 Good morning traders. Welcome to the book map all markets live order flow analysis. I'm your host Bruce so We do this every Monday Tuesday and Friday 10 a.m. East Coast time and Yeah, you can reach out to us or me at Bruce at book map and this is my book map handle and my Twitter handle just below here Let's go through the disclosures and jump right in general disclosure all book map limited materials information and presentations are for Educational purposes only and should not be considered specific investment advice nor recommendations Risk disclosure trading futures equities and digital currencies involves substantial risk of loss and is not suitable for all investors Past performance is not necessarily indicative of future results Just one more item here We will be starting tomorrow our new blue jacket competition with On on May 10th that we do it on the 10th of every month Well, at least the last few months and you can sign up. So just go to blue jacket book map slash blue jacket calm I believe that's it. It might be book map calm. Yeah. Yeah, it's book map calm Blue jacket hold on a minute here I Yeah, that is that is the correct link. All right, so here it is here. I'll put this into the chat for you guys in In discord as well as in YouTube, okay There you guys go All right. All right. Aloha Tony. Good morning So, yeah, any markets in particular you guys want to take a look at Here we typically just go through the through the S&P. This is what most people want to see so Let's go through it. What are we looking at? What's happening here? Again, not looking for much today Like yesterday. So we're looking at a pretty choppy environment most likely Here's why. All right. So let's look at the daily over here. This big green candle here on the daily on the left-hand side Is was Friday? Okay, so a big move to the upside on Friday Unbelievable bull flag pattern. In fact We were looking at shorting up in this area here and And then taking some profit on the way back down into maybe some of these areas here But my god, though the bulls came right back in and brought it all the way back up And we went through this scenario. It's important to go through all these scenarios That it would come up into these wicks up in here where there was selling pressure earlier or lack of buyers or or both And now you can see what has unfolded. Here's our bear our bull flag here. You can see it on the hourly This is the hourly chart here And then here's the move back up and then here's today's action All right, so a gap down and a gap down below what? Okay, look at the previous low here from yesterday. Okay, this is this is only the regular trading hours chart Okay, all three of them are well two of them are at least the daily chart Let's take a look at it And let's zoom in a little bit here. All right, so we're going to Get a feel for what's happening here Okay, all right, so we can see in here that yesterday's basically this kind of a spinning top or You know candle here it just went to the high went to the low closed in the middle Now today you can see the gap down. All right. That's the red part in here and We're testing that low here. You can see it in the 15 minute and you can see it on the hourly All right, so we just had a little bit of buying pressure come in Looks like it was trying to maybe close the gap in here and you see the sellers slam the door on it so Here we are right back to the open. All right, so you can see what's going on in here and We're kind of all over the place. Here's the Since 5 a.m. This morning, it's been just a sideways chop consolidation Move to the downside move to the upside right back in the middle again. All right, so now let's take a look in here What's happening in the order flow? And we're gonna again look at the price action here To confirm it with the volume and the order book Right, so what do we have? All right. Well first off the knee-jerk reaction for the market at the open was to go to the downside Not on a lot of heavy cell volume though All right, we can see that buyers creep back in here and then they move the market up to the top of the range here All right, so there's our resistance up there the market sells off and again You get a bull flag here. All right, and we get another move here So leg one pull back leg two or impulse one pull back impulse two and what unfolded here Well, it traded up into high liquidity in here getting These sellers here on the offer getting filled And we can see we're down below now where these buyers came in All right, so we're down at the bottom of this range here All right, so Let's looking for a little bit of support here, you know looking for hitting some stops down here And then maybe we'll get a move back up to just about here. I just 36 36 and a quarter So, you know, I don't know point and a half couple point move back up to 36 or so. We'll see If that would be the likely scenario here But let's take a look closer All right, and let's look at the small structure in here the opposite scenario Would be that we're gonna get a lack of Buyers up here it exhausts out and then we'd get sellers down here That would be the scenario if we get that Then we're looking for the move lower now one of the things that we talked about yesterday in detail is You know looking going through these scenarios looking at the for these moves to unfold But also looking at the trap volume on one side or the other that will fuel the move Okay, and right now do we have enough fuel in this and I would say no Right just looking at this sideways consolidation from here onward And let's take a look at it. Well, what do we have in here? Alright, so within this consolidation period here. There's buyers. There's sellers Here's a bit of exhaustion here now. Let's see. We should get some sellers here at the bottom edge Hey, and a move down. There we go. There's our move down All right now be careful though All right, we don't we always look for this move here That should be a stop run it is some of it But it's not it's only like a point a point and a half or so. It's just basically one point in the SNP all right, so What we're careful about here is is this a pure move here? Or is this going to be a trap and we get buyers back up above it? Okay, so are we going to get our buyers up here our big green dots up here? if we do Then we'd be moving back up into our what we are looking for earlier right up here Hey, this 36 and a half Okay, so let's Let's see here. So anyway some good selling and it moved lower it moved into this liquidity here And and they pulled that liquidity from the market as well Okay, and we do have our stop run here and here right now here come our buyers And now let's see if they can move it to the top of the range 36 36 and a half And then we'd look for a stop run also to the upside here. Good morning, Peter. Yeah. Good morning everybody slow down and See Robin here today. Good morning, Rob. There you are All right, still looking forward to trade up here The 30 at least the 36 here the liquidity there You can see the see how the order book changed a bit as we started coming up The sellers became a lot more interested here at 36 and also here at 37 and a half All right, so Now we're looking to see if we can get a trap on the other side here Okay, so we'd be looking for maybe these guys to be trapped and Then we're looking for sellers down here now And then that would be followed through to the downside into 31 which would be kind of that would be low of the day All right, so Is that enough is that enough buyer enough buyers in here now structurally it's looking pretty good actually That we're starting to get a little sell action here now If we get enough right in here and some exhaustion on the buy side and a little bit of selling here 33 and a half I would look for this move to unfold down to 31. Here we go. Let's see if we can get it here It's not very convincing right now Anyway, this is not a trade recommendation We will talk about trade management though. Okay, so how would you manage a trade like this? How where would you get in? And you know, how would you take advantage of this? All right. Well? Yeah, there's not enough can not