 Okay, so welcome to the Bookmap Live Trading webinar. This is the advanced education that you get with Bookmap. So for those of you new in here, just go through the basics here of what this is, what we're doing in here, and how to use this webinar, or how it's helpful for you. When you subscribe to Global Plus is when you get this, typically, this is the way we've done it in the past. We're experimenting here in the Discord room for the moment, so we're offering these for free for everybody. What it is is we're going to go through the order flow in the live market, and it'll be all forward-looking analysis thinking, reading the order flow, and then giving insight to where we think price is going to move next. So this is in tandem with our educational course that we have online. You should have access to that if you've subscribed. Watch that course, then come to these webinars, and ask questions. We'll go through all sorts of things in here, but the key element here is the live forward-looking analysis. So you can apply what you've learned directly from that course in the live market. So this is kind of the testing ground or proving ground in here of the education. And we have also two days a week we have live trading in here from two different traders. This is why we do it, so that you can get insight to order flow in general from these live analysis webinars Monday, Tuesday, and Friday at 10 a.m., and then live trading to look at different styles on Wednesdays and Thursdays of different traders, and their specific way of trading. And maybe this is something you want to emulate, but to learn from them how they manage their trades, what their trader psychology is like, etc. So we have JTrader, a stocks trader on Wednesday, and Scuffle Senior Futures trader on Thursday. All right, so let's go through the disclosures. 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. The risk disclosure, trading futures, equities, and digital currencies involves substantial risk of loss. It is not suitable for all investors. Past performance is not necessarily indicative of future results. All right, so let's jump in here and get going. Let's see here, Alan, the purpose of the webinar is simple, and follow what I expect and then blame you if I'm wrong. Yeah, yeah, thanks, Alan, appreciate it. No, I know you're just kidding. All right, well, let's jump in here. Actually, you know, we'll look at the S&P E-mini unless you guys want to look at something else. And pretty nice heat map already. We never tested up here, right, at 4800. And you can see the drop here already this morning to the downside. So it's kind of odd. First of the year usually has a pretty bullish day, but maybe we'll see a reversal start to unfold here. Okay, the NQ is going nuts. All right, let's take a quick look at that. Okay, hero is not working on there. Yeah, okay, so NQ is kind of all over the place. Up, it's down. Yeah. All right, I kind of like the heat map here better in this. Yeah, we'll go over the S&P and we've got some good movement here. So let's stick with the S&P and see what's going on here. Yeah, stops in icebergs down here. A lot of selling right off the bat here. Okay, over a thousand and even some selling in here. So we see quite a bit of selling by larger players with the iceberg orders. We see a nice drop to follow through on that selling here and people getting stopped out all the way down here. This is always kind of sad to see, but anyway, smaller players getting stopped out, larger players taking their profits. And yeah, we'll keep an eye out here and see what's going on. But before we get into this, we're just going to kind of look at the bigger picture here where there is liquidity. There's buyers down here around this 4740 area here and then 4750 right here. I don't see much around that. They're below it. And they're also down here a little bit lower. A lot of traders down here around this 4730 area. Lots of liquidity up here at 4800 and just above it at 4810 or so as well. Alright, so anyway, just kind of bigger picture here. Before we start to dive into more details, I want to look at the much bigger picture here, the candlestick chart and just get a feel for what's going on here. We got three different time frames. We got the daily, the hourly, and the 15 minute here. So I just want to take a look at, you know, kind of what's going on in here. And it will kind of map out the market structure on the higher time frame and then look at the order flow within book map. Alright, so we saw this move last end of the year. Just a beautiful move. All these icebergs, 34000 icebergs getting filled in this area led to just a beautiful all time high run to the upside here, multi-day move. And then up here, what's going on? Well, here look at our market structure. Here's the swing. Here is the breakout and here's the pull backs. And you can see that we're still bullish here, even though we're down today, et cetera. It does not matter. The structure on this overall chart is extremely bullish. So yeah, anyway, you can see this daily chart or candle here. We have just kind of a doji or almost a doji here. Just means that they've got wicks on both sides. It's really back and forth is basically what we're looking at here in decision. And let's take a look at the hourly here. Here's a market structure just below the little swing right here. You can see the dip and the wick and now we're coming back up. And the market structure here, this is where the sellers dropped it. We retested that area. Not enough buyers to take it higher. So we're back down into this range here. A 15-minute chart. I mean, you can't get much more range bound than this, like bashing on one side, bashing on the other, right back in the middle here. Alright, so we need what we're kind of assuming then is this is going to be, even though we have a down day today, as you can see with the big red candle here, that the, you know, we're looking for not much, some back and forth in here. And we're back into the range right now. So I'd be looking for a retest to somewhere around here. We're almost there. This is around 47-70. And you can see it's already sold off a bit. Maybe up into this range as well up here around all these wicks. And you can see it kind of, you see the open here. So kind of bounced around off of that. So also moving back up to around 47-72-ish area up here. Alright, so not looking for much right now. We see wicks on both sides and back in the range here. If anything, yes, the slant is to the downside for this current, these current timeframes here. Alright, let's take a look at book map and see what's going on. First off, is there anything that you guys want me to go through in general? Do you have any questions about things like any specific order flow phenomena, like stops and icebergs, or we can go over the sweeps indicator? The reason I'm bringing this up is I got some nice