 Good morning, 8 a.m. Wednesday the 27th of December, welcome everybody in the middle of these Christmas holidays. I hope you're having a very good Christmas. I hope you're having a nice break if you are not trading. I think we're live on YouTube and on Discord. I will quickly do the disclaimer. All bookmap limited materials and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Trading futures equities and digital currencies involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Okay and with that being said we can switch over to the live action such as there is or there really is not today. It's been as dull as can be. It does give us the opportunity to talk about other things. One thing I did do though if we are going to talk about price action atepesh is talk about this resting cell iceberg in ES. It's on the right hand side of my screen and if I scroll back you can see that they got partially filled at what time was that? That was 3.30 so half an hour after London that was partially filled and now it looks like they're coming back to tag or within a tick of tagging which is as good as if you're looking to take this type of setup and remember even when you're going to try and tag this you're looking for an ordinary setup like the supply and demand sets we're talking about. Over here if I grab the pen and we look at this which is a spring of a couple of swing lows and also a little breakout failure of this by iceberg so this is down here at seven and since then we have been pushing up in two waves up to this by iceberg at 4827 and we'll see during the course of this hour whether they do actually get there or not. Okay whilst they do that I suppose we could watch it for a little bit let's just zoom in we can actually see that they did push with a bit of a by ice as well so I mean I will say that when I'm trading this unless I'm getting in within three or four ticks and I don't think that's a good idea at all I'm ideally looking to get four points or more from this kind of action and you know when you are looking to get four points or more if you get to within a tick of this that is absolutely fine and there's no reason why you should hold all your contracts right to the tag because it may not happen on the other hand it can go through and keep going a long way as we have also seen and you can see up above for example we've got a key level like yesterday's high so that that is there over here on the left we've got the nq filtered trade trade a map pro heat map and you can see that was really the driving force for this swing up and if we flick across I would just center that again okay on the bottom just because we have some time to go through other things today I put on the market pulse volume pressure imbalance it's not something I've been using in my trading Tom has been telling me that it's interesting so I think trader H E also posted I think he posted some screenshots in the future's channel of some setups that he taken where that was involved I don't know exactly how how much of his trigger was that but you know when other when other traders in the bookmap community use it regularly I'm interested and we can we can certainly have a look at it and see what you know what it plays out at so let us do the slideshow so I'll ignore that for the time being and let's move across to the slideshow okay all right our market prep for today so the most important thing to say today is that there is not an awful lot of economic release activity in fact there is nothing in our hour these are all New York time at US Eastern the only the only thing really of any note is at 10 a.m. which is the Richmond manufacturing index and it is an orange rather than a red priority item and I just thought because there is so little happening we may as well have the rest of the week to see when there is anything and I think tomorrow's pending home sales and initial unemployment claims that is a bit more interesting than today also the Chicago PMI on Friday so basically I'm just pointing out that we could have another relatively dull session and then when we get to what has been happening with price action we can see where we are so if we look at the ES daily I think this one's ES not NQ you can see that we still have not had anything to to even remotely scare the bulls so we're just we've had the V bounce on October 26th and we are continuing to travel up so we took out another high yesterday in the RTH session and now that now we're on a nice little upswing after this seven o'clock turnaround so again there's nothing really really bearish and there's nothing in the news or anything else to take us away from this trend at the moment so we we really need to see a big down day to change our views on what is happening we should always be very flexible but at the moment there's nothing to bend us okay and NQ exactly the same nothing really took out that big big swing high last week I think it was and then we just keep traveling upwards okay the ten minutes just squashed down and the only real point to make about this is that we have gone absolutely nowhere near yesterday's mid so if you look at ES below or NQ above NQ stronger it's really in the top quartile of yesterday's price action and all we've been doing is ranging there before this seven o'clock move back up and ES has been totally dull so it's virtually untradable other than if we just momentarily click out of this other than this which is this spring up to the resting cell iceberg which is a bookmap MBO specific type setup it's very hard to see this see this resting iceberg without this particular tool so I feel grateful that we have it but if we just zoom out you can see it a little bit more clearly and you could even draw things like a trend line or a very shallow trend line across that and a break there but I don't think that I mean that could have got you in at 4824 but it's that maybe three points but I think the better entry would have been a breakout failure below okay let's go back to the slideshow just a momentary digression whilst that was happening okay just a snapshot of yesterday's action and again there's only one point to make and this point is that it's pretty much green across the board so yesterday was even though it was mainly rangy and then up it was it was pretty green the other point I'm pretty as one more point to note which is that although the US market was open so the underlying stocks were trading yesterday some of the other markets that linked him and remember all global markets