 is on. Okay and we're starting in a few seconds. Good morning everyone, welcome to the breakfast webinar. It's 8 a.m. Eastern on Wednesday the 18th of October. I hope everyone's well and you're having a good trading week so far. We're basically halfway through. Quickly let's move on to the disclaimers. All bookmap limited materials, information and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Trading futures, equities and digital currencies involve substantial risk of loss and is not suitable for all investors. Pass performance is not necessarily indicative of future results. Okay let's move on to get rid of that. Yep I'm actually going to say hello today. So hello. I've created a new bubble today so I hope you like it. I've also got a different audio solution. What that does mean is that when we get to the news at 8 30 and I'll quickly flick across to the I will quickly flick across and I'll just move that up to the the slideshow. I can turn on the news feed so that both Discord and YouTube should hear it. That's the 8 30 a.m. housing starts. So let me just pop the image on. Let's just go back to the first page. Okay yep so just a heads up on what we're preparing for today. In orange we've got the USD building permits or housing starts. On some economic calendars that is marked as red. So it's borderline whether you know that's orange or red or you know real market making market moving event or not. And then throughout the day you've got some Fed speakers and the Fed budget bounce in the afternoon. And importantly it's already the start of earnings season. So in the last two hours we've already had Morgan Stanley's results and they've gone down or their share price has gone down considerably. I think we're talking about 2% or something on the release of those earnings. Not quite sure whether it's picked up since then. Okay. So in terms of let me just go back to that in terms of what we're going to focus on today. And if you've got any issues at YouTube on the sound just feel free to type in any comments or questions at any time and the same applies to this good. I'll happily take any questions or feedback. In terms of what we're doing today I spent an awful lot of time looking at education and ideas in the last few webinars. So this particular session is more a day in the life of someone that is prepared to take trades in ETH. Let me just get the, let me just get the screens up and running because you can probably see what's happening right there. And then NQ is breaking down. And by the way, the only change on the actual screens for book map today is that per one other occasion I've actually got them side by side. So we're hiding the trading view three minute one minute five minute charts and we're just going to have a look at this. I thought it would be interesting, especially since we've got an economic release at 830. And since I do talk a lot about how resting liquidity in Warner can affect the other the moment if you have a look at this, I don't think I've quite got the zoom on exactly the same level. But you can see that the liquidity or the resting liquidity in ES is a lot more stable than these algo bands in NQ. So yeah, a lot of them, you know, a lot of that is just rubbish in NQ. What we have to remember as we have talked about previously is we have to look a little bit harder at the actual numbers in the order book column in NQ to find those resting order book levels, anything above 30 may grab our attention. But when we go back to having a look at what happened in the London session, we can see how that could have been helpful to us. Anyway, I just wanted to show that little breakdown in NQ. Let's go back to the slides. Okay. All right. So we've done the counter. The daily I haven't moved these trend lines from when we when we drew them last week or week before and NQ is still breaking down so a little stop run. So this current downtrend, the new downtrend on the daily is intact. On ES, it's got nowhere near that downtrend line. In fact, we could draw a sharper one down, but I haven't. It really is a little bit subjective as well as objective as I say, it's a proxy for liquidity on every time frame. And I use it more on the daily and the very, very short term. And when I say very short term, I'm talking really that 10, 15 second type chart that I trade off. That's that's where I find them more useful. I can see trend lines on things like the three minutes, five minutes, 15 minutes without actually drawing them. You know, when you've drawn them a long time, you don't actually need to keep drawing them. It's just on the very short term time frames, I find them quite useful to actually help with setting up a trade. Okay, keep going on the slide. Let's just quickly churn through these. And there's the 15 minutes. Again, the purpose is to see where we are in relation to yesterday's range. And in ETH, which is just about there, you can see that we've spent spent a lot of time not doing an awful lot in ES, and mainly just in the bottom half. So it's not overly bullish in ETH. But it was tradable and we'll get to that. Okay, NQ same again, except it was basically right around yesterday's mid. And that's why we need to look at the value, the value zones on that TPO chart, the VPid, the volume profile chart that I'll get back up in a second. I haven't screenshot them because I want to go through the process of drawing them and why, you know, why they're still useful when the value zones have been taken out. Okay, let us get rid of that for the time being. Okay, so there's me again. So hello. Right. Okay, let us have a look at this. I've also got a tab here by the way. Let me just move this one across tab here. It's a completely blank page where we're going to write some stuff. And it's going to relate to doing this job, which is to to take trades per your trading plan that appear in ETH. And I'm going to just jot some notes down as we go along. Right. And the first thing that we normally do with this chart here is to find where the value of the last value was in the RTH session. And again, RTH is in white. And so yesterday's RTH is this big, big range session there. And the value that