feedback from Doug and Sam about absorption and exhaustion and higher timeframes. So liquidity tracker, Tim, you want to go over that? Okay, we can take a look at that. And yeah, as I'm waiting for you guys, your answers to come in here, then let's dig into kind of what's going on here at the moment. Okay, alright, so yeah, anyway, you can see the range that we're in and it's building out a pretty nice structure. So the drop at, hold on, let's just zoom out just a little bit more. So 930 cash open, move to the upside, then pretty severe drop through this liquidity here at 4760, on down to 4750 and bounce so far, you see a lot of buying starting to come in here. Okay, so this is leading to that back and forth in here. Alright, a little bit of buying coming in, let's see them try to lift it to our 70 and then our 72 level that we're looking at on our higher time frame, our 50, I'm sorry, 15 minute chart. Okay, so looking for a move back up into this area right here. Okay, and let's see if we can even get maybe a move back up into this area here where it dropped from earlier. And if we do start to see that order flow starting to shift into change, then we can come up and see if we can get up into this 4800 and 4810 area here. So anyway, yeah, looking for these buyers to come in and lift it up into the 70 and then maybe the 75 level here, we have our line up here at 77. So anyway, here's our breakout, we're starting to unfold, we're already at our 70 level, still looking for them to try to break through maybe on up into, we liked our 72 level from our candlestick chart. So yeah, looking for that, but I also like this 77 level up here where we dropped from. Okay, we did not see that in the candlestick chart. Okay, liquidity coming in here, 47.65. That's bullish. I mean, they're supporting at a higher level here. Boy, look at the sellers coming in right now on the offer, on the offer. Interesting, interesting stuff. Okay, so did they pull? Looks like it. Yeah, that's a spoof. They're not interested in trading here, at least so far. They're back in same looks like the same player right back in same price level. And buyers are interested in taking them on. So let's see if this guy gets kind of punched in the nose here and someone transacts with him. The large lot trackers not showing it as one individual order, but it looks like it to me just you just added it up here, pulled and added up there. Now our large lot trackers tracking them. So about 400. One individual player. Okay, buyers, let's see, go after them. Let's get up to 71, 72. We got some buyers up here. Let's keep one more push here. There we go. Now looking for more buyers and looking for 71 and looking for that to transact or this guy to pull and get out of the way. And you can see he's already starting to pull. And then we'd be looking for the bigger move up into our 72 ish area here. But I, again, like I like the higher liquidity up here around 75. But I drew the 77 78 up here. But we need to get a lot more buyers into to reach that area here. Again, buyers starting to come in. All right, buyers, let's see it. Let's see it up here at 70. And then the push and the break up into this guy here, 71. Okay, buyers, one more rotation. You should have it now. There you go. And let's see the push through. Look at that fight. He's still in here. Still trying to, you know, skew the auction here. Looks like buyers are going to take them on though. Yeah, they're starting to transact into them a little bit. Okay, looking for it. Let's see the transaction right there into 70 and accord. There it is. Flip of the book. Flip of the book back again. Look at this little battle going on here between some larger players. It looks like some icebergs also massive iceberg orders. Not massive. I'm sorry. A couple hundred. Some stops as well being triggered. Okay, we're up at our 72 level. Okay, still looking for higher. Some exhaustion here, though, got to get buyers up here at 73 else it's going to fail and come right back down to 70 and or 71. Let's zoom out a little bit more. Okay, so we're at our structural area here trying to break through it. It's kind of struggling here as you can see. It may be get a retest back down here. Come on buyers, let's see it. Let's see them move up into 75 here. We're not getting it right now. You can see quite a bit of selling in here. Well, it's not quite a bit. I mean, but enough selling up here. This is not what we're looking for at the top, right? So we do look for those pullbacks in these cases. Back into this liquidity down here. We're still bullish though, in this structure. Alright, let's see another rotation here. We got a kind of double bottom pattern. We should get some buyers out of this. They should be able to break it now. Let's see it just a little more buying up here would be nice. And that's that there's a little double bottom is failing here. Right, so let's see if we can still get. I mean, now we're starting to downtrend a bit and we see the selling coming in. I'm still wondering if we get our buyers back up into the 75 here and not yet. Alright, so I'm curious to see if this down and see the structure here and also down here. This is where we broke out from. You see the buy volume coming in here. Okay, I'm just looking to see if we can get buyers back up above this area right here at 67. And then for move back up to 75. So looking for this to be kind of a breakdown, a false breakdown and then buyers to come back in here around 67. And then lift the offer up into this 75 ish area up here. Okay, so here they come. Let's see if that reached 70 or 68 and a half first. Alright and looking for them to stream in again here. Let's see if they can do it. Looking for these buyers and looking for the breakout through 68 and a half buyers struggling here. They got to get them up here starting to starting to look better here. Here we go looking better. Alright buyers, you should be able to break it. There's our 68 and a half. Let's get up to 70. And then our 75 level here. Looking good. Pulling up here at 70. So they pulled and they added up at 72. There we go 70, almost 72 and looking from them to break that as well. I mean, it's kind of clear sailing on up until about 73 and a quarter and three quarters up here. So just looking for for the buyers to try to reach that. And just as I say that this guy comes in around 72 and a quarter. High liquidity on the offer. So what I'm looking at here is starting to understand the auction versus the aggressors. Now see this guy pulled here and we're getting aggressive buyers in here. So I'm looking for them to try to break it on up into higher liquidity now up here or up here at 75. So 73 or 74 and 75 and see they pulled again and we're getting aggressors. So looking for them to carry through on up to this 74 level and then 75. There we go. They were up at 74. Any questions on that? Now here's a retest back up here. Now do