enough meat on the bone here to really Make a convincing argument for for the sell side right now The only convincing argument is this these buyers up here basically Meaning that these buyers up here will be sellers down here into 31 Here we go. Yeah looking for more sellers here now. Yeah, again like now that we can go over this scenario here This is something that Deborah has brought up the last two sessions Okay, do you want to be a seller at the bottom edge of this here? No, we don't And we want to be a seller up here or up here That on the top edges Hey, and go with the the flow here Okay, so the trend is down Right, we're starting to see some buyers come in though but You know, this is just not convincing down here All right, so we will stay away from it Right and just by looking at the sellers in here looking at the the behavior of the traders within this this price action here And that's the key. All right, so let's see what it looks like back up here at the top of the range Okay, here we are Should get the buyers to come through here Anyway, guys, we're trying to you know, we're not trying to make a trade here We're just we're just Identifying the the players in here and what's kind of going on in here Because it's not really there's not really much to look at here Okay, there are buyers and there's the push higher All right, that's it. That's all I'm looking for now. Let's see if we get rejection and then sellers here Yep, right. That's a little bit a little bit more buying in here So let's zoom in now. We can kind of we've got a little more to look at here now Okay, we've got these buyers here. They traded into high liquidity Okay here and here Okay, we can zoom in we can see the transactions that some of it pulled Okay, but you can see some transactions into that liquidity there Okay, so here's our exhaustion All right, let's see now Let's see if we get our sellers here Okay, now, it's not a trade recommendation But yeah, I'm looking for the sellers to try to take it down to 34 and a half bottom of the range 33 here so what we're looking for here is rejection here and The sellers would have to be here. They've got to be here It is kind of bottom of this little range in here, but in the bigger picture We're looking for a failure of this breakout, right? So it kind of is top of the range here, right? So yeah, let's see we're looking for our sellers here And we're not we just don't see much in the order book here either helping us Hey, but yeah, we're still looking for a sellers here, right? There they go right now again like do we have a lot here to look at to to really kind of Optimize this this as an opportunity a trade opportunity and the answer is no It's not really pointing to a lot of things in here. Here's why well, we do have this This is this is a good thing here. We have liquidity on the offer getting filled And we have buyers up here Yeah, that's good We're not really seeing much in the order book though that's supporting this idea They're on the bid at a higher level down here. We don't want to see that we want to see it dark in here We want to see them pulling on the bid And not bidding up at these areas here Okay, so, you know In this case here And we started to get some selling right in here This is what we were looking for at the bottom of this little range here and then and then the drop right? And it was it just wasn't that convincing Right, so here's how how we're fine tuning and looking for something that might be an opportunity And we're not we're not really seeing much Okay, so we just stay away let the market chop back and forth and do its thing And we don't have to be engaged in it. We're looking for something specific that gives us a No higher probability and that is based off of the behavior of these these traders Thanks Pete PD money. Thank you. Hi Debra Yeah, we're gonna call it maybe the Debra trade in here But And this this weekend we can go back to this again, maybe we Revisit this because we're not we're not really seeing much and we're not looking for much today We really aren't and it's because of this here It's kind of it's an outside day right now, but not by much and it's not much of a day yesterday either Okay, so we're not really looking for much and we're looking for some sort of insight right here Kind of it. We're kind of at this kind of you know It's a high volume node. We know that because we can look at right here in our our volume columns It's right at the middle right so we're looking for someone to Move we're looking for behavior that moves away from this High volume node here and it's gonna have to take a lot of volume Okay, otherwise, this is a magnet in here. All right, so it'll just chop back and forth within here Okay, until we see something very distinctive that with a lot of size in here moving the market And we don't we don't have anything right now to really hang our hat on here. All right, so Anyway, we can we can zoom into a microstructure and start to understand details in here and then maybe a bigger move starts to unfold for us, but Yeah, let's see if it's yeah, still this is just not convincing even at the you know This 41 35 here at the at the bottom of the range still just not convincing Market structure starting to look a little bit better in this little structure in here Okay, it's really not that great either Here's some exhaustion on the sell side. Here's some buyers a little bit of fuel up here and then we get the move lower So, all right, well if that's the case then Let's see if we can get exhaustion here again and just really we're squinting at this trying to look for something It's just nothing there All right, so we're gonna stay away But the market structure wise it can made a string here of lower highs And we do have some volume of trading up there Okay, we want to see like maybe some volume trade up here and then we want to see exhaustion here All right, and then we want to see sellers pull it away from that area. Okay, so we're not really not really seeing it Let's let's go through our market structure This is one thing we can go through and then we can look at some of the details in the order flow Yeah, let me let me turn off. Let me clear the drawings first Okay, and let's take a look at Nothing but Best bid and offer and let's start to mark up some of the structure in here Okay, you guys can see Pretty pretty nice structure in here the way across All right, there's there's this this kind of this is where the sellers really dropped it here But this the structural kind of areas up here There's a swing there and the swing up here, of course And then Yeah, we can see this little Double bottom pattern in here, and this is like a miniature you can see it, right? This is like a miniature a head and shoulders pattern up here. Okay. Now. I'm just going through these patterns in here Like like I said a coupe. Yeah, sure. I'll show you what exhaustion looks like, but You see all these patterns just repeat again and again like you know looking at this this double bottom impulse move Comes back up to the top of this little range in here It pulls back comes back to the top of this double bottom range in here and we get our flag pattern Then we get this little head and shoulders pattern in here We get the drop and a retest back to Where it dropped from here in that little head and shoulders pattern and now, you know, I'm not making this up you'll see it again and again and What we want to understand though and and why these patterns exist it's not It's only due to the behavior and the traders in here that Makes up this pattern is the order flow. It's the transactions. It is this price structure here And that's what we want to understand. What's behind it, right? So We'll turn on the volume dots and we'll turn on the The Heat map here in just a minute, right? But we're really just you know not still not really seeing much is pretty pretty wonky in here It kind of dropped below some of these areas in here. There's really not much structure here. The structure is looking better here All right. Now we're seeing our move here to the upside. So where where are we looking forward to go first? 