 All right. Well, good morning everyone. Welcome to the stream. My name is Charles I work with a company called Pirate Traders, and I'm here today on the bookmap channel to talk about the ES and the NQ on the market profile and the bookmap and see what kind of insights we can get moving forward for the day So we got a bit of time here before the market opens We got a half an hour. So why not just take the time that we have to step back and give ourselves a little perspective On what's going on with the market? Okay, what has the market been doing and what is it likely to do next? So the best place to start I think would be with the daily So first and foremost this area that we're at right now around the 4200 area has been very very important for the market over the last You know a little over a year or so Again and again and again this area has acted as support and resistance Where the market has run out of steam and turned around and head back down Now, you know back in June July of last year when we failed here We were heading all the way back down towards the 3700 area multiple times Okay, but then the last few times that we've come up here. We haven't had to fail quite as far down That is a signal that the market might finally be ready to break out to the upside Whenever you have an area that is acting as strong support resistance One thing that Jim Dalton does is he describes it as a semi permeable membrane Meaning the more times that you poke and poke and poke at it the stronger that it becomes Sorry about the construction noise So this could be the one right it we've been poking and poking and poking at this thing over and over again Maybe this is finally the one that can break to the upside if not We would look for a big pullback right because we failed here again and again And it has caused a large pullback. That is what we would expect if we fail here once again All right, so now that we've got the bigger picture looking at the daily Let's zoom in a little bit So what we've been stuck in Over the last few months is a very tight trading range Where the market has basically been stuck inside this range right here We pushed up into it tried to poke through couldn't do it Headed back down to the opposite end of the range had back up give it another go tried to poke through got through But couldn't stay above Failed back down to the opposite end of the range and then we just did it again Broke out of that range and then in the overnight we kind of pulled back down over the weekend to test that That breakout area there So we've got this white box here, which is that larger balance area over the last few months And then we've got this smaller box right here, which is over the last few Or basically the last two months and then even smaller than that we can zoom in And we can see that the market was in balance in an even tighter range Over the last few weeks and we also broke out of that range So on all three ranges the very very large range that we're looking at on the monthly We have a potential to break out the smaller range on the monthly We have a potential to break out and the range on the weekly We have a potential to break out So all of those things set us up to potentially make a large move to the upside If the market can keep this momentum going Okay, great. So what do we need to do now? Well, let's zoom in Even more and let's figure out what's going on with the momentum Well, clearly we have momentum On a larger basis because we keep leaving all these weak references behind Okay, we came down. We almost filled a previous gap, but failed to fill it by one single tick Then we created another gap And then look at this nothing but porlo porlo We close we close we close all the way up Okay, so that tells us that since we were down here around the 40 61 area This thing has had momentum Okay, it's been just building and building and building to the upside So we recognize that at some point This momentum is going to come to an end and we're likely to need to start to try to repair some of this weakness But as long as the momentum continues There's no reason to worry about the weakness. Let's stay focused on the momentum So how do we read that momentum? Well, we're looking at the daily over the last few days We have had higher highs and higher lows The last three days in a row that is a sign of momentum to the upside We've also had overlapping to higher value three days in a row That is a sign of momentum to the upside Okay So all of those things are a sign of momentum to the upside What's the other one the when what should happens doesn't right leaving behind all this weakness again and again And not needing to come back for it is a sign the market still has momentum So As we get ready to open the market this morning What is what am I thinking in terms of momentum? Well, because we have the the breakout inside the breakout inside the breakout that we just talked about On the daily, right that gives us a potential reason for the market to have continuation higher Okay, so if I look at the daily, you know in the market profile and I see we have that momentum We had it still at the end of the day yesterday Or on friday, um, then that's a reason to think we could keep it going So now the next question is how will I measure if it is still going? And that I will use the overnight range so Yesterday we opened with a gap up And the market got itself a little bit overly long a little bit too fast and had to pull back down But they barely pulled down at all and then they spent most of the day basically Chopping around inside the previous day's spike. That's actually bullish to see the spike is a sign of momentum So the fact that we barely had to pull below that and then turned it into support is bullish for continuation higher So then I look