 The broadcast is now starting. All attendees are in listen-only mode. Good morning, traders. Welcome to the Bookmap ProTrader webinar series. This is Bruce at Bookmap. And I don't know if you guys came yesterday and saw Scott Pulsini speak. It was an excellent webinar. I'll show you where the recordings are for all of these. Today we have Walter Lesikar. And Walter has been trading for over 10 years. And eight years of that has been focused primarily on order flow and the order book. And looking at very liquid markets, ES, crude oil, treasuries. And as Walter likes to say, his life defines his trading style, which is a really nice thing to hear. He reaches his goals and then he quits and enjoys his life. So a very passionate educator of order flow and the order book here. And really an expert here in Bookmap. So it's fantastic to have Walter and this focus and understanding at a high level of what Bookmap is and how to use it. You can see some of our information here, Bookmap.com, our Twitter, our support. The risk disclaimer, need to go through that. Trading futures, equities, and digital currencies involves a substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. More information on Walter. Here's his website, his Twitter, YouTube, Skype, an interview that he had with Bookmap. And then his affiliate link here. So there's special deals that you can get through Walter, through our educator partners. And I'll put all of these into the chat so that you guys have more information about Walter. Now please hold your questions until the end. We'll let Walter present and then we'll get to the questions afterwards. Other than that, let me just turn it over here to Walter. Hi there. Hello. And the post, can you hear me? It's everything okay? Yes. Okay, great. Do you also see my screen? I hope so. Hi there. Thank you for being with us this morning or this afternoon, wherever you are. I'm happy to be with you today here and to present you something really different. I gave you the title, How Markets Speak to Us Every Day. Based on Bookmap, I will show you that in a moment, what we saw in the market yesterday. But let me first say, since I'm presenting this webinar for my holiday resource, it could happen that the internet connection might not be stable. Please be patient. We will do everything to reconnect immediately if something happens. The topic I have prepared today is what I do and tell in my seminars and as well in my life education room to show that the market is speaking every day in its own language to us. We need only to be patient to listen and to understand what a liquid market is telling us. Maybe this is something new. Let me say even unbelievable for some of you. Anyway, allow me to show you that in this short presentation, in this coming presentation, short presentation, what is possible if you understand to read the limit order book. Okay, what I would like to say and what is my motto in trading is, I would like to quote Dr. John Kepler who wrote in his book, Profit with a Market Profile, that trading is not gambling or game of chance. It is a skill and discipline that can be learned. And secondly, consistently profitable trading cannot be accomplished without a coherent understanding of the market and how it works. I firmly believe in it and I will show you what I have done on what I'm doing to help everyone who is interested in learning to read the limit order book and to see how it is visualized with book map in my seminars, in my webinars, in my courses. Good. To give you an idea where I'm coming from in trading, let me only say that I've gone through every imaginable or possible trading philosophy or trading approach, needless to say that it didn't work at least for myself. I quit trading in, I don't know exactly maybe 2008, 2009, but one I must admit, every try and approach brought me a little way further to say ahead. I learned, for example, from GAN, that time is important. Harmonic approach showed me that measured moves should be considered in trading. Mr. Dalton's volume profile showed me that the whole, how to say, the whole 20T price volume time are the foundation of every trading and many great guys like Futures Grader 71 and John Grady and others inspired me to restart and follow my dream again and to start over. Peter Davies had a great influence in my decision with a jigsaw trader which was affordable and at the time maybe eight, nine, ten years ago together with the Ninja trader and also his education program helped me to restart the trading approach again because the limit order book was one of the most important parts of my new trading approach which influenced myself in a tremendous way. Today I'm talking in my education about a specific, excuse me, I'm talking about a scientific approach to understand and trade markets. We'll show you later what I mean by that. As mentioned today topic is to show you that the markets are telling every day and every minute to us what they are planning to do, what they are doing and what they are planning to do. Since we use different translation programs, excuse me, as known as charts and systems, we are concentrated to follow their imperfect indications, signals and signs. This is the reason why we have thousands of trading systems out there and since we humans are not used to admit that we are wrong, of course, most of the time we stuck to these philosophies and trends and sometimes we defend them vigorously against attacks from the outside. It could be so easy because understanding the markets, you need only to have a good non-aggregated data feed, a limit order book and if you are not comfortable in watching numbers, having a good visualization platform. In my case, I have chosen BookMap for years to understand, to visualize and to grasp better what the limit order book is telling me because I'm not so good in watching numbers flickering around. The limit order book allows me to follow a systematic and, I will say, consciously and scientific approach because the limit order book is always working the same way and it is based on same, let me say, unshakable principles. It works the same in all markets worldwide without exception. We can define a terminology around the order book and use this terminology as a unique language in order to build strategies and concepts for our trading. Let me show you what I mean. Maybe we can use the analogy to a wristwatch, which could be a good example in this case. Assume we are here together to