 Good morning traders and welcome to the book map all markets webinar. This is Bruce said book map I'll be your host We go through all markets whatever you request most people want to look at the S&P e-mini So that's what we cover. I will do live forward-looking analysis and Look where do current market analysis and then look where? Price might be going next based off of the behavior that we see in the order flow We do this every Monday Tuesday and Friday 10 a.m. East Coast time And then my bio here, so I'm the book map lead educator here I've been trading for over 15 years the order flow specialist here at book map And we have quite a team of other traders here I can just show you quickly over on our new learning center Go here Into learning center Yeah, I can show you exactly where it is here is From book map calm go to the more button go to the learning center here under resources It is here that We have Getting started course getting connected market mechanics course Really great stuff here. We'll provide an excellent foundation in your order flow education and Then our live streamers just underneath here. You can see all of them here So we have quite a few and then you can see our calendar below So you can attend any of these events. They are all free, which is great Okay Yeah, you can reach out to me on discord Bruce had book map and then my Twitter is at flow order a general disclosure all book map limited materials Information and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations risk disclosure 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 Good morning. Good morning, BBM Yeah, so let's jump in let's take a look at these markets here and see what's going on We'll start off with the S&P e-mini And yeah, what what's happening in here? Well, you can see the cash open here 930. We see some volatility This is pretty typical But take a look at this volatility, right? So here's 6 a.m. Over here And you can see that basically price has dipped below it and it kind of Creeped up on you know this entire Overnight session here up into this area here nice little spoof right in here Which we can cover And trying to it looks like just trying to get Price to go just a little bit higher up into this liquidity up into these areas here And then you can see before 930 the sellers started coming in and dropping this market right at the open dropped bounce back up Back and forth here and now dropped again into high liquidity here So this is something we want to really watch now to see are we gonna get continued momentum? to the downside here or Are we gonna get a bounce back up to get to say 34 for for right now? Maybe even higher. Hey, why well because there's a lot of liquidity in here very very simply and Yep, we're looking to see put it in if the Limit buy orders here are enough to absorb the sellers into this area here And so we might we might get that I See quite a bit of selling in here, but I know it's hitting this liquidity. I see quite a bit of selling in here But you know look we already made a higher-low here And we're just kind of going back and forth in this area right in here at the moment Okay, good morning Philip. Good morning Bill All right over in discord. You guys can hear me loud and clear. Yeah, I stand slow down nice to see you back slow down enjoy all the coffee there and Hello, Steven and Trader Carlson. Welcome All right, so Let's see Yeah, I mean it's just going you know back and forth We're seeing trying to gauge the behavior in here again that looking at this in here in book map It's there's only three elements on this chart and it is the behavior of the traders that we can witness here and is that Context of these three elements that give us that insight of their behavior So for example look at high liquidity coming in the order book over here Okay on the offer down lower from 33 and a half down to 32 What's the reaction? Do we find sellers or a buyer is interested in trading up there? What about this liquidity coming in and out of the market here around 29? Hey It's kind of hard to say right now. We're right in the middle We'll see a shift though and a change And that's when we're gonna note and look for certain scenarios to play out So it looks like this see how this guy pulled his liquidity here And then buyers were kind of interested They just started coming in here And then this guy got out of the way So are these players up at this 31 and three quarters level they got out of the way They don't want to be sellers anymore Okay, so what does price do? Well, it just kind of goes up to that area Now we got another scenario here a more buyers or liquidity down here underneath supporting it in the order book Okay, well, let's see the buyers try to reach 33 and a half then Okay, that liquidity now that would be the scenario we're looking for okay, just by simply reading this behavior in here Okay, so we're first we're reading the price structure Secondly, we're reading the the liquidity actually in this in this example And then we're reading the aggressor's behavior toward that liquidity Okay to give us insight that we might go higher here And now this has been changed. This has kind of changed up a bit We were looking for the move up into 33 and a half High liquidity underneath here Right here at this 32 and a quarter, but what happened here Well, the sellers came in and took these guys on they traded into them and now through them So so we're back back in the middle again All right, so we were looking for this skew in the order book that we saw here Starting to unfold more on the in the book here buyers coming in pulling here Okay Well, we would look for price to come up to here and then the next level would be this 30 and a half Hey more in the book here more buyers reaction more buyers looking for 33 and a half Okay, more liquidity underneath here 32 and a quarter and we're still finding buyers Still looking for 33 and a half Sellers come in and take these guys on so now this has to be reevaluated at this point It's so now we know that there's sellers up here. They traded into and through What does that mean here? That means that there are more sellers than there are limit buy orders here on the bid So they're able to drop price through that area And yeah, we're down here. We came right back down into the middle and we don't know at this point What's gonna happen? You know, are there gonna be more sellers down here? Are they gonna take it through this area where these guys we saw these guys initiate this move to the upside If we did if we saw sellers down here, I would look for the continuation to the downside that would be the scenario Okay, so let me mark up that scenario here if we traded down here and We see big red dots Another one here another one here trading into that high liquidity And then starts to go through it here on another big red dot