at the overnight market over the weekend. How did the market trade over the weekend? Well, what would you look at that? Most of the time and most of the volume Right there above the base of that spike up from thursday, right? They dipped down. They they tested lower levels They liquidated but there were buyers waiting They spent no time brought in no volume whatsoever and buyers were instantly there to bring it right back up So to me right now, this is bullish as long as we can stay above the base of that spike Okay As long as we can stay above Uh, 4199 Anything above that is bullish to me because it is a sign that we still have all this momentum I've been talking about as long as they can hold this area in the regular trading hours today They can keep it going. They could push the market much higher So I'm going to watch this area right here where the overnight spent all the time and brought in all the volume around 4200 Very very closely this morning and as long as that continues to act as support Now, I don't know exactly where but somewhere in there it acts as support and the market starts to turn around That would be very bullish to me Okay, if the market starts to pull back down below there So if the market pulls below 4200 Well, then I think okay, we need to head back and repair that first week reference we left behind yesterday And see if that's enough If that's enough cool, I'll get bullish once again. If not, I start to monitor for continuation lower from there Okay, so this level right here around 4200 is the really important level to me if they can hold it They can keep the momentum going in the daily Which would mean higher highs on the daily today so That level breaking would mean the opposite in a when what should happens doesn't if they don't still have the momentum If they can't keep this momentum going to the upside Well, then done done done One after another we start pulling back and repairing weak references And the way we monitor for continuation is we basically just assume We probably need to repair the next one And if it is we wait and see so if we repair We come down here. We push below that level that 4200 level. We come down. We repair that first week reference We start to come back up. Maybe that's all we need it But if we start to push back down, well, then we know we got to come to the next one So then it comes down it repairs that next one gets below it if it starts to pull back up Maybe that's all we need But if it starts coming down again, well, then it's coming for the next one And then if it repairs that again and again and again, that's called monitoring for continuation lower So we assume it needs to test each one of these levels And then we wait to see what happens when it does Does it just push below and then turn around and come right back up In which case that might be all it needed to do was repair that one and now we're ready to head back up Or does it keep going in which case, you know, it's the next and the next and the next Good morning six million dollar man courtman chilling with dylan j Laura The spam bot. Thanks for thanks for hanging out spam bot courtman frito Luciano And jerry welcome 55 people watching 12 likes. Let's get some thumbs up for the book map channel A little thumbs up for the book map So we're taking a quick second here and just taking a look at nq as well So book map, I mean, uh, sorry nq looking very very bullish here So I would describe the es as being right here In its equivalent on the nq This to me is that larger balance area that we were talking about on the monthly This is that larger balance area on the multi month That is that larger balance area or that smaller balance area on the weekly And that was last week the breakout So when you hear me talk about the es and say like You know all of these different things mean we could get continued excess. This is what i'm talking about that You know in an equivalent way This could be those last few days of last week Right that it could have just been that that set up for the bigger Slingshot to the upside Because we're breaking out of that larger balance area. That's what that was right this little pullback um on the 15th Sorry the 12th That little pullback was the market back testing all of that balance back testing that larger balance Inside a balance inside a balance, right? That was that back test so That move to the upside out of there is what the es could I mean, I'm guessing I don't know yet. It hasn't happened, but could potentially be set up for right here This could be that move You guys see that So that puts the enq and the es in a very different position The es could easily fail and start coming back down But the enq has succeeded So now it's a matter of when are we going to run out of excess, right? We broke out. We successfully broke out We successfully got excess from that breakout. Look at that big move to the upside That is excess. So now the question is when do we need to balance off this excess and how Okay, so there's two different ways you can balance off excess One is using price where the market will pull back with price The other is using time where the market could just go sideways at a higher price So when I'm zooming in to look at the enq, that's the question. I'm asking myself Also, just wanted to mention this morning I decided to switch the enq over to four tick increments because it was just becoming a little too elongated It was becoming hard to read So I smooshed it on down. Okay. So we had this channel right here That the market was in And we've broken out of that So that's the market getting itself a little bit a little bit long a little bit overextended, okay, but Just like the es we have higher highs higher lows three days in a row. Well, it's like five days in a row Um And value Uh