design and assemble a wristwatch. First, we should know the principle of a watch, how it works, what physically rules are necessary for a watch to work. Then we need the right parts like gear wheels, drivers, springs, and so on and so on. We must have the same understanding in the same language before we can design a watch. And by the way, the same principles apply to the order book or to a limit order book. We have, as you can see on my slide here on my phone, we had a bit side where the bias comes in. We have an ask side where the sellers comes in. We have on the left on the right side of both bid and ask, stacking and pulling. This shows the dynamic of limit sites. I will show you that in a moment based on the recordings from yesterday's ES session. We see also in the limit order book flippings. We have absorptions. We have the absorptions in the middle. In the middle row we see the market orders. We are talking about liquidity. We have volume. We have the order flow between bid and ask. We can use that information. We have also interesting in high most important in today's trading sweeping, which is an important part of my trading, my education, for example. As mentioned, we have stacking and pulling on each limit order side. It's highly interesting to watch this gears working together. It's a high, yes, it's a highly, it's a high harmony in watching this order flow working. And the book map allows us to display and to visualize all those paths. We use which are on this presentation foil here, how they are perfectly are working together. And based on that, based on that, I am saying every time we can see what a market is. Doing at the moment, and we can conclude our next steps, or we can prepare for our next steps in trading, when we see what the market is doing, when we understand what the market is doing. In my markets language, I have defined a vocabulary for our liquid market, because I said a liquid market is speaking every single day to us. And I say that I distinguished a vocabular in maybe noun and verbs, for example. That was my idea. Active trading and real time indicators, for example, are active trading, passive indicators are liquidity absorption, exhaustion, sweeping, finished options, stop runs. And on the other side, we have, we have confirmation indicators like order book imbalance, pulling and stacking, spoofing, channeling, book flipping, quote stuffing and iceberging. All those, yes, this vocabular help us to get an complete picture of market and to see what a market is doing. We see that in real time, non-legging, we don't need, if we are trained, we don't need or you don't need an additional indicators, which most of the indicators are legging. There are several exceptions, like, for example, VWAP, other time, volume, weighted average price, and the pay or see the point of control. But most of other indicators are legging and show you hindsight what happened. When you see the active indicators, you will know how to act. That's what I want to say. They appear in real time as said and mentioned without legging. When you took a position and know you are hoping that the markets prove your decision, confirmation indicators like this mentioned book flipping, confirmation indicates like book flipping, pulling and stacking, spoofing, channeling and so on, gives you the confirmation that you are on the right side of the market. By the way, we see that every day the world has become an extremely complex and interconnected financial market where nothing trades in isolation. I absolutely believe that and I prove that every day in, not only in the seminars, but also in the life education room I have with my colleagues, nothing trades in isolation. Even if most of the traders fail to comprehend, to see how every individual market is interdependent to a greater global trend. Additionally, and you know that, I'm sure you know that, we face tremendous confusion as politicians can alter the trend with the stroke of a pen. And you know, see that nearly every day a tweet of Mr. Trump's tweet can change the rules in a second, in a blink. Everything can change in a blink. You can't prevent that. So, additionally to the active and passive indicators correlated markets are vital part of my philosophy of my view on the markets and as well on part of my education. Let me, let me show you something completely different. I don't want to go through a candle chart or I don't want to go through a book to a simple book map recordings. Since I'm on holiday I haven't. I am don't trade here so I can't even show you a nice trade. But what I have done yesterday I have recorded yesterday session. And I would like to do something different with you today. This is by that I mean I would like to time lapse yesterday session in order to try to show you how the market is speaking to us every day is telling us what he is doing. And I will show you at least at least few points, which are really, really remarkable, which happens nearly not the same, but it happens every day. You have only your only task is to sit there and patiently wait and understand what the market is telling. Okay, excuse me. I have to open my recordings. I hope you can see my recordings here. This is the yes, December, a mini December to 19 contract. And what I would like to do is to go fast forward to the market and to show you how the market develops. And additionally, I would like to hide those volume dots, for example, also the best bit ask. I would only leave the heat map the V web. And of course we can use the volume bars here. That's okay. So the session starts at 930 30 my time here. And I would like to go fast forward with the speed through yesterday's session with you and show you some really remarkable events, which happened yesterday in the market and to connect it to my, my, my topic today to show you how the market is speaking. This is not a practical practical part of the trading you can use it of course, but it's only to give you the idea that every time when we are looking at the limit on a book and I would like I would like to motivate you if you are working with book map to set it up like the same way a limit order book works. So what I have here is first the bit bar, the bit, bit, excuse me, the bit column and the ask column in the middle we see the, the market orders on the left side on my screen here near the bit column. This is the pulling and stacking row, the quotes delta and also here on the right side, beside the ask