I'm concerned about is the value around here. You can see the last few bars. These are all time bars. So these bars towards the end are the latter bars of the afternoon. In fact, if you look at the bottom of the screen, you'll get the time of the bar. It's in pretty small font, but you might be able to read it. And the red triangle there is where it closed settlement T plus one. So yeah, so the whole purpose of splitting those is simply to find out where the value was. And then the first job that you know, the first job that I really do is, you know, it's like a Tom idea. It's the auction. Where is the most recent auction? This is what I drew. And I've shaded it in light purple. It's just an extending rectangle. So it's a rectangle which just keeps going to the right. So I drew the value from around there to there. So if we write this down, it's sort of, you know, determine last distribution. That's what I've been calling it. And that's what it is. That's what I'm interested in. Why am I interested in the last distribution? It is simply because a lot of the time in ETH, especially when there is no major news and no major relative volume, either big, big boys or girls have not been playing. We often play games. You know, I call them algo games, but just games of tennis, ping pong, whatever you want to call it between the bigger players in this type of value range. That's the reason why we draw it. So determine last distribution. I'll just put it in the other language. It's for a mean reversion type of session. Basically, that's where we are most likely to stay in this. But on this occasion, we actually broke down out of that value. And if we zoom back out, you can see that we're in quite a large value, wider value zone, but I tend to focus on the very last value. And when we go and do that, I am thinking, and it's just a thought because I can never predict the future that once we've broken out of that value, there is a probability that we will continue to explore an auction in that direction, which is the direction down that we broke out in. Aha, a question. I'm actually going to talk about options, Ferro. I think you need to, well, no, I'm not actually going to tell anybody what to do. I personally like to see where the bigger money is traveling. You and I cannot move the markets, Ferro. So I'm looking to find out where the bigger money is moving the markets. They may be moving them in the futures market. They may be moving them in the options market. They may be moving them in the ETFs. They may be moving them in individual stocks and other ETFs that we won't be paying an awful lot of attention to. Remember, what they want to do is to move their money efficiently from high to low or low to high, and they want to disguise that quite a lot. So the algo games that I'm talking about in this mean reversed inside a value area is, you know, it might be bouncing up and down, but they, being the bigger ones, if they're going down, they'll have sold towards the highs and bought towards the lows. They may do it multiple, multiple times to get it from there down to there, but that's just a game. And your other question was, what do you do once a value shifts? Well, all I can do is, you know, is say that there is a probability which relates to auction theory that if they start exploring in this direction, that they would then get into this value here, which is an earlier value in yesterday's RTH session, and then go and attack yesterday's low, which was the bottom of that value. It's only a probability. It can be completely wrong. And the point is that if we're wrong, as long as we stick to our trading plan, and we have accepted or we've modelled per the expectancy calculator, whatever modelling that you do, that you're going to be wrong many, many, many times. So it does not matter. All right? As long as you take good trades that have expectancy, you know, that will get you multiple Rs, and you're taking a very similar or identical dollar risk on every single trade, it does not matter whether you lose a trade. And I do need to state that every single time. You know, if you're going to follow people, or you're going to go and look at indicators, and it's all about win rate, 90%, 95%, 100% win rate, all this artificial garbage, it will not progress your trading because this is a casino mathematical game. Scott, yeah, sure. The chart in question, that's just, it's a combined chart. You can do it in Sierra. Somebody asked me about this, but the dots or the bars are just time, and the line is volume. So it's a volume profile superimposed upon a time profile chart. That's all it is. And the reason why I've got them superimposed is so that I can split it up. Okay, so, yeah, so I just wanted to explain that, you know, there is some probability that once they break down from this value, that we'll get into the next value and then we'll explore all the way down. Remember, they don't have to do it in ETH. This is a long, long day for them. There's lots of news and lots of Fed speakers. If they are going to explore down here, that could well be an RTH. You know, it could be at this 830 news, which is in 17 minutes. But yeah, I was just explaining what I do and the fact that, you know, sometimes drawing this value zone will capture it because it's a low relative volume mean reversion type day. Other times, there'll be some, yeah, there'll be some rationale for why they, why they just, I'm trying to drag that away, you know, why they wish to continue auctioning beyond last night's value or when I say last night, I mean yesterday afternoon in RTH. I'm just going to get back the, I just don't want to forget where we are in terms of the book map, liquidity heat map, before we come across to this news in 830. Okay, so yeah, so how I have a look at that, right? And since somebody has asked, yes, I do look at options, yeah. So I'm, yeah, I looked at options from the perspective of a liquidity perspective. And it's got more rational this week than it may have some other weeks because we're in a major option expiry, you know, it's the October options expiry, I think this Friday. So some of, you know, some of the positioning