 Good morning traders and welcome to the book map pro trader webinar series We've had a few last week and then all this week. We'll have a pro trader webinar so each day a Professional trader will present and go through how they use book map and their order flow Reading and understanding and we can gain a lot of Information and knowledge from these professional traders today. We have Robert Rother And he's quite the professional trader here. So at age 13 Robert Rother began with stocks at 17 He co-founded an investment firm and in 2004 he moved to China where he established his second investment venture And with over a hundred million in assets. He was detained in May 2011 for outsmarting the Chinese financial system was released in December of 2018 Robert currently offers trading education and proprietary trading tools at Robert Rother.com I have his links here and information so that I'll put this into the chat so you don't have to write it down and You can just click on it directly Go through the disclosures and then I'll turn it over to Robert 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 the central risk of loss and it's not suitable for all investors Past performance is not necessarily indicative of future results Okay, so Robert, let's see if you can share your screen and we'll get started Through thank you for your introduction and I'm going to share my screen in a moment So I think now you should see my screen. Yep Set to go Perfect. Yeah, first of all, thank you very much for the invitation. It's always a great pleasure to work with you Who doesn't know me? I'm the first time here. I'm from Germany. I'm now 40 years, I will be 41 next year celebrating in the United States And I'm yeah, I started trading at the age of 13 I started trading stocks and I set up my first investment company with two partners the end of 1990 in Germany and they actually taught me how to trade and what alternative investments are as a hedge fund management Managed accounts private equity and so on I sold my shares a couple years or four years later of that company and then yeah Actually, I had also in a very young age sort of burnout and I didn't want to see anything of trading anymore It was too much but finally, you know, I couldn't stop and I needed a change So I went to China because of my neighbor He just took me there and I started doing business over there And I set up my second investment company in China with the Chinese partner together and this was quite successful Especially during the economy crisis as yeah, the Chinese Financial market was closed down by the government. Nobody could send money in nobody could send money out because the banking system Was or is still regulated and that was my or our breakthrough in China at that time Unfortunately, yeah later on the company became quite successful within one year I reached a more than 100 million US dollars under management and I Yeah, we came under the radar of the Chinese government on top of that I built up a financial website that translated Chinese stock market information into English I had all the license from the Chinese government, but it's quite simple who controls the news controls the money flow And they couldn't control me because I was not a Chinese Citizen so it became quite disturbing for them and then yeah, they sent me some warnings But it's yeah the tender age of 28 at the time of 27 I ignored them because I thought I was on the right side of the business and of the law But that doesn't mean anything in China So I got arrested in May 2011 and spent three and a half years in detention center until I received my verdict Which was eight years in Chinese prison So I had to go to Dongwan jail for another four and a half years and then I was released in December 2008 and was sent back to Germany in the first year after that I Wrote a best-selling book in Germany about my life of my career in China and how the life in prison Wars there are also some English articles or if you go to the bookmap website or you Google for bookmap and my name Robert Rosa, there is already an article about the part of my life who wants to have detailed information like I said, I started in a young age trading and I went straight into the propriety trading Professional asset management and this is the way how I learned and to look to the markets As I started I did not have Yeah, I was young and computer were quite you in the middle of the 90s And yeah, I still started trading through the telephone and the Chicago mercantile exchange Placing my order there then the change Came from the from the pit trading to the online trading and the other boss Then the beginning with me so When I start trading, you know as I started trading I draw my charts still By hand or you could buy your book book of the year with all the charts where you could draw your temp trend lines That young age I didn't have the money to buy expensive computer equipment Etc. So you have to invent and that still is part of my trading today. I Do everything by hand. I look at the markets and today I want to go through a basic daily setup what I do to prepare myself for the market so that you can understand learn more about my way of trading and Probably, yeah, you get something out of it And if we continue to have other live streams and I will always put a little bit more knowledge a little bit more insight on that point So what is the first thing that I do? Yeah, basically the first thing is watching the news. Yeah one second I have a very simple website trading economics Checking what is happening today One second. I will bring it here on the screen Because as I can tell you there was a day it was like the second or third January in 2001 I believe and I was still very young in trading and at that moment Ellen Greenspan was the chairman and he Suddenly cut the interest rates by half a point. I think and in one second I was along in the S&P future at that time luckily, but I did not have this on my Radar, but at that moment I made like $25,000 in a couple of minutes, but it actually had also go wrong Yeah, so it was a big lesson for me that I simply checks the news. What's going on today? Impact today one day nothing. Yeah Wednesday the first news coming I think Friday are the most important news when Chairman Powell speaks, but this is always very important to keep in your head What are the news today? Especially the day trader because if you are not prepared for it and you're on the wrong food