column. And on the far right side here you see the volume profile, the volume profile, which shows me the distribution of the volume during the session or during the trading day. Okay, so let's start at the session start the 30 and let's see how the market develops. I would like to darken everything so just to see just to see the really the events, which happened yesterday. So the market starts started at the 30 here. And first of all, you see, if you don't have the volume on the chart and the big ask lines and so on. How book map, how book map visualize, let me shut off this sound here. Okay, you see first of all how book map visualizes the limit orders, the limit orders on the bit side, as well on the ask side. So we don't see at the moment and this is represented by the volume dots. These are the traded market volume that means this column here in the middle of book map, but it's not my intention to talk about volume, volume dots or volumes here traded volume. So it's my intention to show you what the market is doing and how the market is helping us to showing us how and what direction the market would go will go and what direction is probably the high, the high, the best opportunity to trade. Okay. Now, we have good supported 2987 for the moment. So let's follow only only the limit order book, not the traded volume. That's 260. Excuse me. So we see what we first see at a glance, and when you when you see that on this chart, is if you go to, this is a language, this is a language with which could be understood, which could be understood, which you, everyone can understand, even if you don't see the volume, the traded volume, it is important to see what the limit order book is indicating. And it's indicating a strong support at 29868686 even 85 and 87 here. So that's an absolutely important information for us because the market started. So it was bought then it was sold into the 86 area and so on. But suddenly, you can see how the market is telling us, hold on, hold on to your trader at 420. That means 6, 4pm and 20 that means oh what what is this 1020 maybe New York time. We are trying to build and resistance here or excuse me and support here on this level 86 level. They started to support this area. Look here, they started to support this area here. And now watch what what is happening here. Watch what is happening. Again, maybe for those who are not familiar with this kind of trading with a kind of order book is, give me the chance to go back to go back for a minute or so and then repeat it. I said we are in fast forward mode here. Let's take a look at some of the market how I speaking and now see what is happening here. They supported the market and they started at 1020 New York time. And they stopped it. They stopped it at 511. What is this 1111 am and five minutes here in this in this time. What does this mean, guys, what does this mean if you are familiar with a limit order book and the visual visualization of the limit order book. You know, you immediately know, absolutely know that this is a sign that the business is done. Most of the part in my for my point of view and my experience I'm posting is all posting that also very often when I have time on Twitter and my account in Twitter. You will see that this is the interaction of the market who says to you guys we defend that this area 86 is done. There's nothing more you can trade below that the business is done. I call it at least the business is done. You can choose your own expression for that. It doesn't matter, but the business is done. Now, what is your task as a trader is to understand this language and to interpret this language and to say, Okay, if the business is done, they're expecting higher prices. Let's see what is what is happening. So now we have resistance and also the pressure from the from the ask side here. 93, 92, 91, the pressure is down. They are not satisfied to go through this area at this specific moment. Maybe they are trying to play around the VWAP here and to buy again by at lower prices. You see, you see how they are flipping. You'll see how the book is supporting this move. Now, market is telling us, Okay, guys, I'm done here. I have reached what I wanted to do. And then they are supporting the price at 2988 2988. You see all those, how to say animations. This, in my case, red, red areas, indications of the other book here. For example, ask that they are adding to the ask side and trying to push the price down or to keep the price in this area. Now they have counseling that counseling this this is a constant, constantly interaction is a constant interaction with us every single day, every single day. But since we since we know, since we know that this part is was the key point in yesterday's trading. This part was the key point in yesterday's trading. We know that we have to buy here and that we don't sell it, that we don't sell it. In this very, very fast move forward, you see how they are playing how they are supporting how they are rejecting how they are flipping. I will show you something a little bit later in the order book. But what what is happening here. We are long, of course, because the market is telling us you can't sell here because the market is done. Maybe you are long from here. If you are experienced radar, you took this 87 area, or if you maybe a little bit late, you can take a trade here in between something 89991. It depends on you on your understanding of the market and what you are doing. And then the market went nicely up in your favor. It works in your favor. You're up good for 10 points. And then market comes to arrest and even to stress this pause of the market is indicated or is indicated nearly every day. So it's lunchtime in New York and lunchtime in the US. You'll see how they are, how they trapped the price between 8998 and the 9598, 9599 and 95 here. It's lunchtime. It's lunchtime. It's still lunchtime. You see the support here. They don't want to sell. They don't want to buy. It's also a good time for you to make a break to go out. What's here? What happens here? I had an Internet. The Internet, the interruption here. So this means nothing. The Internet started again here. So ignore this black hole here. Now they are trying to trade. They are trying to lure in buyers. Come on, buy something. Buy something. Come on, buys. We are trying to support the buys. This is the resistance and 99 and 3000. It took a long time. It took, of course, a long time to get there to see this. Did a