of those options, and we're talking since I only trade ES and NQ, it's very rare. I mean, I used to trade gold, I used to trade crude, but these days I just find it more focused to trade these two markets in tandem and some of the ETFs that go with them than I do to trade, you know, to trade gold and crude. I just find it dilutes your focus if you do too many things at the same time. And, you know, one of the other things that we're going to go on about in this is, maybe I'll have a heading at the top as well. He just moved this one down. Let's just have a heading up here. Okay. All right. Okay. And yeah, some of the other things that I would have done today. I've got a family, so I've got other people that I have to take care of. I think care is probably the right word. So, there's that. There's, you know, it's what we'll call that domestic. I believe in exercise, because I believe a sound body leads to a better thinking mind. You get a better blood flow in your brain and you certainly come up with more creative ideas. And you can, you know, you can think more about what it is that they're trying to do. Yeah, I have other other vocations. Yeah, so other vocations. So, I don't make 100% of my income just from trading. I believe in doing other vocations. So, there's that. And I also believe in education. So, you know, I'll spend a little bit of time every day on some form of education. It might not be related specifically to trading. Most of the time it is. It can be other things as well. It can be things like productivity. So, yeah, it's just, you know, those kind of things. Anyway, let's get back to ES. And let me drag the NQ on across as it keeps creating a gap. So, yeah, if we're going to get time, maybe I'm going to do this after the 8.30 news to have a detailed look at how, you know, we would have been positioned or how you might have been positioned after the London Open bearing in mind the charts that we were just looking at and, you know, determining the value and what happened at the Open. In terms of the actual Open itself, you know, again, I'll get to this after the 8.30. It's just because I'm aware we've only got 13 minutes and we really need to have a good look at the current situation of where we are before the 8.30 news. Yeah, the most dangerous trade, often the most rewarding, is the one that you take into the actual London Open, into the 3am Open or just afterward in case you take some fade. It is the most dangerous trade and that's the one that where it's the most important that your, you know, your stop is hit if you're wrong or it's, you know, if it doesn't, it doesn't go through your stop by too much, you know, if the market has a lot of slippage. Anyway, since it's 8.18, let us focus for a little bit of time on where we are as we come into this news release. So, yeah, that was the other thing. Let me just put that down. Macro themes and we'll go back to the chart. Okay, so the macro themes, which we all know about this week, I've mentioned one, which is options expiry. We've got the threat of a Middle East war spreading, where we have earnings and we have a lot of bearish themes and yet the market has not really been breaking down. You know, yesterday in terms of the reversal, around about 10, I think it was 10 a.m. RTH, that was a very, very big reversal up. So, the market, you know, is holding up. Maybe it's the options expiry is one of the reasons why they're holding it up because they've got some positioning that they wish to tag on Friday before they let the market drop, but sometimes some of these global events may impact that. So, you know, we don't want anything really bad to happen in the Middle East, but anything can happen over the next two or three days and we have to be aware of that. And one of the things that I keep stressing and doing this ETH trading is that if you see, and I haven't got these volume dots here, as I've said before, I've done the Delta dots because people prefer them. But if you go to the volume dots and you change this to volume, I wish there was a shortcut or a hot key so you could switch between volume dots and Delta dots. I think I've put it in as a suggestion in the Discord channel before. If, you know, you're aware of this, these big macro themes like pending wide-ranging wars, if you see really, really large volume coming in into ETH during this kind of time, you don't fade it, you just don't fade it. You'll see something which is really unusual, which is massive size compared to the tiddly little size that we normally see in ETH. I know I do my relative volumes and today's relative volume is smack bang on 100, it's 101 at this time of the day. But if you see that relative volume, for example, shoot up and it's suddenly way over 200%, you know there's some big, big players around and you've got to be very, very careful with what you do. Anyway, let's get on to, let me just move this chart out of the way so we can see where we are going into this news. Okay, so we've got a three minute chart, I'm trying to get them both as squished in as possible. Yeah, so I'm just squishing them in, we'll expand them in a second so that we've got the whole of the ETH session. So, you know, essentially if I do a one minute on what's happened in ETH, and most of it is the value before the breakdown there, is that we had an early move down, that the China open, Asia became positive and basically had a strong V type reversal and then a gradual trend up into the German and London opens, that was reversed again, we went to the other end of that value and then we had another V-shek type reversal with a lovely little trend channel and then right bang at this time which was 515, we reversed down, we've got this lovely little continuation zone here. If you see this, I mean I don't talk about price patterns too often because that's not what the purpose of this is, but if you see a big break and then you see them consolidate in this kind of range, the probability, and we'd also basically had something close to a double bottom before, the probability is that that is going to continue. It does not matter that it's come back, there was big opportunity there if you're