it can end Yeah, very badly for you Second thing what I look if I today I have the BS S&P mini future here on my screen and book map the first thing then I do after what is checking What is the settlement price? Yeah settlement price is always very important You can see especially during the open if you have a gap up get down this price will always find Yeah important relevance. Yeah. Now we have the settlement price at 438 275 then I simply I know there are two it's you can automate this But like I said, I'm in this way a little bit old school and just type it in in my notes. I 382 For Settlement So this is the first indication that I should see here here below here. Yeah, I Don't know if I tell about myself why I do this by hand and I don't do makes us Automatization kind of thing because it's something triggers in my subconscious which gives me a better understanding for the market Then I will of course look basic thing is what is the chart telling us I'm using as a charting software trading view. I think it's very convenient, especially if you trade More than one market. I'm not only trading the ES Mostly during the winter time, but I also trade stocks Gold oil silver actually all kind of markets and only futures also options But then I want to see what's on the daily chart. What's the big picture? Where are we and basically simply look where are the eyes? We see so high here 30s of March now again We exactly hit this high and these are if I know this Yeah, this is not that I can place a trade here right now But I know if the market goes into this area, I will already know there is a big Resistance, so I would not actually look to go long at that market. So I would already have in my mind Okay at this area look for shorts On the other hand we have This level Okay, we might not reach this today But if you go a little bit deeper we had this low And the market still tested it and the support holds the other hand we have this rotations There are two kinds of Chart patterns for me that I'm pointing this rotation something like this The from There to there. This is the accumulation phase. This is important for me and then we have to break out After the breakout we will get somehow pullback to the breakout level where we can look for entries And it doesn't matter if I look at stocks if I look at futures if I look at Commodities, it's the same so and Actually the time frame is also doesn't matter daily chart or our Five minute 15 minute mostly if I look day trading I look what is here 15 minute five minute chart if you go too small into the Time structure because then I look at the book map of course But it will also confuse you a lot the biggest mistake that I saw with most of the traders is they simply do a lot of over trading and They try to yeah Think the stock market or the financial markets are more like a casino to entertain you But they are not my trading style somehow is boring, but yeah I'm not 30 years almost in the markets and I'm still there. I'm not gone Now if we look a little bit closer into the market We see we have now here's exchange traded ours also important part I am based in Germany right now. So when you wake up, we already have the pre-market sessions I don't trade them. I have to say I also actually I'm living more like in the US time zone and But it's important to see the high lows and to see the range that we had here this today We see this rotation What I do right now is for me to get the big picture for the market. Yeah, what's happening today and Where can I find? Exits or entries with a high probability. So we see also here today Friday Today, this is a accumulation phase. It's just break down Then now we have the range three breaks through develop a new opening new high here at this zone But what does the mark market did went down to exactly to this opening? Yeah, it's a breakthrough and Then tested this and this would be in my point of view a very good Long entry point with the high risk Chance especially now even the 4 390 can be tested again And then if I have this in my mind, okay I made my analysis and I see okay We have this point here then I will switch to book map and See the 4 390 I Will type it in or 390 I Called just BT breakthrough. Yeah good for me would would be for me entry level and what supports the thing And this is why I love a book map before As I was trading we did not have this access to this information, but we see at the 4 390 we also have liquidity here Yeah, and if the market goes to this level and there is nothing new Forming up below that I think that's a very high Probability for a long entry that we can at least trade back to the V web Well, this is the next part for me, which is essential in my training the volume weighted average price It's one it's for me one of the most important trading tools For example as we as I had my fund my investment company. I had a team of up to 30 traders so When we had to trade a stock, let's say the daily volume was 100 100,000 shares But we had to buy 1 million shares of that stock so How could we? Estimate if the trader did a good entry or not. So we use the volume volume weighted average price So if the entry price was always The long entry below the V web the trader had good entries If you should go short or sell the price and it was above So it was very good. So that was is a measurement for funds and Larger institutions how to Yeah, give the traders Yeah, bonus so they are not there to make a profit in that way actually they are there how Cheap or how high can I buy or sell and this is how the traders getting paid So if I have this information from the institutional side, I will look how does the prices relate to the V web Here in book map. We have the V web tool. We have it here and I have this standard deviations First it's the blue one second this one So it's a green one and the fourth one and like you say like you see the market turns around to the daily V web starting from the Beginning when I start the book map, but basically starting at 330 p.m. Central European time for the market opening in the US. It's The most important part so now we see always it's the first 30 minutes This is another point which is important for me the initial balance. We call it the market is forming itself. We see The initial balance is the high and low between the first 30 minutes of trading is the initial balance very high That it means a lot of orders were already transacted from banks brokers But if this is very low, we