break at 12 o'clock in New York time. And it took two, two and a half, three hours to get a decent move. But let me show you, let me show you the following now. What I wanted to show you is that we are not dealing with a nameless market. Let me say, candle charts are important, of course, or maybe other charts, too. But viewing and seeing the market this way, it opens up complete new opportunities to trade. And for your trading to be confident, to be more independent of every other indicator. So are really not complete, who are lagging and so on, who may misleading you. What I would like to show you now is the play in the limited order book here on this side. Let me extend this a little bit here, so that you see better what I'm, what I'm meaning. So we are at short one hour before the close market was up from here from what was it 88 to 89. This is a good 10 point move. Excellent and excellent 10 point, 10 point move, excuse me. And what happens here is following that nobody, nobody wanted to sell in, nobody wanted to sell. Everyone is trying to buy and the market breaks down when there are no more buyers. Let me see how they are managing that and how I can, they are playing with it. You see, let me do it a little bit slower, a little bit slower here to show you what I mean. Now you see that on this point here visually, you see that visually you, even if you don't follow the volume dots or other indications, you see visually what is happening in the market order column here. This is, these are trades who are hitting the offers. These are trades who are hitting the offers here. You see that the green side, simply following the green side is bigger than the red side. That means they are buying. Let me go a little bit slower with this to show you what I mean with that. Now price is sitting 3000, a little bit slower. And you see also the pressing to the upside, the pressing to the upside on the pulling and stacking row here. We'll create 400, 200, 100, 300, and so on. And then suddenly following happens, following happens here. Let me reset this one again to show you what I mean by reading the limit order book and by understanding what is happening here. I'm calling this, I can't go into detail because we don't have the time, but I have made a YouTube video about the lure trade. They are luring in people. They are trying to press in people to lure in buyers to sell. The only intention is by the lure is to sell into the buyers and then selling everything they have into the bids because there are no more buyers coming in, the price must go down. And one of the indication is the price is not moving far away from this 3000 here. And they are pressing it up. You see that this pulling, yes, this stacking here, this stacking on the bid side, this stacking on the bid side. Let's go a little bit forward, a little bit more time, please. And then you will see what is happening here. 3000 is a psychological line of barrier, yes, resistance here. You see that they are blocking, trying to block this at 3009, that means this is resistance. And after a certain time, suddenly they are selling. A lot of people are expecting that this will break the 3000, this will go beyond this 3001 and so on. But suddenly, they can't go through this office here. They didn't have the power to lift the office because, let me show you that, because the stacking, the stacking, the adding, the adding on the offer side. And that by that it means book flipping is preventing the buyers to break these levels up. There are not enough buyers to break all these levels to take all these offers and to lift the offer to higher prices. It's not possible because they are trying to keep it, keep it down. They are trying to push it lower. And suddenly you see a reversal in the market orders. You see visually, let me do it a little bit faster because we don't have so much time here. You see that visually what is happening here at 3000. The selling side is dominant. It's absolutely dominant at this point than the buy side here. So if you, even following, you can see that with another tool like Jigsaw Trader or you can see it also, you can adjust it. Your book map version, like I'm recommending here to see that and you're on your side on your desktop, on your workspace. When you're working with book map, then it helps you. It helps you tremendously to understand what the market is telling you. There are so much fine, fine tunings in the market every single day, not every time obvious and not how to say 100% to see you have to be concentrated. You have to be focused. You have to, yes, you have to be focused all the time to see what is happening, but suddenly you will know, suddenly you will know. There are more than one or two events a day, at least in my trading and I'm showing that said in my education room, live education room or trading room, there are more than one or two situations during the day where you can see and you will know. You won't guess you will know what is happening there. Absolutely. So I hope you got an idea that we are not only trading cold charts like I would like to say cold charts like candle charts and similar charts. We need them for, I need it too for my daily preparation, of course, that's okay. That's very fine. But what I would like, what makes me confident, what makes me successful is reading of the order book, reading of the market, understanding what the market is doing and then taking action based on that what I'm seeing here. Okay. That I would like what I wanted to show you that this extraordinary, really this extraordinary behavior of every market you can use it for years for the treasuries for oil for every other markets to it doesn't matter it that what we are talking about we need liquid markets where we get real data non aggregated data for this markets so that we can analyze this markets according our knowledge about the order book and what is happening and also the visualization that some part I'm absolutely absolutely happy to understand and to also provide to you. How to understand and profit give me the chance to show you the additional forest before we came to the Q&A how to understand and profit. I base at my the foundation of my seminars and causes and everything I am. I'm doing is based on the work from Jean-Philippe Bouchard, Julien Bonnard, Donnier and Martin Gold, which who wrote an excellent excellent book about trades quotes and prizes financial markets under the microscope. This scientific work describes