that's gone wrong and also holding a good trade right to its real target and sometimes there are real targets which, you know, are way above your 1R target so you know you know might be on the odd occasion that you move your 1R scale and move it considerably further up but yeah some of that is based on your deeper analysis and some of the HTF analysis as well. Okay mouse action, I haven't drawn much sometimes I'll bring my tablet along and I'll draw and write all over these all over these charts as well but as I said the previous target was back at settlement so we're looking at that one and we're looking at how liquidity keeps positioning itself so one thing that we do all the time or I do all the time is you will see me I'm going to try not do it so you get blinded but I will do that kind of action where I'm zooming in and out vertically so I can more clearly see how this liquidity is all aggregated together or not and what they're trying to do you know you know is this a little bounding of liquidity or are they using this liquidity here to push up to that liquidity and you can see how that liquidity there at 7675 got taken away there and then when you when you zoom in vertically you can't see it as well so that's why I find you have to do that and then occasionally you flick over to the filtered version and you remind yourself what the real liquidity may be and you know that that 90 level stayed there basically so that's a real level and is there anything below that like that then you go down to that massive level at 4 7 2 7 50 you know maybe that will come into play later today who knows but it's just something that you can see you know whether it is relevant whether it's irrelevant you do not know for certain you know nothing for certain but you can see that it is there and how long it has been there and whether it is changed or not okay we're in our last minute let me ah Carl Jones um thank you Carl yeah thanks thanks again for saying that um yeah so um I think yeah I'll just mention one thing yeah Tom also saw some confluence up above so you've got the fact that you've got these three icebergs and you if you draw composites you may well have a level on your composite that might be up in this region as well so the more confluences you have the more reasons you have to believe that it might get there and you know that it'll be interesting to see if we do get up there and there is some level around here that they bounce around for most of the rth session but I do expect given the nature of what we've seen in rth this week for it to be relatively volatile or choppy at least you know whether we will have a trend day um my personal view is I don't think that would be another trend day today but I would expect a decent range so you know it'd be one of those sessions where I'd be expecting both longs and shorts to to be available to you um and at some point you know maybe those two options expiry levels that that are um I'm pointing out right here and now may come into play as well so you know just just a few things to bear in mind and you know the last thing let's just zoom back out on NQ and see this retrace back up to here as it's slowly heading back towards that scene of the crime and you've got that resting iceberg up above at the 13 level anyway I think I've um outstayed my hour so thank you very much all for coming um I hope you have a very good options expiry trading session Merry Christmas everybody so thank you I will hang up um now