we get more buyers up here again? A little bit. A little bit of both buying and selling. Here we go. Now we're getting our buyers. We should get our there's our move 75 looking for our 77 level 78 level up here as well. And this is where it dropped from. This is where the sellers came in and and took the market down. So our structure back up into this area up here might be it might be a little bit higher. Maybe around 78 ish. You can see liquidity here at 80, you know, right right about here where it dropped from as well. Okay, so we saw the false breakdown here. Not. Yeah, some exhaustion here. Not really so much exhaustion as you can see the selling coming in here. Right. And that's not what we want to see up here. So once we see these sellers coming in, we're looking for that pullback. Okay, we got it and we're looking for these lower levels. This liquidity here looks really good. It did that. And it carried through even further. But we're still kind of watching and waiting because like still the structure is bullish here. And waiting for those buyers to maybe come in on the other side and they did. So we're looking for that continuation. So we got up to our 75 level and now it looks like we're going to hit our 78. Hold on just a second. Let's see on why don't some traders try to front run large offers? Yeah. If so, is there a way we can identify that when they use aggressive orders? Well, it's not we're not able to see that like, I mean, the aggressors, you know, that's not going to be in the order book. So we don't know that. But in terms of front running, you will see the behavior in the order book here. Okay, and what that looks like. Right. So, you know, for example, this isn't really front running so much. Maybe maybe in this area here, they start to front run. This is what I mean. High liquidity is up here. But you see like maybe a full point lower. They're starting to add in front of that area. Okay, now the question is, what's their behavior in here as price comes up toward them? Do they stay in the book? Do they start to pull? And this will give us insight to the auction on the offer. Do these sellers here there's more supply up here? Do they do they want to be in front of it? Do they want to sell in front of it? That means that these are these are passive orders here. So let's let's just go over the terminology. These are passive orders. They're resting orders in the order book, they're limit sell orders. And that's all they are is limit sell orders. But look at the behavior of these sellers up here. So we already knew that there was liquidity up here, we can see it over in these areas. And they're adding more in actually as price is coming up, are they adding more in and they're kind of just being neutral. It looks like they're just staying in the order book. A lot of times you'll see them add more in as price is coming up toward them. And that gives us even more insight to these players up here. Now the question about front running is these traders in front of it? Okay, so they want to get filled before these other players up here. And that's that's what front running is. So what is their behavior in the order book here? Are they pulling as price is coming up? Are they adding more in? Do we see even more orders coming in here front running this high liquidity here? That would be pretty bearish behavior because they don't want to get they want to get filled in front. Right? So they think price they don't want to miss it. They think price is going to drop. So what's what's their behavior is the question. And here's our answer as price is coming up getting out of the way. Okay, so as price goes away, they start to add back in. Here they're actually adding adding a bit when price is starting to come up a little bit here. Okay, so that is the front running and that is the behavior of the supply or the limit sell orders here. Okay, now the question is what's the we know we know what the reaction here is by these sellers, okay, in the auction, the passive orders. What about the the aggressive orders? Okay, the the market buy and sell orders. What does this tell us about what's going on up here? Okay, and this is actually a really good example. Because we have a stop run. We also have iceberg transactions on the other side. So we see buyers in here no doubt. And no question about that. And the buyers are lifting the offer looks like they want to trade up into this higher liquidity up here. But what kind of orders are these here? Well, if these are all stop, they're not all stops. But if if there are a lot of stops in here, then these orders here likely that it's not new buying it's it's sellers getting out. So if we start to understand the the aggressors up here in context to this liquidity here, it gives us more insight, a lot more insight. Here's why. So we know that there's iceberg buying or I'm sorry iceberg selling in here, a passive orders, hidden orders, getting filled. We know that there's also a stop run here. So these are not new buyers coming in necessarily. And we'd have to really kind of dig in, you know, zoom in and see some of the details and compare, which we do all the time. But I'm not going to do that this time. Just just we'll do it another time. But the we can look at like how many stops versus how many aggressors. And we start to judge like, Alright, well, you know, are there more stops, etc. Anyway, the point is that if these are stops, people getting stopped out, they're not entering the market. They're basically exiting the market with their buy. If we don't get more aggressors up here, I'd be looking for sellers to come in on the other side here and drive it back down at least to here, likely down to here, bottom of the range. Okay, and so they did a little bit of buying in here. This is some new buying in here coming in, trying to you know, buy the breakout here. And then up in here, we don't see much buying at all. We see a red dot up there. We start to go lower, we break the smaller structure here and look at the selling in here. So this is looking pretty good to at least test bound back down to here. And then also the next step would be down into this area here. Okay, or this liquidity here targeting this liquidity at 67. Right. So we've got some front running, but the front running is not giving us too much information here, but they are front running. Okay, so that's, you know, more supply in front here. So that they're pretty eager to sell. If they were behind these guys, they would still want to be selling but they would want to sell at a safer distance away. So that gives us insight to to the auction here, the limit sell orders. And we also know the condition of the buyers in here, the aggressors. Right. So we start to see these sellers coming in. We know that this these are stopped. So we know there's some icebergs in here too. So we're looking for those sellers to try to drive it back