39 and a half. Okay. Now let's turn on or 40 maybe maybe 40 okay, but Let's turn on our Heat map now Okay, well, there's the liquidity up here. So if these buyers in here want to meet these sellers This is where they are. Okay that coincides with this structure here that we just marked up You can see where I'm going with this Deborah for example The how this market structure and then understanding the liquidity here is giving a lot of insight of what's happening up here Okay, so if you see a move up into this high liquidity in here And then it exhausts out or we start to see sellers come back in and then look for the move right back down This is where you can take a short If the scenario looks good and then take it take it right back down to the top of this little range in here So somewhere around maybe 37 or 36 and a half And that would be the opportunity Okay, so, yeah, you know three and a half points. That's not bad in today's action in fact, you know The pretty pretty dismal action in the S&P like some of these moves are just a handful of points You know, we might have to jump over to the Nasdaq And and and see a bit more action And we've done that over the years And you can see you never got up here already you can see that Price came up to this liquidity here at 39 and exhaust it out And and came back down now a question on exhaustion. Let's see if we can answer it right now Okay It's not quite exhaustion, but what what the concept here is this See the trades up here the the green dots. These are market buy orders lifting the price up into this 39 area Now look at look at the transactions up here Like this is exhaustion right here There's no there's no transactions There are none Okay, we have some here It retested and there were none All right, that's basically exhaustion Okay, this is by the aggressor. It has nothing to do with the liquidity A absorption has to do with the liquidity Uh, but exhaustion does not Exhaustion is about the aggressor that there's no one transacting at that level Okay, so now you what you can look for even in this little micro structure here You can see that uh You can you can even look for like a a mean reversion trade off of this down into here Okay, where it transacted before Okay, so here here's how now it's not much of an opportunity, but I just want to demo how Understanding this here works on all time frames Okay on this very very small example here low time frame example We see some transactions up here That is selling no transactions up here Now what we're looking for is sellers down here And we don't get it actually We don't get it. So I don't I don't see it until here Okay, and this is already too late I mean because we're looking for just to go a tick lower into this this kind of high volume down here Right so not much of an opportunity We'll go back and forth here. We now we do have some by transactions up here Then we start to see the sell transactions again here And then lining up here where we had none before okay This is where it exhausted out again on the sell side no transactions none in any of these areas in here Now we're getting sellers now we also get a The aggressors move at first, but we also get the limit order book here and here Showing more selling on or supply on the offer in these areas here Okay, so now what has happened is This is what we were looking for earlier These guys moved it away from this structure up here So that's why we're looking for exhaustion at the top of the structure Okay, and we covered that even on the this time frame here Okay, so now These sellers have taken control Okay, and and you can see that buyers have tested that control again here now exhaustion looks really good up here Okay, so I would say this looks much better. It tried up here couldn't couldn't find them I found a few buyers here Exhausted here more sellers here. This is looking better There's some exhaustion again. All right, so let's see if we can get our sellers here at 36 and a quarter And then looking for those sellers to try to take it down to What we were looking for earlier 33 And our 31 yeah, all right, so looking for our sellers here Nothing here on the offer That's not good and they're on the bid here. So it's still It's looking better and we know that there's some trap volume So we are looking for the stop run and we're looking for the move the sellers to move it now Okay, so we're we are back at point of control We're going to have to get a lot of selling in here to move it away from this this magnet here Okay at 36 Which just means that a lot of transactions here at 36 Okay, bottom of the range here or this swing here. Let's see if we get more sellers now ready to move it Back down to 33 32 31 Well, anyway Again, nothing really clean and clear also for entries in some of these areas Probably your best entry When looking for something like this is we identified the sellers in here Okay, we identified trap volume here by buyers and buyers in here We we identified some of the exhaustion in here And then we identified sellers again in here, right? That's when we're looking for them to start moving it Right, so it would be someplace in here. I would probably be entering in here Uh when I see these sellers come in and that's that is kind of bottom of this range here But in the bigger picture I'm looking for this is I'm viewing this is kind of top of the range and I move back down into like here A bottom of this range either this range here or this range here Right, I still like this one down here at 33 and then see if they can break it down below Right now, you know, it's it's really again. It's nothing nothing great here Uh We we do we do have the the trap buyers here and we do we can see the stop run here starting to move Move price lower All right, so anyway, um, yeah, that that's kind of what You know the way to start to understand this in here now, we went through these kinds of details yesterday as well about who's in control and Uh where we saw kind of a reversal take place basically and we we identified the buyers Uh in a few different areas and then we we identified the buyers coming in and looking for them to break the the range to the upside Uh, and we managed to trade differently due to that And we were looking for it to break the the high and and continue on up And and it it played out. Uh, it played out pretty well That's that's what we were looking for based on the scenarios That we went through All right, so let me get to some questions in here. Uh, I imagine there's gonna be quite a few Good morning Hector Uh, yeah, so so you're looking at some of the pullbacks and the reversal strategies back in 2007 really? um, no that that's That's not possible 2017 yes, um, but um The uh Uh, that is evergreen content, uh Hector So it really doesn't matter. It's the same things that we're looking for in here So, uh, yeah, you can still use that information And just because it's old doesn't mean it's it's bad Right, we'll be having more we'll be creating more content for you guys though. That is uh newer and again, it will be evergreen content Okay, Rob, you're looking at something. All right, we can take a quick look at that Was this was this yesterday? No, I mean, no, this is today. Yeah This is today Uh, Rob, I you know be very careful with the scaling right now Um, it's great if you can do it. Um But it I I would um suggest um But this is a scale out. Okay, never mind that that's that's fine Yeah The simulator screwed up. Okay. Um Oh that this is another you know Not to your fault Uh, this is something like um, you know, you have to be very very careful about and it's a part a big part of the business to be honest Uh, I you know We've all seen this Uh, and you know, I mean, I can't tell you how many times I've experienced it. It's like, oh, I left an order open Oh, I I I thought I exited I didn't um You know, oh, I accidentally entered Uh, and it just eats away your pnl You really have to pay attention to that Uh, and be very disciplined with your order entries Okay, and be very very careful with it. Uh, and very precise Uh, because uh You don't you know, you you don't want to have that happen Uh, and if you do make a mistake, uh The best thing to do