 All right, good afternoon everybody and welcome to the ProTrader webinar with Carmine Rosado We've done this All right. Good afternoon ProTrader webinar with Carmine a few times in the past We've put it into a playlist for you. So We have three different webinars from Carmine over the years So really happy to have that and really happy to have him back Again to go over this really important topic. He did this in One of his videos going over and debriefing his trades and went over the importance of this in using bookmaps replay mode It's an excellent underutilized tool that bookmap offers and I'm really happy to see that Carmine's gonna go through it in detail. So Let's just go through the disclosures and a bit more here and then we'll turn it over to Carmine General disclosure all bookmap 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 it's not suitable for all investors. Past performance is not necessarily indicative of future results A bit about Carmine. He's been trading for almost eight years His main focus is trading supply and demand price and balances While using other order flow tools such as bookmap and price volume analysis to confirm each trade I have his website his YouTube channel and his Instagram I will be pasting these into the chat for you So you will not have to copy these down or take a screenshot However, it would be great if you took a screenshot of this. This is an upcoming event starts tomorrow It is in line with the March Madness men's basketball NCAA tournament here in the States So we're kind of piggybacking off of that and cryptos at all time highs So is the crypto March Madness competition here at bookmap take a screenshot. I have the link I'll be pasting this into the chat for you as well It is it goes for two weeks. So or 10 days, I should say Starting tomorrow and we'll end and end of the month here So you'll find the details and rules etc from the link. All right So without further ado, let me turn it over to Carmine and let him take it away Everybody hear me? Everybody see my screen Be good to go just a moment here see your screen I Just just a moment Carmine. Sorry. No problem. Yeah, just give it a minute Bruce. I got it. I got it Excellent Okay, we are good to go Good. Yep All right sounds good. Thanks for the introduction and I'm happy to be back on here I didn't want I did a webinar with you guys. I want to say maybe like a year or two ago we actually did two webinars and a lot of people got a lot of value out of that and I don't want to really repeat anything that I went over in the first two webinars if you need to Go back and reference them. They're on the book map YouTube channel So I want to really just introduce kind of new things To this and the one thing that I did mention on the last webinars that I did is I always use this analogy Because it's so important and I think what a lot of traders do is they try to find the one size fits all Strategy or they try to find something that gives them guarantees in the market and they don't really build Essentially their own tree. So just a brief rundown of how I trade is What I look at the market as the core foundation of my trading and the core foundation of a tree Which is the tree trunk for me in my trading is supply and demand and just general levels in general of Supply zones the man's own support resistance or levels that have been developed off of the tape Time and sales level two and book map is a good tool to show that information So the main core trunk of my trading Stems from supply and demand levels and off of the tree trunk comes different branches Obviously, we have book map. I use it every single day but there's also other tools that book map enables me to read with a Clear visual is how I would use book map is it presents Information I get elsewhere just with a different visual and traders have or like different visuals Volume is one of them market context is another one and other order flow tools such as a footprint chart Such as a normal time and sales depth of market, you know, these terms are all synonymous It just the core for me branches from supply and demand levels And all of these tools give me a solid foundation that without the core I don't have the other branches to the tree and you know, no tree will Become true from there So the main ways that I use book map is number one I view it as an auction all market auctions move higher or lower in price to facilitate Trade and advertise price. So just pulling up a normal candlestick chart here, right? What people see is they see candles They see the market moving up. They see the market moving down But if you look at the true driving mechanism mechanism to what actually causes these candles to move It if you dive deep into that It's simply just because a market is advertising prices and it's trying to facilitate trade around to those prices So I want everybody that especially those who use book map or those who are trying to get introduced to it Don't look at the market as simply candlesticks is what causes the market to move up or down What causes the market to move is how price is facilitating trade and how Participants are perceiving the advertisements to price that the market is projecting Book map also enables me to find market generated information It enables me to put pieces to the puzzle together which essentially is the market story So going back to this example here How I look at this is the market is simply a picture that is being painted, right? This is a blank canvas when the market opens in the morning. We have a blank canvas. We don't know what's going to happen next Essentially other participants are the painter meaning they are not literally sitting behind the market and painting but orders and other Participants are simply painting on the canvas and our job as traders is to read the picture Before it gets painted for us to understand what's going on with the market's auction for us to put on high quality trading setups So how I use book map is simply a way to organize information That lets me put the pieces to the puzzle together We can monitor the auction and present and the present moment on how it relates to the market It's a logically assessed behavior of market participants through new information the market presents now this is a big thing here and This didn't happen for me for quite a few months or years When I first started trading was I would have a plan in place And I would simply be so rigid with that plan that I was never able to bend or adapt to new information the market presents What I mean by that is let's just hypothetically speak and let's just say that I get long on the S&P 500 which I'm gonna highlight right here at this yellow oval So let's just hypothetically speak and say we are in the market long and we are looking to sell our long position near this high Everything's going good the market opens up and boom the market presents new information that we did not previously have So if the market presents new information and we don't go with those flows Or we don't react to new information that we previously did not have That's when we are gonna take bed trades That's when we're gonna be stopping out of positions Late versus stopping out of it early when new information arises or that's gonna present us with higher probability Opportunities that the market can move in our favor So the market's just simply a mechanism that facilitates trade and advertises price and the information the market presents is constantly being generated Bookmap and other order flow tools Simply is a mechanism to read this information in the most fluent way and the most organic way that you cannot simply see From a candlestick chart Also, before I enter any single trade or before I make any single analysis I try to put myself in the shoes of other traders I try to put myself in the position of other larger participants if I see a