are relatively interlinked they were not open for example the DAX was not open yesterday okay and the final snapshot which is the relative volume so just look how low that's been today 56 so you have to ask yourself do you really want to trade this because you're going to get thin choppy action I mean you've got two reasons why it's likely to be thin and choppy one where smack bang in the middle of the holiday season two the relative volume is so low and it is reflected in the eth ranger so you can see at the time I took this which is about 45 minutes ago yes I'd had a range of nine out of 21 and nq 30 out of 92 so only about you know one third of their average ranges and those ranges average ranges would have been going down because we were getting close to this holiday season okay let us go back to the charts okay and whilst we watch ES and it is grinding up there and we can just zoom right in on this should we play with the dimming or not so let's just dim out a little bit and they're supporting here at 4826 they're trying to push it into this eyes bird because somebody wants to fill a few more orders there or so we think meanwhile well let's have a look at some of the TPO action so um let's have a look ES okay um so the aqua or cyan color over there is yesterday's settlement and we're in a multi-day balance the bullish half of that balance and you can really see that until you get way down here nothing really changes and I'm talking about this lvn on the composite for the last four weeks until we get down there then maybe we can oops maybe we can then get down into this more more traded area below it's one of the things that I have marked of interest on this chart today which is this options level in spy and I think we're just about to tag this in ES so we are getting something to look at so we're at 482675 we're one take away and I'm looking to see how many have been traded you know we're trading quite a few there at the moment um so I would be surprised and there we go we have now gone into the bid ask right at the iceberg so it has achieved the high probability and why was it such a high probability two reasons one it had been there for hours and two there you know something that I talked about last week there's only one of these sell icebergs when you get several very very close to each other in terms of price levels then it throws this probability out of the window so that was fulfilled so the other thing I want to talk about on this tpo the other level that I've added that I thought that they might have got down to it's at 481850 this is the open interest gamma whatever you want to call it for spy the etf spy options at 475 and that's equivalent to 481850 in ES there was a big liquidity level so if we actually go to the trader map pro version of this and we zoom right out you can see there was some liquidity that was right there at that options level and it was there for most of the session um that was one of the reasons why I thought they may get down there but and this is going to be a completely hindsight comment um if we then zoom out vertically on this this distribution you can see the red tail this is what we always talk about so they trapped enough people here that they didn't need to even get down there to then get all the way back up to 4827 so this red tail and we can draw it yet again there's no harm repeating the message that we try and give um that acts as the fuel for price to go up and and here get to that resting cell iceberg that was there let us get rid of that I'm trying to speak a little bit more slowly because we have time and maybe it's easier if we get the message across if I do speak more slowly okay let's get back to where we're at so now that they have filled um their coffers they've have got 100 and trying to see whether that says 106 or 196 we have to zoom right in on that one only 106 so they've only added 40 more contracts since they got to the tag which is quite interesting if they had added to say 200 or 300 I would have been you know interested for a potential scalp back down but um yeah it's it's not a huge amount which suggests that it was just a target for them so um we'll have to see if a little bit later on we then go up to some of these other resting liquidity levels and yeah this is probably a very good opportunity for us to go into that um we've got some people on YouTube by the way so hello everybody on YouTube welcome um if you've got any questions comments or want me to talk in any more depth about anything because we have a lot of time today um because the market action is really quite dull and this really is an opportunity to talk about things like what's coming up for next year in your own trading um yeah this is a good good chance for me to digress and talk about anything that anybody would want to talk about okay so um yeah let's let's you know whilst we've got the tpo there let us um do the high level zoom out on resting liquidity in es using the trader map pro and again for those that don't know what the settings for this one are let's dig them out trader map pro es show only the orders that were not changed by price or size in other words this is showing static orders as soon as something happens to an order um you know maybe they take away some of the quantity of the order or they move the price level of the order it disappears from this particular copy of the heat map um you know the change will be on this normal unfiltered heat map but it will not be on this heat map um it is of most interest to me on nq but it does also have some significance on es i've got a toggle on my keyboard so i can toggle between the unfiltered and the filtered and i treat this filtered one as a high level an htf a higher time frame kind of picture just to see what they are advertising um by way of interest so if we look up above and we have the order book numbers there because that is probably more interesting than any colors on a heat map especially when we start talking about resting orders in in nq so we're looking to see you know where are these large orders so there's 205 up above at 4 8 40 and that i think 239 at 4 8 3 5 25 no 4 8 3 5 okay so those are the two big levels to note and one of them is right at yesterday's high and there's likely to be an imbalance at that number because there are likely to be stops up above it so one thing they may do is to slam through the yesterday's high to trigger some of those stops and to propel price a little bit higher and maybe it'll continue maybe it'll