is exit immediately Okay, and chalk it up as part of the business So, uh, anyway, no nice nice rob. Nice nice to see you got your scale. Uh, and then um Looks like uh Looks like you made a Maybe a bit of profit on it or maybe at least break even I I hope it's okay. I showed this And let me get to some of the questions over here in youtube Yeah, so and again, like, you know now we here here's our move that we're looking for and and you know getting involved maybe maybe Like, you know, this is it's a maybe in here somewhere around in here Taking it down to like either here or here Uh and and then scaling out Okay, or maybe scaling here Uh at the at the bottom of this this smaller range or maybe even even here this little range in here, right that we had had drawn up That's fine Now in this case if I was still in this I would have been stopped I would have moved my stop to break even and I would have been stopped out Okay, uh by this activity here Uh, or you know, maybe I see you know buyers coming back in here and I just take a small loss right, uh I don't know. Um, I I probably I would have Gotten stopped out of break even and that's that okay. I gave it a shot Uh, it started to work looking for a pullback and continuation Uh, and it didn't it did a double bottom here and we see buyers come and move it right back up Right now we were anticipating choppy environment in here, but we had a few things going our way Uh, we can see sellers some sellers There's you know, here's our buyers here and our buyers in here But we see that there was some exhaustion and we see sellers come in So we're looking for the move lower and then possibly uh break the lows here Okay, give it a shot and uh It didn't work out okay now On on days like today. I mean it this is up to like your your trade management as well If you're not expecting a trending day here and we're really not, uh, then Maybe it's a good idea to take some profit here Hey at this swing Okay, instead of waiting for a bigger the bigger move down to this swing here Okay, these are these are all considerations And you'll need to go and do your back testing Okay, so when you mark up your excel spreadsheet Or your your google sheet Okay, was it an inside day? Okay, was it or was it a trending day? Okay, this is how you can start to really optimize your trading and and build your edge All right So put that into your into your plan or into into your studies Okay, now look at this. This is getting wound up here looking looking pretty good for buyers to take it back up into maybe 42 here Okay, I don't trust it though. I mean I like it. I like seeing the buying here Uh, but I know what kind of day this is Uh, and uh, yeah, I mean I do see the buying but I also see them here at 140 141 and 142 Okay, so I'm not going to be a buyer up here And I I don't see an opportunity to sell yet either. There's a little bit of exhaustion here, but uh I want to see absorption first. I want to see these guys stay in the order book absorb Then I want to see exhaustion then I want to see sellers come in It would be even better to see some selling on here on this little swing lower Selling again and then a break All right. Sorry guys. I've been ranting here Uh, and let me get to you some of your questions here. So coop coop. I hope I answered your question. We'll we'll find more and more Examples of exhaustion, but the the concept is rather simple Especially like on some of these double tops and bottoms This kind of you know fits the bill is this isn't truly exhaustion here But look at how much is selling down here and you see a lot of sellers here, right? So there's not many here Okay, so if there's not enough sellers down here then It's basically exhausting out or there's you know, not a whole lot Transacting down here. We're looking for buyers back up into these areas and then they'll take it back up into the tops of the ranges Okay, so uh, that that that is the concept here. I hear this is this one's much better A little bit of selling here Okay, but not much Okay, and look at this one here right very little Okay, just like one lot or something here Okay, so uh, anyway, that's the concept. Uh, and yeah, of course, you know, we see that um This move to the upside so what What we want to look at in here is understand the dynamic Okay, did they get filled here on the bid a little bit? Uh, do we get a lot of buyers in here? Not really Okay, do we have our exhaustion down here? Yeah, this looks pretty good Now are we starting to get buyers in here? Yes, we are up here And we also can see them starting to pull some of that liquidity on the on the offer and we can also see them add on the bid All right, so we're not looking for much in this move just top of the range here Or this liquidity and takes them off Okay, maybe you get a runner out of it in this case you would have Okay, uh, and um And you can see that that that runner and this this volume here Moved it away from this range here and it created a new range as you can see it Right here. All right And that held pretty nicely Okay for a while All right, and then uh, yeah, we were kind of wound up here looking for um Well either the settlers to try to drop this in this area here, but we really didn't have too much um Would have loved to see that absorption here first, but we didn't Uh, and then we see more buyers in here. So they didn't they were able to move it higher Uh, and uh, let's see if we accept higher or not And let me get to the questions here in uh, youtube So the shadow uh mark you're watching mark duckles and he said that uh Kind of similar things its behavior of the traders and all those patterns. Yeah, absolutely And that's why they repeat Right, and it's also these traps and and and how they you know people would make mistakes Here like this one right here. I would you know, I would bet now I don't I'm not going to put money on it But it looks like it wants to come down right down to 38 here right now Okay, and there there it is Okay, now I it doesn't look good enough for me to put money on it Uh, but um, uh, here's the concept These guys are trapped. Here's our exhaustion. Okay coop Uh up up in here, uh trades up into this liquidity here not too many transactions not too many here either um, and then uh A lack of a very little buying very little buying looking for our sellers and then looking for them to drop it down here And what do we have here? That's like a mini head and shoulders here as well Okay, so what what does it mean? No, what the the the significance of the head and shoulders pattern is very very simple It's not to remember it as a head and shoulders is to remember it as an order flow or um price action event in here Okay, we have liquidity here On the offer some of it getting filled also up in here Okay, we're at a high of a range Or kind of close to a high of a range Uh, and then we're going back and forth in here And then we cannot make a higher high and we're not quite getting enough buyers So we already had some sellers here in here Now we're looking for more in here And we're looking for the drop into 38 Okay, so it already unfolded um And you know you can look at your measured moves and everything and all that but uh the concept is this There's we have sellers on the offer. We have our buyers in here that are trapped We can't get enough buyers to go higher. We're looking for sellers to drop it back down and test the low of the range Okay, it just so happens that these things work out pretty well for a measured move as well Okay, and look for these though the measured move makes sense You know as well, uh, first off, there's a swing. Secondly, there's liquidity And then think about where people are going to be placing their stops Okay, that are buyers up in here. Well, you know, probably all the way down into, you know, maybe here or even below here Well, they would have been hit And we do see some stop runs in here It's nothing significant All right, that's what made up this head and shoulders pattern all right so and and just Uh, I would suggest uh, um, you know go go back and if you're a pattern trader, uh, you like your patterns um, well then go back and study this and and First off