guy Let's just hypothetically speak again, and I'm gonna show you all real examples and I'm gonna show you trades that I have taken I'm gonna show you trades that I've lost on trades that I've won on so it's all gonna come together I just wanted to introduce this for those that are new to this but Let's just say there's a really large seller down here at the yellow oval, right and Then the market starts moving against him Will put myself in the position of other participants if I'm short and the market's going against me I'm not gonna be feeling too good if I'm long and I see the market moving down I am not gonna be feeling too good Understand how the market moves and understand the markets auction will put you in a good position to take better setups Where the risk of reward is in your favor where? probabilities are also in your favor, so I Made a video on my YouTube channel for those who don't know me I also have a YouTube channel and I recommend checking out my channel because I have tons of videos that go in depth of Strategy psychology tape reading everything, right? I Recently did a video. I want to say maybe like a month or two ago about a step-by-step tutorial of exactly how I trade and this Would be a good segment that if you watched that video this would Provide more context and more information so in that video the step-by-step of exactly how I trade Is number one I create levels of interest so We're gonna get into that step number two is gazing the reaction at that level of interest step three Obviously creating a plan Managing my risk around that plan and then following the plan and then controlling my emotions around it This is essentially just like a five-step very simple Plan of how I navigate the markets on a daily basis Diving deeper into step number one is I'm looking for levels of interest now What does a level of interest mean to me number one? It could be a supplier demand zone number two it could be a support or resistance level that was developed Off of the tape or off of the heat map, and I'm gonna show you an example of this But essentially my level of interest tells me where and what price I should be watching to buy or sell Again put yourself in the position of other Participants whether you're talking about the stock market or whether you're talking about real estate cars, you know watches an Auction is an auction and how prices move is relatable no matter what market auction you're watching So if I'm in the market to let's just say buy a car I Say okay, I only want to buy I don't know a Honda Civic when it comes to when the price of that market comes down to $10,000 and say okay once that market comes down to 10,000. I am interested in buying a car once it hits that price Now what does this look like on a chart? Supply demand zones essentially what I'm looking for are areas of balance preceding an area of imbalanced Meaning a large rally or a large drop. So let me see if I could do a laser pointer here in this area right here Where I'm hovering my cursor over we can see a period of consolidation Prior to a larger rally to the upside. So this area of consolidation is an area of balance Which precedes an area of imbalance? That's how the market moves from balance to imbalance to balance to imbalance and So on so what I'm looking for is areas of balance preceding an area of imbalance such as a large rally or drop Hence this demand zone. So now let's just think let's just act like we don't know what happens two three days later What this is telling me saying okay if the prices of the Honda Civic come down in this example on the S&P 500 to 5100 I am interested in buying Whatever good at that price because this is the price that interests me based off of information in previous market auction data Right so tells me where and what price I should be watching to buy or sell Step number two once I have this level of interest and you could also flip it to the Supply or resistance level here. We could see a move up here We could see some consolidation and here we could see a move down So this classifies as an area of imbalance to the downside to the sell side or to the supply side This is how essentially the main component of how I'm gauging my levels of interest Right there so then once I have my levels of interest and there's you know other ways that I use to Freed levels of interest and again, I recommend checking out my channel for that because I have tons of other in-depth videos on that But now once I have my level and say okay, I want to buy the Honda Civic once it comes down to $5,000 Well now I want to gauge if other people are buying or other traders are getting filled Once the market comes down to that level or up to that level So once I have my level I'm watching book map or I'm watching other order flow tools To see how other Participants are either agreeing or Disagreeing with the markets auction being that high or being that low So I'm watching for large bids or large offers that get filled at that level of interest Now one thing that I do want to mention is I do not pay much attention To any resting orders that are spotted on the level to I only look at them when there is intention now What I mean by that is if I would have just pulled this up here I'll pull up a depth of market as well What a lot of people do and again like I can really only speak for myself and what works for me And how I view the market and how I treat it. That's that's really all I could do right but for me personally I Don't put much emphasis on any resting order what that means is is I do not put any Emphasis on any order that is shown on the level to until big big big mention here until It shows intention. So you see these levels here at fifty two fifty fifty two fifty one There's an offer for five hundred twenty one lots at fifty two fifty one and there's an offer for three hundred ninety nine lots at Fifty two fifty what that means is there is a passive sell order Larger than average at those two points now What a lot of people will do is they will just watch that level because They see passive orders You know sitting there now, that's fine, right? That's fine But the market has to prove it wants to show intention Because this helps develop context where it shows that larger participants are either entering or exiting The market so I See day after day I see people putting so much attention on resting orders and those orders never get tested I personally only watch them once they show intention and once they get filled so in this example here We could see a bid because price is above the bid the red line, which is an abnormal bid placed on the market at forty two fourteen and three quarters, right? Now how do I know this is a true bid because the market comes down into this and the first green arrow this bid gets filled In fact, I didn't even want to get ahead of myself, but I'm gonna pull up That day here let this load We're gonna dive into this replay feature as well a little later on but 944 What we're gonna see here is this bid gets filled market tries to move up off of that then You know ten seconds later This is not even a minute later ten seconds later the market pulls back into this the bid gets filled again The market tries to move back up a minute later The market pulls back the bid gets filled again for three different attempts this shows Intention this shows that someone is working the bid and actually looking to get in or out It shows there is intention behind the actual order because what a lot of people will do is they will you know See see a red or orange line and say okay Let me watch that level, but I would not be watching this because the market has never tested this level up here, right? In this example what you're gonna see right here at 944. I'm gonna slow down the replay here Watch the bid here at forty two fourteen so you could see him right here for two hundred eighty