down into this low area. First swing came down to here. Okay, it came down a little bit lower than what we're looking for. Second swing would be, yeah, maybe, maybe down to here, but the liquidity is down here. And it is like really the low swing here. Okay, so we'd be looking for that to test. And it did that and then some right and probably got some sellers in here. Now, now how do we know that this is new selling in here? Well, because they're not stops, there's a few stops in here. Right. So now we have another context down here. These are new sellers coming in. Okay, but look how quickly we the buyers come back in and try to move it away. And then we're looking for that test in the 68 and a half. And they did. So what does this mean down here now we can start because we know they're not stops, we can start to look at this and define it maybe as trapped volume. Okay, these are looks like there's some stops in here. Okay, but the selling in here that drove this lower is is is mostly looks like, you know, sellers new sellers engaging in here. Right. So then we can mark this area up and start to understand that this is like, you know, and it's also below the swing right here. So this is actually really beautiful structure. Okay, below the swing, new sellers coming in, and then look, look how they got trapped. And look at the retest back here. Okay, this is where the buyers came streaming in back up to test this structure and this liquidity here at 68 and a half. And then we got another retest back here to these these buyers here at this level. Okay, it could come down maybe a little bit more. But that's that's that's looking pretty good. And that, you know, these there's new selling in here, basically, they're gonna have to be buyers on the other side. So we do get our buyers here. And it's not stop run so far. But I would be start starting to anticipate a stop run because these are new sellers. And I would be looking for the stop run to either be above this swing, or this swing up here. Alright, now let's go forward and let's see if we hit our stops. Yeah, we don't really start to hit the stops until above this swing up here. You start to see it ramp up in here. Okay. So here, and then also here. All right. So nice move up into 75. Now we were targeting 75 as well, because that's where the liquidity was. And it's also our higher time frame structure that we were looking at. Okay, so we made it just about to our where we drew our line here as well. And we're looking for that retest back up into this area because that's where it dropped from. Right. So anyway, let me know if you have any questions about this trying to go through it very simply. And logically here, there is reason to some of these assumptions, because we have the stops and icebergs in here. But we also have market structure. And we know the condition of the the auction or the the context between the limit cell orders, or limit orders and market orders, basically. Alright, and we can kind of read that and put those pieces together. Right. So anyway, that's, you know, starting to put these pieces together for the order flow and starting to understand it. How do we know if liquidity gets absorbed or pulled? That's a great question that book map can answer really, really nicely. This is one of the benefits of book map. We can zoom into these areas here. I mean, you can see it, you know, like, like right here, is there any question? This is high liquidity in here. And we see some transactions here. But look at the big green dot here. That that liquidity transacted. Okay, so let's zoom into this. This is what it looks like when liquidity starts to transact. See that see the the market buy orders right into these limit cell orders. It punctuates it here. At the end, you see the big dot here. And then there's even more buying. So they trade into this high liquidity here. We can see how much traded 151. And then what was the liquidity here was 198, but they pulled a little bit beforehand. 187. And then it starts transacting a bit in here. So we have 151. And and they were able to trade through that liquidity. Alright, so that's what that looks like. It did not pull. And now we have another example right after that, where they pulled this. And we mentioned this in real time here, that this is, you know, potential spoofing here. This trader, what we do know about this trader, like, if it's spoofing or not, I'm not going to try to call that out, I guess. But boy, it looks like it to me. But all we do know is this trader came in with very high liquidity in here. 581 in here in the order book. And yeah, here are here's our large lot tracker shows that it's probably about 570 or 50 or something like that. One individual actor has that amount of liquidity in here, you can see it that this is the large lot tracker. Okay, so we know that this is a larger player. And look how he pulls here. And nothing transacts, not nothing, not one order here transacts. So this player had no intent to trade, showing massive supply out of the blue very quickly, likely to try to press price down into these other levels in here. And then he's going to pull before price tries to transact with him. Okay, so there's your two examples of what liquidity looks like when it's absorbed or when it's pulled. Now, a lot of times you'll see another context in here is you'll see this high liquidity come in here, and a spoof type of activity to trade into and absorb liquidity down on the bid someplace here. In this case, that did not happen. Another one is they may you might see spoofing type of activity, and it trades into and there you might not see anything down here in terms of liquidity. But boy, you'll see the icebergs go up. So it's a nice little trick. We saw this the other day. Here, let me just zoom out for a minute and let me show you where you can find out more about this if you're interested the video. First off, let's look at our higher timeframe. We saw that on this day here, okay, on the daily chart here. Okay, unbelievable amount of icebergs filled down here, 34,000 or so or maybe more. And then that led to this massive rally several day rally to the upside. So yeah, we saw that trick happen in here quite a bit, you know, high liquidity on the very, very savvy trading from larger players. So yeah, they just kind of hang below swings, etc, and drop their icebergs down into those areas and getting filled in those areas. And if you're interested in that, we do have the recording for it. Let me show you where it is. So just go to our YouTube channel, and then scroll down to Selected Webinars here, and then go to this one here, okay, on the 20th of December, right, and you'll see that. So yeah, this was great. You know, just to see that, I would assume that they're, you know, because we have our stops and icebergs indicator, we know that no icebergs were actually filled in here, which I would assume they