can see that maybe it's the second half of the day We would have trend if the market breaks through so first 30 minutes in my Conclusion the market is deciding where do I want to go? Do we have a trending day or do we want to break through during that day? Then we have the middle point the middle zone This is the volume weighted average price in white then we have the standard deviations here Here here and you can see it's very Sometimes the market really holds at this levels touching here moving to the Volume weighted average touching the upper deviation and then touching the second Deviation touching it again, and then we see there is no new high in that way and the market Starts to make the sell-off back to the lower deviation or testing the lows And if you look closer to this you can see that the market really makes Turning exactly at that part Or holding here and for book map we have developed own tools that we use for ourselves for example because this Yeah, we web trader you can even Trade directly so I don't have to wait that the market goes to this level I can just switch on okay Sell go short one contract or buy Yeah, we can define this for every V-web then We can Also have your brackets enabled so that if the trade will automatically be entered you have to take profit just stop loss and If the market touches one line, okay for how long is the trade Suppressed that means not if the market touches ten times here It's a V-web line that you have ten trades open. Yeah, that would be not good for your risk management And you would fail very quickly so we can have different deviations for us to see where the market is This is these are tools that we develop internally So if I put it together important for me first thing is news settlement price then Market structure term. Yeah daily chart 30 minute 15 minute chart up to even a one minute chart that Depends on here's a situation for example right now we have a Volatility index which is at 17.3. It's very very low The VIX is a very important measurement tool for us to see. Okay. We have a high wicks and low Dequidity in the order book that means okay. I have to be careful with my trading. I have to reduce my position size if we have a low Volatility index like we have it It's a long time right now. You can have larger positions position sizes and the order book is yeah has three digits There are 100 200 contracts in it So important to notice this VIX What is the expected range and for us right now trading in futures market is very Tired slowly at the moment not like during the winter time This is where I can trade eight hours a day right now I reduce day trading because I know the months between young June July August Everyone is on holiday. I myself living on a vacation island and I can see that the other people are not working in Similar is it to the stock markets you have to know when to trade So if I have these turning points if I know where's the wicks if I know how is the initial balance? That means a high and low for the day. I Can point this in? Today opening 330 our time We try to Throw it in we have the wicks here. This is the low price then 4 p.m Here would be more This area That would be that would be the high and this is the range where we go if we really what I want to see is now if we break through So one minute chart use it if you break through the low of this initial balance then We take out these lows and we make a retest to this area to the breakout level That would be a possible short and again. This is the force 390 area Which I already a draw in before now It's a support level the force 390 if it breaks it will become resistance What is support becomes resistance and what is resistance becomes support? So this line is important for me during the day and this You might wonder why I don't have V-Web Drown in here. I have the session V-Web. I put it in book map Because I have a couple more Screens you can see it easily easier, but here I have to switch between them here I have the session V-Web from the day and the deviations if I look there's another V-Web Which I really love. This is the n-cut V-Web Quality here. I use the n-cut V-Web On areas where as a high and where as a low And I can do that over a couple of time frames larger time frames What we see today. We have the high the market is always below the V-Web The change it a little bit the view makes a multiplier out so now we have the n-cut V-Web Here as long as the market is below this n-cut V-Web It's a downtrend Primarily, we are still in a rotation. Yeah, this area. So now what I want to see is I want to see the market breaks down or even the market makes a retest to the V-Web and Try to find short entries here many times we can see If the market has a downward trend he will test the V-Web and continue the downward trend So now like I said, we try to take down the low. Let's see how this looks the 4 390 I Type them in a book map. Now we have we see the liquidity here approaching If we don't get any liquidity here below or if we get liquidity below here more and more coming Then the trend will continue Now the 4 390 could be for me in my point and I see the liquidity here Solving Could be a short long-term signal. Yeah, our the market doesn't want again. We see the market Tried the standard deviation one time second time third time Broke below retest small Stop run So do we see any liquidity below? Not much yet This side. Yeah, we see the breakthrough This level here the 4 390 and this Initial balance low is definitely the next resistance to continue on the downtrend If there are questions, please, um, yeah, put the questions into the chat rooms It's now probably a little bit too much information, but After a while it's getting easy and then I can Come up with some more tools that we are using Slow down hands down best person in triad. Thank you very much Robert I'm I'm wondering um about the The anchored vwap, um and and that kind of confluence with the vwap Yeah, do you do you look at that together? Um, yeah, basically I have for both of them the the session vwap. Actually, there are three Vwebs we have the one that is starting at um, I would simply draw them in At midnight We are using this one So that would be the the session open You know the session open a session open is 330 or actually how you define it we called the Market open For the extended hours Yeah, exactly the extended hours and then we have this one at 330. So now I I like to draw many vwebs into the big