four contracts Right here forty two fourteen Yeah, Bruce or anybody on the live stream if you cannot mute your discord notifications It it beeps everybody every time somebody comes in here. It'll just help not beep every time So what we see here, I think it's on your side Carmine is the market pulls back down into this bid Right and look the bid is defending price and getting filled now You can validate this because what you're gonna see here on the profile is gonna see more volume Transacted here hitting the bid for someone to hit the bid there must be an aggressive seller Hitting the bid who is a passive buyer? You can see here to bids getting work the bids getting work This shows there's a true intention of somebody trying to fill this bid. I'm gonna fast forward it The market pulls back into it bid gets filled and the market supports this and Eventually we get a large rally off of that So that just goes to show you that someone was passively bidding or someone was passively buying and Trying to work a larger order for the market to come up as traders and as short-term scalpers We want to or me personally I Want to Follow these footsteps of other traders, you know, you're not gonna be able to see this from a candlestick chart This could only be seen from reading the volume that's going on behind the candlesticks No, you will not be able to see this information off of a candlestick And that's why if you're a short-term trader Validating your trade with confirmation from order flow in my opinion. I cannot trade without it I seriously can't treat with any without looking at a workflow Okay, another thing that I look for is other traders buying after I buy or other traders selling after I sell If I'm in a position long Let's just talk about this trade right here And let's just say that I get long and I see there's a lack of buying after I buy Well, guess what that means that buying may have been shut down Indicating the market may have a hard time moving in my direction because that shows there is less interest in the market if I'm in a position and I'm long or I'm buying something it's on my side my So if I'm in a position long and I see buying gets shut down or I don't see an aggressive amount of buying Then that tells me that the market may have a harder time moving in my direction And you could flip that to the sell side or if you're looking to short the market and capitalize on a downside sell-off So here's that a same example earlier where that bid got worked here at a 42 14 and 3 quarters right down here where the green lines are That's where the big got worked You can see here aggressive buying noted by the large green bubbles indicates aggressive traders Hitting the offer if you see strong volume after you are in the trade long It indicates other traders are interested in that move Indicating the chances of the market moving higher are higher Then the market pulls back and we're talking about a long Example here on pullbacks. I'd want to see Sellers step in but sellers either a get defended by bids or be aggressive selling get absorbed by other passive buyers Followed by more aggressive buying noted by these larger green bubbles to the upside So not only did we see a bid get filled down here But putting the pieces together and saying contextually hey Carmine Maybe a really large buyer is present in the market If that's true and my claim is true when I'm reading this information accurately Then I would want to see the aggressive buyers also step in after that bid gets worked Validating my claim even further and we saw it perfectly in this example Another thing my favorite thing to look at my absolute favorite type of confirmation of my favorite way to gauge the reaction is if I'm looking for trap participants So remember what I said earlier about Putting yourself in the position of other traders Imagine you long a breakout above a high a day or you long a breakout above a resistance level and we're in with massive size long up there right and Then the market dumps on us. Well, guess what we're trapped. We're screwed. We're stuck So I'm gauging is our other participants trapped here our other buyers and sellers stuck here And a good way to to measure this is you'd want to be looking for tons of effort, but no reward and context is important because you want to be doing this at a level of interest or Also, I do want to mention that new levels can form with The information that is presented on the order flow for example, like I would mark This exact this these trades that I saw down here at 42 14 I would mark these as a level of interest now that we saw that large buyer trying to work up a position My biggest model in the market and this has made me a lot of money. This has saved me from a lot of trades This is you know, what I look for a galley Where there is pain there is where there is pain for others is gain for me the market to mirror a zero-sum game So, you know, it sucks saying I wish other people are in pain, but in the market It's true like I want pain for other participants because when they are in pain I know that's when the greatest gain will be in my hands So what I'm looking for is This right here. This was an example today on March 20th the day I'm recording this We had FOMC today. We had power press conference We just had a normal high a day here Normal high a day that people just mark highs and lows because they're super easy to do And that's another point that I want to mention if anything is obvious to you or anything is super simple meaning My, you know, 85 year old grandmother can mark the line on my chart The chances of the reliability of it being high is slim So if everybody's watching the same level or if everybody's doing the same thing over and over and it's so obvious The chances of it working is going to be slimmer the best trades that I take Happen when things are not very obvious and I am getting in before they become obvious If it becomes obvious everybody's watching the same thing over and over and the chances of it occurring is slimmer So here we see the market break the red line was just simply a high pre-market high Many get long above it. How do I know they get long larger green candles larger volume and Also, a lot of people put stop losses above a high or below a low So now I want to show you all what the volume looks like when the market breaks this high So that high a day I was 52 46 right This is why watching volume is vital because you are not going to be able to see this from a candlestick chart And yes, good point there. I use charts candle charts for developing context Yes, you could also use book map the heat map feature to also Portray a sort of a candlestick not developed by time So here in this example that high was 42 46 So you see the market breaking the high and we see a flux amount of volume above the high Noted on the depth of market here by a higher amount of volume on the profile noted here by a 533 positive Delta at 42 52 47 up here So we know a lot of people are buying the high a day break out We know a lot of people who are short are also placing stop losses above this high when those two come together It is a perfect recipe for a reversal Why is this so I'm going to show you what happens after this, but let's first talk about this point Somebody took that short today. Yeah, nice trade. That was awesome Large buyers or sellers defending a price putting yourself in the shoes of other large buyers or sellers Very difficult to see on a candle chart stick chart easier to see with order flow tools When the market breaks that high here, we could see aggressive selling step in thereafter So we'll put yourself in the position of other buyers Once the market sells off these guys are going to be in a lot of pain if the market sells off and we got long above that high We're going to be hurting. We're going to be in pain. We're going to be freaking out