reverse one thing we say on this channel is we do not predict the future all we can note is that there is liquidity up there and we can have a look at yesterday's tpo just zoom out a little bit or zoom in a little bit rather and you can see it's a little bit skinny up there so it's it's not nice fat pour high which suggests that the auction has not finished so the auction could have finished quite easily up there because it's relatively thin and tapered so you know you know what i'm talking about here is thin come on pen thin tapering like that which is what that appears to be as opposed to if this shade of gray this is the eth but if this was an rth profile that would be a relatively fat profile like that i'm just trying to contrast the difference between them i've deliberately skewed my drawing to accentuate a difference which probably doesn't exist but that's just to give you an idea of what i'm trying to say okay so that's relatively skinny but it but so far we are in a very bullish pattern we've seen nothing to take us away from that pattern and price is pushing up with some fuel here and we can see some of their target it is likely to be this liquidity up above around yesterday's high so okay and we'll quickly flick onto nq okay um you can see yesterday's auction there in fact let's let's break it out and let's zoom in so what happened in yesterday's rth we chopped around we formed some nice balance around here which is where yesterday's point of control is and then we shot higher for the afternoon session and basically in the afternoon value that's where we have just chopped and ranged throughout in eth what i did um in these webinars a couple of months ago when i first started out was i used to draw the afternoon value so this isn't a good example because it's quite thin but what i would do was say that you know quite often you know when we form an afternoon distribution or balance the highest probability unless there's a massive relative volume or some significant economic news which could be japan news china news german uk whatever could be also be us news like earnings release for a major company um the highest probability is that it will just stay in this extended distribution or balance zone this is one of the second this is one of the scenarios in which that occurred so that is why i tended to draw them and i if people who've been on on this channel for a while remember that's what i did i split out the tpo or volume profile is tpo actually volume profiles the um the dark line and the tpo the blocks um to find out where the afternoon distribution was so that was the purpose just to say that if there was a sizable distribution or it was clearly balanced um that represents the highest probability for what might happen in eth and then one of the types of trades that would set up or it was likely to set up was the old mean reversion and what is that mean reversion the mean reversion was that so that once it was at an extreme you traded back towards the mean or here it was around about settlement or this area around the overnight point of control around about there so that was the purpose of doing i'm just repeating it slowly now because we have the opportunity to do so okay let's ditch all of that okay and let us reset that one and let us zoom out again so we had a fairly poor high here and we can draw that one there that is quite a poor high from last week in nq that got taken out in yesterday's rth and now we're really balancing above that poor high so if i draw that really about there it's a pretty bad straight line you get my picture that we're balancing there at the moment you know if we continue to bounce above this line or roughly it's about the 17065 it it retains its bullishness i think it is still very very bullish um but yeah we'll see things can change you know they may not have enough fuel to keep going like this they may need to have a decent pullback you know and in that scenario you know this kind of level here you know where they've traded heavily or this level big meaning which is a settlement from a couple days ago becomes very very interesting anyway we shall see i'm really just doing some prep of what might happen in rth because the market has been so dull in eth okay um let's do something different um okay by the way we are just watching if i just flick across firstly to to the filtered heat map the trademark pro for nq you can just see how these two are just gangbusters at the moment just change the vertical scales just to show you that we're we're moving strongly up towards this liquidity which was been here for a little while and we're back at that 17100 level in nq okay i'm also looking across to see what kind of volume is in this one and yeah i should also talk about this volume pressure imbalance maybe if i get rid of the absolute delta so we can actually see the oversold and over bought and find out you know how we might be using this so this is a tool that i am not using at the moment i'm demonstrating it so that people can see what it does but basically it takes the delta on these moves and normalizes it between 100 and minus 100 and so when it's above a certain level and i think if i go into the settings let's have a look not the right one let's go for the right one and get out the way and we pull out the settings here yep so the threshold is 70 so this is going between 100 and minus 100 once is at plus 70 or minus 70 um these peaks or troughs are colored and that is the definition of that imbalance so it takes um it takes a look back period and a half life and it normalizes the behavior of delta over that half life period so again if i pull up the the settings and we look at the half life period is 10 seconds and the training period or the look back period itself is five minutes so it's effectively looking at what's happened in by way of delta in this market over the last five minutes and every 10 seconds starting from the most recent 10 seconds is given less and less weighting that's what the half life means in ways of ripping up still and you can see this liquidity up above um as the next one up above is the 4830 level in ES and then um you can see maybe we should get off the filtered one maybe you can see they've taken some liquidity way at 4829 and moved it up to 4830 so they're trying to draw price up there um so yeah so we are having quite a bullish little hour along here so yeah so going back to what this tool is saying it's saying over the last five minutes and waited towards more recent