mathematically our models medically the price finding of stock exchange based on the limit order book for futures and for stocks of course what I'm doing I'm translating this mathematical approach into a practical model based on book map. I wrote a 370 page documentation about and I show that in my seminars and causes as well. This allows me and you and every who is everyone who is interested in allows detailed precise teaching about market mechanics and executions. It's, it is a very helpful guide for understanding strategies and executions. It shows why market correlation today are absolutely important. You can't trade a yes on the future without knowing of and knowing about the correlation and interactions between other markets who are influencing or yes who are influencing the yes. Yes, what I'm doing and showing us the book make functions and how to set up and use the book map of course. That's the agenda that's the agenda I've put together. We start we start with limit order book we start with market mechanics basic terms we are going through the auction and absolutely important part for every trader. Every trader in my opinion, at least should understand what an auction is how the auction auction works and how it comes together with a limit order book. Then we are going through all the market mechanics we do the order book visualization. We are going to the strategies and the most and not not the most but the second important part is the correlations about different markets and we are going deep into it because we see that every single day. And it helped me and us every single day to understand what a market is doing we don't need any make clan or other indicators to see how the market is. What direction markets will use or is going to use. So, then we understand and we see that every day. We represent important part also the time volume average price is also an important part. What I'm adding to this is the sharp delta for book map because it's a nice new and fast indicator based. This is volume community for new data indicator. And we are going through all book map settings to set up book map accordingly and then going in of course into the trading. So, I'm coming to my last foil. I will do an last seminar in 2019 that means November 18 up to 2018 to 22nd of November 2019. It is a five day online webinar. Five hours per day. The online one time seminar fee is $2490 including materials documentation, lifetime TTTW trader ecofin.com we have a group on ecofin. And we have a life education room by calling these all life, according to life education room. It's in life trading room. Of course, of course, and all the recordings we are doing during the life education is of course will be will be yes will be available for you for your preparations. I have additional information on TTW trader.com. And if you want to email me please send me an email at WTL at TTWTrader.com. I will be happy to answer your questions or contact me on Twitter as well. Now I'm finished my presentation. Thank you Bruce for the chance to be with you and be with everyone of you here. Thank you and I'm prepared to take your questions. Okay, excellent. Thank you very much, Walter. It's fantastic to see this exercise of just looking at the auction. In my opinion or experience, this is the element that most traders struggle with. They haven't had access to an auction like this. And being able to start to understand it and understand this language. And to see the chart there with just the auction on it. There is no volume. There is no bid and offer. Just the depth. And then what is it telling us how to start to read it? How to start to put these pieces together? Yes, absolutely. So I'm simply amazed about this possibility I have learned. Disadvantage, let me open say to all the people here. The disadvantage of this kind of trading, it takes time. It takes simply time. But I would like to motivate everyone in you to invest in yourself, to take your time, to try to understand what the market is telling. And I'm sure you will see, you will definitely see. I will even say at 100% you will see what the market is telling you every day. It's really amazing. So I'm proving that. I can prove that of course. And I wouldn't speak to you if I won't be convinced about this. Yeah. Yeah. Some questions are starting to roll in, but I just wanted to kind of front run some of them here. Get your questions in everybody. But Walter, maybe you can explain a little bit about like in your education, you've done a really interesting exercise to get this point across of how important it is to understand the auction. And maybe you can speak a little bit about the mock auction. And some of the things learned and the conclusions from it. Yeah, the point is when I started, when I started my, when I restarted my trading, let me start this way. When I restarted my trading, first of all, even if the jigsaw trader was available, it wasn't not clear to me what the difference between bid and ask is. And what it means to see a market order or to be a market order. Therefore, I haven't even, I haven't even seen anyone else in the trading arena in the world who is teaching the auction. That means either you are experienced pitch trader. And you know how to, yes, how to bid and how to ask and how to go with the auction and you are trading off the chart and you don't have any idea what an auction is. It was, it was the idea, the idea was born to me to understand and to present and to play in the classroom courses with the attendees, with the students, with the people, how an auction really works. Because it's an element, it's an elemental experience for everyone of you, for everyone of you and for everyone of us to be a part of the auction. You see what my experiences are. You will see how you behave when I'm auctioning. So I'm the market maker. I'm the auctioneer. So I'm, I'm, I'm driving the limit order book up and down and your, your own task is you get $2,000 as play money and your own goal is to, to, yes, to make profit, of course. And this auction, everyone who is going through this auction learns first of all how to read the limit order book and what the meaning of bid and ask is and that's not, that's not a joke. I'm telling you that a lot of people don't know the difference between bid and ask. And secondly, you feel yourself what it means to be a part of the auction. And that gives you an, an greater understanding or better of the understanding of, of, of the