We're going to be stopping out and that's just simply going to fuel a further drop to the downside Now the last example that I just explained About a large buyer seller defending a price here You can see the market sell off after we trap those buyers look at the larger cell prints step in we can also highlight it By the by the native Delta here. So larger cell prints trap buyers We can watch this as a level to see if the market defense it What you're going to see here is I actually I could pull this up for you guys. Let me pull this up What you're going to see here is the market's going to rally into this level We're going to find sellers and the market is going to drop and this could have offered a solid opportunity To take the market short with very minimal risk I'm going to show you trades that I took this is not a trade that I took today I was not trading the FOMC Shenadigans but here you can see I'm gonna I'm gonna draw on the chart here. We could see the selling Step in where the larger bubbles are formed there. You're gonna see the market sell rally into this level I'm gonna I'm gonna draw and watch the reaction come into it Some offers get worked and then the market drops off of that So this is an example of sellers Defending price once they are present in the market and this is how we can follow the footsteps of other larger participants So going back to what I said earlier about the main ways that I use book map Third way is it's placing myself in the position To open high-quality trading setups with minimal risk now I'm a short-term scalper I'm looking to capitalize on short-term fluctuations in the market Trading this way and using a platform like book map or trading just order flow in general enables me To open high-quality trading setups that I'm in the correct position of the market with very small risk Because I am timing My entries properly. So let's just say I did get short Today clear drawings when we rejected this these earlier sellers. I'm short of 52 44 I could place my stop loss two points above this high So I'll be risking two points to make a potential under this low 6 8 10 points so minimal risk to a higher amount of reward Also, the best feature that is the main concept of this webinar is Replaying your data replaying your sessions Reviewing your sessions because this enables you to adapt with market conditions In the invest the trade Community, there's a new section that I'm adding to the to the program invest trade Academy about strategy development and building your own edge and a big section of this new Academy is How to develop your edge is going back and replaying your sessions Reviewing your data because this enables you to adapt with different market conditions. I am trading differently I am how I'm trading right now is Different than how I was trading five or six months ago Because the market conditions change when different conditions change. We have to change with it and a Lot of people don't change with the conditions, which is why they get stuck in Previous conditions because they don't have the data to go back and replay and review They don't have a physical hard database that they could say okay This week the conditions changed, you know by just opening up your charts on a daily basis You're not going to really notice the change But if you review your data and review your charts and review your trades, you will notice the change easy Someone's asking why can you not create risk parameters off of a candlestick chart? Listen, you could do whatever you want off of a candlestick chart I base my analysis in my context off of a candlestick chart, but for me to click the buy or sell button I Have to confirm it with order flow. I don't use a candlestick chart to buy or sell I use a candlestick chart to Develop my levels and to get a picture of the market where price is and where price was in the past That's it. So you can base your risk off of a candlestick chart There's nothing wrong with that. The main thing here is I confirm all my entries with order flow Okay, so now let's get into this so a very good feature with book map is Their replay feature and other platforms also offer this but this is something that I don't see a lot of traders using It's a very low-key tool It's something that is very underrated and when I first started out trading I did not do this I did it mainly with a with a piece of paper and I didn't really use any sophisticated tools like this But book map and other platforms that I use such as like Sierra charts think or swim Have replay features. So book map replay I Use it every week on the weekends I go back and simply review all my trades and I review what I did right and what I did wrong So if I go to open data file, I don't have them on my computer. They're on an external hard drive But these are just five examples in this thing that I can go back and say okay on February 27th There was a trade that I took and I want to go back and look at it. So now I'm gonna go here I'm gonna go to the S&P 500 and then I could slow down this data and say okay Carmine I got long here at 840. Let me go back and I want to review what I saw how I saw it How it worked out how it didn't work out What was the market looking like in that exact moment so I can go back and not only learn from my wins but also learn from my losses and Review things that I have to tweak to fit market conditions So I just want to go to the 29th year because it's gonna be the first example so The replay feature is Very underrated and it's very underutilized. I recommend everybody That has this platform to start recording your data bookmap does it for you if it's selected and Bruce will be able to help you guys Navigate to how to record it. It's very simple. Mine does it automatically but I Have data from the past two three years that I've been using this platform that I can go back to 2022 and say okay, I took my best trade ever on whatever October 18th and I want to go back and review what I saw and how I saw it how I traded it Well, guess what I could open the data file and do it and I can learn from it and take something out of it If you do this consistently for the next couple months couple weeks. I'm very confident You'll see a difference in your trading because I you will develop confidence doing this It's so key. It's something that a lot of traders don't do because they don't want to put the work in to do it It's time-consuming. It's tedious, but I'm very confident, you know, because this is what's helped me That if you do this consistently, you will see a major difference in your trading Okay, so let's go to some actual trade examples, so let's let this load. Let me pull up the depth of market here Okay This So this was February 29th We're gonna see the market rally into 50104 on the S&P 500 Market rallies into this area of supply and what we're gonna see here is there's large positive Delta After that part is a large positive Delta It retests that Delta and then it gets stronger and then it eventually drops to the downside So I'm gonna show you the replay of this in real time But I want you all to keep an eye on this and also everything that I'm showing you from now on our actual trades that I have taken In a real-time no hindsight in real-time actual trades that I have actually executed Are the next couple examples that we're gonna go over and here's all the time stamps and and in real-time analysis That I do in my community in my discord community. So Here in the 29th what I was watching for was 50104 was watching price action around it watching to see if sellers can appear here The market rally is into this and at 940. I said I got very short here at 50103 Stop loss was 2.5 points for an 8 to 20 8 to First target was 8 points second target was 18 points So if you want to look at my first target two and a half point risk of reward or 2.5 risk for 8 point reward You could do