in here. Yes, I would look for the test lower That would be the scenario It would be even better If some of these guys pulled their liquidity at these price levels and they were adding more liquidity on the on the other side here Hey on the offer That would give us insight for this move lower And we know that didn't happen, but that's the scenario that we want to outline Hey, so and we look for the other scenario as well Okay, so scenario one would be this Okay, and I like scenario one better Because we're in a down trend Right, so in fact, I'm actually looking for scenario one to happen again watch these sellers They'll take these guys these buyers on here at 31 They should I'm looking for them to take them on and then trade through here So we're down we're back down to where these buyers came in and move the price higher and and they're being supported by Limit buys here. I'm still looking for sellers to trade into the scenario for me would be number one scenario In fact is what I'm looking for it would be For these I know this is support But I'm looking for the sellers to trade through it here because it goes into the bigger trend a trade into this 31 And then see more sellers trade it lower There they are at 31. Okay, great. So that has already unfolded So now we're still looking for pulling on the order book here on the bid So and I don't want to see these guys. I want to see them get out of the way And I want to see these guys lower their liquidity here. Okay, and are we getting that let's take a look Not really a little bit a little bit see they're starting to come in there. They go There they go. There's our scenario Okay, so we're looking for that scenario over here. It didn't play out And we didn't know here. We weren't really too clear here We're looking for this scenario to play out and it and it did They were still looking for the drop here Okay, 2028 or 27 and 3 quarters Maybe 25 maybe 24 Okay, we're going with this move outside of this range here And we're going with the bigger trend here All right, is this is this clear any questions on this a Outlining these scenarios and looking for that behavior is a key Exercise here to do and that's what these webinars are here for to help you Look look how you made a better trading decision here By understanding and putting this these pieces together in here. I can go over this again and again and again It you know what I really like you guys to ask questions Hit the like button along the way And let's let's nail this down here So that you can put these pieces together It's not that difficult And also we can even take a bigger step back and just understand what these pieces are to begin with So here we are down at 25 And starting to find some buying now coming in. Okay, great So I would have taken some partial profit down here Okay, and then I if I saw more buyers really starting to come in hand over fist up here at 27 I would exit the position Probably totally and I just look for the next scenario in the next setup Okay, I'd still be in this. I think right now. I know I'd be out at least half and And it's making me a little nervous right now because I do see the buyers and I do see more liquidity coming in On the bid down here Okay, but I'm going with this kind of outside move and looking for continuation now. There's something else in here I'm looking for the move into 24 because it's a gap fill from You know some days ago All right, so and I'm looking for that to fill And that's a bigger picture We'll revisit the bigger picture in just a minute But see see how that we're getting our our saint. We're going through that same exercise in here same scenarios What's the reaction to this liquidity? What about what's what's the bid doing? What's the offer doing up here? Okay, the bid they're they're adding in here. They want to be buyers down here What are the aggressors say? Well, the aggressors seem to be taking them on. We're still going lower here All right, so there's my 24. I'd like to say yes I would be out of this position at this time now. Why am I going through it really doesn't matter what? What I think this would be the way that I would look at trading it. My point is who cares What matters is is I have a plan and I back it up. That's what I want to go over and here's my idea Okay Here's that we have the daily over here on the right the hourly in the center and the 15 minute on the left I'm sorry The daily on the left in the center is the hourly and then on the right. We have the 15 minute And this is the gap. I'm talking about right here. Okay. It's just filling right now Okay, so for me, I would be I would exit the position it did what I was looking for it was higher probability and It hit the level that I'm looking for Okay, I'm out look for the next one now. That's this time frame that I'm looking at here You may be looking at a bigger time frame or a smaller time frame You can go through the same process in here but Maybe on your higher time frame Maybe your stops way up here and you're looking for this to continue on down lower to 44 20 Maybe even 4400 the figure down here Okay, based on your analysis or your Fibonacci levels or whatever it might be that you're looking at I'm not a fan of fibs as you guys know but anyway, just Whatever your projections in your levels may be okay, so, you know now does this this is where we talked about we've been talking a lot about kind of Trader management or trade management and that in relationship to Psychology because I'm not I'm also not a very big fan of the trader psychology stuff out there But it this is what I like to cover in terms of that How does this make me feel? Hey, I got I would have gotten out here at 24 It's still going and this is where like, you know, it screws with your head Why did I get out? It's still going. There's still momentum in this That is that a mistake Maybe next time I'll hold it longer These are the kinds of things of like how you want to manage your trade You don't have to deal with like, you know, oh, you know, my cat, you know It was upset this morning and therefore I'm not going to trade Whatever the the case may be with your The trader psychology. It doesn't matter. What matters is how are you going to manage the trade? You can be in the worst Mindset, but if you are capable of managing your trade well your golden And it doesn't matter Right. So and then what really I think messes with people's heads is stuff like this Like, okay. Well, I got out, but it still went. Maybe it maybe it will go higher time frame Good momentum here on the on this hourly here. Maybe it's gonna come down to here They had a 4400 like we were just talking about a 15 minute great momentum here. Right. So This this is what messes. I think with with people's Psychology here And then how do you handle that? And well, you just one simple way to do this is if you get out