higher or overlapping to higher. Okay, so that like the es is a sign that on friday We still had that momentum. They were still making higher highs and higher lows They still had that momentum now the very first sign that that momentum could be coming to an end Is the overnight the way the overnight on thursday night Is much lower than the overnight over the weekend That's a first signal that that momentum is is weaning right before the overnights were higher Each overnight session now one's lower. Okay, wait a second. We might be running out of steam I would also say on the enq unlike the es the enq is now beneath That big node from the overnight and from last week So whereas on the es I want that to act as support on the enq. It would be resistance So it would be if the market pushes up into it can it break through if not bearish okay We could consider that a 45 degree angle on the overnight So whilst they did leave a poor high behind That to me is bearish for resistance So you're likely looking at a chop zone in the um overnight range for the enq If they get below yesterday's low So if they get below 13 um 809 Then you should get bearish Why? Because we know that that excess is going to come to an end They can't go straight up forever And the first signal we will get in the regular trading hours is if we make a new low So if we know that making a new low Tells us that the market is either going to go sideways or it's going to pull back with price We certainly don't want to be bullish Right, we want to either be neutral assuming it's going to keep chopping and going sideways in the range or we want to be monitoring for continuation to the downside And just like the es the enq has left a lot of weakness behind Multiple sets of single prints weak lows Lots and lots to repair on a pullback. Okay Look at that two poor lows in a row a weak low and a poor low So same thing is the es we're gonna we're gonna give the bulls a chance We're gonna say hey, you made higher highs and higher lows last week. Maybe you've got it. Maybe you can keep it going But man if we make a new low We're gonna start monitoring for continuation on a pullback Corpman says swarm of new york city bees I actually did see a bee in my windowsill yesterday. Is there a thing is there a thing happening right now? The god particles is first time here Great content so far. Thank you brother. Appreciate you. I'm here every monday Come hang out Alt alt Good morning to you Chill with dylan says I also switched enq to four ticks great minds great minds think alike Yeah, I just opened it up this morning and I was like, this is ridiculous Like I like it was these two days range were so big. I was like, I can't even see I got us and as soon as I smushed it in I was like, oh now I get it I see what's happening here. I mean, this is just good old-fashioned momentum Pushing up building volume pushing up building volume Pushing up building volume But they left that weakness behind All right, 10 minutes until the market open Oh, the next door sounds like killer bees Um Any questions for me? I mean, that's all the prep I need. So if you guys are wondering where I'm at. I'm basically looking at You know the overnight range is a chop zone here on the es So obviously I'm looking for support 4199 and I'm looking for resistance Um I would just say as I look above and fail of the overnight high So I'm looking for them to test that overnight high And then see do we bring in new buyers there? If not, it's chop And we'll just chop chop chop chop chop chop chop chop chop chop chop chop Choppy choppy choppy choppy chop it on up until we can break one of those two levels Now if we push below 4199 and we start getting new sellers there, like I said, I'm bearish to start repairing weak references and monitor for continuation lower Or if we find support above the overnight high But in between They're gonna chop it up It's a chop zone Tom gun put up some uh pirate flags. They got a warning from the nightbot Don't you worry about that nightbot tom gun. Those pirate flags are always welcome Scoob all hello to you Jason says sounds like the nightbot needs more pirate flags. Yeah, I think every one of you should spam the nightbot with a pirate flag right now I think that's I think we should just tell the nightbot who's in charge here Okay, who's the captain now nightbot? It said I'm not scared That's funny Maya says may I know which program you were using for order flow? It is book map. You've come to the right place The very channel that's providing you this stream at this very moment So that is the software that you see on the right side of my screen over here And not a lot happening in there right now because the market hasn't opened yet But once the market opens you just watch what happens with the liquidity in here It'll start giving us some insights as to where the buyers and sellers are And where they're looking to do business And the left side is market profile software. It's from a company called window trader It's basically the same thing as candlesticks. It just puts it in three dimensions So it allows you to see price Um, it allows you to see time and volume at each price level So you see where there's these big fat nodes right here From the overnight and from friday Where there's a bunch of letters That's where the market spent the most time and then you can see the volume profile That's where they brought in the most volume same place So what does that tell us? Well, they like doing business here. They're probably going to keep doing business here It's probably going to be a lot of chop a lot of grind up and down in this area It's going to take a bit of momentum to break out And that's why we call it a chop zone Because we assume as long as they're still inside this yellow box It's just going to be