recognize it maybe as uh, let's do the uh the the trick here with with debra Okay, we'll uh first take everything off Look for the pattern All right now look for something in here. Let's look let's look at this double bottom in here Now and it did make a lower, um lower low here Okay But did we get a lot of sellers in here down here? Okay, do we see a lot of buyers up in here? Okay, and we're looking for a lot of sellers and absorption in here That would be the scenario we'd be looking for is absorption Okay on the bid in here would be great uh, and We see maybe some aggressive buyers up in here Okay, and then and then we come back down here and we have a lack of sellers Okay, just so maybe a little bit of selling down here uh, and then what we're looking for is um The buyers start to come back in in this area exhaustion here again Okay, maybe just a little bit of selling in here, uh, and then really looking for buyers in here. Okay Uh, and then on up into here, especially Especially here looking for buyers Especially here. That's looking pretty good to come up to here top of the range all right And that's it for now and that would be your measured move as well Okay, here's this And then here's this Okay, actually it it it did the measured move almost perfectly But I would just be looking for it up here and and the liquidity up here Hey, another thing is to look for your liquidity up here Okay on on the offer All right now that's the scenario we just went through right And let's get rid of our measured move here for a second Okay, so now we're looking for we we just kind of outlined this scenario in here Okay, this is again how to build confidence in your trading plan in here Now now let's see what what really happened Okay Okay, we see sellers in here. We do not see Much liquidity at all Okay getting filled in here We have some sellers down here And not too much Well, we don't have much really to be honest. It's it's really not looking that distinctive in here. We do have We don't have too many buyers in here We do have liquidity here on the offer that did get filled by those buyers Okay, and we do have the buyers up in here Okay, moving this higher. This is looking better Okay, and then looking for the top top of the range in here And that's a horrible entry point Up here, you know, we're looking for maybe the smaller little area and maybe maybe in here Uh looking for buyers to try to try to take it up at least to here and then up to here All right, and we do have liquidity up here. That's a good target Um above the swings and it and it matches your measured move Okay, so now you've just learned something and you now you can take a screenshot of this You can mark it up. In fact, I would recommend it like mark it up mark up your charts like this And just like Rob had done with his trade example Here but he marked it up and then Now now you've just gotten One step closer to to knowing a lot better What's going on in the order flow here and you've defined what happens within a double bottom pattern here You know a lot more about it. It's the order flow that makes this up in here Right and then there's going to be many variations of this in here Okay, now this this variation is not a very strong one Uh, but you will see uh things like this Sometimes you won't see any liquidity or very little selling in here You'll see heavy selling in here into heavy liquidity on the bid down here It might be a variation like that Okay, or you might not see any and you get a huge iceberg down here And then you look to see if it comes back up and you start to find those buyers Maybe some exhaustion here and buyers here looking for the move higher Right, so uh anyway, uh Maybe just start with your market structure Okay, the uh, uh the debora method here, uh and uh Deborah if I'm bothering you and if you think it's harassment, no worries. We'll call it something else Um, but uh start with your market structure understand your market structure now start to turn on the volume dots Start to turn on the heat map start to understand what makes up that structure all right So let me uh get to More of these questions in here Thanks bobby Nice to have you in here Can I recommend a good video maybe at the end here to set up the drawings? um Yeah, and the the add-ons to get like icebergs and stops um Just start with the the market structure here All right, and then uh and then You can you can always get the add-ons And that this this is an incredible um insight here uh to to understand what kind of orders are transacting within the order flow Uh is pretty amazing Okay, and it will give you an edge Uh, it's it's not a signal though All right, so uh Just start keep it simple Right in fact, I would recommend don't don't even look at the um sub panel Uh and and be more disciplined to understand what's happening in here Uh when you turn on the volume dots and The uh the heat map Okay, so uh, then you can then you and go through these um The some of these uh order flow events in here and start to understand really what's happening Okay, so here here we go again. Let let look at this. We cannot make a high or high Here's our exhaustion looking for sellers right here And now looking for the sellers to drop it down to 38. Okay. Now. That's only a point and a quarter But i'm looking for it. I have my reasons Okay, now there's is it high probability in here not really And not really here's why look at the order book You know, we're only looking at the the the price structure and the aggressor in here. That's it And when we have the uh the heat map in here that gives us more insight Now we have more to lean on at that point Hey, look at this this buying in here. That's likely an iceberg it hit Likely because it it failed to lift the offer higher So let's double check that and there it is. There's our iceberg right there see that Okay, and why did we think that because these buyers failed to move price higher? It's pretty good buying It failed to move it higher So, you know, then we're looking for this move lower into and it's almost done it here 38 Hey, just the swing here. Maybe it can go down to this swing here at 36 and three quarters 37 Uh coop. There's another good example of some exhaustion Here's our buyers here. There's a little bit of liquidity up here as well And then here lack of a very little buying A little bit of selling in here not much and then lack of buying again cannot make it higher That's like a triple top Okay, the buyers can't lift it And they can't even make a higher high up here From just minutes ago 10 minutes ago Okay, so yeah, we'd be looking for sellers to drop it And we're still looking for it And the buyers continue to come in here This this was our iceberg here and another little iceberg in here So we know that there's larger players in here also They're they're shorting it in here. All right, so now Let's look for the sellers here. Here's again exhaustion coop right right there Okay, let's get our sellers in here And let's see them drop it down to 36 and a half And now we have look at these buyers at 38 though kind of in the way here I want to see them pull And I want to see or I want to see our sellers take them on and trade right through them Yeah See see all that We get a little bit of buying in there. I'll bring it right back to the top of the range All right. So anyway, like we really haven't you know Had had a really clean Outlook today on any of these moves And we'll still go through them And go through the scenarios, but you know the Looking for something very clean and and and solid. We really haven't seen much All right, let me get back to these questions guys. I'm sorry Market, uh, what do I mean by structure? I'm talking about the price action creating the structure Now it has nothing to do with volume Well, it's the volume that moves the market that We can talk about that. I mean like, um You know what moves the market here is the aggressor Okay, the market buy orders or market sell orders. That's just how it works Okay, even if like the spread widens out and there's buyer only buyers on the bid down here Let's say at 38 there has to be a seller to move it down there Now you wouldn't