picture because as more as more We can see here. This is a day open vwap. This is a Session open or Regular trading hours open and this is the one from the high now. We see that we have All these vwebs at the same time The probability that the market will just go through this level is very very Um, yeah Basically some news have to happen that the market will just break through So this would be an area. Where would I look for short for short trades? Now we see basically it's the second half the market will go back to test these vwebs and then We'll continue the downtrend At the moment it will also be in the same picture if I look at the daily chart The daily chart is at the moment simply short and if I take Vweb here We see even on the daily chart is very very powerful tool. I put the vweb on the high We see the market Goes into this area goes into this even sometimes really Just on the point the sell-off will come. So if I know the market approaches these in card vweb Well, I would the chances that the shorts will come is very high Because simply the big funds, you know big traders if they have to enter their position They cannot do this with one simple mouse click not like we do. I'm not in that it's a level that I can They have to divide my trades over a long period of time You can use this on a 30 minute chart to get better pictures and this is the same for For every market. It's not only the s&p is for stocks even for stocks It's really one of the best approaches to trade because these markets are much slower than futures markets And if a company decides to enter a special stock, you know fund and Wants to enter a special stock It takes a longer time to enter now. We can see if we back if we look The market goes near near the we were sell-off Always cannot make new highs tries to approach the we were sell-off And then if we have this picture that we can see in bookmark that there is So Many times a lot of um, yeah liquidity what we have, you know 4 4 2 2, you know, where is this on the chart? 4 4 2 2 is here This level Yeah, we have a lot of liquidity in this level if the market should make a correction to their definitely um short We see if we can I try to really draw the anchored we were mostly any high now at this temporarily high I would wait until the market makes the sell-off and then comes back to this level until I would look for my shorts We can see the market continuously stays below the V web on the other hand if we have low I would enter the V web here and this in combination with a lot of volume is um, very powerful And we see even here The market moves up Testing the V web again and these are the positions I call it the retest of the V web where I would look as a day trader for long signals Quite simple. I know many people Before I used to look at the market profile volume profile a lot Actually, these were the tools that we had during the 90s to trade and to analyze the market They are still very powerful like I say here Volume profile always interesting exactly if I have the fixed range volume profile in um, yeah In a Rotation like this is side where it's sidewalks rotation if we continue this point of control We see also confluence we have the V web here from the low we have the point of control So we could say that the 4 380 is a good support zone for short-term trade, but I have to say since the um Volume weighted average price. Yeah price and volume Includes this information It became much more Yeah, flexible for me To to look at the market and simply to To analyze there was also um, uh Case study from micro strategy and coin base how they were actually executing the bitcoin orders was one of the few case studies where um, they That coin base actually executed from micro strategy This 100 000 bitcoins or however, how much it was in this time period and they used um Indicators or the benchmarks like the volume weighted average price or time weighted average price If I know that institutions use these information for trading Then I have to see how they're using it how they implemented how they trade And if I know if the market approached the vweb, I know that there is a pullback or reaction will come So if I know that I can use this to my advantage Hmm question came and when the market just broke through did the liquidity there disappear or was it absorbed by the market? The liquidity was absorbed by the 4 390 liquidity was absorbed and a lot more Setting pressures coming and like again the 4 380 liquidity is approaching here So I believe that we will test this. So now how can I get a step further? I mentioned Before that I am not only trading futures and if I look at the futures market, I have to Especially at the s&p 500. I have to have more Factors in my mind. Yeah, first of all, who are the big players? Apple what is apple doing? Well, does the liquidity lies with apple tesla? Tesla started to start had a good start today couldn't absorb the liquidity and after this the sell-off What does um meta does today? amazon so I always have a view on the big most important stocks in the s&p Microsoft so get a clear picture here what we see 317 most of the liquidity right now The top was absorbed here and here But the market couldn't hold it So now for trading the s&p very important for me is the spy the etf And I look I try to combine where is the big liquidity in this market? Yeah, so actually right now. We don't have any surprises maybe above a little bit But sometimes you see a big difference between the liquidity in the s&p and the liquidity in the spy And I figured out for myself the liquidity in the spies most often more important for the trading through the day Then um the liquidity in the s&p future but now we we developed a small tool like I said we are putting a lot of effort in Trading tools now what I can see here. These are our cloud nodes. We We scan the option volume Other more calls more puts and what are the big volume levels for option prices in the spy or in any other stock So now the three green numbers here 34 million 51 million 36 million this This will be updated every 15 minutes. Yeah, we don't need the tick data for that But important for us is to know where is the highest volume? And how is the volume shifting through the day from the opening till now? So we see that the biggest option volume is above the actual price of the spy Normally where the volume lies It's like a magnet for the price level. Yeah, so according to this picture right now I could imagine