looking for short-term trades to get a 2, 3, 4, 5R type trade, so big breakdown, often you will not get a pullback because they want to go somewhere here, they want to go down here so you'll just get this little ranging action where they refuel and then they dump it and when you're looking at that you can see clues in there with the resting liquidity or the way that they move the order book around to give you a clue that these little tails up above were rejection tails and they were going to continue going down 2022. So we're basically smack bang where we started in terms of value or are we, let's have a look let me have a look. We are in ES, in NQ we're not so if I drag down the NQ value if it will behave so the one I drew in NQ it was easy to draw there was a lovely little LVN there this was the last afternoon value and essentially just drawing that value can often give you a good range so you're in the right kind of zone for some of those fade type C, SD trades where it's essentially a spring of a previous low in an ETH if I can manage to break down that it gets you into the right kind of zone for that trade there and again you do not need millions and millions of trades you can scalp and I have absolutely nothing against scalping but a few trades in ETH can certainly help what you don't want to do is take a trade, fade it and let your stops run that is not the game that we're in we're in a casino where they've got an edge and they will not if you do not stick to your own trading plan and your own rules on stops you will get taken to the cleaners okay 24 again I've got to keep watching for the news what I will do is test the audio feed out so right now I've got financial juice on so you can hear it as well they're not actually talking yet but as and when we get closer to 830 you should be able to hear it as well both in Discord and in YouTube they are my friends I know Amar quite well so I do not believe he will mind if we have it on for a couple of minutes during a news release okay let me just drag that one back yeah so yeah we'll do this news release what I'm not expecting is an awful lot of volatile action at this particular one I just don't think it's going to be a real market mover because of the other themes that are going on this week so yeah we'll but let's have a look at the liquidity map here and talk about some of the stuff that we've often seen so at the moment they've added a lot of liquidity and they're pushing the market up so you can see with the way that the ES heat map and the way they've added these zones and we're not talking about individual price level I've added nice thick zones and they're just pushing the price up and you saw that they put this level on here and they're pushing from here onward this is the point of zooming out you could see them push price into this resting liquidity that they've placed here in fact they've moved it down to there because they wanted to get filled so there's some people out there who knows whether they're right or wrong but they want to get filled so they could most likely go short and take this down and we know from looking at the value that there is a potential of a continued auctioning or exploration lower just on the fact that we broke down from yesterday afternoon's value yeah so yeah just directing the question back to Ferro again yeah with volume profile it's not about being exact none of this is about being exact it's about having good ideas to help you find high expectancy trades and accepting in every single one of those instances that it could be one of the many many trades in which you're stopped out if you go back to YouTube and last week I think it was last Wednesday so seven days ago when I was doing that expectancy calculator you'll see that from my own personal perspective I model 50% wrong it's not because I think I'm going to be wrong 30% of the time I believe I can do a much better percentage than that but it's I do not want my focus to be on win rate because win rate is the wrong focus in this business that's my personal view okay four minutes to go so yeah so some of what that they were doing there I was saying was it looked like they were positioning to get people to take it up here so they could short there and then take it back down here so what we then look at is the delta column in book map to see whether there's much green fuel to go down in other words they go up to go down and go down to go up and we have a look at what's going on in yeah it's interesting if we draw a line in NQ so you can see the trend line that's effectively there I know this isn't an exact trend line so forgive me on that one but you can see this trend channel and you know where they drove it up in NQ because the resting liquidity is not very helpful and that that's now being broken so what what I've been suggesting is that there is often a good probability trade where you've got this strong channel that has gone up and up or it's gone in a certain direction for a long time and then that's cleanly broken the the trade back up or back down in whichever direction you're going in in this case it's back up to the supply zone you know which is roughly around about here can often be a good short so you know the market's going to make a fall out of me quite most likely because we do not know what the future is and it may well not go down but I'm just saying that is one setup that I've seen time and time again and it's happened many times yesterday and yeah today as well so where are we now we're at 28 27 so I'm curious as to why there is nothing so far from from financial juice but that doesn't matter I will tell you what the numbers are anyway if we don't get any sound from them so I've got to get back to the cursor I keep forgetting I'll leave that trend line there just because we can leave that market exactly as it is so as we go into the news one minute we'll zoom out again I'll be leading with the US they've left these blocks of liquids to fill right so there is an incentive if these are magnetic for them to to dip into them at least and now we're going to zoom right in on the time frame and watch to see whether we can get any of them so