be too happy But the spread would have to widen out and it's the aggressor that actually makes the move Okay, the liquidity is down here. It's the other side of the trade in a very important part Um, but uh, it is the aggressor that is moving it technically Uh, let's see bobby about the drawing the drawing tools are here, uh, right in book map Um, you can use those or you can take a screenshot and use any sort of like a screenshot. Um software I use snag it. Uh, it's kind of expensive. Um, I'm sure there's others out there that are a lot cheaper You can also take screenshots right here from book map You can mark them up in here and then you can use this tool up here Take a screenshot and then Save it or copy the link or you can post it immediately to your twitter or facebook right here Which is nice. We've had it for years Uh, nice nice tool. Uh, let's see ac. Well, since those bubbles are delta, uh Uh, when you don't see a bubble, it doesn't necessarily mean that um, there are zero transactions. Yeah, that that's true. I mean like, um, uh There could be equal buyers and sellers. Yeah. Yeah, absolutely Yeah, nice ac Very true Today's range isn't smaller. Yeah, I know jack. It's not it's There's not much to look at today. We we can jump over to another market if you guys like I mean the s&p gets just mind numbing for me. Um We've had good price action though for a while, but uh, we're only talking like a couple points in here in these small ranges and it's just, um, it's Kind of dismal Yeah, shadow, um, cpi numbers tomorrow for sure You know, everyone's kind of waiting for for data and more more insight Uh, that's where you can start to look for though You know some of these setups what we're talking about in here about, uh, you know trap volume, uh and looking for stop runs to the other side Let me see Is exhaustion happening at the 41 41 area? Yeah, up here Now truly technically exhaustion means there is no transactions Okay, and there are some here There are 10 Okay, according to our volume column And all it means again would it's it's not so much the definition Is understand, you know, what's behind it here? Uh, it just means that there's a lack of Uh, and now this gets into auction market theory about if Within the auction There is a lack of buyers There's no buyers Think about it an auction for any way anything If there are no buyers, where is price going to go? It is going to test lower It has to You know in an auction it has to because no one or or the you know the um the seller is just saying well I i'm going to take this price or that's it nothing else nothing lower Okay, maybe the seller though like in an in an auction just says well, okay, I'll give in I'll go for a lower price and then then you know You'll get some transactions in a lower lower area and what we can look at and and now this gets into your auction market theory with profile Is that these tapered edges in here and again, but don't worry about the tapered edges Just understand that there's not a lot of transactions up here Okay, and if there's not a lot of transactions up here Okay, look look at this beautiful tapered edge in here Okay, not lot not a lot in here There's there's 10 times more down here compared to up in here All right, so is is there is there? Uh demand to take price up into here. No not yet No one's showing any interest up in here So what is price doing? It is just going back and forth within these these big profiles which just means that it is We don't see someone lifting it away from this area here. It seems to be transacting in here. This seems to be a value area Okay, you don't have to have profile for that Okay, it's just a concept in here to understand that price cannot get outside of this area Okay, it goes back and forth. It tries it tried here on the buy side failed Tried here on the sell side or even here failed Okay, and we're just going back and forth in here Okay, here's our exhaustion yet again Okay up in here Sellers here. This is better All right sellers at the bottom here looking for more a more exhaustion here looking for them and take it down to the 38 and again, it's a few points, but This is looking better actually for now sellers to try to drive it lower Into maybe 36 and a half or maybe 34 and a half Okay, and start a new range in here now if that is the case Okay, debra Then you're you're you're selling this top edge up and up into this zone up in here Okay, if you get if you get lucky and you get a price in there Okay, you can set your limit order in here and again your limit order you know is Uh, you know, it'll likely have to trade through it So think about that your limit order you got to place it maybe one tick below Okay, now this is where like on days like today you have to be really careful. So here's your opportunity right here Okay So You know right in that little area in here You would have gotten filled here at 39 and a half because price went through it and transacted higher one tick higher So you would have gotten filled here All right now. This is where the risk comes in and you just have to uh, uh Accept that that's a part of of trading. It is a part that we all share No matter what our setups are All right now. We don't have a lot here either. We just have some exhaustion No, I don't I don't see a lot of seller transactions down here though All right, so I don't really like it and I also don't like the order book in here. So I don't think this is high probability And it's looking better now. We see more sellers and they're starting to pull here on the on the bid Okay, so looking for sellers should try to drive it now Okay, but if we had this scenario here of sellers down here exhaustion up here like this Okay, and then these these guys on the on the bid They would be down here only And in fact you'd look for um On the offer up in these areas here Okay, so now What happened here? What happened is is you became part of the business Okay, and you're getting stopped out now right, so if this was your um Your entry in here and this is why look at the and I know this is not much to look at Uh But bottom of the range in here you can take some off To reduce your risk and put your stop at break even or just put your stop at break even And you would have been stopped out at break even Okay, but the problem is what happens to a lot of us is we okay? This is starting to fit it's starting to look even though we didn't have a great setup in here Okay, we covered that and why? um, but if we get that Uh, and uh, and yet it goes against us in here. What's happening is we're the trap We're the ones that are trapped Uh in here as sellers and we're going to be the measured move to the upside here Okay, so Ways to avoid it get out Okay, and don't become part of that business Okay, now you can see what happened It it it ended up doing what we were looking for anyway But it had to stop these these sellers out here had to trap these buyers up here And now we're getting the move down lower Okay, it's maddening right But this is uh, you can look for these things within the market And it's going to happen again and again and again, so You know have your safeguards And uh, these are considerations for your trade management And this is looking good for going lower still 36 and a half You can look for maybe 36 mean mean reversion down into here, you know but um I think there's enough enough selling in here Or enough buying in here to get enough selling to maybe come down into our 34 And maybe our maybe our 31 here now. Maybe this is our bigger move here Okay, now It's starting to play out, but it's where did we get all those sellers? We only got them in here And when we see we need to see these guys we need to see this kind of selling here We want to see it down below the point of control Okay, and then we're going to get our move outside to outside edge here Okay down to here All right, so if we don't get that watch this you'll get the buyers. They'll move it right back into here Or maybe even here Okay, let's see Okay, well we got liquidity here at 34. That's good All right, here come our buyers. All right. Let's see. Let's see them trap these guys and move right back into 36 and 37 