events than than previous ones during those five minutes is the delta at its uh at its most most heavy uh in those five minutes and that's where these peaks and you can see throughout this little section here since we have this these red troughs all the peaks have been green so it's giving an indication of the strength of delta green you know that's that's ask volume being ask volume being more than sell volume bed volume um over that period so um again it's it's an interesting tool we've all got our different ways of looking at delta pressure some people like cumulative delta um i um i have spoken many times that i like a visual time in sales so that's one of the things i like doing and um one of the reasons why i like that is because there is a tendency especially in markets as thin as this where the volume is the same as it has been for the last few years for them to break up larger orders so i'm looking across at my visual time in sales and seeing repeated sizes of orders in things like nq and that's one of the reasons why i like okay i'm just going to yes i'm here can you hear me live are you you on with us you are hello bruce oh you're saying hello to everybody else as well bruce cool um i just pulled it up so you can see the browser page that bruce is referring to um and that it's just book map dot com slash en slash new hyphen year so very easy for people to look that up okay um right yeah so um one thing that yeah that they do tend to do with really really thin markets is they break up really large orders into chunks and there are different ways of seeing those and so one of those is that i use is that visual time in sales um this is a tool that i'm looking at just um out of interest to see um how these peaks and troughs work in the markets that i look at and whether you know with these training periods i can um you know i can i can tune them for the eth type of action so that you know if you got a trough here i'm not sure that the the five minute period is that is the right period just yet but if you had a significant trough here timed with a trough or a swing low in nq that might be really useful anyway um a lot of things and this is a really good time to talk about this a lot of things um are best self-taught um so when you get access to tools um where where they're almost certainly is edge um some of the effort has to be your own to determine how to fine-tune that to get the edge to go with your trading plan and your setups if you if you just use bog standard tools and when i'm talking about bog stand tools i'm talking about mathematically derived indicators that are commonplace and available for everybody on just about every platform and we can talk about things like bollinger bands and rsi etc um there won't be much edge in those um and also edge changes it can erode um there can be different things we talked about this resting cell iceberg being a target for longs in a year which it has been for the last few months and i think i've been talking about that for at least three or four months that edge um can disappear overnight it's been very very good for a little while but you know one thing that you have to be aware of or that i that i do at this time of the year is to look at look at all my um my stuff that i've been looking at in throughout the year whether it's in my trading plan whether it's new material that i'm thinking can equate or can be turned into triggers and set yourself targets you know because you're starting afresh on january the first um as to whether it can then become part of your day-to-day trading you know this is a great chance to stop and look at ourselves in the mirror and find out you know how we can continue to improve because one of the mo one of the um one of the most um one of the most um important aspects of this game i mean i've talked about the the role of luck i've talked about the role of probability i've talked about the role of psychology and and the fact that that i think you have to become a very very good loser whether you like it or not and because losing is not losing in trading it is just part of your overall business plan and that if you haven't modeled a certain or a large percentage of losers into your trading plan you are kidding yourself um because that's not the game that you are then playing so yeah i think this time the year is a good chance to stop and see what was working what's not working if you write extensively you know you create your own wikipedia of all aspects of your trading including the bits that go in your trading plan or if you treat your trading plan as i do as a moving feast or a moving beast this is the this is a very good time of the year to stop and you know both look at things that are not working or things that are working that need to go into that trading plan and when there are things that are not working you know it's the it's the old definition of madness if you if you know i've been there and i still do certain of these mistakes you keep doing the same mistake again and again and again and it is affecting your bottom line in your trading um you know that is all about your ego and you have to accept that it's a mistake and you have to sort it out otherwise you know you you're not going to be in this business very long anyway that was just my rant on um on things to do with um self-improvement one of the things that i have done um i mentioned that um you know i've i've i actually execute on another trading platform um this is just a generic example in seara um i have looked at my install i've looked at all sorts of computing issues to do with that and i've cleaned it up and built a completely new install so it runs about 20 faster so in other words i've leaned it out i've stripped it there it's like taking you know your favorites you know 70s corvette or whatever and stripping out the bits that are just slowing you down uh in terms of you know whether it's indicators whether it's um superfluous data you know just strip it down and get it lean um you know one of the things that i always harp on about in terms of my book map and you know one of the reasons why i don't use those volume dots or delta dots is i only want to see things that um affect how i analyze the markets and how i execute both an entry and um an exit of those markets if it doesn't directly help me then just get rid of it you know that's my personal perspective this one's quite interesting we've got some action in a nq here so we've just tagged this um little bit of liquidity which has