we then look at the numbers so there's 263 there in the order book and you pretty have to add in three or four levels to get what the true level is there so is it now 30 seconds to go so they're adding a little iceberg here there's been a break there my trend line I think in NQ is now no longer in position so let's just ditch it the NBA stop run because I've got Delta dots it does two purposes it can show stop runs but it also shows large trades and the thing to note is that a lot of the time you'll get large trades towards the end of the swing that is a lower than the forecast of one spot three eight three million building permits number at one spot four seven three million one spot four seven three million no the news came out one spot four five three million absolutely no noise out of that feed so I'm ditching it I'm not sure what went wrong with that feed anyway the US housing stats number was 1.35 million the forecast was one point three eight so a tiny a tiny miss so we had a small breakdown and then it's broken back up okay so basically a non-event so we can watch this for a couple of minutes and see what else happens and then we can go back and go back towards London and what I want to do with that London one is to try and you know rewind us right back into that three 3 a.m to 3 30 a.m so what I was saying was with this trend lines I wanted to see whether that happened oops Daisy it's a pretty bad trend line though you know the idea was that they come back into the zone and then break down but they're not going to do that this time and the other type of trade that we do like on these is the upthrust which is the reverse spring so if we take a line or we take a little box and we draw it across it's just taking this out with a fake breaker and then going down I'm drawing it oh no that's the problem with these drawings that aren't native to book map that they will move and you're also looking for some kind of triggering action you know one of the triggers is is this little green tail at the top there so it came right back to that high and then we had a nice little break we've got this magnetic liquidity that they want to get to but they want the fuel and we we keep saying that the fuel to get down is green so if there's anything in the NQ heat map to help us here right now we can go into the micro structure so you can see there we're every single one of these little periods is 30 seconds why are we doing that and again it's we want to see whether they can make new lows or highs or whether they're just balancing in a zone yeah in NQ especially and I'll probably say this 50 times now if you're looking to go short but on this micro structure they cannot get to the previous low and they cannot and they keep cannot get going to the previous low there is a huge danger that there's going to be some final spike up a little final little spurt like a fountain and that could take your stop and then some so that's one of the reasons why look at that but now you can see that they are beginning to auction down here so we have a look we've taken out this little stop run here we're just below it so we're finding out here is this a fake breakout or do they want to go lower the chances are they want to go low because we've got this magnetic liquidity over here in ES which seems to be quite slow but it is moving yeah and they've tagged it and they've actually eaten into it there so you can see they actually interacted with it that's what I mean when I say that they ate into it so I'm hoping that that live demonstration of how it is more useful to have these two side by side I mean obviously when I'm trading by myself and I have not got to present a webinar I'll have the one minute or three minute trading view charts present as well but it's just having them side by side and it doesn't just relate to heat maps it's like if you've got any other kind of gauge and you've got two markets that you trade both of having those kind of gauges side by side is also really really good okay I haven't stayed at the camera for a while so I'll stare at the camera yeah I mean having a camera is a bit you know it's an interesting I hope you like the bubble that I put behind it it's interesting to find backgrounds my background in my office is not exactly exciting and there's also a few reflections off the print that is behind me so I didn't want to display that today so they've gone down here so you know one of the things that we don't do or you might do is just scalping off these little interactions you can see there was an MBO stop order of 72 you know some people might just scalp and try and get a few ticks there I do not know exactly where the stop was on this one so you know maybe your stop was one tick under that but that's not a game I'd like to play in ES you know I've played that game before where you try and have a one tick or two tick stop I prefer something a little bit wider okay 835 I think maybe 25 minutes we it's continuing to break down a little bit let's just zoom out again vertically so you've got so if that was T1 target 1 that's T2 and that's T3 and maybe there's some even some more below so they've gone through T1 they keep going down so you zoom out to get all the levels and it'd be interesting to see how far during this particular period the 930 that they go down you know or is this it you know was that all that they wanted to do okay I'm going to try and rewind both of these to the to the ES and NQ at the London Open so I'm just going to zoom them in horribly so excuse this all right and I'm going to have to zoom in that way as well try and center it there and then begin to zoom out what I really am trying to do is capture this zone both in ES actually I don't need to capture that zone I've got a candlestick chart for this for the trade that was setting up around here it's this one so this is the one that I really want to focus on and I'm going to start with having the London and try and do the same with ES the reason why I don't want to do this in a replay is you lose all these MBO stops and it won't be I don't know if it's going to be as 100% accurate it's just me dragging it back in time I'm just