up and down and up and down and up and down and up and down until you go mad And then they'll break one way or the other We got 100 brave souls hanging out two minutes to market open 42 likes 4 plus 4 equals 8 8 plus 8 is 16 get after it. Let's smash that like button No, two people just left. They were like, um, no, thanks. Goodbye. All right. We are off to the races. Let the chop begin So they're starting off the chop this morning by leaving an incredibly weak low behind as is to be expected So now we're looking for resistance around 4208 And a pullback down to that opening price Scalping strategy says good morning to everyone and everyone says good morning to you scalping We're all here to make some money today. We know we got to let the market shop this morning Okay, we were all aware of this. We're like, we get it. The market's going to be nuts for the first few minutes It's going to go up and down. It's going to grind and grind inside this overnight range, but If we can either keep the excess going to the upside In which there will be opportunities on the long side Or if we can run out of momentum and start to pull back and repair some weakness There'll be some opportunities to the downside Well, then that's fine. We'll just let the market chop And we'll wait for those opportunities to present themselves later on in the day Makes for very exciting live streaming. All right. So we got a little pop of short covering here It's got us above the overnight high that is bullish to see So now the question is do we just look above that overnight high and fail and pull right back down? In which case we would expect more chop Or can we bring in new buyers up here above the overnight high and keep that momentum going on the daily? We also just re-entered the old single prints. So we are likely now to find resistance at 42 16 the base of those single prints And then we'll look to see what happens when they come back to test that overnight high Charles, shouldn't I be foam owing into a long trade right now? No, no, you should not Right that was just short covering If they're really going to have momentum they will prove support Nq also above the overnight high that is bullish to see So same thing. Can they hold it? Can they turn? 13 880 into support Right chow another weak high Right at the base of the singles All right. Well I certainly would not suggest chasing it with a trade right now, but I am now bullish That is what I was looking to see How we handled the base of that uh single prints down Whether it's smack the market back down or not and it did not So that is a sign of new buyers at the high Which is bullish to see So I am bullish I would wait for a pullback to buy it though. It is still all short covering here But when they do pull back, I think it'll be a good opportunity to buy The bulls have the momentum They had it all last week and they still have it this morning Let's take a look at the Nq same thing If they can hold that half back 13 877 I'd remain bullish on the queue Frida says should have foamed in like a crazy person. No, no, of course not What if it had just gotten smacked down at the base of those single prints and come crashing back through the opening price That pop that we got up that little instant pop up We could have gotten that exact same momentum straight back down Best to wait for the market to give you the signal then look for the opportunity Even if that means you miss them from time to time, it's still a better way to do it Alan says what do you mean by single prints? Well, if you look at what happened on friday, the market opened up here at basically where we are right now 42 19 and we spent the first two hours or so of the day or first hour and a half or so of the day Just kind of chopping around up here Just kind of grinding around up in these upper levels and the market was trying to figure out Did we have enough buyers to keep it going higher? Or did we need to pull back looking for those buyers at a lower price? And it turned out we did well the level where that decision was made Was what we called the base of the d period single prints down right here at 42 16 So at the moment that that happened they were assigned that the market had momentum to the downside Okay, so what we think about once we see that happen Is we assume that if the market comes back up and it starts to get back inside those single prints Which it did right here in the a period, okay Once it gets back inside those single prints The most likely next thing to happen is that the market will backfill them Okay, all right. So first low volume note is backfilled. We're looking for support at 42 14 Can they hold it? So the first thing we expect the market to do when it comes back up through those levels Is to head up to the base of the spike down the single prints down Okay, that's that 42 16 level But oftentimes if the momentum really is to the downside it will get rejected and continue lower from there So what I said this morning was when we got above that overnight high I very much expected that we were going to get up and fill those single prints But it's what happened at the base that mattered to me Did did we get smacked back down or were we able to push through? Well, we were able to push through so that's bullish So now I assume the bulls are in control of the market because if they were not they would have got smacked down there So if the bulls are in control, they're just looking for support to buy Is it 42 14 or do we need to head back down to 42 10? Let's find out I'll say so what do I look at you look for literally where there's just a letter by itself Okay In the middle of the range So if you've got more than one letter above more than one letter below it's single prints All right, so 42 14 did not hold we're now looking at that