actually got taken away mostly at 17105 i've got some liquidity down there i thought they're going to tag it they've had an mbo stop of 11 and they've got a buy iceberg underneath which they'd like some refuelling out so i thought for a second we were going to have a nice little ram down into that 17097 which could have given us a bounce buy kind of action especially if they had had a sweep down into it uh and let's see if we do get some of that let's just and we quickly flick across to so you can see this on the filtered heat map we've got some um heavy liquidity so this is acting as our current brick wall just before yesterday's high and we've not quite tapped it but we've tapped some liquidity just before it and that often happens we don't get to the brick wall but you turn around just before it and now by flicking between these two we can see where they might be lord down to lord as an l u r d so they are trying to get them down to this 17097 level where they have this advertised by iceberg meanwhile es is not doing very much and that is often the scenario in eth when we have thin action i just want to see what we've got at the top on this swing up we've got 213 contracts traded up at 482875 that is unlikely to be more than a local top so even if we have a nice pull back down there is a good probability that we'll take that out especially as we can see from the filtered map that we've got some nice resting liquidity up above and we are in a bullish phase of the market at the moment meanwhile i did actually say i wanted to mention something a little bit different and i don't think i've actually done that i think i got distracted i think i was almost onto this page here but i got distracted so um this is just a bog standard trading view chart it's got a watch list whatever that's irrelevant um we've got es below and we've got tlt above okay i'm pulling this up because there's been um this little pause here in tlt and we you know and these two moves have been together this is all to do with easing of interest rates um and the bullishness in the indices as a result of that and this is the swing up since the um i think in a year since the 26th of october um but the two have gone hand in hand um the reason why i'm pulling this chart up and why it's just a left field thing is that um one of the things that i do is i do a video for somebody else as well and i did comment based on the information that i'd got is that there have been a lot of huge trades in tlt out of the ordinary in other words for example the biggest trade of all time in tlt in this little section here what does that normally mean um if we go back to wycoff principles and i'll start yeah um let me just write on this chart um yeah so yeah this this is the concept of the smart money you know buys at the lows and sells at the highs i've said i've oversimplified it but essentially you know um if you're going to write wycoff in one line that's what you'd actually say so whenever you see a huge amount of activity by way of really really large individual trades um at a significant you know point you know we're here we've got significant high after a big big move up it suggests that one of two things here either they're profit taking um and it's a pause before a continuation in this up run because everybody thinks the interest rates can now only go down and down or it's a sneaky reversal that you know that they're selling and they're getting into short positions and the bonds will you know or the tlt rather the tlt etf would then go down so that's the only reason i bring it up it's just um it is something that i um i did see when i was doing some analysis of that um over the weekend so let me just get rid of that and and and the point to make about that if that does happen is that you know we spend forever talking about the es and nq in bookmap that's going to be directly affected by any major move in tlt so that's why i raised that one okay there are some questions in um youtube so i'm going to stop there what time is it it's 8 37 so we've got 23 minutes and let's dig through some of these questions tom has some questions and um yeah bruce has given us a link also in the youtube to that special end of your offer tom cleary thank you maybe how do you get those extended profile lines please also what charting package are you using that's sierra so when you say extended profile lines um that these are just naked points of control um these transparent areas are just rectangles that i have physically drawn on the chart and the reason i've drawn those on the chart is because they then appear in the cloud notes in bookmap so i wrote a very very simple piece of code in sierra so that that basically writes um what are they um it writes the values of these rectangles into a csv file which is a comma separated value text file that is then read stored on my computer and then is read by bookmaps cloud notes and is populated into this column here in es and nq so the extended lines are a line into future um intersection which is just the point of control from a particular rth session until until um so it continues onwards until price then interacts with it so um what i was saying before last week is that when we were at that low on the 26th of october we had at least eight maybe nine of these just above us uh and they've all been taken out on that upswing obviously so once you get a significant number of those naked points of control um it ordinarily coincides with a uh a good reason for the market to turn around and go in the other direction for a while um because the market wants to go and finish auctioning for example in those areas okay let me continue reading uh also when you employ filter this unfilled views are you referring to trade map add-on indicator yes um i actually got corrected there are some other indicators that do copies of heat maps there there's another add-on that does a copy so you can do different things so you can like have a high time frame a low time frame version the trader map pro add-on let's dig it up again is a special add-on because it has these filters in so not only have i got a slightly higher time frame view of this i've got a view of static orders and if you're trading a a thin instrument like nq and i'd say 70 to 80 percent of my trades in eth are nq trades it is um really really helpful to me to know where those orders are static especially the large ones and when i'm looking at large ones i'm talking about orders over 30 uh in nq so um you know when we look up