checking in the time here yeah okay right okay where is this okay here are six example trading view charts of this time frame so this is essentially what happened at the London opening the weakest one was the FTSE 100 I've got the CFDs by the way as proxies I haven't got the futures except for the main futures the CME futures in trading view I just don't feel the need to pay for data for something that I don't actually trade so there's the DAX the Euro stocks I've also got crude FTSE the bond and the dollar index so it was weak what I was watching most of all was the FTSE was just so weak that there was a good opportunity from a macro or a high level to look for shorts so that's the only purpose of this and then secondly I've got my this is a 15 second chart you can't see the time frame up there but the purpose of this is to show what I was looking to trade to go down by the way it went quite a bit further than this from this this is NQ NASDAQ the NASDAQ futures this is the time period that we're looking for it's in that time slot 3 a.m. to 3 17 a.m. eastern and the purpose of this is to say you've got the time on this occasion and it might not be every single day but you've got the time to look for trades so what do you do bearing in mind what I've been talking about for the last few weeks so I've got a big move down right I'm looking across at the other correlated markets the ones that are really open at this time of the day and I'm also looking at the value zone maps that I drew saying we're in the lower part of value it's likely we're going to go a little bit lower or quite a bit lower so I'm looking for a short so for whatever reason I'm looking for a short the main purpose of this candle stick chart is to show you it requires a lot of patience and what will often happen in NQ and we'll see this in bookmark when I zoom into this bit over here is that it will reach a low I mean if we say this is roughly the same low if you look at these the number of times it goes to that low one two three four five roughly the same level and I don't look at individual price levels I look at zone so it's five times it hits the zone right and what happens after that one though is that if you're looking in bookmark and this is where we're going to look it cannot get cannot meet the previous low so it keeps going up with a high low high low or roughly and an equal high low around there and this often happens where it takes out a low by one tick but it's a quick spike a very very quick spike I call that the same thing that it cannot take out a previous low properly and what you have to do is then look across and imagine you know that they are going to look for some stops for some extra fuel especially if this is the same as the delta profile in bookmark so this is like the volume profile with the delta shading and this is my Sierra chart that I actually trade off so I do well all I do is you know I click on this chart and I take trades you're going you know you have to assume the worst the worst thing that you can do from a trading casino perspective is to try and take a trade down here I mean it may have worked out in the long run here you know if you had a wider stop but that's not you know I mean that's not really in accordance with any of the types of setups or structures that we've discussed we you know we've discussed you know the best one with it with the highest level of expectancy or the multiples of expectancy is this kind of trade this one right there and maybe I should draw that one you know where you've got here you've got a one two three about one two three levels up and we'll go and have a look at the liquidity but the liquidity in NQ is pretty meaningless at the moment because of those algo bands but that one because when that goes up you've got to stop essentially just there and you're targeting you're targeting what was the low there so you're essentially saying that that's one one R two R three R it turns out this was would turn it out to be a five or six R trade but that's what you're looking for and then we need to translate that across to bookmap because this is where you know the tool the bookmap tool really can help us or not help us it's really how you use the bookmap tool that's going to help you or not so we're now going right into that let's get ES back up and running there I have to get rid of that drawing because it will confuse people so you know I can where is it yeah you can have a look at that while we are zooming right into this and okay so this little spike here is that right and what if you're looking at this especially you know if you're going to if you're not going to do anything as dumb as trying to get down here what you are doing and let me just zoom out vertically is you're watching the microstructure and seeing what they're doing here each success of little micro low you know because you can zoom into bookmap infinitely this is where the tool really really can shine so you can see that you know once it has this little spike down there and I've just got the gray lines are just price I'm not using the bed or arse lines I'm just using price and I'm making it as dark as possible so it does not obscure the rest of the heat map but what you can see is that you're getting these little spikes down lots and lots of little spikes that's a clue to me it's like a tail on the candle and you know we're going up every time we get to a level I'm watching that level to see whether they can actually auction any further in that direction and they couldn't and again you know if you if you have your cursor there you can see they could not auction it any further down from the the 15184 level so you know you're expecting these little springs because they they can't auction down but you're looking for a spike up so that you can get down with your trade and you've got the clue of where to look for because you've got this so you've got you've not just got swing high you've got some nice little liquidity where they hinted to you they advertised that they'd really like to fill some of their liquidity so it should not be a surprise to you if it goes back to that level of liquidity and actually they