the math. I think it's like a 3.5 or whatever. I try to take a minimum of Two to one or better. I don't take anything less than two to one risk to reward ratios The market valley is into this level and I want to show you all what I saw as we get closer to the open so let's go here to 930 and Again, the replay feature is great because I can literally go back and see every single order at any specific price at At you know everything every piece of data that I need I Have on here and also somebody in the in the comments said it looks like a double a Double top. Yes, you are correct and Why patterns form or why like head and shoulders forms or why double tops form is simply because of The volume patterns in the market and this is going to validate why this double top formed up here So, yes, there is a head and shoulders here. Yes, there is a double top But the market didn't sell off because of that double top or that head and shoulders the market sold off because of the volume That was being transacted in the market all the patterns don't form because of the patterns the patterns form because of the volume so I'm gonna replay this here and I want to go to 940 so I could show you all what I saw and how I saw it so Now the market just opened 930 Eastern We get a rally up. I don't use any time frame on book map I'm constantly zooming in and I'm constantly zooming out with the tape. There is no With the tape and with reading orders. There's no time to that orders or orders, you know So watch right here. I got a fast forward this even more so it's cool I could I could speed it up. I could slow it down. I could go in I could go in a half speed I really want to slow it down and watch what I saw. Okay first thing first things first 5105 right remember my key level was 5104 5105 we can see larger buying volume getting transacted here. How do we see that? 883 positive Delta here at 5105 You could see that on the depth of market If you want to zoom in even more to the data, you could see larger aggressive buyers by those green bubbles Getting filled by a passive seller. We could see it on a depth of market. We could see it on a heat map We can see it on a level too. It does not matter, right? With this information, I'm like, okay Let's see how the market develops here The market rallies back up and offer reappears offer doesn't show true intention Remember you want to only see or watch orders if they show intention or if they get filled on this pop I was comfortable putting risk on short Targeting the high of day. My risk is minimal compared to my reward So fast-forwarding this my entry was a little premature Because watch the market's gonna dip here And then we get a move back up Watch what happens here We're gonna get a move back up into 5105 so see this guy here at 883 I want you all to keep a very close eye on the tape here Because we're gonna rally back up Give a time. I don't know the exact time it happens Think it happens right over here Yeah, right here. Watch this the market's gonna rally up and you're gonna see aggressive buyers trying to step in, right? Larger buying volume getting transacted here 5103 Market moves back up and there's gonna be a weird Flux of offers and bids dynamically moving over here Right Happens Right here so an offer just filled. Okay, right there Offer appears offer gets filled Market moves up another offer gets worked and you could see now we see even more positive buying Delta here at my key level This was better confirmation than the earlier short that I took 20 minutes before that So now we see larger buyers stepping in we see offers getting filled We see some abnormal activity and you have to keep in mind remember what I said It's at my level of interest if this was in no man's land not at a level This would not be as valid to me. So with that information. I was like, okay I'm comfortable with the short trade here Offer gets filled again. The size gets even stronger that large seller is defending price the key aspect here And then the market gets an aggressive drop to the downside and we're not gonna sit and watch that drop But the concept is there Rejection at my key level large trapped buyers there Sellers defending those prices offering a solid downside opportunity with that somebody X Can you trade with book map and no chart at all? Absolutely Yeah, 90% of the time I'm watching the tape and not a candlestick chart Absolutely. Yeah for sure Okay, so that's that example Here's another example. Let me pull up this replay. So we have the data to load February 27th again, the best feature with book map is this replay feature. It will save you time months years weeks of testing Because you're gonna be able to go back and replay your data. I would not be able to show you these examples if it was not for this data Okay, here's on the 27th of February Just want to pull this up here and pause this That the market Clear this. Okay Okay, so now here what we're gonna see is the market's gonna sell off in the first Ten minutes of the market being open. We see a red tape. I'm gonna show you what that means But just keep this in mind when I show you the example We're gonna see a red tape the market's gonna sell off into a key level We're gonna see bids appear. They're gonna hold on multiple occasions And then we're gonna be I'm gonna be taking the market long targeting the supply zone that formed intraday So that's gonna be the basis to this trade Starting to see signs of buying down here. I'm gonna long at 50 78. So I got long at 50 78 Two-point risk for a seven to nine-point reward So getting over my two-to-one seven to nine-point reward for two-point risk Enabling me to get an awesome entry with minimal risk on the right side of the market so um Keep an eye on this tape because this tape is gonna be very very important here Let's up here pull this up here So what you're gonna notice here is in the first ten minutes the market's gonna sell off aggressively And I want you all to look at the Delta this VPD column on book map, which is the Delta of the markets is Very very red in the first ten minutes See how it's developing see how it's very very red in the first ten minutes. Okay? What this tells me is there's large sellers stepping into the market There's large aggressiveness and there are obviously and definitely Some sellers Factored into the market So two things this means here. This means is if the market does rally up higher Somebody said the quality is bad. It looks good on my end if the sellers are Put in pain meaning the market moves up Then it's gonna be causing trouble to those sellers, which will just further fuel a rally higher This is where context is important putting myself in the position of other traders I'm putting myself in the position of sellers because of how red This tape is here very very red tape So I'm back to this example here. We're gonna see the sell-off 15 minutes after this I spot some buyers and I'm comfortable putting risk on long Down here and again like these are all trades that I have taken This is not pulling things out of nowhere and and and giving you guys these examples These are actual trades that we have taken in real time So let's go to 955 here fast forward to it Okay Similar to what I mentioned earlier. We see the aggressive selling we see all this negative delta down here The market's at a key level of demand The market tries to move up and at 5076 a wild bid appears here for 290 contracts The market sells off into this bid the bid gets filled and the bid shows Intention someone asked me to Increase my resolution. Let's see if I could do that. Okay It gets filled market moves up off of that bid and with this in mind So up here. Let's fast forward it comfortable getting risk along down there with that bid getting filled My target was the 85s to 86s because that's where this selling originated In the morning, you could see this consolidation right