in some of these areas here Look for the next trade And that's it so You just look for your next setup now the two I think there's just two components that are needed here for your trading plan one is to know that it is high probability This is from your Either experience or back testing or both They being able to understand that this is a higher probability move and that you're looking for it to unfold See, look at look it out. This is just just is killing me here Then this is a full 10 points lower now Okay, and I and I saw it. I I knew it. I saw this momentum on the hourly But I had my reasons Hey, and I'm out Hey, and that and just move on Jay Trader is someone that does does a really great job with this. So You know, he he just Cuts the trade if it if it's going against him he cuts it and that's it Looks for the next one If it's going in his favor and it's hitting his target. He's out Looks for the next one All right, maybe that doesn't You know work well with you maybe you're looking for something else something more you're looking for a Higher time frame are you looking for these bigger moves? You're spicing into it, etc Okay, so Anyway, we don't know what the market's going to do But we can look at the behavior in here and get a better idea of what the market may do by going through these scenarios All right, so I hope that helps And good morning, Deborah See here show us your next entry, please. I don't have one at the moment Deborah I'm looking I'm looking so Yeah, I'm waiting to see like, you know what the what the behavior is in here And then look for something a reaction to that. I'm your spirit animal today. Okay? Thanks, Jack Good morning, Tom. Let's see yours afternoon. West Africa. Hello. All right, Tom in Wisconsin. Nice Take what the market gives you don't look back. There's always another trade available If you're a main patient, yep, absolutely, Jack absolutely And we're just we just want to keep continue to take out what we know is higher probability and Continue to repeat it Look for it again and again and again This process here is no different than going to your supermarket and buying like, you know Pineapples because they're on sale It's the same idea That you're looking for some sort of deal in here and we're looking at the behavior in here to give us that insight Yes, Jack is the fox there Louise all right. Well, let's let's um Let me you know, I kind of went off in on a tangent right off the bat here and Let's let's take a look where this might be going and Yeah, I mean I still you know on the higher time frame I like all these wicks down here And for today. Yeah, this looks like a probably a pretty good area for it to go. I mean the momentum is still strong here 15-minute chart maybe down into this area here now on the daily Let's take a look at this now. It is an outside day from yesterday You can see that we've broken through yesterday's activity up above here. There's red candle and Yeah, you know just looking for maybe maybe down into some of these wicks down here So 4,300 is not a bad area here. We should start to see some of this momentum slow down a bit and I Would imagine and we'll look for it in the behavior, but Anyway Yeah, we're still within all of this price action though from last week Hey, and we boy. What a what a great week just a fantastic week And fantastic couple of weeks here and we were looking for this extended move the entire time a Especially like I think back on on this day here on on June 2nd Friday And that breakout here and then all week long it didn't really nothing back and forth and then it broke out again here This was on Monday here 12th Butte some really really pretty moves Here so we were looking forward I think back in these areas in here waiting to see if we could you know close outside of this activity We did here on one day. That was the 18th of May Went inched a little bit higher here and then the market slammed down and found buyers down in these wicks down here Or previously buyers and we bounced pretty nicely Okay, this was a funny day here. I remember this one it Opened outside of the of the range and there was just no momentum Right, so we look for the gap fill Minimum of a gap fill and then maybe it would bounce it went further. I went another day lower And then we see the buyers coming in okay in so that's That's our bigger picture read here and we talked about this last Friday about understanding this a Breakout pattern here on this time frame is no different than looking at our smaller patterns on much much lower time frames All right, so here we go look at this your beautiful liquidity getting filled right in here. Okay, really really nice right now We sellers continue to come in here and and dropped it just down and made an equal low here All right, so this is the behavior that we want to start watching now Is are there still more sellers in here? Well, we're certainly not not finding a lot of buyers yet. Okay, we may right here at 12 and a half here And we may and if we do then I would look for them to raise it up into 1516 And maybe this swing here at 14 and a half first okay, so We're off to You know some good insight here understanding that a lot of buyers came in at a higher level in here And they got filled at these levels in here All right, so let's see if we get it right now. Let's see if we get some buyers up here at 12 and a half Yeah, yeah, I'm not bad. All right buyers. Let's see if you can lift it here to 14 and a half here See how we don't have all the pieces though in here and You know, we don't have the order book underneath here supporting it So, you know, it's easier for this back and forth to unfold here and and we're we noted that right before You know, we don't have all the pieces here, but we have it We had enough buyers in here to try to lift it up to 14 and a half Hey, well it only got to this swing here And then sellers came in Now let's go over this one in here Because yeah, we're looking for it and we're just looking for maybe a move up to here due to this liquidity being filled on the bid now How would you how do you how do you manage something like this? It will first off is it higher probability and it really isn't quite Look at the size of the dots in here. Look at the Delta bars down here See how many sellers there are here See how many buyers are over here not as many We want to see actually this all this buying here outside this selling here That's what we're looking for And now look at it now here. It's well. We have a little bit more on the Coming in on the bid at a higher level. We didn't have that before right Are we getting buyers though not not really not yet So sellers continue to chew into this liquidity here. That's what's happening Okay, there we go now. We got some buyers now That's just kind of a knee-jerk reaction in here and again. What kind of look at the