managed to spike it even higher which means they get even better prices they being the bigger boys who want to short this to take it down so if it goes up they get a better price to go down so you know when we zoom in zoom in zoom in and I think most of you know that I prefer trading nasdaq this time of the day just because the moves well the moves can be easier to read but they're more likely to give you these multiple R returns so you get that with these delta dots you get these nice little delta spike up and then a fail so you know how you get in whether you get in by market you get in by limit or whatever you want to do there but you know where your real targets are which was the the prior low you know you had that quadruple bottom that we just talked about a quadruple quintuple bottom and that's really what I wanted to focus on you know all the typical kind of in queue action you know this thing here where they toy with you you know the toying with you there one two three that's an even worse toy because that's like misleading you into thinking that they're really going to go down now but that's just a tease to trap you so they can trap you take your money drive it higher get an even better price for them and smash it down now we'll look at yes in that same time frame so what we really looked at there was the time from 310 through till 317 so just got to zoom out again you really have to zoom this one in vertically so what I'm saying is that if I manage I don't think it's got a global cursor now I haven't got a global cursor but this here and you can see the time there no sorry I've got the time wrong the font is too small let me just go back it's a problem with trying to zoom in and find things three o'clock okay yep here we go so in ES it's probably better to draw this as this little micro composite balance you know and you could extend it back over to that previous low there so you could actually if I get rid of that one and we redraw that yeah even though they went down they went back into this balance area they just take it out that is exactly well that should be if I get my cursor working that should be 317 31 and 317 30 well basically if I zoom that one out a bit drag it in yeah that is exactly the same as that so if you have these side by side and we'll just move them up and drag that one up as well if you have those side by side and you're trading either one whether it's ES I'll get rid of the rectangle whether it's ES or whether it's NQ hopefully you can see how that can help you I mean in addition to the fact that they both had a little upthrust or breakout failure upward spike you've got this liquidity in terms of a possible real resting liquidity below in ES and you've also got some in NQ below as magnetic targets so I'm saying that this resting liquidity in ES is probably more helpful than what you can currently see in NQ and there's nothing I can do to filter out these algo bands unfortunately but that's the idea that these trades especially when they start towing with people they can really set up some beautiful spikes to get you into those multiple R trades you don't need many multiple R trades if you're averse to scalping if you just wait for this kind of nasty action you can get yourself some great trades meanwhile let's go back to current time because the market is and this again that was the question what happens if the market breaks out of this value it is likely to explore down we're getting close we're almost into this value area that's why we've got this there it's potential it's not 100% it's just a potential and even if they were to get down there there are going to be many many games up down up down up down before they get into this but that's the reason why we have that one so now remember we grab my pen I haven't drawn yet today have I so if I see if the pen is working today come on pen so this was T1 this was T2 this is all zoomed in so we're now in T3 this is looking at each magnetic liquidity as a target then you've got T4 and potentially a new one down there T5 so I'm just saying that once they've got their fuel by going exchange colors yeah so once they've got their fuel up here fuel you know it's down down towards these liquidity targets they've provided for you so you can see them so you know on this occasion you want a fairly tight stop above that liquidity wall there and you know this could have been a four or five hour maybe even bigger type trade as well and it's not the the value zone that gave you the exact indications of where to take the trade it was it was something in that value zone that gave you the idea that this kind of auctioning down may continue and then you look at this kind of stuff inside book map to get you that five R type trade let's get rid of that so you can see that there I'm still got a pen there let's get back to the cursor so and hopefully you can see that that could have been useful or that may have been useful to you and you've got this previous swing load which we're very close to now so here we see the a big big stop level there as well they've hit 587 so there's a large trade there I'm just looking across it some of my other stuff I'm seeing a bunch of trades there and they add up to over 600 so it'd be interesting to see whether they need a pause now or a slight retracement or whether they've got enough energy just to keep going and if you look at the level from the previous one you can see it was one so only one contract rated and I can always drag this in to make that even clearer so I'm just saying that is the perfect example of a rollover you see that one there in the CVP column a single digit transactional number of orders transacted level is the true definition or the best definition of what a rollover is yeah so when I see these icebergs after this kind of run I get suspicious maybe it's just in my nature so I see a sell iceberg and they've got 139 I'm thinking that at some stage they want to use that to squeeze back up a bit you know the sell iceberg is to push it down hold it down while they get enough red in the delta column to then take it up a bit and remember some of these people can have completely different