and a half 36 and a half. I should say And 37 and a half Right. So, you know, we're going through the scenarios in here looking for Where that selling is taking place and moving price away from an area And this is not it. We want to see the sellers down here. Like we said They're moving it away from this kind of magnet here of all these transactions Okay within this big old range in here All right. So anyway, let's let's take a step back here and let's review a little bit and let me let me get to your questions I'm I'm still Behind on the questions in here. Okay. It was a technical issue that Where the platform would okay, so that was on your trade of eight, I guess Hi a n Okay. Yeah, we can take a look more at structure Okay. Yeah, so I've answered those questions Green shot is what you use for your screenshots. Okay, and it's free. Oh, okay. That's nice to know Okay, the Deborah set up Yeah, okay. All right, so I've I've got it. I've got your permissions Yeah, today's a tough day. I mean, I really don't see a lot of anything in here to be honest like uh, that's really worthy And you can see like this this move to the outside edge here on all this selling has moved right back in um, so again, like I I forget ac maybe maybe said that we're looking for um Um, you know waiting for data here that that's very typical Jignesh, let's see. Where are the dots with orders and stops? Showed earlier. Uh, yeah, we we have that here in the on chart indicator Okay, this stops in icebergs Right now. I'm only showing in the sub chart. Okay, you you get this with it though. It comes with it Now this is something that slowdown had mentioned. Um, uh I think a while back or maybe he just mentioned it to me. Um, uh, personally, um But it's really important. It's a really good point You know, we're all looking for this market to move and you know, we all want to make money But it many of the times it just doesn't move Uh, and there's nothing we can do about that. We don't we have no control here This is like the ocean in here and you're just like a little, uh, um, you know, um Bobbing like a Ball in in the ocean Okay, and you know what we can look for is behavior in here to try to move that market Uh, and that's the best we can do. I I feel Okay, this is a mess. Let me let me clear all the drawings again Uh, so anyway here here your stops and icebergs on chart Okay, so you can you can read and and see the details in here Yeah, here's our little we saw that little iceberg in here. Remember well actually this is this is really funny I just love this kind of stuff. I I just love it Look at this. This is what unfolded here. We saw that little iceberg in here. Remember And then we saw another one down here, right? It is only one iceberg here for 511 contracts. This is that one trader. He started trading here as iceberg Transacted here. We can even show exactly when Right here Here it is detected 76 here Okay, uh, then 10 Okay, and then it started to transact here. It remained on the offer here absorbing price And then they dropped it here The iceberg dropped down a couple ticks and absorbed more here And that's when we saw this transaction and they in this transaction failed to move price higher So we knew something was up here Uh, and yeah, and it was an iceberg. So then We saw the other one down here, but it was really just one trader and one iceberg Okay, that executed fully for and and it it got pretty aggressive here. It it trailed down Uh to get filled here And uh for 511 contracts Right, that's one player here. That's pretty insightful Okay, now that's where we put this together with other things though for confluence Okay, so look at this move here. I mean, this is just uh, it's all over the place Um, and we're at our european close here on about 10 minutes, but uh Yet again remember remember how we're looking at this and we saw exhaustion in here We're looking for our sellers in here to try to try to drive it down to at least here and then maybe here Okay, and then we would have gotten stopped out here by these guys in here It turned around comes back down. We get sellers. We're looking for Uh, uh the kind of point of control it went through it down into this liquidity here in bottom of the range Uh, but down here we're like, yeah, you know, no, we're not looking for sellers in here We know that there's sellers and buyers in there We're looking for sellers down here to move it away So here we're looking for a move back into our 36 and a half 37 and a half area Uh, and we got that and now look at the above here. You can see it Here are the buyers coming in and they are hitting the other side now of the market Okay Maybe this is enough. Maybe there's enough sellers now trapped in the in here Uh to get a bigger move Okay, and if so, where do we think it's going to go? Well, let's take a look here Okay, our 15 minute chart we'd look for 42 and a half up here Uh, or maybe the gap fill 52 and a half Maybe that's enough So we've spent this whole session basically going between 32 and 41 Okay, about a 10 point range in here But uh, well, let's see it was Yeah, 32 to Yeah A little bit less than that a little less than 10 points, but Somewhere around there. It's not bad actually. I shouldn't Complain a lot of times we've seen a whole session in s and p just go for like three points all right, so uh Let's see a question about the um Market structure Okay, just uh Same same process we're looking at the candlesticks in here market structure of like, uh, you know range in here You know stuck in this range here and uh Also yesterday, uh, we can it's the same process Okay, now up here right look look at this up here Okay, we're up at this the top of this range in here Okay, do we have enough buyers in here is the question Hey, we made higher highs in here right in this structure Okay, now we're coming up here and we really need to see buyers in here And we want to see the order book pull on the offer add on the bid and we want to see more buyers If we can get this scenario We can get a nicer move outside of this range for the day this this horrible range And we get a trendy move maybe up to here Okay, uh some areas to consider Uh, think about all the volume in here Hey, maybe you take some partial profit around 44 and a half Hey, or maybe you hold for the gap fill Up into here Hey, same ideas though Right now, let's see. What is the order flow look like? Okay Um, yeah, I don't like it. Um, I I see liquidity here getting filled. I don't see a whole lot of buyers in here It does not look that convincing that look at the offer up in here. I see a lot of sellers up here All right. Well, that's the behavior So, yeah, I I'm not looking for a breakout right now. What about the bid? Well, yeah, I see the bid down here a little bit but Not a whole lot to shout about either So Deborah, but I would not have traded that would have traded. What which one? Maybe the con before the storm. Yeah, this is exactly right. It uh bobby I mean the market gets wound up in here There's buyers. There's sellers. There's buyer. There's sellers and then one of them is going to win And the others are going to have to cover the rundown I would have not have No, I I mean if if Yeah, like like we covered in here like uh, I mean this this in here like nothing really was good today At least from my point of view Uh, maybe you guys saw something else. I don't know but By looking at the transactions the market structure and the order book in here Uh, there was a lot of different things happening. We look for these moves to unfold in certain directions here, but nothing really Shouting to us that uh, wow, this is looking good. It's it's looking ready to move here All right, I mean up in here we could say that Even with all this buying up in here trade into this liquidity here in the order book on the offer looks looks uh You know pretty pretty strong That you know, you could look for sellers and trade it back into maybe it trades back down to 36 here Okay, or at least down to here Okay 38 All right now think about it again same ideas same concepts here Look at all these all these buyers here Okay, we can we almost have a structure too the structure is actually