better of the standing of trading because, you know, we're sitting every day in front of our PC and think we are the only one. So we are gaming or trading against the PC or chart or price matter or whatever. No, we are not. We are trading against an opponent, this opponent sitting on the other side of the world or wherever and we are trading. So when we are thinking we are selling something, then it would be better that the market goes in our favor. So auction is an absolutely important part to understand. It's simply the basic part. It's simply the basic part of tape reading. And once you understand that and once you understand the bid and ask differences and how the market orders behave and what the market orders are. And if you know about uninformed, uninformed and informed traders who are really existing in the market, maybe you are, then you will know that there are different kinds of information out there, information out there. So you can be prepared on that, what, what happens. And you know, if you are trading, yes, or maybe oil or whatever sweeps or sudden moves driven by exogenous events, I think happens daily, happens that we can't prevent that. You should know what it is, how it behaves and how to trade them. They are excellently tradable, absolutely. So I would like to encourage you, learn the auction if you have the chance to because this is the very, very basic part of the trading. That's all I can say to that. Yeah, yeah. Thank you. So, okay, so a question here from George regarding the order book of SPY, the ETF and if it looks similar to the ES. What was the question? Well, yeah, yeah, comparing. Well, so it looks like George is, you know, wants to understand like what the SPY looks like compared to the ES and in terms of the order book. And I guess the effectiveness of using SPY compared to the ES. Yes, I'm not, I'm not reading the SPY. I'm using the SPY of course, because it is strongly one to one coordinated to the ES. So I don't use the SPY in the limit order book. I can't say that. I have to, I can't answer exactly how the, how it behave, but it's be sure this SPY, SPY behaves the same way the ES behaves. There are different, the differences in the, how to say in the, in the limits, in the limits on the each side, I have to, I didn't have it loaded here. So let me see. So if you are talking, talking about the ES, we have in normal times, normal times we have three, four, five hundred orders on each side. Yes, on the big side, on the ask side, the SPY is a little bit different, but it doesn't matter the, the, the mechanic, the mechanic and the behavior of SPY and ES. The only difference is the size of the bid and ask orders and the size of the market orders here. That's the only difference. So if you are watching the SPY, then you see also the movement in the ES, of course, it's not the only one. It's not the only one because I'm showing also that the most important shares or stocks, for example, Amazon, Apple, Microsoft, Alphabet and so on, which makes the biggest part of NASDAQ to, for example, or the SPY of the Jones are also important parts to watch and to interconnect between those shares, the SPY and also ES. So the difference, maybe the answer is, it behaves the same way, the same way as ES, the difference is only in the numbers traded in the SPY as, and the numbers traded in ES. Okay, let's see, move on here. Sam, Samuel is asking what is the price level or what numbers of price levels are used in the polling and stacking? I'm using, I'm using here only five levels. I'm using only five levels here. You can use maybe two or three or five or whatever you want. But from my practical point of view, I'm using only five levels and the most important level is the best bid, best bid and best offer. So this is the level of what I'm watching. But because sometimes it's really fast, it's really fast. I'm added for levels more so that I have a little bit better view on the quotes delta. But if you understand the mechanics behind this one, it doesn't matter if you use one, two, three, four, five, it depends on your, yes, on your trading style. So my suggestion is to start with five and you can adjust it easily. You can adjust it easily as you want. You can do that here in the book map by setting maximal depth. So you can play around with this. It's not, it's not a problem. Okay. And oh, just to note the on the other side of the line there, for example, on the on the bid side, you see 172. So that is the aggregate of those five levels. Yes. Yes. Yes. Yes. So, so, so you guys get the that insight on not only the first one through five, but the aggregate as well. Yes, right. Andrew is asking here. Oh, I'm sorry. Paul is asking here regarding the GAN analysis to use the forms geometric angles emblem ratios or time square of nine, which GAN model do you think is the best? No, um, yeah, I know the model, but I don't use anything of the model the most, you know, when, when, when I started or when trader starts, then it starts somewhere. And GAN and Larry Pazavento with the harmonic patterns and so on was the first start for myself. I wouldn't say that it didn't work even price Gilmore from Australia was was one of my mentors. I didn't say it does didn't work because I'm firmly convinced that it worked 20 30 years ago. But in this chaotic and fast markets, I don't believe that it works really reliably now. What I'm learned is only the time how to use the time concept. The time is one important part of my teachings to because because if you see for example, and in this example I showed you the market needed. Well, let me see two, three hours that needed two, three hours to trade around this 97 98 level here. This means something, you know, when they don't drop when they don't drop immediately or in a short time frame. Then that means that the market is not willing to sell the market is not willing to sell. That means this is an indicator it's a free indicator it's a real time indicator it's a non lagging indicator time. That's the only point I took from again and also don't win between volume profile books and process is telling the time volume and price are absolutely the vital part of our trading and therefore I obey time because I don't see that they are dropping. Mostly, you will learn when you are trying to follow this limit order book stuff that time is a more important part and when they are trying to sell then they sell really. Yeah, they don't need one two hours to sell. In this