size of the buying here Compared to these other areas It's not that good So yeah, it looks like it may may come up and do this 14 and a half move that we were looking for earlier now But I'm staying away from it. This just doesn't look as high probability I don't see buyers coming in hand over fist in here And we saw the order book, but we didn't have all the pieces quite yet Right and now it's kind of doing what we thought it would do And we can see the buying did pick up here. It's looking better Okay, so it's come up to that 14 and a half swing. Maybe a little bit higher here and there it goes Okay, I would look for some profit taking in here That some of these buyers may take some profits and we may find sellers engage up here as well And maybe try to drop it down to about here 13 and a half or 13 where they broke out from here So anyway, again just trying to be very objective about this and read this in here What's going on in some of these areas? And we didn't get our pullback. I mean it did pull back a bit, but just a 14 and a half Now see see how the buying is is looking much better now in this area here And it kind of starts to equal this over here That that's that's a good sign Okay, looks like we're gonna get our pullback now All right, let me see if there's any questions in here. There you go, Jack. All right, so you just exited And this is the behavior now of what we're kind of witnessing right now and Deborah. This is for you is Starting to what we're starting to see is like a potential turnaround here And we noted it and we started off right in here by this liquidity getting filled down here We found buyers on the bid and we know they transacted big red dots trading right into this high liquidity on the bid And then in here we found some buying interest starting to Lift the market a little bit very short live. We didn't have all the pieces Hey, we're looking for that. We're looking for this move here. This move here to play out here It had to go back and forth a little bit more And then in here we saw this behavior unfold and that was different That was the this was the piece that was missing over here, but we still didn't have the buyers yet So staying away not until we get all the pieces in here Hey, and then we started to get those pieces up higher here, and I'm not willing to do it It's just right up in here. I Want to see this behavior over here and then this looks higher probability. This lick looks less probable to me lots of times I find that the You buy into this here And then you don't have support in the order book underneath at this point Sellers can bring it right back down into the into this 10 and a half In this case they didn't and it went higher here. Here's our pullback guys This is what we were kind of looking for on our pullback beautiful pullback We were looking for 13 13 even here went a little bit lower here Okay, and it's back up now That's a good sign That is back up But it's back and forth in here There's you know some really strong buying in here and then some you know not bad selling But again pretty good buying starting to come back in here All right, what I'm trying to get to in the point here is that this turnaround when we see reversals It takes a while You go from a trending environment To a back-and-forth environment And then if we do get a reversal out of here, we're going to see the flows change Hey, you're gonna you're gonna see more Buyers up at these higher levels in here We're gonna have these guys starting to pull in here or they transact and there's just big green dots That will trade through it Hey up into here And if that is the case then they should be able to take it higher up into 20 but Anyway, we're We shift from a Market that goes like this Goes down and then it goes back and forth and then we see a shift in a change here For example a higher high Maybe a higher low Hey, and Then you can get your shift and change again here and This would be the pullback and this would be the continuation All right, so it takes a while and it goes from Well Let's just let's talk about in terms of Wyckoff from mark down to accumulation to mark up right, so anyway, that's Understanding the change here in the order flow. So this is something that I think book map No matter what it is you're talking about if it's if it's Wyckoff If if it's Stadelmeyer if it's Dalton You know, it doesn't matter It's all present here in this price action Transaction and order flow It's all it's all in here and you can visualize any of these traders and Educators Some of their theories it's all in here Okay, so now here we go we got some maybe some buyers coming back in up here And now again this do we have all the pieces here? No, not really No, the the the book is looking kind of blank here Okay, so I'm staying away I'm looking for buyers at the top here and then maybe we can get this kind of reversal pattern to take full To unfold Hey, here we go. We're looking for buyers up here, right? Did we get them? No So nothing in fact, these can turn into Deborah these can be your range bound trades In this area when you don't see an edge Then you're looking for back and forth And that's where you know a lot of times. It's it's just uncanny like support and resistance in here Now now we're getting our buyers and this this is why I don't like the support and resistance of range bound trades as this happens all the time And I'm looking for the these buyers to take it higher here and then I'm looking for a range bound trade in here And now I'm caught right so And then I may miss it as well So I just wait for the bigger kind of trending move And this looks good I was looking better with the order book starting to support it here These guys starting to get out of the way getting our buyers here. Okay buyers You should be able to take it up into 18 or 19 now. Now. Let's look at this Let's look at a measured move in here starting to work out And let's get our line tool in here And yeah measured move like, you know, this looks like an ATR some something like this here Okay, so let's take that and project it over here. Yeah, up to about 20 looks pretty good And we do have a swing here You should get above 19 Okay, so this this pattern in here is what we covered on Friday So if you guys want to revisit that webinar, let me show you where it is if you go to our YouTube channel And I would recommend it So that We don't have to you know We'll go over it a bit again here, but You'll just see it in here. Yeah trade trading and managing order flow break breakout setups right here Okay, so I'll put this into the chat for you guys and Revisit this this the same patterns as this right here Okay, so that's why we're working for the looking for this move to unfold here All right, so let me put that into chat over in discord as well morning Hector If you're entering training quarters to hire