that we have a little cell off maybe to 4 3 80 a little bit lower And if the option prices don't change the volume Even if this volume gets larger, I can imagine that the second half of the day we will end up stronger than now But this is not a final sell-off. But this is simply temporary sell-off and Then the market will back Return, you know, we're back to sender return to sender like we say, but we have to see how this model how these numbers are Working out during the day. We have even more tools for that. This is simply for us in the Beta testing stage like we have all the options data here On our website, we can simply click them and this is for trading view users and implement them through the markets Or we have the cloud nodes For book map, you can copy the links and then implement them to book map, but we have something like, you know We are creating heat maps for volume prices This like I said, it's still in the beta phase, but we want to analyze where are Where lies the big volume where does the big trades come in and then we can actually Why it will see the spy spx where are turnaround levels in the market? I see this looks like a volume profile. Yeah, so we created these volume profiles for options And especially for the spy It has a very big impact on the prices for the Future so we can determine is this really now The end of the sell-off or of the uptrend for this day, or do we still continue? Quite interesting for us. Like I said, it's still in the beta phase We will talk more about this in the future, but it's very interesting how the option prices actually move the future prices And yeah, this is this is the next level to determine what you can see beyond the chart Is this really now the bottom or not? And then you can position yourself You can try to retest with the high probability rate to have your High success rate even with a yeah and a good risk to reward ratio So there's a question on Previously about the liquidity And how you can spot the difference between absorbing and and pulled liquidity or disappearing liquidity Okay, if I see let's say I'm going back to the future We have a liquidity zone here. Yeah the for the 390 we see Bit at 4 390 Here's this level of 170 contracts So now if I want to see if it is absorbed do we really have this volume also? So we have a volume of 107 volume of 7 so we see that the liquidity was absorbed if the liquidity is Pulled back then actually the red line should be removed before and for example here We see we have this yellow line the prices came to this level, but then the liquidity was removed And here we see the red line with your 293 contracts We see the market is trading at this level and creates volume Until it was completely absorbed and the market broke through So how do you look at some of the tools or within book map? On the lower timeframes To give you the insight that you're looking for to go In line with your higher time frame analysis Okay, first I define on the higher time frame potential Turnaround points. Yeah, basically I mostly trade against the trend. Yeah, contrarian trader And I think okay, the market could have make a turnaround now then I will position myself Then the most important thing is basically the market structure. Yeah, same like on the big time frame What I'm looking for Here these zones for example these rotations Then we have more rotations Even here So now we can see we have this rotation. The market tries to make Yeah, I found a bottom here Liquidity is put a little bit higher. This liquid is still there. We have new bits coming into the market And we have this big rotation here. So this should be Basically a point where the possibility sizes the market makes a stop I don't speak about a turnaround. So on the other hand, we also have the vwap here Yeah, so this would be a great scenario if the market makes a correction to this level to find a short entry here It is a chart technique the rotations combined with The vwap for example, and if there's also liquidity coming up And above no liquidity is Coming, yeah, then the confluence would tell me, okay, we can enter a short trade Then the question is always what is your time horizon when you're trading? Yeah, there are people who only take a couple ticks In trading then they are happy getting out or they cannot hold the position because it's too much emotional stress So what is your objection for the trade? When can I fine-tune my trade? And this again depends on market volatility since we have vixx, which is very low the market volatility is Also quite low. We see a very Sick order book always three digits Yeah, last year was a little bit different So now if I would be a short-term trader, I would look that the market comes to this area four three nine six To make the turnaround we already had the four three ninety as a breakout level even here the market made Made a resistance absorbed the liquidity And made the pullback But I see on the upper side still liquidity is coming Yeah, I would not trade right now I would wait until we go to this to this level Always to discover. Okay. Where is the biggest structure? Which gives me the highest possibility The highest risk management for trade And and how long would you hold the trade Robert and and How many points are you looking for basically? okay Basically then I go with let's say two or three contracts into the market and I would because one Phenomena you can say with the vweb as if the market goes to the vweb Or even as we can see here the market touches the vweb and then makes a pullback This pullback Depends on the volatility is between 10 to 20 ticks So now I have two strategies if I really want to trade shorter. I have a very small stop loss of Yeah, maximum of 10 ticks and would be gaining 20 ticks Because I know the probability is very high if I think The market has much more downward potential Then I would go into the market with let's say two contracts. I would close the first one after risk-reward ratio from two to one or one to one and then that's the second Lot second contracts run as long as possible for me as a day trader the Really the importance is Time of the year. I don't like to trade during summertime. It's always complicated I prefer the you know winter months I don't know there is a better chance for me to make money Then in the summertime mostly you spend a lot of work during the summertime and the payroll isn't that good That's my personal opinion and also that from one or two other Trader