here. You could see the heavy volume there And the market comes up into that and my target hits and and was a was a quick little trade Just off of that bid getting filled now again. This is what I mentioned earlier What I mentioned earlier was when I see this abnormal activity. It's like I call mine Let's watch it again if the market wants to test it Here's that pullback down. Here's where that bid gets filled. Here's that rally into the target The market pulls back and guess what we hold we hold 5076 again for the second time. So pulling up this replay here Let's replay this watch what happens when the market tests 5076 again The next time pulls back right into it You see that pullback into 5076 The most interesting part about this pullback is as the markets pulling back and selling off and dumping We see large buying prints come in you normally don't see larger buying prints come in as the market is taking a dump to the downside in This example the market dumps right into 5076 if I would have zoom out That's where that bid got filled earlier right here You know, you could you could even mark this as a little rectangle. That's where that bid got filled pull back into it large buying into that bid and in the market Rallys off at this level and we get a quick little bounce up So like this is all about just finding opportunities where the probabilities are in your favor That's putting the risk to reward ratio also in your favor I never know what trade is gonna work out for me before I enter it I never know if I'm gonna profit for I'm gonna lose on it one thing that I do know is I am trading on the on the Proper side of the market where the risk is controlled and the risk is known That is the known outcome is I know how much I am going to lose if I am wrong I Don't know if the trade is going to work out profit or loss So that was an example on the 29th of February a 27th of February and here's an example three days ago two days ago No, I'm sorry a week ago on the 14th of March again. The replay feature is the best I'm gonna pull up them 14th of March Let's let this load. Let me pull up the Dom Dom's pulled up and Let's just let this load and I'm gonna explain to you this example here. Okay Okay, so this was a trade that I took in the overnight section session, sorry March 14th market rallies into the supply zone I begin to see large sellers prior to the market being open and then during the market opens there is trapped participants so Here the market rallies into the supply zone before the markets open and we sell off on it And I get short on the sell-off. I was seeing a lot of selling volume. It rejected supply I was speculating that support would be tested. So you see like I'm constantly just putting the pieces to the puzzle together when I see something I'm saying, okay, if I'm long or I'm short here How can I use this information to put a story together that will enable me to put a high quality trade on With the risk in my favor. So at that moment. I was comfortable Getting short there around 850 Eastern time So I want to go to 850 and show you what it looked like Slowed down this replay Pull up. Yes. Why it's glitching out like that That's why okay So 850s when I got long around this area. So what I saw here Remember market at my supply zone This this analysis is on the forward contracts on the June contract. So the prices will be a little different Because this was rollover week the market rallies up into my key level and Large selling steps in here. You can see by these larger red bubbles. Yeah, that large red bubble there Larger selling comes in with that in mind market rejected their seller resistance level sellers. You're stepping in. I'm saying, okay Come on. I'm comfortable putting four-point risk on up here for a potential 30 to 20 point sell off to the downside This is when I got short when the market looked like this Now I'm gonna show you an example because there was better confirmation later on Remember what I said earlier about when there is large buyers or sellers entering the market Ideally I want to mark this level and see if those large sellers because we could see large selling activity formulate here If I'm pull up this down here And you could even see it right here, you could see minus 581 plus 564 plus 776 you could even see it here on the depth of market if you want to look at the profile The markets gonna rally back up into this in that example that I mentioned to you earlier where large buyers or sellers defending price The market rallies back into this level where those large sellers were once earlier and it rejects it So if I didn't get short earlier that that right there would have been better confirmation that said hey Carmine Not only do we see sellers earlier? We saw sellers reject the supply zone But now we're retesting it and those sellers that I saw earlier are defending price that defensive mechanism gives this trade more a Confirmation so then the market opens up. I hold this into the open And watch what happens here, so this is another very very good lesson here watch this Let's go to the open I'm gonna reset this data at the open and what we're gonna see here is trapped buyers at the open So watch the depth of market develop here watch the depth of market develop here This happened in the first five ten fifteen minutes Okay What I mean by this is watch what happens around 52 38 52 40 you're gonna see a large buying there and those buyers will become trapped if there's large buying and There is no follow-through. It's a good indication There's a seller in the market and those buyers are trapped You see how more blue is printing here and people are trying to buy that breakout right there Above the high buying the breakout the Delta is getting larger and larger as the market moves up We'll put myself in the shoes of other traders if I'm long there I'm basically screwed if the market drops put context together of that earlier example Sellers sellers defending it market rejecting supply. So you see how I'm just putting all the pieces to the puzzle together And this thing just dropped violently and we were in this trade short And my last sell on this I was a 30-point gain Yeah, and this thing just tremendously dropped. You see all that selling all the red You want to be in before that ideally and you could be in before that Understanding all these guys here at the high and all this buying volume. They're trapped. They're screwed. They're done And that's just simply how I like just view the market In that way where there is pain. There is gain. Here's where everybody bought There's the dump if I'm buying here. I'm screwed when the market dumps Here was the 15th. This was Friday. This was a massive trade That's this one so so this was actually a losing trade that I took that turned into a winning trade I'm gonna pull up the 15th here Let's let this load This was a losing trade that I took that turned into a winning trade I'm gonna answer questions at the end of this. So don't worry So here's the 15th here. We have an area of demand area of buyers This was the 15th the market drops into demand and I started to see buyers on the tape So I got long at 51 79 30 minutes into the market being open What I saw was personally a bid getting worked Progressive sell-off lower lows lower highs. I love seeing that and then I see a bid get worked around 30 minutes into the market being open. So I just want to pull this up here. I Didn't load enough data yet. So my level was 51 79 is where I got long and I want to show you what I saw. So I'm zooming in Yeah, the data hasn't loaded yet. So let's just let this load So this first trade was a losing trade and then I take the same exact analysis and take a winning trade off of this So I don't want people thinking this is like a holy grail or like a get rich quick strategy or something That works 100% of the time it doesn't I actually with