timeframe Do you leave the position open? I use basically the same type of Analysis here very much so Hector in fact, it's in that video that I just posted Okay on the daily chart Yeah, and just look for those swings to really it's very much the same way Cruise you want me to focus more on on entries and stuff. Well the entry would been here right here Okay, and we did cover this in that in that a video. I just posted All right Now it looks and what's funny about it is it looks horrible, right? But we have all these things kind of going in our favor and did you have any drawdown in here? Not really That's the amazing thing right and that's what we're looking for again may look horrible as an entry Hey, but it's about the drawdown here Now would you've gotten in down here? Well, yeah, that would be great, right, but We don't know what it's gonna do We don't know if here. Here's exhaustion here. We got it. We could have had more sellers here and The order book flip if we did I'd be looking forward to trade down into 10 Okay, instead buyers shifted away up into here bought more our order book shifted in here This is looking like a better opportunity And then we we projected a measure move in here and it's still playing out Okay, I don't have a problem going through the crews of going through entries and exits However, it just is more important to understand like The concepts we're going over and how to build out your scenarios That's gonna help you a lot more than understanding an entry or an exit Okay, being able to go through these scenarios if you can learn this I You'll you'll be golden Here's our projected move up into here at 20 And I would be out All right, it did what I wanted All right, so we covered How this might unfold as well As a reversal And it started right here And we can go over that again. It started right here Okay, now the funny thing is is like if we look at all this in here You'll note that where did we see that in the higher time frame? We don't you just I don't see really anything in here Even on the 15 minute chart here and maybe some of the buying down here, but like it's kind of In the middle of nowhere Right, so this is where book map can help you with the liquidity and understanding this relationship here And we're still looking like we okay great. They got filled, but we need buyers to come in on the other side and then we're looking for it and Putting the pieces together for something that looked better and then missed this one here, okay, but then saw this one here and So I covered entry in here exit in here now that's not a trade recommendation and Cruz you shouldn't The way I would like to cover it is Yeah, I'll point to it we talked about an entry and exit in here as well And we just especially the exit But the way to cover in here is like This is what I'm looking at it may not work for you You need to find out what works for you and go back and study it I can only present and project an idea in here That's it You'll you'll need to go back and and then study it and find out If it works or not for you and it may work But you need to prove you need to prove it to yourself need to prove me wrong That's your goal And then prove it to yourself. Oh, wow, okay Well, it does work and if it does then am I comfortable it is is it something that that you are comfortable trading Right, so it's just an idea And it's a starting point for you All right, and then with that idea now you can take it further and you can look for Opportunities that fit you the way that you like to trade that makes you feel comfortable Yeah, I just I really want to underscore that it's it's really important All right, let's see we're gonna get a continuation of this move. Let's see. I Don't like it I mean, I see some buying clusters starting to unfold up here But if there's high liquidity in here see how the order book is helping us here Okay, now what about now now it's looking better. See how they kind of pulled there So we we got some insight now, but they actually pulled and and put more at one tick lower here Hey, now, let's see the battle unfold here. Are the buyers going to take these guys on and Trade into and through Hey, there's the transaction. Okay. Now. What's the order book underneath telling us? Not much Hey, I'm still kind of looking for it to come up to 22 here, but this is something that Doesn't have all the pieces in This behavior in here to give us insight that that will unfold at a higher probability Okay, so you just let that one slide away That might have worked But in this case it didn't So that's a good decision There you go, Rob. Yeah, I'm getting really good at losing is I Think such a skill if you can get really good at your controlling your losses in here because the winners are easy, right? It's more about like controlling the losses and controlling your mind that I will get into the psychology there But it's about the trade management What do I do if You know, all hell breaks loose. What do I do? Or it doesn't do what I thought it was gonna do now. What do I do? Patience is a part of it Hector, I wouldn't say that it's about mastering the patience I would I like to say it this way that that time is one of the elements That's needed in this recipe And that's just how it is It's like, you know, you yeah, we want to get in at a certain area and then just boom have it have it work out in our favor And then get out and we got our money and we're all fat cats, right? but Time is a is is an element in here. That's part of this process And that that's the patience Okay, or waiting for that, you know that setup Okay, take it takes some time and the market's not ready for it yet And then once you're in your trade, you have to remember that it takes it takes time Or to work out Rob About the the losing part. I don't know if you guys have are familiar with that book on them The turtle traders or something like that. I can't remember. It was years ago. I read it Where there was it was it was kind of like a Like trading places the movie there was a bet about like I bet you that and I forget the name of the trader Who's a you know trading wizard? No, it's not it's not trading in the zone. It's very different It's Steven. It's It's the turtle traders or something like this No, not market wizards. The guy was in the market wizards book but Anyway, he he he made a bet with somebody saying like I bet you we can we can Teach people to trade just like how they were making these like mini turtles in No, Taiwan or I forget I boy. I'm really hacking the story guys. I'm sorry These are details what matters is That There was a very simple strategy That Daunchin strategy it was a breakout strategy for futures markets and It was Dennis God, what was his name? I can't remember the name of the trader. Um, I you could look it up Richard Dennis, that's it. And I think it's turtle traders