codecs that I have and also what most of the people forget is day trading is not some It's like, yeah It's very intense activity If you do is this if you do this for a long time, you know how it sucks your energy out of your mind How you have to focus how how you have to sit in front of the computer You need time out You need relaxation. Yeah, it's better to trade only During the winter months during the summer months you try to do other things educate yourself or do longer term trades And um, yeah finds a work-life balance, I would say Because after almost 30 years of trading I can tell you and I had many burnouts that You don't make more money If you stay longer in front of the computer. No, it's the opposite As less time you spend in front of it, but the time you spend on it You're focused and you know what you're looking for and you know when the time is right to trade then um You will survive on the long run and have a good life and then the months will come or the days where you can do anything you just click click click and you make money And yeah, most of the traders that I met they try to do the opposite way They think as longer as as more as I trade as more profitable I will become But actually that's mostly only the broker Okay, thank you. I'm wondering though like with that said it does appear that you are constantly exploring and learning new things And then developing tools For these kind of new insights that you're trying to um gain here Definitely trading is that is the fascinating thing about trading You never stop learning if you stop learning and yet you just stick to one thing you will um Yeah, you will uh die. The best example that I can always give uh is uh I think scott pulcini is one of the best examples for this now in a positive way The people who were pit traders floor traders during the 90s They made a lot of money and many of them they did not start to recognize. Hey to stay to be on the floor Is not the best thing to do when the internet is coming So you have to adapt yourself The market structure is always the same. I can tell you during the 90s and beginning of 2000 The structure always the same you have a price. That's the first fact The second one is you have a volume to that price. The third one is you have a time stamp This is the history of each chart that we can see and the fourth Pillar is the liquidity that we can see in book map So the liquidity during the 90s and beginning of 2000 we did not have book map Yeah, I was so fascinated when I came out of uh jail to get access to this software At this time we got the liquidity information in completely different ways. Yeah Either it was you listen to the uh calls when you call the pit in chicago, how is the Atmosphere there how noisy are the traders or you simply are a happy hour in hong kong. I was a long time Yeah, what are the traders talking about after marking hours? What trades did they do? What are they planning to do during the next day? So this was the kind of market information that we received and we could use for our trading Or a lot of other information went out with the brokerage firms. They gave you insights into their Developments, yeah But the tool like a book map was not existing. You had the beginning of dome Dome surfaces, yeah But you also have to see what kind of type you are. Are you the number guy and you see numbers and you really can Yeah, I can understand some and deal with them or you are the image guy, yeah I'm if I see images if I see the bubbles in book map, I can relate to that. Yeah, that is easy for me If you look now on a Yeah food print chart for example. Oh my god. I get headache I really I uh, I get sick when I look at that. There's too many numbers and too much My mind doesn't like that. It likes the bubbles understand. Okay big bubble A lot of volume small bubble less volume. Ah green. Okay go up red go down simple things like that So I try to make it as simple as possible The volume profile great thing actually already very easy But for me the volume rated average price is simply Contains the similar information And it's much easier to implement for me So figure out what type of trader you are what kind of thinking you have I think it's like left brain right brain so Yeah figured out and then find the right tools for you Question on that Robert. So how do you know like for example? I mean, I mean, we know that a lot of traders Look at VWAP a lot larger players but you mentioned something earlier that to you find a tool and and try to Understand like how the the larger players are using it And how is it just trial and error or um, you're trying to curve fit it. Um, how do you come across? Uh, the right way to use the tool that that you know, they are using Yeah, I'm reading a lot of research 90% of my day is basically Reading everything that I get in my hands To understand. Okay. How I'm I'm reading case studies. I'm exchanging With another group of traders that I'm working closely together with So we try to figure this out and then yeah, sometimes it's tried an error But like we say if we look at the VWAP and you can see many times even here now On the standard deviations the market really goes On that point on that line. Yeah If you understand this you can make trades with a very high a very high risk-reward ratio if you know, okay, the market will Stop here and maybe move for this is like 338 90 or 38 down to 387 these are three points Yeah, um If you know you go short here with a stop of two or three ticks Then you have you go. Okay. You can get be stopped out many times But if you make two or three trades, you will still have a profit for the day So then we see that already. Yeah But most importantly things like the case study I can look for that case study. I can post the link Read mostly you just read through the news. Okay. What are these traders doing? How why are they investing and then try to make your own conclusion read through the lines Best example right now I we are working a lot with artificial intelligence For me the way how I trade right now is outdated. I already know that so I try to implement Artificial intelligence to optimize my new way of trading I can see there are a lot of information that can be Digested which I cannot And even the trade management can be made much easier as I can I mean many tools are already existing. Yeah in the end. I only want to see. Okay that I just press the button. Yes, this idea is tradable or not But in the end probably AI