overnight high 42 10 for support there Okay, starting to backfill some of those low volume nodes Okay, so we found some support. We didn't quite test 42 10, but we did find some support above it So now do we turn 42 14 into resistance? Or pass right back through Will says nq is so high. It must be smoking something. You know, you can get gummies nowadays Let's take a look at the q Oh Yeah There you go folks nq higher highs higher lows Value overlapping the higher you have a continuation of the momentum on the daily that is bullish They've still got it buyers remain in control on the q That is bullish to see Next major resistance around 14 150 Just make note of this. This is a lot of excess So as long as they've got the momentum, we're not going to fight them We're going to let them push the market as far as they want But they're going to come back for this at some point And it'll probably look something like this right here Where it's like we get this big leg higher and it just keeps going and going going but then we come back for it later So they could really pump this thing But at some point we're coming back That's a course on the daily not the intra daily Intra daily you're looking for support at friday's high 13 9 30 For continuation Scalping strategy says charles i went back to your youtube videos and found you are dead on with direction Thank you It is true If you go back and you watch the first 10 minutes every day like if at the end of the day you go back and replay it You will be shocked how often in the first 10 minutes I will have laid out three scenarios of what could happen that day And one of those three will have happened like day after day. It's like holy shit. Yeah He said this was one of the three that could have happened and now I might be wrong about which one of the three I think is going to happen I might say I think it's going to go higher and it ends up going lower But it will go lower how I said it would It will And that comes from thinking and probabilities Not being too fixated on believing i'm right Scooball says wait market can only go in three directions You got it do it every day The market is either going to go up. It's going to go down or it's going to go sideways As long as you have an idea of what it would look like if it goes up What it would look like if it goes sideways what it would look like if it goes down Be a little bit easier if it's happening. Here's a perfect opportunity If this market is going to keep going up, they should find support here at the overnight high So far they are so it's bullish But if they fail and they start to pull back down into that overnight range Well, then the information changes and I changed my mind But since before the market even opened I said if they could get above the overnight high and find support I'd be bullish well now that we're above the overnight high finding support I should be bullish random note for the internals nerds out there when you see contradicting Candlesticks in the breath and the advanceers versus declineers It is often a sign. You can't trust them So the breath is going sideways almost looking like it wants to start going higher While the uh advanceers versus declineers are going lower The one is pushing away from the zero line while the one is pulling closer to it So in my mind We got to ignore these today They're going to send too many contradictory signals, but we can remain focused on the ticks All right, here we go can they hold it In case what we're looking for now is a bounce right back up above that overnight high 42 10 we don't want to spend time grinding around inside the overnight range Man, this is the worst time to end the stream Ha ha ha we're right on the razor's edge So the next few hours are being decided in the next few moments Can they get these ticks back above the zero line? Can they get priced back above that overnight high? If so, it's bullish and they can keep it going But if we pull well, here we go If we pull back down And we uh stay below the zero line Then it's more chop and we're going to spend probably the next few hours going sideways What's it going to be market? What's it going to be? Patrick Patrick says hey if they need to stay with you they can just join the brigade. I know it's me. I don't want to switch I'm so curious. Is this thing going to hold or not? Do we have another day of momentum to the upside or a boring sideways day? All right, it's not holding So that is back in the chop zone chop it chop it chop zone once again Sorry about that guys was hoping we could get that momentum So let's jump over here and take a look at the queue really quickly and see how that's doing Okay, so q is still bullish Um, they've so far been bringing in buyers above yesterday's high. That's bullish So now you're looking to see can you turn half back into support? 13 8 99 Call it 13 900 If they can hold that it's still bullish. Remember they made higher highs and higher lows The es didn't quite pull it off, but they did so the buyers are in control Are they waiting at 13 400? I'm sorry 13 900 With that I will bid you farewell as far as the es is concerned I'm right back to the way I saw it this morning with the chop zone. So as long as it's above 41 98 it's just going to go sideways in here. Okay Um But I wouldn't be getting bearish not at all. I would just be thinking I'm only going to get bearish if we get below that level Because we may have just Squeezed a bunch of longs, you know got them to cover Uh, sorry a bunch of shorts and now we're giving the those stronger hand buyers a chance to get in So looking for sideways on the es and only getting bearish below 41 98 Good luck Thank you all for joining Uh, if you're a member of the brigade head on over to the private stream. I'll see you there. Thanks a lot. Bye. Bye