turtle trading Yeah, yeah the turtle traders There's all sorts of things and that what is it Mike? I'm reading it now Michael Koval or Koval is the One of the guys who did really well and what he what he he was part of the the bet it was a bunch of different traders Long story short. I'm trying to get to it. The point is they got really good at losing Is it's a breakout strategy like for example here? Let's suppose. Let's suppose this is starting to Look pretty good. I don't think it is But let's suppose if we come back up here and we see buyers in here, then we'll probably get our break a Bit higher, but I don't see it quite yet. Let's suppose we do get a breakout here though. All right, so we get our breakout here and What he was saying that the strategy is very simple really simple It breaks out and you hold it. That's it so, you know He said so many times they would get this pop initial pop And it would go, you know, these are days when you had to call in your orders so you you'd get this move up and You know, maybe for a couple days it would it would be higher at every everyone's looking. Oh, this is so great We should take our profits etc And then to have it come all the way back down and knock knock you out for zero or Maybe even a small loss that I can't recall if they put their stop at break even or not but maybe someone else remembers but the point is that They were so disciplined with it is like no it's a breakout in continuation and we just hold it and There would be all these profits on the table here. They would they would see it Michael coval talks about it like how the price came back down and knocked them out all the time more than Not it was a loser a small loser or break even I guess I'm not sure and It rarely worked that it broke out, but when it did They had huge huge winners Right, so that's the that was the strategy and they got really good at it Some of them some of them couldn't do it This would mess with their head that it would They'd see it come all the way back down and knock them out And they couldn't handle it So that strategy wasn't wouldn't be for those people All right, so anyway Being able to control your losses is Something Rob that I think is pretty wise I just get really really good at some of that. Yeah And there's so many different ways to play it like, you know Looking for a momentum or looking for some back-and-forth looking for a certain level to trade You know, there's so many ways to slice and dice it. Yeah, Stephen I would suggest you can look it up or I'll look it up here in Amazon or something Just turtle traders. I'm sure you can find it. Yeah, here it is a complete turtle traders 23 novice investors became millionaires overnight. Yeah, I don't know about that I don't I don't think that that's an audio book. So here's the book here so Yeah, wow, it's 51 bucks. I guess it's pretty popular. Yeah, I don't I think I paid like something like 10 or something years ago All right, so Anyway Yeah, here comes, you know, we're looking for that potential breakout and didn't like it and just you know went through this point here This is interest an interesting move in here. We're still getting buying pressure. So I'm still looking for 22 here At this point. This is a weird one A loss of liquidity underneath but buyers are interested. Okay, so that tells us something though here, right? So 22 should trade or we would look for it to be more probable to trade Okay, and it just did and I'm thinking actually it can make it to 25 now Or maybe even higher Why? Because this liquidity in here and buyers trading into some of it some of it pulled It just shows that in front of all this liquidity in here. They're still buying pressure Okay, the book is also starting to follow up underneath a little bit here So this is this is showing a lot of buying interest All right, so I would look for this to continue All right now we're getting a pullback here and again buying buying interest in here And now let's see if we can get a little bit higher here 21 and then the push push up into 23 to 24 and 25 That would be my primary scenario here Okay, gotta go through. Let's go through the other side now. What what does that look like? Okay, so what well it would be selling right now like this And maybe a bit more here. I'm looking for more sellers than this though. That's that's just not quite enough In fact, I would actually look for One of the scenarios to be to trap these sellers and have buyers back up here at 20 and Three-quarters if we can get our green dots back up here now now we've got these guys upside down Right at this 20 level and we can get the move Fire So let's see here Hey, the book's not really helping us right now. In fact, there's this guy who's at 22 But buyers want it right so we know that there's buying interest in here Okay, and that that's what the behavior was over here Okay, so and this was a little bit different right then what we kind of are accustomed to seeing And but when we do see that we know that wow, okay I mean even in you know with all the selling in here in the liquidity in here, there's still more buyers There's more buyers and sellers So what if we get a scenario where these guys pull and they add more on the on the bid here Well, we should get a nice move up into like 25 Okay, does that make sense? Understanding again the behavior going through these scenarios and understanding the behavior and we're not looking at this in here in terms of a pattern or You know some sort of mathematical structure We're looking at it in terms of an auction and players within the auction, but you know the the Participants in the auction so we know that there was sellers in here We know that there were more buyers than sellers That's it. All right, let me check in here again Yeah, yeah, I totally agree a trader With that as soon as you're a buyer like what is your position? No, you're a seller now absolutely Absolutely, that's why we look for the trap volume in these areas these guys are selling in here Well, what is their position? They're gonna be buying up here and we look for a stop run up into those areas All right, let's see if we get our buying pressure yet again right here and then 24 Don't we don't have all the pieces in here Like I like I said before And in other examples the order book is not not really supporting it We're not really seeing significant buying up here But we're starting to see some buyers nice nice slow down Yep, you do some really nice work slow down with your documentation Let me show here to people if you don't mind Okay, Jack, you're right there as well. Yep. Yeah, excellent That's great. It's great guys and great stuff. Nice community Guys if you if you like, you know come over to the discord channel Let me let me show you for example what we're going through here in the discord So there's a little discussion going on here