this strategy have a 60% win rate, you know So my win rate is not extremely high still a good win rate But my win-loss ratios are 3 4 5 because I'm I'm timing solid entries So you got to be comfortable losing more but being able to accept your risk a lot better Okay, so watch what happens here I'm gonna slow this down. Okay right there a bit appears for 440 contracts. I See that and you're gonna see him starting to get worked Another one appears here got worked there. He's getting worked there With this information at 51 79 similar to the example that I showed you all earlier bit here bit getting worked Bit here bit getting worked. I was like, okay There's some possible buyers here There's some possible buyers down here Waited for the pullback and got long on this pullback the market eventually, you know sells off temporarily works on me Sells off and I stopped out for a two-point loss. I think it was on this trade. I Stopped out under that. Well, so I was out two three-point loss on this trade. I'm sorry I think this was actually a four-point loss Yeah, four handle loss on this trade then With the same analysis I took that losing trade same exact analysis after stopping out for a forehand the loss I Re-entered for a 20 point 20 handle win with the same exact analysis And I want to show you what I saw there So I forgot what time that was 10 10. Okay Right. Okay Here's these guys earlier We could see the bids getting worked here And I'm actually just going to mark this with a rectangle because this is something unusual Or something out of the ordinary that I will be watching I am essentially looking for things that do not look organic in the auction Or things that look artificial that could give me context and says hey Somebody may be working the market trying to get in long or short and I can use that information to my advantage So here Is where I got long earlier the market dumps. I stopped out of that trade for a forehand of loss We keep dumping down and one thing I want to notice here Is the market slices through this bid And then as we slice through this bid the market offers under that bit So someone is looking to either get in long or someone is looking to exit a short position I don't know. I never know the true intentions Of what's going on behind the scenes. I never know if my analysis is going to be right I never know if how I'm reading it is true and accurate But I do know I'm treating it areas that I should be cautiously watching the market So 51 75 was obviously something that bided when we were above and offered once we were below and was really large size You could see minus 1113 hitting the bid here as we broke under that Fast forward the market then breaks back above That red line which was that weird bid offer that was working the market And then for some odd reason The market pulls back and holds 51 75 so it once bid it it once offered then we broke above it and then it was supported The the fact of the matter of how it supported the market once we were above it gave me validation that said hey Carmine Maybe this is a potential Area that someone is looking to long the market With this information alone and the context that I explained earlier about Somebody possibly buying it. I was comfortable getting in the market long We then dip and guess what holds again Again 5175 once twice three times I'm like, okay Somebody's buying up these 51 75s And again, like you cannot see this on a chart. This is what a chart looks like This is my earlier short or excuse me earlier long exit for a loss Re-enter here looking at a one-minute candlestick chart I personally don't see much here that's saying hey Carmine like buyers are are entering here. I really don't and maybe I'm wrong and you know, maybe I You guys see the market differently than I do but off of a one-minute chart I don't see anything that tells me to get long here at this green arrow. I personally don't Uh, but looking at the order flow I see everything that I need to see and I see how this 75s 51 75s is just being defended Once we got above those 78 79s that same level that I told you girl, uh, you all earlier Uh, it was game over in the market, you know Rallyed from that Pretty nicely into I forgot what my target was on this trade Uh 5200 was my target. So the market Some point later in the day Yeah rallied right into 5200. So this is where the activity formed And then a quick little 45 minute trade into 5200, which was my target and the market actually rejected 5200 pretty well And that was that trade. So, you know being able to go back and have this data to replay Is what will help you build your edge? I can literally fast forward this and say okay karmann I got short here at three o'clock. Let me go back and see what I saw Did I see something good that I see something bad was my analysis wrong? You know, I can literally go back to any day any time any second And relive that day like we're trading back then. Uh, so it's just a good way to just develop your edge more and uh And build confidence and build your system. So that's pretty much all I got That's everything that I prepared Uh, I'll be happy to go through some questions if if anybody has them Let me see if I could pull up the chat here Yeah, if you guys have any questions, I got no problem answering some of them now But that's all I got presentation wise Okay Just scroll up a little bit Do I enter front side on the pullbacks into the level or wait for further confirmation such as a higher low? That's a really good question uh, stelios No, right answer to that. Um It depends on your risk tolerance. So let me pull up thinkorswim here So like your question is do you do you short the front side? Which which could be here could be here or do you wait for the back side and wait for a higher low or lower high to be formed? And that's a that's a good question And and my answer to that is I do both. Um, and it depends on your risk tolerance I obviously have a little bit of a higher risk tolerance So today when we saw Let me let me pull this up here so you guys could see this Today when we saw This is today when that really large, um When that when the selling the large selling appeared here at 52 44 From that drop. This is what it looks like on a candlestick chart. Here is the large selling and here's the retest of that selling so I didn't take this trade today, but let's hypothetically speak and and I know some members of my community did take this But let's just say you're shorting the front side, right front side means you are shorting before it actually moves down And you're shorting before it actually rejects Totally fine, right and the benefit of doing that is if you do short the front side You're gonna have better risk to reward meaning if I get short and let's just say the yellow oval Well, I could put my stop loss here at the 47s risking a point and a half or two points So really really small risk The con to this is the probability of it working will be slimmer. So essentially you're sacrificing Higher risk to reward ratio for a lower probability of it working out Now if you short the back side of it, let's just say here Now you're getting short unless you say the 44s or 45s Yes, your risk is still three or four three or two points, which is still excellent risk to reward right still great but The probability of it working will be higher But your risk Will be a little wider and your reward will be a little slimmer than an earlier entry shorting the front side so it no right way to do it it really just depends on your risk tolerance and Your your overall strategy. So I'm I'm more of a front side trader I find if I wait too long Uh, it may be too late to enter, you know, sometimes I feel like if I can get short here at the 46s And I see it come down to the 43s. I'm like, okay I did not get a good enough deal like I had five minutes ago You know, if I could have sold the 46s