here you know you can see an order of 38 and order of 51 and then when you look across um in um yeah when you look across here you can see those orders and how long they have stayed here so one thing we can do is we can zoom back to the beginning of the entire asian session and sometimes what we see um is that we'll have a huge order that's been in place since the beginning of the asian session and often we'll see an order that's been in place since you know for example this 10 p.m time in asia the mid mid morning asia the fact that this one is at um is at a round number means i'm less likely to pay attention to it but i'm also looking across at where it was i think it's um yesterday's point of control um i'd have to actually dig out the yeah i think it was yesterday's point of control anyway um yeah so yeah the whole purpose is that you can zoom back and find out how many hours a block or several blocks of liquidity have been there in which case they may be or more are more likely to be meaningful when price does approach it or um or they may act as more meaningful magnets drawing price towards them you know what i've been saying is that when we get these large resting liquidity levels both in e s and nq they have a dual purpose they can act as a brick wall support resistance but they can also act as a magnet since we cannot predict the future we do not know in advance um what they will be doing but um um but i find it is market generated information to know where they are okay tom still talking to you let's go you buy static orders you're referring to resting limit orders yes i am but i'm taught by static i mean resting limit orders that are still there that have not changed by way of quantity or price level so you know for example say they were at 4834 in e s and we've got 162 there which is you know relatively close to yesterday's high it's uh they will disappear if they move those orders to 4834 25 they will disappear off this right hand chart which is the filtered heat map and yes uh in answer to your second question yeah you can find exactly how long um an order has been there so we go to the order at 4840 which looks like the longest one that's been here we go right up to here and we can see that at um 1839 which i think is when i rebooted this one so it's probably there beforehand i haven't got right up till the beginning of the asian session because i probably woke up a little bit late this morning my time um but that would have been there for the entire asian session so it's been there um since the markets opened in asia okay um where are we let's do a time check so we've got about 15 minutes left um i think bruce put in a comment saying he hopes i feel better i think he must be mistaken must be thinking about somebody else i'm actually feeling fine so um let's not worry about that comment um okay let's do some price analysis for a little while let's watch what price is actually doing when you see an mbo stop here um the fact that it appears to be no relation to price is neither in or there it's just an offset so that stop of eight contracts or eight mbo contracts did occur at the swing low point there which is 1710125 it just looks like it's floating in the middle of nowhere yeah ron yeah the the delta column yeah um yeah i mean yeah let's let's spend a couple of minutes because i think on a daylight today because we're going to get some more days like today during this holiday season let's go into these two columns ron the delta column and the cvp column and look how um they could have acted in concert acted together when we're in this mean reversion type trading a little bit early today so if we go back in time before this big up swing um at 7 p.m and we look at the mean reversional or just the balanced action beforehand right well let me just answer your question first here ron um so you've got a swing low here which is right at 7 10 a.m new new york time right what we're looking at here for the best swing lows which can act as really good reversal points is a red tail on this delta column all the way down or nearly all the way down say like 90 of it being a red tail and it being quite a long tail so here if we draw it this is the red tail all the way down there and you can see most of it is red right so i will consider that to be a long red tail you know there are a couple of levels with a little bit of green delta um what i'm saying there is that you know say we were stalking this zone here which is 17 0 7 6 you know where there was some liquidity there and there was an mbo stop of about 46 or whatever right um the fact that you've got that red delta all the way down there on this swing down um can act as fuel for a good reversal back up so that all these people who are who are potentially trapped sellers should we begin to go up and again we can never predict the future so we don't know you know right right about here we do not know um that this is going to go up you know this could keep going down there could be some re key levels below or you know price may just want to explore down or it might just be a liquidation break down much further or whatever um what what becomes more interesting here as well um let me just get rid of this because i i have just want to drag this down so i'm just want to get right to the point there there we go so this is the point that we're talking about here this is the right hand edge of the screen at that 7 10 am and york time run so you can see right at that point there all of this swing down was mainly sellers right and we're saying that if this coincides or this is a stalked error or this is a setup for whatever reason that you have in yours this fuel can act as fuel to go back up right and why can act as fuel because this is a zero sum game so um you know for you to win somebody has to lose and so essentially what we're also saying is that as price works its way back up these people here who have sold are going to be in um in the red and to to and to be um to try and be funny or just basically they will be losing so that um you know once um you know they may have some stops up here or who knows where their stops are but as they get further and further into temporary debt i into the red because their trades are losing they are going to flatten or reverse so in other words they're going to flatten which means they have to buy or reverse means they buy more and that adds fuel to the fire to then drag it up and as we then see what happened there you can see it's all red there and then we you