would be, but they didn't, right? So and in fact, that's why I think he came in again here and tried to spoof yet again, okay, and get priced to go lower and pulled again. And then we saw a little battle in here, which was kind of interesting to see. So high liquidity up here that was kind of in there already and stayed in the order book, and they're still staying in the book here, and then looks like another potential spoof here. And yeah, we see some kind of battling here, larger players, some pulled, some some transacted, and then on flip of the book, and then it flipped again. And then they pulled here as well. Anyway, after all of that kind of stuff in here, we're still looking for more buyers to come in, and they did. And we're looking for that move higher. All right, so let's zoom out here. And since that was all kind of hindsight stuff, but it was more a lesson to answer your questions. You know, sorry to take that maybe too far, but the there was just some good stuff and wanted to cover it for you guys. Okay, but we're here for the forward looking analysis. You know, being able to apply and what we learned from the order flow courses, and then apply it right here in the live market. And so we haven't really seen much. We got our nice little move up into just about our 77 level here. What did it actually test? Let's just zoom in here. So it actually did go to 77. It went to 77 and a quarter. Okay, 42 transacted up at that point. Okay, we did not get up to 78 though. Let's see, another question, Alan. How do you know if is one player Yeah, the large lot tracker can be really helpful for that, Alan. Also the way that it kind of comes into the order book, you know, when you see stuff like this, where was that example? Is it down? It was down here, right? Yeah, when you see stuff like this, like this larger player just jumps in, you know, we're pretty sure. It's, well, that wasn't it. Here it was, yeah. When it just jumps in like this, now it's going to be, there's other players already in the order book there, right? So it's just in addition to that, right? So that's what, but we know that the majority of it was one individual actor. So like in here, you know, you can see it's blue in here, but then see how it gets becomes white, and then it becomes blue again, then it becomes yellow. So this is a larger player jumping in and out likely, but in addition to liquidity that's already there in the order book. So, M Buds, did I answer your question about how do you know if it's, if it transacted? Lots of liquidity transacted, 4770 on Friday closed. Yeah, Zeb, you'll notice, you'll note that a lot, a lot of times. I mean this is why your volume profiles and like all these kinds of things like work, because you'll see those large transactions, and obviously your volume profile will, you know, extend out, and then you get returns back to those areas and where those large transactions were quite frequently, okay? Or like you're mentioning here at the close, at important swings, etc. Yeah, Alan, sounds like you got it. You're, let's see, and Buds, you're a little confused because liquidity gets pulled and disappears, but when it transacts, it disappears as well. Well, if it transacts, it disappears when you see it with, you know, a big, you know, dot there as well, traded right into it, okay, like right in here. Like, you know, I'm pretty sure if we can zoom in and look at all the details, but we can be pretty sure that this, this liquidity here transacted and let's zoom in, okay? Now, yeah, it does look like a lot pulled here in front as well, but I mean you can see it transacting into some of that liquidity right in here. I mean it's a heat, the one thing that might be, I can understand your confusion, but the heat map in here, I mean we can zoom in and look at the tool tip here, is telling me on the ask, how much is here, there was 25 contracts in here, okay, and it's still dark in here because of my settings in the heat map, but over here you can see that there's 81 and it's this blueish color here, okay, so anyway, there's just a lot less, you know, like a quarter of the liquidity that was over here and it was this blueish color, okay, but there was, it wasn't there, because it's black or dark doesn't mean that it was zero here, could mean that, but in this case it didn't, it meant that there was still liquidity in here, 22, 25, something like that. So look for, to know if it transacts, look for that high liquidity and look for the big dot, okay, that the aggressors that took on that liquidity and traded into it, okay, and if it's pulled, well then you're going to see it like this, there's no dot around it, it's just, it was in the order book and then they pulled it away. Yeah, Alan, there could be many different, oh you're welcome, Buds, there could be many different larger players coming in and out, I mean, you'll see kind of different algos, I get different frequencies, etc. I mean, all sorts of stuff, I mean, what you can kind of glean from this is rather amazing, like for example in here, let's try to find a good example, you'll see these algos on one side and the other working at the same time, and then you'll see multiple algos, so here's an algo here pulling, adding, pulling, adding, etc., right, and then you can even match it up here on the offer a lot of times, you'll see them pull, like here they added back in and they pulled from up here, I'll find a better example, but you see these kind of like teeth almost, right, and then you'll see it match down here like, and they're like a puzzle piece that would just fit right into that, I don't find a really good example right now, but it happens all the time, okay, so you know that's one algo on one side, like just adding and pulling, adding and pulling, you know, that's what it's doing, and why would they do that? Well, probably the number one reason is to stay in the queue in the order book, okay, as price comes up toward them, do they want to be a buyer, a seller, and if they pull that's giving you insight and they're probably adding on the bid at that point, right, and then as price comes down maybe they pull on the bid and add on the offer, okay, so yeah, you'll see that, you know, all the time, anyway what we want to know though is yes, where is that longer term high liquidity and does it transact, do they stay in the order book, that tells you something, like in here, they pulled in here but then it came back in and they're transacting now, here and here, okay, now let's also put these pieces together here, they're pulling or they're transacting here and here, they're not able to make price go lower, so they're starting to absorb here in these levels, okay, and they cannot trade below it here, now we have an iceberg here as well, okay, so I mean this is just, it's beautiful stuff, like all these pieces kind of start to come together here, it's just it and what's so