here right Just around uh 40 or 30 39 and a half. Let's call it Uh, and if that is the case well, then we can get a nice move right back down to here Uh potentially Okay, or or here And it's already done that Almost Right same ideas these guys are trapped Back into the range here and then where are they going to get stopped out? Yeah, maybe maybe it has to come to the other side of the range here 34 Okay, but this this is your outside edge here And you're looking to trade it back into the into the range here Okay, so um Yeah And again like does it look really that good in here no not really Not really even for that setup. It does not look that good. We have the order book here on the offer. That's good Uh, there they were on the bid here though, and we didn't see our big You know, we want to see some of those selling in here Uh, and then a lack of buying in here, which it did a little bit That's where it started to look better and then we had sellers in here again Right and that that's where to me it looked like it was ready to drop Okay, but I didn't know in here And I didn't have the sellers in here either In fact, we have an iceberg they're buying Right, so again, it just didn't look that that good. This is a variation of our double top and it just didn't look that good So let me let me clear again the drawings and let's take a look at our our double top in here And I'm going to take the stops and icebergs On chart. I'm going to take it off Okay, so we have a little more clarity So here's another variation up here And now it doesn't look like I said it really doesn't look that good Some we do see some absorption in here. That's good Okay, and we do have some exhaustion here. That's good and we do have the offer here. Uh, that's good as well Okay, but we had some on the bid down here and we also didn't have a lot of selling in here All right, so it it's it's okay. It's not it's not that bad, but uh You'll see better variations of it And we're also at the top of this these ranges in here too Okay, so And then here's our move back into the middle Yeah, to me like like I said, I would have I wouldn't have gotten in it, but it looked good. It started to look pretty good down here A little bit riskier would be to look for exhaustion in here start to see a little bit of sellers and and just to You know, maybe try to front run or look for the move back down to here and maybe you can break it as well You know, that that's one of the things that is is nice is You can look for like a micro range in here Um And uh, you know look for That exhaustion and that selling starting to come in here And it's here There's our exhaustion more selling right and then you can start to look for it to trade to the bottom of it It is about the bottom of range. So it really didn't look good in here Not even in here Until until it got down here, then it started to look pretty good All right, and then you'd have to take this much risk though. So is it worth it? Here's your risk Okay, so it's about two points worth Okay now and it went against you like three ticks All right, and you it would have made money, but like is it worth it? I don't know not not for me I'll just look for something better The e uh bobby means the um number of uh or is fully executed iceberg And the number next to it is means how many were executed correct Yeah, luke it could pick up to the downside here today. It could pick up either way Really, I I I don't have much of a bias here And let's just let's just kind of recap here and then we um, we got to end the webinar uh, all right, so I look at this and it looks horrible It really does uh all it's done This market has done is explored Outside of these ranges in here Uh, and that's about it Yeah, and there's a lot in between uh, so uh Yeah, not not much to you know look at today guys. So sorry. I you know, that's just the way the market is today I think you you're on to something. I mean like obviously data and reaction to uh Important uh, uh data is is going to move the market Or we'll get traders to move the market All right, they'll have a different outlook uh on the market and their their behavior will Uh will reflect it Uh, so you know what I I would suggest this um, uh, well tom b is up right now You can go over and uh, he'll I imagine he's going to talk about inside day and and the big range in here in the you know you know, uh Up in here. It's it's there's no value and down below. There's no value Uh, etc That's uh, his way of looking at the the market structure Uh, I would also highly recommend Uh, this this guy's just he's great at it. Um Is this webinar here? Okay. Now it's crypto Uh, but uh john slaws us right here Okay, he um He will go through uh the um, uh market structure He he's an expert Okay, uh, he has many studies and his studies, uh, were based off of decades studying the futures markets Uh, and uh, and he decided to go to jump into crypto. Um You know some years ago, uh, and uh, he still trades futures. I believe you'll have to ask him But uh, anyway that webinar starts at 1 p.m. East coast time Uh, and he will go through and give you a lot on structure Right and uh ask him All sorts of questions uh become an expert on the market structure. He'll he'll he'll go through it all Uh, so you will you will see him him talk about these kind of neutral days and it you know If it if this he'll he'll draw up the structure like this Uh, he'll look for okay. It failed here Uh, maybe it comes back in and then you know, you can look for an extension, you know something And he'll he has all of these things kind of um, uh, uh all all Drawn up and uh, uh, you know Then he'll he'll talk all about it. That's what we've been doing Is you know looking for traps the sellers trap down here Uh, and then uh, we're looking for buyers here Lack of sellers here and then here Above here buyers Right, maybe possibly to the other side of the range possibly a breakout or Maybe just to the point of control Right, so maybe just back to the mean Okay, likely if it fails here many times it will it will trade to the other side of the range Now I shouldn't uh, I don't have a statistic on that. I've I've heard is 80 percent Um, but you'll have to do your own studies Okay, so a lot of times we see that what will happen instead is We'll get a move up into this liquidity or there might be heavy liquidity here on the offer Um, and uh, we'll not be able to get through the most traded level of trade to it won't get through it And then you'll see a lack of trading you'll see sellers come in and they will drive it away They'll drive it with big volume away Okay, uh on down So that's your retest up to point of control and failure Uh, and then the move away Anyway, guys, uh, yeah, please if if you like this, um, not not much to go through today I mean we went through a lot. Uh, there's not a lot of action to take a look at though. Um, but please Hit the like button. Uh, that helps us definitely and Yeah, anyway And go go back and do your studies here. Uh, go go through and uh, Put together your variations in here for your double tops your double bottoms or you know triple tops whatever it is Uh, start to put this together mark them up draw them up and uh, what it might look like we went through that exercise earlier Now you have something you have a variation you can study it look for another one Okay, what does it look like Here, you know, here's our double top up in here and it wasn't wasn't we kind of uh said, uh, it's not that great It's not that bad either Uh, we just didn't really see it until down here Uh, even when we zoomed into like really really tight structure micro structural areas in here It really didn't look that good. Uh, it looked it looked pretty good down here though All right. Now. Do you want to take the risk though is the question? Okay, you can see that uh, yeah, you would have done great if you just traded back into the the You know this little area right here where the buyers took control Uh, and uh, uh, took took your profit here. Okay, otherwise you'd be stopped out at break even here Okay at 41 40 All right guys. Yeah, thanks everybody. Have a great day. We'll catch up with you on friday