with a few different images here. So slow down Really does a nice job documenting this stuff here and You know looking at this liquidity in here He's got his stops higher time frame stops, you know, and and he's got his icebergs on here as well and Yeah, here's the buying ice stepping in etc. So This is this is much better than what I went through Because he's got his icebergs in here. He's got his stops here and stops an icebergs. It's a really great add-on within bookmap However, it is a confluence. It is not a signal service Okay, it is understanding the behavior of Specific traders within the order flow the order types transacting give us that insight Hey, so and then yeah and more liquidity being added here buyers stepping in this is this is perfect. This is just just great and then Yeah potential reversal. Yeah possible reversal pen And then in here we're looking for our getting our trying to get our insight in here and then let's see what you got here Okay, and then in here and here it is. Here's our insight right in here guys and we covered that in real time Hey, but we saw it Right when we went through this whole process in here And then now we have the added benefit from slowdown showing us the stops and icebergs as well It can't ask for much more in terms of documentation here great great stuff And boom right there's our move and then now you can start to target your areas here Why you know some of the swings some of the previous Transactions into liquidity like up here. Let's take a look at that Like here not a bad area Here it already traded. I Kind of like this one here and that does match with our 25 25 level and we're almost there came up to 24 Yeah, 24 so far. That's it Okay, Stephen. So you're looking at your initial balances, etc Yeah, yeah, I would just like to I've done this in the past many times Initial balance is a really great concept And it works in trading For the for day trading and especially Because it's within what we're what the let's just back up and and define and break down what it is to better understand How to use it and then once we understand the concepts of it we can apply it to many different things in here We can say this is an initial balance here well or a High a big move here right here. It the sellers just came in Okay, so on a very low time frame. This is no different. This concept here is the same And that we're looking for volume to trade within this area and this would be your balance area And what we're looking for is on the edges here Are they going to break it and continue out of it? Or is it going to break out and come back in and maybe to the other side and just bounce around in here? Okay, and that that's what we're going to read in here in the order flow To give us some insight so it's breaking outside and here they are on the on the bid I'm sorry on the offer, but buyers took them on Okay, but it it what the balance is is a volume event And it's this volume here that we want to understand now the initial balance is just the first hour of trading so it's The volume for newer traders entering into the market for the day And then where they positioned right, so You can you can break that concept down into many many time frames Okay, so for example now We're looks like a you know we coming back up to the edge of this this little balance area in here Okay, what's happening? Well look look at this sellers coming in on the offer here pretty high liquidity there Now we get aggressive sellers So let's see them hit 18 And let's look for areas where they might might go 18 looks pretty good. Maybe down to 16. Okay, so our reversal Is maybe coming to an end here All right, so here's our reversal pattern. Here's leg one pullback leg two and now we even can say this is a reversal pattern up here All right, so Anyway, I just think it's important to understand very important to understand what some of these trading Strategies and concepts are all about What really what's behind them you can also say what about the the close Right, so a lot of you always hear about a lot of the larger players They don't care about the open and they don't care about the rest of the day. They care about the close Hey, why? Hey, so let's go back to this chart here on the daily and let's understand that a Strong close above an area here. Hey, it's significant You'd look for that continuation. Okay in the bigger time frame and if you understand that concept and You can manage your risk. You can gain all of this All right, so Let's see here Yeah, so and we can also look at this this As a potential trending After this and after this big volume event here Right. Is it is it trending to the downside here? Yeah, so far so good so this is where and we talk about this as where Sellers came in and took control at this time frame in this time frame only though So we'd mark it up As an as an area here I'm really not seeing much guys order book looks pretty interesting in here. I just don't know if this is gonna be a spoof or not Kind of looks like a spoof very high liquidity that then pulled Here and here two clusters firing three levels Now higher liquidity again at 20 you're coming in the order book now Get back to some of these questions in here. Yeah guys hit the like button, please and We'll Do more Education on things you guys like as she's welcome No, the heat map is always the same Uses the same spectrum of colors here from red and orange being very high liquidity then yellow white blue and then black is the least Doesn't matter if it's on the bid or the offer just very simple and that's helpful that way so The reason being is But now we know that this liquidity over here we know if it's above Price historical or current doesn't matter these are sellers if it's below price then we know That these are buyers here. That's all. Wow. They're really gaming this area here You know, we see the Buyers took these guys on at 20, but then more liquidity coming in at a lower level in here Okay, but look at again, you know at at it here the buyers coming in once once more Creating into this liquidity. So they traded in here and here But have not been able to get back up above yet And then there's even more liquidity up above here So yeah, again, this is not what we're looking for in terms of like We want to see the buyers come up around this 20 and a half These these sellers on the offer to get out get out of the way And then the bid to to light up here on With liquidity at a higher level Okay, instead we see a lot of other complex stuff going on here. Yes, this is recorded And it will be on our YouTube channel Trader Rana. Yes, the there's all sorts of well add-ons that come with the Like the absorption and sweeps footprint and What else there's there's a bunch that come with the package for India However, the it's not so much book map. It's the it's the data. It doesn't have full