will also take this decision from me. So I just have to feed The machine learning the artificial intelligence meets the right with the right data and with my own way of thinking To develop new trading systems, which are definitely more powerful than our Than we act right now Makes makes sense um, so when you're trading the s and p here, uh, this is day trading on the s and p but um, is it just kind of separate from all of your other timeframes and Portfolios, etc. Or there's are you hedging in here? No, I trade to the uh, s and p or other futures markets simply to make my daily profit to earn my daily bread I call it that But the trading how I trade stocks and so on is exactly the same just a different time horizon Because the way how the vweb works on a one-minute chart. It also works on a one day chart or even better mostly The the trading style is not different I but I know for myself After many years when is the time for day trading and when not People believe that the that they can make money every day in trading every day of the year I probably maybe that's existing. I don't know but In my career of almost 30 years. I never met a trader who did that I may I know traders who may consist consistent profits And um, they basically they know when they cannot trade When they when the risk Measures are not on their side. Yeah, never the reason is but I can tell you and from my I have one trading colleague Of the summertime is for us the time to relax to get your energy back to be focused So that we are ready mostly middle of september end of september and then we work continuously until may Every day maybe six six seven hours. We are day training and yeah, then the time for break is there I mean, there's a great saying sell in may and go away It's somehow true Yeah, yeah, that's a an old adage in it. It still remains true Probably there are other trader outside who do it differently, you know Everyone the most important thing is you find your own way your own style and then put it together Right, right. So so you're looking at so you've gone through the process here You you you look at your higher timeframes. You're starting to break it down. You're looking at your v-waps your anchored v-waps and Through the different, you know daily on down And then Now you're looking at book map and you're looking at the market structure Obviously your v-wap tools here To that adds to the market structure And then you're looking at the levels of liquidity and also the the volume activity within that that structure Exactly, correct And then I can actually find my my Perfect entry, of course, it can never be perfect, but the best entry. I mean, I just see here one thing. We have this market structure. I This bottom line the market continued cannot go through this bottom Market broke through that structure tested it again Could not get over the v-wap Again back into the structure and now struggling here. So now the question is can we break through the v-wap? And get access to this liquidity and probably hit this v-wap right now The market is yeah, it's not sure. It's not sure. We cannot get over here We cannot get over here and I think it's now also lunchtime in this in New York mostly during that time Where actually there is nothing to trade what I would wait for now that the market goes to this direction to this v-wap That would be a potential short trade for me for maybe 2030 ticks that the market can go back into this into this range Can look again. Did we see a shift with the options? Not really. We don't see a larger volume below in this buy still here the Before it was 56 c and now we have 74 here. 56 is still here. We see liquidity coming up here coming up above for 39 So the possibility is high that we still make this That this probably was the bottom Yeah, so do do you rely? How heavily do you rely on this spy? Um for your day trading? Heavily. Yeah, basically the spy gives me the main trend direction It's very very Sometimes today we cannot see so clearly maybe another time But if you see sometimes from the day from the beginning at 3 30 um You see huge liquidity levels huge which you cannot see in the futures markets And most likely the market will go to this level But there are two two options that I have I can either trade the future or I simply Write calls, let's say a lot of liquidity is here at this level So I wrote it for 40. Let's say And then I would write calls with a strike price of 4 or 41 And I would just let them expire zero DTE options very safe trades Yeah Yeah, so the the the spy like it's not just the high liquidity levels there, but You're matching that also with the the options Exactly. I'm matching this with the options and I and I look if we have the divergence between the spy and the futures markets Right. Yeah, great great stuff Right. Um, so let's see any other questions. Uh, let's see here. I think I've answered a few of them in youtube And no one over here in discord okay And uh, well just I had another question for you regarding the vwap on the anchored vwap Are you also using the standard deviations on that or are you just going with the the direct vwap line? Well, these are the standard deviations here the blue one this one This is the white one. That's the the regular view or that's the for the session vwap. Uh, I'm wondering like on the the um At vwap the anchored vwap. Yeah Yes, I also use them, but uh, mostly only on the primary one when I see there's a major trend You can see if you want a downward trend then the deviations will really Continue this, um, yeah development maybe If I have an example here I have now the vwap from the top on a five minute chart This is the vwap. We have the standard deviation here. The market is now Between the standard deviation and The normal vwap from the top Yeah, I see I look at it, but you know sometimes the vwap for me is the most important thing You can After a while you probably have too many lines inside Yeah, that's that's what I was trying to get at was like how to kind of filter that because otherwise People are looking at like beginner traders with trying to understand vwap and anchored vwap are going to look at way too many lines Yeah No, we try to I try to minimize this what I look at like here at this area. We have many Standard vwaps at the same levels four three three nine five Three nine four fifty. I want to put them all together Yeah, you will see after a while they will all come back to one single level and if you see this