can see it's still red as we get to this point and this and you can see also right here nice big chunky wide red so people really tried here on this little pull back here to try and go short again and they and often that can be yet more fuel to the upper swing so we had we had a little pullback off this liquidity there and we got back down to here but we're still all red and on this occasion it's not going to happen every time that acted as great fuel to go long long long which is what they did i hope that is a bit of explanation of why i use it i'm also going to now go back to the same period a little bit earlier and talk about how this volume profile column let me just get rid of all this can act in concert with that but we need to go back to the mean reversion area to really look at that so we need to get back before this seven o'clock okay so i've just stopped it arbitrarily here it's about six uh what was it six twenty right and we're just looking at this right uh one of the things that should stand out to us you know without us um you know necessarily looking at the price bars is that we have a balance right and you know when you get that right and and you've also got with it some potential trapped sellers yeah and it's been doing this action and we've got really really thin volume and the market wants to go nowhere and we accept the probabilities that we can lose on trades as well as wind them this little bit of red um delta tail there at the bottom of this distribution or balance can act as fuel to get us back to the other side of the range and that's something that else that i addressed in this um in this webinar time again when i've been talking about this volume profile um tail and how we use them you know one of the reasons why i like bookmap is that you can drag this backwards and forwards in terms of the way where you are on time and you can zoom in and out so you can you can get specific sections of this price action to see what is happening by way of balance or trend and the delta snapshot and i do encourage people to actually do that you know just don't leave it as completely static you know what do you want to do you want to be able to see the clearest picture of what price is doing to work out if your trading plan setups are going to be you know the stock setups that you look at are about to set up and sometimes if you just keep it on exactly you know if you go to the snapshot here and you say oh i always love having it on a five minutes and i like having all the price levels visible to me right you might see that and then maybe you know something that's really clear to you but you might also be missing out on a tremendous picture that you could have got that would provide you much greater clarity on what was likely to happen in the very near future and that's one of the reasons why i do this you know this zooming in and out and one of the reasons why i like this um this filtered heat map you know so that when we go back to this 7 10 am new york level um you know we can see you know when it did turn around where were the resting liquidities and at that time that resting liquidity you know if we go right back to then which is 7 10 this is the trade-off so we go into 7 10 on the filtered heat map just this close enough here and what do we have you know as a potential liquidity magnet target we've got um we've got a zone here at the 17 0 9 1 we've got some liquidity at 0 9 4 and you've got the round number at 17 100 and you've got that liquidity at yesterday's eyes so you've got a few things that can help you with where it might go i mean you can also center and see what is there below that we may continue down to is just to give you a different picture which may be clearer than the one that you just that you have if you just leave it exactly as it is and that's one of the reasons also why i do not have these volume dots or delta dots and the other reason which i've said before is that a lot of the price action both in the s and n q can be by way of these sweeps or or slips and reclaims so a sweep or a slip is a completely vertical action where there's been essentially no proper auction it's gone from here down to here and often um that auction will be um be completed in other words they'll reclaim the slip and do the auction that they did not do when when they just push price or slam price down and that's one of the reasons why if i populate this and we can do this now and we put in loads of these volume dots and we put them in at the size that normal people seem to have them so we pop them in not the volume bars at the volume dots and we bring them to the size that people have them in which is that kind of size maybe slightly less you can't see that sweep in the same way um and as i say i like my visual time as well as i like my other tools you know i've got i've got some form of footprint that i use that has some kind of auction thing on it that i that i like looking at um i prefer that it's just in my strategy and my trading plan my process is in the way that i analyze and view the market i get more out of bookmap just seeing this in its raw state without those dots okay and that's um that's the reason why i have that like that okay i've got to do another time checks 854 so you know i've said that you know um you know i've talked about sweeps in bookmap for years um so when i first started talking about them bookmap had a new indicator i call the absorption indicator and i said to bruce it would be really really good um you know if you can change a couple of the settings and then i showed them set the settings to change and do a sweeps indicator so that's that's what the sweeps indicator is now um so on the suggestion that i made to bruce um i do use that occasionally but i also just like looking at raw price action i'm not really um that much of an indicator person i do love heat maps a love liquidity um but i like raw price action and i find that this um just price line in bookmap is pretty um a fantastic represent representation of price because it's down to the millisecond you know we can zoom right in on this one and see exactly what price did so this is the last price so you can see bang that's a sweep it's completely vertical it went from here to there and then this is a little bit more gradual so that's what i mean by being able to zoom right in and have clarity and this is an even better example you know that there you can see that um there it'd be very hard not to see that so there was a sweep straight down