depth Guys, you see yet see our art now see the difference here. See how we're getting reaction here Okay, so this is higher probability that likely will come up to 22 or 23 and a half Because we have the book Supporting it. We're finding buyers up here and they're pulling on the offer and now we're We need to see these buyers come up here and they'll and lift it now. Okay, it It's uh, they pulled from the book here, so like we don't it's looking much better But they pulled though. Okay, so I'm trying we're trying to find something that gives us that edge in here And it's it's start is starting to get interesting in here And now note that they came in on the offer now here Okay, all right. We got more buyers and they took that liquidity on yet again This is this is good. Now. Do we get more buyers back up above it though? Okay, the transaction took place here Hey, we want to gauge and see if there's still more buying pressure above and They're not they're not taking it on this these players are they're really pretty this was looking pretty good here at This point right here. Okay pulled buyers on the bid looking for hire Come back up here. Where are where are our buyers? They're not they're not here Okay, so this would be a small loss for me. All right, I'm looking for it to work right now Hey because of this setup in here And And what's happening in the order flow right didn't doesn't work out look for the next one Okay, and what what ended up happening? Well, they started to pull that liquidity They added more on the offer and we're not finding our buyers. Okay. I'm out. I'm out. No You can add bookmap to Ninja trader. Yep, not trading view though It's not recommended Hey, because then you're basically if there's something that happens into in Ninja it will of course crash all over your Different platforms and indicators that are attached to the API Running through the API of ninja And so it's better just to and and the data that comes in is going to come into Ninja first and then it for example It'll strip out the MBO data stops in icebergs Excellent Puzzle Yeah, sounds great. Yeah, see see how this like and see how like we're looking for something to unfold in it and it it didn't But we're out Now we don't have to worry This it what if you're still in this holding and praying here. Oh god No, it looks horrible. It makes you feel horrible We can also relate this to time of day here This kind of activity is we're at there are European close here And you'll see a lot of this kind of behavior at the European close And we talked about gaming these levels. I think I forget where it was What point I think maybe maybe in here Yeah, yeah, we're talking about, you know a lot of things going on in here at that point We come back up here and it looks like the game is over here for me but it wasn't and They're still in here Hey, so here comes our European close guys You can see see the behavior starting to change a bit here. It's up to you You know, we just don't know what Other participants doing different things at the close of their markets are going to be doing in here So it makes it more risky Yeah, it still looks looks good though. I mean look at their on the offer On the bid on the bid. We're finding some buyers. Let's relate this now Relative volume in here. Do we see a lot of buyers up here? Yes, it's okay It's not it's not great though, and they are pulling on the offer And they are on the bid at a higher level here. So it's looking it's looking good It is starting to set up here But we have a few things going against us one is the European close and and then to the The the relative volume here in the buy side is we want to see much more like this in here up here And these these green dots up here not quite gaining them Right, whereas those other areas it was it was much easier to see, right? When that was when that was unfolding on some of these areas here this this one, but it was this one in That we saw and it looked good. Okay All right guys, so let's uh How would I use icebergs right now? Unfortunately, Alejandro. I don't have my icebergs up right now if I was getting icebergs in here now the reason I don't have it up is because we're also offering you can get icebergs for the Brazilian markets and I've been testing This indicator Okay, and it will not work with the the stops and icebergs for the CME At the same time it will in the future, but not right now. So I don't have it up unfortunately, right so Sorry about that slow down though You might want to jump over into discord and and look at some of the images over there. I think Jack is also Putting up a few. Oh Jack is posting all the time though. So Yeah, anyway Yeah, let's wrap it up guys I got to go and we'll look for our Um, you know continue to just hunt for the setup that you're looking for in here and through the behavior of the order flow and go through your Different scenarios in here and what exactly you're looking for and then Manage your risk Okay, so number one is you've got to prove to yourself you have a high probability setup You have to And it might be 51% of an advantage compared to fit, you know 49 it doesn't matter at least you have something Okay, and then the second part is manage that risk Okay, using the behavior Understanding the behavior in here in the auction. It's gonna help a lot It's gonna give you that deeper insight to why some of these patterns sometimes work and sometimes they don't All right. Thank you slow down. Thank you Hector Rob Stan excellent and a great you guys are doing great work over there keep it up and Yeah, I mean they're really good examples for people so you guys if you want to jump over to our discord You know come check it out. There's a lot going on over there And this should be able to continue to the discussion. We're here to present the ideas And then you guys the learning will really happen actually to be honest over over on discord Hey, or when you Buckle down and and and get into the details of This some of these ideas in here. Do they work for you? That's that's really where you're gonna learn It right now. This is just like a you know at college or university. It's like it's the lecture and It just you know presents the ideas here you need to go back home you need to Digest the lecture the lecture you need to study it. You need to know it backwards and forwards Understand the concepts that were presented and then put that to work for you All right, so thanks everybody. Thanks for coming. We will catch up with you on Friday We have a whole host of other streamers up next Tom B Doug options with Doug crypto currencies today this afternoon with John Slazas And then the Algo boys finish it up in the in the afternoon All right. Yeah, hit the like button guys. Thank you very much and we will see you on Well next I'll see you guys next Friday. Okay. Have a good day. Bye. Bye