time, you have to prove that they don't want to sell at that time so you can also have had some nice trades at 96 year round or here 95 and get some points out of this market. And therefore, that's the only point I'm I'm obeying time. The other fine adjustments of Mr. again, I don't I don't use them. Okay, yeah, let's see here. So Andrew is asking if maybe you can go over in a little more detail the the the plus minus column or the quotes delta and how you're reading that in the order book. So, I mean you're looking at the bid you're looking at the ask you're looking at the transactions but then more kind of cohesive view here integrating the quotes delta into it as well. So maybe go through a scenario or two would be helpful. I think let me see if I can do that. This is simply first. I think it was Andrew, right? Yes. Andrew, if you are going through these pulling and stacking, then I'm not, I'm not looking every minute every second every minute at those columns here. Because it's sometimes really hard. But when you are experienced. Let me, let me see if we can skip here to the to this time 7523 let me see if I can catch this one. So, the market was was up at this case and you see, and you see the pressure, you'll see the pressure on the quotes delta column here. And it gives you an additional, an additional indication Andrew that the markets, excuse me this is too fast that the market is pressing up you will see that every day and especially at levels, but the market has a good resistance above of good support below. It's not advisable to look only on this numbers. But, but when you are looking at these numbers, you will see that the pressure on the upside with the book flipping on this side. That means support on the bit side isn't good evidence that the market is trying to go up to go up they are hitting they are hitting they are buying they are adding to the bit of to the bit of us here. They are adding it is not possible. First of all, first of all, it's not the best advice to go against the market to go to go to fall in a falling knife. But if you are long, use this information to train you to train you to train your trade to use this as an information. Okay, I'm on the right side first second. I'm using the limit side. It's the book flipping here and also the pressure, the pressure on the quotes delta is so strong that I can't do anything when I'm long. This long nicely up to there where this weights at weight ends or where I think it's enough for me. That's depends on your trading behavior. And secondly, yes, that that's the information and the on the other side as described in the lure trade, you will see how let me see what this is, whether where the what I can get it immediately here. Where the market reach a top that means where an reversal is likely to occur or to happen. Let me see if I can get this one. Maybe here. Yes, you see, it needs it needs simply experience to see that but it helps you when you see that that they are trying to learn in bias they're trying to learn bias they are pressing the market up, but the market is not rising here. It's not not going further up. And by that it means this is a fake. This is an absolutely fake even if you additionally you can, of course, reset this one here, you can reset the auto color, and then have a specific look. Now it's eight fold here it's too fast, of course, but you can have a specific look and at those levels and see additionally what is happening look here. They are adding they are adding they are adding by the prices going nowhere. And on the other side, let me do that a little bit slower. On the other side, look, they are pressing down they are adding to the, to the offer they are adding to the offer they added to the offer. The trade of this also this column is called snapshot column. It's very similar to this one and you can see really what is what is happening in the market by reading only those quotes delta's. So I'm not looking every minute at this one because when I'm trade I'm busy to managing my trade to trailing my trades to see where are the targets for my trade, and so on. So these are the two points. It is very, very helpful to have this to have the view to have the view on the right side of the chart and to see what is happening there, and you will get additional information. Oh, take care. Take care brother. Maybe this is the end of the move. Take your profits and enjoy your life. Yeah, to say to answer your questions. I'm looking and obey that because it's an important important information to me, but I'm not looking every minute and seconds at this currency. Okay, by 263. Okay, Bruce. Yeah. Yeah, no. So, no, I think a really, really good point there, Walter about seeing the pressures in the book, but then the market is going nowhere. So, you know, starting to understand that context. And like you were saying and like looking for maybe the flip or maybe to start taking your profit. And they're trying, you know, and the market there is no demand or, you know, you're not finding the buyers. So it's in that instance, like, it is telling you something just just like the, you know, you're the subject of your of your webinar here. I mean, it is telling you something. Excuse me, what what I say accidentally I have stopped this replay the stop the replay, but have a look here, have a look here at the quotes delta in on the ask side tells you something tells you something are hitting the office they're hitting the office they're hitting the office but the price is not going anywhere here. So that means they are adding to the to the office they're adding to the they are absorbing everything what is coming in here. And let me show that. I think this flipped here. I'm not sure. Yeah, I think this is where the flood happened. Yeah. Yes, yes, that was, and you'll see visually visually what is happening here on the limit article. It's so, you know, it guys, this is real time. That's not a fake. This is real time if you get a good if you have a good data feed with the best not aggregate aggregated data you can get. This is real time you don't need any other indicators to understand what is really happening in the market. This makes you so strong and confident that you can't miss anything. Well, well said. So let's see here. A few more questions. Oh, Andrew, you're talking about can you graph the the the plus and minus. Yes. Actually, there's a indicator that is available. It's actually free for the moment on our forum, the liquidity