nice about the visualization here in book map is it's not trying to say anything more, it's just telling you that what's happening here, that's it, it's just factual information, and then what you can extrapolate from that is pretty profound, so if they can't trade through this level and we have icebergs also in here buying and also in here buying, they cannot trade through it, let's see if we can get to the other side of this range here and get buyers up in here, right, see how it's exhausting up here right now, there is no very little buying up here, very little, but what if we we've already tested down here, we couldn't get, sellers couldn't take it through, what if we get up here and we find buyers, then we're looking for the potential for a breakout up into either the top of this range or this high liquidity up in these areas here by understanding what's going on down here, okay, so did that scenario unfold, let's take a look, did we get up, yeah, we got our buyers here, now they should be able to break out up into 73, now didn't do it, exhausted out here and here again, sellers, okay, so this is now the third time, fourth time down here and now do we get buyers up here though, this is the big question, do we get our buyers up here, because we get another iceberg so that we know larger players down here buying and trades through it, okay, so yeah we didn't get what we're looking for here, still actually be looking to see if we can get back up above it here, if we can get back up above it here with some buying, then we can get that breakout up into 73, so this would be the stop run and they're still buying, look they're still buying, the iceberg is still here, okay, still transacting and it's a stop run, so and what do we know about stop runs, okay, that is people exiting, most likely, now it could be entering, it's true, but usually you see a stop run and a swing like this, like is people exiting, okay, so what if you can get buyers back up above it, well then they should be able to like, you know, this is basically, in essence this can be kind of like exhaustion in essence, so looking, still looking for buyers, if we can get up here though, we have to come back in the range, if we don't and we accept lower and we get sellers down here, they're going to drive it lower, okay, so here's our scenario here, okay, and it's really back and forth in here, it tried and then another seller came in here, okay, all right, so we're back up here, now, okay, now we're to current price action, great, so let's see if we get our buyers here, now we'll confirm this education, looking good, all right, let's see them take it back up into 73, 74, maybe 75 here, looking for buyers here, look, they're supported on the bid here, now we're looking for our buyers up at our range here, and we're not getting them yet, not yet, okay, let's see if we get another rotation up to about 71 and a half, and if we get buyers, and it's not, it's not playing out right now, in fact we're getting sellers on the offer and it's driving price a little bit lower here, okay, now the buyers just took them on here, okay, we found some buyers, we're still looking for them up here though, okay, looking good, now, now I'm looking for the break on this rotation, looking for more buyers here, and then I'd be looking for the break up into about here, 73 and a quarter, see more on the offer here, still at 72 and it's still affecting price, so maybe we have to do another rotation and then come back up here, so it's not, it's not ready, we're looking for it here and then the reaction to this liquidity in here was not, not buyers, go against them, okay, Zeb, let's take a quick look here, boy a lot of questions, hold on just a second here, yeah, so yeah, just not finding quite, quite finding the buyers yet, and let's see if we get them down here, all right, let's see them move it back up to 70, they're pulling a little bit at 70, and then we're looking for, we're not really seeing them yet, the buyers yet, so we need to see them though and then other side of the range here, back to basically 71 and a half or 72, okay, now they're starting to pull, now they're on the bid here and we're starting to find a few, great, looking for the move to the other side of the range here and then the potential breakout up into the 73 level here, okay, there, let's see what happened, what's the reaction to see the liquidity that just came in here, what's the reaction, buyers or sellers, a little bit of both, okay, now more buyers, buyers are winning the battle here, they're pulling up here now at 72, so I'm looking for the breakout up into 73 and a quarter and we found some sellers, so it's still not quite ready yet, it's trying, still not quite ready yet, let's get one more rotation here, I think we got it after one more rotation, this is the S&P for you, like that, just that rotates, it rotates, it rotates, and then finally, finally does its thing, well we made it to the other side of the range, that's for sure, they were pulling in here, adding on the bid at higher level, but the sellers took them on here, okay, here's our next rotation, let's see it, Sam you have a question on the liquidity tracker, sure, we'll take a look at that, that was earlier question too, which I never got to, so sorry about that, the CBP rules, I'm still trying to understand how to interpret buying versus selling pressure, okay, well we'll take liquidity out of the picture to begin with, and then we'll look at it, okay, here we go again, another rotation, I'm still looking for them to try to break it here, I like it, I mean we see all of these, we saw all those icebergs in this area here, and a stop run, right, I'm looking for these buyers to try to break it here, back up at 71 and a half was where we really need to see it, and then I think we can get our breakout, yeah, I like the move up into 75, that looks just about right, if they can do it, and they're not, they're not, they're starting to come in, sellers starting to come in on the other side here, yeah, likely they're going to try to trade it down to 66 now, see the difference, icebergs are not, you know, sellers are coming in, we're not getting buyers, so we're looking for sellers to try to, you know, now drive it down into 70, 67 to 66 area here, yeah, this move failed here, couldn't do it, looking good in here, looking good in here, it tried here not enough, and then here you can't even do it, we get our sellers, we're looking for it to try to break down here, okay this could be a false breakdown actually, we're back up in the range, Zeb, I want to go over Zeb's point, and then BP rules will go over the the buying and selling pressures, yeah, no problem there, that'll be an easy one to answer, all right, so let's see, let's see, 1051 about 800 pulled at 70 and a quarter, 1051, let's zoom in here, maybe this liquidity is what you're talking about here, yeah, this is