from 17 085 to 17 08 1 25 or 17 01 so we can say effectively that was a 14 15 16 ticks sweep straight down and then we can see what happened afterwards because you know when you get a vertical thing like that most of it gets retaken and you can see that they did retake it all within if they happened at 640 by 645 46 within six minutes they had reclaimed all of it so it's just something so you know it's that thing that has a like a 75 80 percent probability that it will get retraced relatively soon um it has an even higher probability if you're willing to wait quite a bit longer but then again quite a lot of things do that so um let's just again i'm explaining why i present the heat map here the way that i do okay so we i'm just having a look at what's happened since i stopped talking about es so we've made this local high with 213 contracts at 482875 and we've pushed back a bit so if we want to see what has happened in this pullback that's the other thing we can do we can get right into this and this is where we can see this delta column and the volume profile column so we can analyze this little swing we can do it very very quickly and you know and you can change this column so you can have numbers and bars so we can do that now let's do that so we can have bars and numbers and we can do the same with this column here for this purpose so we can analyze these little micro swing pullbacks and see if it is likely to be a pullback which has enough fuel to take us higher noting that there's no real liquidity on the static side of things to act as our support wash but we've got some liquidity up there which may may be our magnet just above that we turned around at so we've come right back to a key level t plus one is settlement from yesterday the actual settlement value is 4825 so it's this level here again if you go back through my channel on discord in the book map discord you'll see that I link to a piece an academic piece of why t plus one or settlement is such an important key level in the eth sphere and you know in a nutshell it's because there's likely to be an imbalance of orders there so it's often revisited because where does plot price like to revisit imbalances they love to revisit imbalances so you often see especially in choppy environments in eth that this t plus one level will get tagged multiple times it might get tagged in asia at the japan open and that that does not mean that there isn't a reason for when germany or london opens for them to have a run up or run down and tag it again you know the fact that it might have been tagged in the japan open does not really change the probability of whether it's likely to be tagged or not in europe and if you look on those london opens you'll see that they're more bullish than certainly when we're in this kind of market frame time markets sort of bullish move frame the probability of tagging settlement above is higher than tagging settlement below when we're talking about the initial action at the london open but you know this is one of those times when as i said you know look at yourself in the mirror look at the types of stats that you're interested in what have you collected this year that you can use in your trading next year so even though we haven't got any real liquidity if we zoom right in we've got no yeah we've got no real support so you're wondering whether if we zoom right out how much fuel they need and do they need to get to this liquidity down here where they I mean if we then change the brightness of the heat map so the brightest real zones below for a pullback of the level at 4822 and 4820 we're talking about really chopping meaningless action mostly so you know we can do our detailed order flow analysis live order flow analysis like I always do in a snq but this is going to be the most meaningless that I could do it because there are so few participants around so even though I'd say there's quite a high probability that we'll take out that that swing point here which is at 482875 it could be quite a nice deep pullback to get there and then when I look across at my time frame chart and we can zoom right in on this one you know we have to go across to previous swing lows and see where those swing lows were and sometimes it's easier if we make this not as bright and say you know maybe they've got to keep get us down to here and maybe we'll get a spring of this level before we get a run up to there you know that's the kind of thing that we'll be looking at and one of the problems that I do find is that when I have this so bright I find it harder to see those swing points I mean I do have a 10 second time frame chart up above so I can see that much more clearly there so I know that you know if they were going to test something it's really around the 2250 mark I also know that NQ had something much much closer at 17097 so if we zoom right across there you can see that little test this is the category B type set of a supply and demand that we've talked about it'd be even better if they came in smashed in here and again we can zoom right out and look at this tail just for Ron we can see what is developing here so if we had a lovely spike back down and then retrace that quickly and came back up that might be really really interesting and you can also see this green tail up above so that you know you know as you're approaching that Ron so as we got to this you know so you've got we draw this I know I've gone over time here but if you've got this resistance liquidity there right and you've got this green tail here and you've got a taper you know this little taper here of a bell curve you know that there could act as the fuel to get us back to this swing low which did happen but it's just a probability when you see it here it's a probability it's an idea it may be a setup for you maybe a breakout failure of this swing high or that swing high but it's an idea remember yours this is how you see it so you do not see it you do not see it down here you know you've got a I mean yeah you can back test this live in bookmark because you can drag these backwards and forwards and see whether these tails were of you know of any worth any use to you at all whether any of these bell curves were of use to you or not so that is the idea anyway I've definitely gone past that's probably one of the longest times I've gone past so thank you very much for coming in such a dull session and yeah enjoy your trading if you are trading or your break if you're not and I will hang up there so thank you again