tracker. Okay, so if you have questions about that. Well, I mean go to the forum bookmap.com slash forum or, you know, click on the more button on the on the toolbar and you'll see the link to the forum. You can find all sorts of information about the liquidity tracker in there bookmap API forum. Okay. And yes, you can. That will be in a sub chart it will graph it. Let's see the Paul is asking a question here. So, are you using limit orders or market orders OCO orders or how do you trade. Normally, and most of the time I'm using limit orders. I don't know. Yes, OCO no, I'm using limit orders because one part of my teaching and one part of, yes, we are doing this in our education life education room is that we know where to enter what we have and where the targets are. So I'm trading only with limit orders very, very rare or seldom with market orders. If I'm, yes, I don't only only use limit I'm a very simple trader so I don't need to have an high technical setups for my trades, because what we don't didn't talk about the talked about today is how to identify the entries in where are the targets. This is second second most. Most important part and maybe let me see where but I can show you that here doesn't work at the moment. I don't know why I don't have to go let give me a give me a second please. So this is the TDW trader room if I'm lucky I get a connection here to show you what what we are doing here. What I'm doing. And you as you can see, doesn't work. Give me a second. It's really annoying for some reasons. There you go. You see that what I'm doing or what we do some of other excellent colleagues I have here around us. We are placing the trades in front before we the market opens, and they are exactly know, excuse me, they are really, really close to the exit we are trading. So the other part of a webinar could be where are the entries and where that exits because the order book allows you not only to see how the market speaks but also to enter the markets exactly at the point and exit the markets exactly at the targets. That's an absolutely wonderful tool. So far to answer your question I'm trading on the most of the time limit orders maybe 99%. Okay. Okay. Let's see. Jay Schwinn I don't quite understand your question here. Will the algos get smarter or is it like future proof. I mean, order flow is order flow. It is an auction, regardless if you're a machine or not. Walter, I'm not sure how to what the question is exactly here. But hey, hey, Jay, you can you can email me privately so I can answer your questions or I don't know. I didn't understand your questions will be open. So, if you don't mind, send me the question, email me and I will try to answer as good as I can. Yeah, everybody, I've pasted in here a few times here one more time if you came in late. Oh, no, I don't have it here. Hold on just a moment. It's in the chat there. All of the Walter's information for reaching out to him. And I've got some more here. Hold on. Yeah, here we go. There you go. And yeah, they're, you know, you'll you can contact Walter. So you'll find some some way to contact him there. Let's see any more questions, guys. No, I think we've been going for about an hour and 10 minutes. It's any any conclusions or parting remarks. Walter. Yes, what what I would like to say. I would encourage you I would like encourage you to take a deep breath and sit back and we think you're trading if you have some struggles in trading. My point is, and that's the most critics I'm telling and I'm discussing in several groups. Trading is business for my point of view and trading takes time experience and knowledge. If you want to trade invest in yourself and good education in good charting platforms and understand what the auction is what a limit book is saying to you, or what how a limit other book can help you. There are several other. Yes, solutions out there. Take your time. Be patient with you. I don't believe the trading isn't that you can succeed in trading by having some signals arrows down arrows up and then you will, you will be successful. No, it is, it is just fight every day, but it makes it easier to understand what the market is doing. And you will be successful. It is not needed to be a millionaire in four weeks or eight weeks that's not the point. It's the point. You understand what you are doing here. It's a business. It's, it's a profession. It's a profession. Try to understand what you are doing here. Try to be good at that. And even if you can get one or 200, 300 dollars out of the market every day, it's a great, great, great success for everyone. And if you can do that constantly, let's assume you can do that for the next 10 20 years. It's a great, great success for you if you can do that, because you understand the market, and it is absolutely independent, whether you trade yesterday, the treasure is the oils, the soybeans or whatever you are trading, the principles are always the same. But I would like to show you and encourage you, please go to my side. There are a lot of information, information about book map trading, my ideas and so on education also in the shop, but I have also written an article how to add a standard book to book map for better trading. If you choose this one, then you can download my workspace here. You can download my workspace here. This is the BMCS file if you're working with book map, and you can adapt it or implement it into your chart easily. You can play around, you can order that. That's absolutely no problem. I even did a video on YouTube, and you enjoy that, use that for your own education, to your own setup, whatever you want to do with that, it's up to you. So go to my side, find the articles you are interested in, email me, or you can even leave a comment, reply here, and I will answer as soon as I can, of course. That's everything I can say. As said, please contact with me, go to my side, ask me or place your questions to Booth, and we will answer as soon as possible. Yeah, yeah, you guys have all the information there as well. And for those of you asking about the recordings, give me a few hours. It takes a while here for it to parse and then to upload it, etc. It will be on our YouTube page. I put the link into the chat there for you, and you can go back and review these webinars. Okay. Thank you very much, Walter. Really nice to cover the auction here. Thank you very much, Bruce. And thank you guys for being with us here next time. Okay. All right. Bye bye. Bye bye.