definitely pulled, no question about it, yeah, very high liquidity here, about 900 almost, yeah over 900, and then look as price comes down, they pulled away last second, okay, this is kind of an interesting one here, another context to put together here, really interesting one to be honest, this guy pulled, or these players at this level here, the majority pulled that liquidity, but they stayed in the order book down here a bit, now they pulled here a bit as well as you can see, and then it transacted, and then they rose back up a few ticks and put the liquidity in here, and that's when we started to see price couldn't get through this area here, and we had iceberg orders here, here, here, here, and then here's our stop run and icebergs as well, that's when we're looking, going through that scenario of like, all right, let's get back up above this area, and then look for that move up into 73 or so, okay, and then it just rotated around, now we got to move up to 72, and we're still looking for it here, couldn't get it, still looking for it here, this was looking pretty good in my book, this was looking really good here, I thought we had it, and then sellers came in here and took that guy on, and then they couldn't get back up above it here, that's when we started to kind of look for this to come back down into 66, 67, 66, and it made it to 67, okay, now we're back to that original scenario, we've traded down here, look at our buyers here, yeah, I'm still looking for this move back up into, I don't know if it's 73 now, it's more like 74, and that's a nice cluster of buying too, okay, now it was absorbed or did hit these levels here and transacted, all right, let's see if they can do it now, let's see if they can lift it back up to here, 71, that's the first step, these buyers need to reach back up to here, this cluster, and they cannot, they cannot, yeah, so anyway it's really kind of back and forth right now to be honest guys, we're looking for clues and hints into where and when that move might take place based on what we're reading here in the order flow, all right, so let's go through the question on buying and selling pressure, and we're going to take the heat map off, they make it pretty simple here, all right, so buying and selling pressure, like, well we're just looking at like, well we can cover it in terms of volume profile for example, so buying and selling pressure in your volume profile, well sellers at the bottom edge here, and then you get your breakdown here, right, you'd be looking for that selling pressure down in here compared to buyers here, now this is kind of convoluted here, because we had a nice cluster up here, they couldn't reach back up into these areas here, so this is going to be like trap volume in here, and it's likely them getting stopped out down in this area here, okay, we see our stop run here, and that's why we know that, we know that these are stops, but who's getting stopped out and that's where I'm speculating, but it might be some of these guys up in here, okay, now if that stop runs, okay, what if we can get back up into the range here, we can likely reach the other side of this range, okay, this would be a false breakdown, okay, so we're looking for, again, back up in here around 67, our buyers, okay, here they are, all right, so looking for these buyers now to try to reach back up into this cluster, around 70, let's call it, okay, we can even mark up our stop run in here, starts right around, let me use our crosshairs, starts right around in here, yeah, that doesn't look like it's going to be, I mean, we're still accepting lower here, still accepting lower, we got to get back up here, we did here, and then it's, we're right back down again, okay, nice iceberg bind yet again, cumulative delta of icebergs is probably going to be pretty good, it's not really that great either, all right, so anyway, reading the buying and selling pressure within ranges, is going to give a lot of insight, a lot of insight to where price might be moving next, and look at the structure as well, okay, like this one up here, this was a lower high here, even though we had a nice cluster in here, and we're looking for the potential for the breakout, because we traded back down to the bottom of the range here, and it came back into the range, and we found buyers, right, so we'd be looking for the move up higher, I mean, they weren't even able to make a shot back up to the top of the range here, all right, so let's go over another one on buying and selling pressure in here, okay, selling pressure coming in right now, right, okay, now, is it able to move the market lower? Now it is, yep, now it is, okay, so where might it go? We'll start to look for some of these areas in here, but we'd be looking at the liquid, this is when we look at the liquidity as well, right, but buying and selling pressure, well, sellers are taking control, they're trying to move this market lower now, okay, and it's only, boy, it's not much control, I'm telling you, because we're looking at just this little selling right here, they're trying to move it, so when we look at the bigger picture, this is where we can see the selling pressure, look at this, this is where they took control, and in essence, these sellers from this point onward from today, they are still in control, okay, we are in a downtrend for today, okay, and sellers are in control from 77 onwards, 78 onwards, or even 80 I guess, they are still in control here, selling pressure, and look at all of the buying in here compared to all the selling, and there's quite a bit of buying down here, this is why we're getting it kind of back and forth, but typically what you see is just massive selling, and then like not too much buying in these areas here, there's lots of different ways, it's a great question about the buying and selling pressure, but you can see it here, here's our buying pressure right in this little area here, and it held, bounced off of it here, more buying pressure still holding, on this little time frame here, buyers are in control, okay, from this area here on over, now see how they're losing control right now, and the sellers are coming in, okay, so we look for the swings, look for a high liquidity on the offer, I'm sorry, on the bid, okay, as target points, okay, makes sense, another thing that's really nice about the buying and selling pressure, especially in ranges, is matching that with your profiles, because I don't really give a hoot about the profile, I care about where the buying and selling pressure is within that profile, and then the shape of the profile, right, that's why you hear about your P-shaped, your B-shaped profiles, and why, if it's a P-shaped profile, like, let's just find an example, well this is a B-shaped profile, I mean there's a little profile in here, but see this is a B basically, you've got the kind of the stem, and then the B here, so