targets from others so some of these giants may just want to get two points or three points some of them may want to get 30 or 40 points looking across I mean going back to the options question that was asked earlier what was the options level that I was looking at today I thought there may have been some support in the ES around about the 4393 based on options but you know we're way way below that now okay I'm just going to go to the YouTube comments just to make sure I haven't missed anything because there have been a few there by scott and ferro scott you just asked about the tpo chart again scott if you if you want to DM me in the discord I can always help if you use sierra if you if you want to try and replicate that I don't give out templates or anything there because I didn't sell anything but I can certainly point you in the right direction yeah you can see yeah they whole bunch there they try to get as many spots that's a large number there 1250 that's a big sell iceberg it's not a completely red tail in ES but if you look across NQ it's a significant or a huge majority of that is red on the delta side and then we if we zoom out again and we look at what are the levels that they've placed well before this all these levels are new but they're finding liquidity so you know they will continue to auction in this direction until no one is interested to transact anymore and if you look also at this the volume bars you can see this crescendo of volume it's increasing there so you may get a little spike at the end and then a reversal but I I haven't really gone back to see what I suppose I have if we look at the values chart here and we zoom in we're getting very very close to this value here and you and you then think what might they want to do they might for example want to look for stops under yesterday's RTH low which is under that level there so you've got to think but do they have the energy to go all the way down here and down there without some kind of retracement usually not but you never know because we're not here to predict anything so I'm just looking to see whether you know whether we're then going to get to this nice level there we're still in quite a skinny part of yesterday's profile so we'll have to see but it's just an idea that at the moment if they were to take out yesterday's high or low yesterday's low looks like the certainly the most probable okay if there's anybody got any more questions or comments we've only got a few minutes left I think it's 8.56 and a half oh we've got something there because they've been playing so many games I know that one of the things I like to talk about is these resting cell icebergs above as targets I often prefer those when you know I don't see as many games with the way that they've been moving the icebergs around so that is a bit of a flag to me as just to be wary of um so you know ordinarily I'd love to trade towards that because that is an advert that they are providing liquidity up there so somebody will often take that date and trade back up to that and if you can get on their coattails you can often get a good R-type trade on it but I just don't like the way that there's been these games with these icebergs here which is in the way that they've moved that iceberg over several different levels means I have less confidence in this even though statistically speaking it's got a very good statistical win rate that that will get tagged but there is nothing stopping them just pulling that iceberg the resting iceberg at any time and that is always the danger with looking to tag it you know you can't control the people that isn't advertisement that they want to trade up there it doesn't mean that they necessarily will and you still have to stick to your structures to find your structural setups so maybe we'll get a spring just under this low there and then we'll get a potential trade to trade back up to it but meanwhile we've got to look at this liquidity that they're building down here it's only 233 but there's a potential that they're trying to hold people drag people up there so they can get back down there there's this an advert so for a quick retracing up here so that they can then smash it down to four three seven five that is the question that I have at the moment but at the moment we're in this little micro balance which again is a little bit bearish you know when you've got a balance rather than some kind of retracement that is bearish to me aha some questions right wider levels okay Alexandra I will have a look this is when we tend to go back in time so I can see that level there has been there for a while but it's only 153 so that's not exactly a major major level you're looking for something even in these really thin ES markets nothing like they used to be you're still looking you know well over 200 and I can't really see one at the moment so there's nothing from the resting liquidity side to give you that and if I look across if I bring across my values chart and I've got resting liquidity on the right here you see these horizontal bars that's resting liquidity so you can see you know there is one way way down there but that's unlikely for today but you never know you can see that bar that we just talked about there at 4, 3, 70 that's the biggest in the whole of this vertical column so the answer really is no okay so are they going to have a spring now well we're down right down at the low NQ has hit some resting liquidity or to the extent that it was resting liquidity it's only been there for about 10, 15 minutes but they held it it interacted with and it's given a nice little bounce so does that mean that ES will then have a bounce back up there anyway I have run out of time I'm hoping the webinar was okay that even though I did not have a specific education topic today that it would still provide a value to you I just wanted to you know be aware of you know what it was that you might want to look for in that London session and on this occasion it wasn't necessarily right at the London opening it was about 20 minutes later or 17 minutes later anyway I hope you have a really good trading day and a good week I will be back on