That's the best price I could have got now. I see it come down to the 43s I'm like, ah It's still a good deal But it's not a good of a deal that I could have got up here You know, so really good question. No right answer to it. It really depends on your risk tolerance um A jack how do I determine supply demand levels? I recommend checking out my channel. I have tons of videos on my youtube channel Okay, this is something I really wanted to talk about somebody asked as a beginner How do you begin to read the bubble map? Very big common misconception with traders is people ask me all the time Hey karma, how do you read book map or how do you read this heat map? That's not the right question to ask the right question to ask is how do you read the market's auction Book map is simply a tool to read the market's auction If you try to learn book map before you know how to read the auction You are essentially just working backwards It's more important to read how a market facilitates trade Because book map is simply a mechanism that enables you to read the market's auction in real time In the most organic and fluent way. So when people ask me, how do you read book map? It's I'm not reading book map I'm reading the auction book map shows me the auction You have to learn how to read the auction before you can learn how to read book map That's just my two cents with that Do I have do I use any custom indicators? I personally don't use any custom indicators on anything Uh, like it looks I don't even know what lux algo is I get you know, no clue what that is I only use book map and seara charts. I have my own custom indicators on seara I don't use any indicators on book map How do you tell the difference between trap buyers and real buyers? Um trap buyers are buying with no follow through real buyers are buying with follow through and supported once above Killing it highly recommend invest the trade for anyone. That's not a member appreciate you man Appreciate that Okay, good question the 75 level. Um, yeah, so again, like the heat map is not very significant to me What's what's more significant is? That's a good question. Very good question So yeah, even though you don't see and this is what makes it even more strange is you don't see Any larger bids appearing there, you know, if I'm sure if I zoomed in you could see a little bit higher of a guy right there You know, you could see him a little bit but uh because he didn't show his bid Tells me that hey this guy might be passively hidden buying and there's many tools to do that You know, you could hide your orders There's many sophisticated order entry tools that I cannot show what order I want to be entering or exiting to hide if I'm really large buyer or seller entering the market, you know um Yeah, I've seen I've seen many sophisticated order entry tools that can hide my size or hide anybody's eyes and not show my true intention Uh bruce has been trying to talk with me my bad. I have my uh audio Uh muted because I didn't want it. I didn't want to hear an echo I hear you bruce. Yeah Yeah, I shut it because I didn't want to echo All right, I'll answer a few more questions and then I'll uh come back to it Um pre-market highs and pre-market lows are important levels. I wouldn't mark them, but I would just be aware of them Sometimes you see a big order on the offer Yeah, that's a perfect example of trap participants Uh gurji Um or just a passive seller acting like a resistance level to the market. Yeah, absolutely How do you combat against self self doubt and hesitation? Um Present moment thinking thinking about what's happening now not thinking about what's going to happen if I'm right or wrong Uh, if you ignore the future and you forget about the past And you focus on the present moment right now It will eliminate all self doubt and it will eliminate all hesitation If you have a system that works for you and you have a strategy that you've built and developed an edge with There's no hesitation You have to develop confidence by having something that works for you And a good tool to do that and again like I'm going to be introducing this In the new invest-the-trade academy about like edge development and and building your own strategy A big component to that is developing confidence And the only way you're going to develop confidence is building your system and entering the market with with solid criteria of what you look for on a daily basis in a very unique way and non-generic Um and a good way to do this is is replaying your data and putting the reps in It's almost like Kobe Bryant or any major sport athlete watching tape These guys are watching tape every single night against their opponents You know bruce talked about march madness and you don't think that Anybody playing in the march madness tournament right now is not studying the team they're playing tomorrow And studying the the plays they run and studying how their their opponents play defense In the market, it's the same thing. You got to replay the tape so you know How to defend or how to play offense against the other participants you got to put the reps in and watch the tape so What do you have something that works for you? There's going to be no hesitation or self doubt like I enter the market every single day with confidence Because I have something that works for me very well DK, I have a bookmap settings video on my channel if you want to check that out Yeah, you can trade spy or spx off those levels. I recommend doing all order flow analysis on es futures chart. Yes Indicators are crap. I would not disagree with that. But again, that's just me. I can only speak on how I trade There are many different ways you can make money from the markets. In fact, you can make money with any strategy There's not one strategy that is better than the other uh Yeah, I answered this question also in this webinar. I'm not going to go through that Yeah, the heat map the dom the footprint chart everything it shows the same info just visually different absolutely I don't know what a boss or For fg f vg is not sure what a boss or f g f vg is uh jack So now I don't look at that No, there are ways to stay hidden. Um, you know, I have experience with sophisticated order entries and order routing Very good friend of mine works on wall street. I also have other, you know, friends and family that work there as well But from firsthand experience, I've seen orders being entered Uh With sophisticated tools that us as retail traders do not have access to Uh, you feel like it's such easier to that's because you're blinded. Your judgment is clouded If you focus on the present moment, it will be easier to see in real time Your your judgment is clouded turk tank. That's why Thank you for all the great education educate question of us Uh, no, I don't use cumulative delta at all. Uh, I'm not going to say at all. I don't use it frequently I find it very misleading. I do not use cumulative volume delta at all. I find price delta on a Horizontal basis more important Uh, than cumulative delta. I find cumulative delta again for me personally very misleading Delta by price is uh is more leading It just just based off of me personally Um Yeah, a lot of these questions have been answered in the in the stream. I recommend going back to it Thanks for answering your question Course has changed your trading. Awesome. Uh, rafael All right, that is pretty much it for me. Um That's all I got bruce Hopefully everybody got some value out of that if you did definitely check out my channel I have tons of other videos on there Also, I recommend following me on my instagram. It's a good resource. There's some tips and tricks You're not going to find anywhere else And also check out my website investetree.net. Um, they've linked it in the description of this video And that's pretty much all I got Sounds good. Yeah, that's pretty much all I got Thanks talk soon