level We know we have a big resistance or a big support line and then If I know we have this line there, then I go into bookmap and I try to see is there also This big liquidity Yeah, which confirms this that there is action Before I put at the beginning the force 390 we see that we have huge liquidity levels around the force 390 Which is the One of the lows of the initial balance. So the market broke And Just holding up here at this level, which is also another vwap level here Actually the vwap from the high here from this one See the vwap is here for 391 now. Here's all the liquidity. This will be the game changer Ken Ken's this line hold. Yeah, I would basically try to get short here And if the if I get stopped out, okay, I would wait the market breaks through and tries to make a retest on this Vweb so that we have a change of direction. The retest is a very important very efficient trading the vwebs like an Yeah, most of the other chart patterns To see now we are approaching this level But we tried here the force 390 we tried many times But didn't Come to it didn't come through And more and more liquidity is coming. Yeah When you when you look at your trades like this or So you're outlining many many different elements there And some conf lots of confluences at those levels Do you start to kind of weight them in your mind a bit like Which one is more important and And then the next one that's more important and to kind of like give you a Better kind of You know risk reward or probabilities Yes, um If I I I'm trading very carefully before I enter a market. I'm Sinking a lot and I prefer to miss many trades before I actually enter Well, my experience taught me okay better to take a trade less will not die The possibility of dying is not there because money is still on the account as more you trade as more risks you have you risk you take and As more psychological stress you become and then if you have three or four negative trades It's the beginning of a day You're already under pressure. I don't know anyone who is not like that So I try to trade as less as possible and I really wait where I have So most of the confluences and I would say yeah, okay, this trade is possible like in this area here now four three nine five If we enter this area, I would look for short positions. So we were See rotation here You also see that level Was traded here So that would be a trade for me where I would say okay my chances of winning is like 60 or 70 percent Now to run around to try to find trades in this zone No, basically I would turn off my computer. I would do something else. I would already be On the beach. It's only 70 meters away from my home. So This uh, I would not wait And start try to find an opportunity if the market and often most often I already feel it when I just start trading at three thirty european time I already have the feeling. Okay. Is that a day to trade or not? I cannot tell you how but It's inside me and then I know. Okay. If I see there is no I don't have that feeling. I will turn off the computer. I will leave my desk Maybe I come back at the second half of the day and I would see. Okay. There might be a chance to trade Also, many people try to like to trade the opening at exactly three thirty I Maybe during winter time, I do that. I know one trader who's doing this very well But for me, I prefer to wait 30 minutes Wait until I have the initial balance where I see high where's the low How big is the initial balance to get the feeling for the market? And I hope the market breaks into one direction Yeah, and then to wait for the retracement to the volume weighted average price to the web and enter the market Then sometimes the trade only takes maybe only a couple seconds or a couple minutes, but if the trade is done I will also turn off the computer And the day's over Probably like sniper. I sit sometimes hours in front of the computer. My trade takes maybe a minute And then I'm out, but I'm lying there and waiting waiting waiting Yeah, yeah, well, uh I don't see any more questions. Robert. Uh, if there's anything you want to, uh, uh, kind of end up with, uh And before, uh, we're taking time away from your your beach activities Well That's that's okay Uh, I hear another question from slowdown. Is the standard deviation VWAP indicator on book map a custom tool or is that available anywhere to test out? Um, we have our customized a vweb tool with automated trading. This is not in the store yet I think there is a the vweb tool is there. I think also is standard deviation. You have to look, um to the thing book map forum There's one coder who, um, published it Yeah, I believe slowdown there. There if you in the marketplace, you'll see someone has a, um, a vweb tool in there That you can check out. Uh, I'll I'll send you the link to that. Uh, and there's also within the the the vweb tool that exists in book map Uh, you can reset it wherever you like so you can look at anchored vwebs Uh, robert any any last words? Um, well, I since you know my services and so on there are basically in german and I have many youtube videos on in german language But I would If you go to my link tree, you will see, uh, I will start an english newsletter for free anyone who likes can, uh Join To this newsletter and I will write something about my trading experiences in a funny way that might Um, you know entertain people I can post it here's a link I just started it because yeah, english, uh, is the market where I want to go english speaking market And since we are we doing it in english, I will give more information about myself Okay, excellent. So, uh, I've pasted the, uh, links, uh in both youtube and in the, uh, special events, uh, voice chat room on our discord Uh, so if anyone's interested you can go there And uh, well, well, thank you very much robert. Uh, and uh, we'll we'll definitely do it again. This has been really good Really good information, uh on all sorts of levels Thank you. Um, I really enjoyed and yeah nice people here. So I hope that we can do it again. Well in december. I'm also Three weeks in the united states. Maybe if there's somebody in florida or Or not well, this area at lanta probably we can have a beer Excellent, excellent. Yeah, well, i'm in new york city. So if you ever swing by there, uh, then uh, that would be great I'd love to meet Yeah, great blues Okay, then yeah Okay, thank you very much robert. We'll we'll uh, we'll do it again soon Okay, okay. Thank you. Bye. All right. Bye. Bye