more transactions are taking place down here, but what kind of transactions are taking place down there, do we see absorption, exhaustion, etc., well what we're looking for down here is sellers, red dots, and if we get enough of them, they should be able to explore lower, and then this profile here wouldn't be so much B-shaped, it would be kind of like a bell-shaped, right, you'll get that exploration lower, and P-shaped is the opposite here, we can mimic a P-shaped one right here, so more buying back up in here, now if we get our buyers up here, we should also get the move, and then that profile would become like bell-shaped curve, single distribution, and explore that top edge here is what we're looking for, so that's why we're looking for buyers up in these areas here, if we don't get it, you know, and we get our sellers and exhaustion in here, we look for these moves back down to where, at least where these guys took control, back down into here or into here, right, so just a lot of back and forth in that some of these areas here today, okay, so anyway, this is actually a pretty nice move to the downside now, we're rooting for it, trying, you know, look pretty good, at least we got up to our 77 level, then we're looking for just to move back up into about 73 here, just top of this range here, and it couldn't do it, sellers came in and they dropped it, and now we're looking for these lower levels here, and that makes sense, we know sellers in this higher time frame are in control, this is where these buyers on this smaller time frame lost control, and sellers took it lower, oh you're welcome in buds, yeah, covering the S&P, yeah, we've gotten some pretty good movement on the S&P lately, so we've been jumping back, before then we were looking at the NASDAQ almost exclusively, the S&P was just, it was just horrible, it was just so hard to cover stuff, because it would just rotate again, and it would only be like in a two or three point range, all right guys, let's go over the liquidity tracker, and I'm still looking for these sellers to try to drive this lower here, they're in control on the higher time frame, and they just took control below the buyers here, so they can now move and trend, and we can get like another trending move here on that sell side, so we're looking for these areas, and you can see what we're doing without the heat map, we're looking for these areas down in here, these swings in the structure, market structure, and looking for them to test, but this is where the heat map can offer so much, because now we can, we know exactly where it might go, we can look at the condition of the auction, so yeah, they're here at 60, you can see we need to trade into and through 60 here, and here we go, all right, here come the sellers, whereas the next area is down here it's 55, and then 50, okay, we can start to judge also the liquidity here on the offer and the reaction to it, supply and demand here, all right, let's talk about this liquidity tracker, and how to use and read that, all right, now you have, let's take off the stops and icebergs, liquidity on the ask, liquidity on the bid, or the difference between the two, okay, so the difference between the two is going to be this white line in here, all right, so it's just, it's basically buy minus sell, or between the two ask and bid lines here, all right, so let's take away those, and we'll just go with the white one here, and what is it showing in here, well it, let's go through the settings in here, okay, so we have some smoothing, we have some settings in here waiting as well, I do not have that checked, it's waiting all levels at the same time here, or the same amount, but the smoothing here kind of just slow down the, and smooth out some of the, you know, liquidity that's being added and pulled in here, all right, so yeah, in fact just to demo this here, all right, here come our sellers again, okay, looking for our 55, 58, 55 level, 55 is down here, 58 here, all right, so the liquidity, let's just go through an example here, all right, all right, so here, this is starting to spike to the upside in the liquidity tracker, this guy pulled, these players pulled, they're pulling their liquidity as price is coming up, and there's more on the bid, you can see them adding on the bid here, it becomes orange in this area here, it was yellow here, and they pulled up here, all right, so this is why this is starting to spike, so there's more buying coming in, or more demand coming in with limit buy orders, so it's going to start to spike, and yeah, that's how you read it basically, all right, so you can read it in the heat map, but you can also read it here in the liquidity tracker, and now there's all sorts of settings in here on this liquidity tracker as well, but you know, how to read this here, I mean, boy, we've been reading that really closely into the heat map, the indicator is just basically doing the same thing, so yeah, if you start to see that aggressive buyers come in here, and you see this liquidity tracker starting to move up, then yeah, well, then we should be able to trade up into the swing here, or maybe this liquidity up here, around 65, so you know, either 64 or 65, and yeah, then it just went back and forth in here, okay, here they are again, and more buyers here, this is the human better, I'd be looking for 65, there it is, 64 and three quarters, okay, looking for, let's see, there's nice buying in here, all right, so liquidity tracker is pretty good too, let's see, can we get up to 67 now, okay, does that make sense, you know, how to start to read this, maybe this is easier for you than the heat map, play around with it, like maybe take the heat map off and read the aggressors and the liquidity tracker, now that's a potential solution, I just think you can see so much more with the heat map, yeah, so right now it looks pretty even here, but we're getting more aggressors, and I don't see a flip in the liquidity tracker yet, now we're starting to see some sellers, but okay, all right, so look, buyers starting to come in, buyers here as well, so that means they're pulling and or adding on the bid, right, this is great, we should get the breakout here, here we go, okay, and we were looking for the target was that 67 liquidity up here, that's another thing you don't get with a liquidity tracker, you don't get the targets, you know, it's not going to show you that, so actually you know, this might be kind of like training wheels for reading the heat map, might be might be a good solution, I just think we can get so much more detail from the heat map and really good stuff and start to kind of piece them together, again, one thing that's really key here about reading the heat map in the order flow is do not try to put this into a process of like, I mean just try to understand the concept, I shouldn't say it that way, I should say it more like this, try to understand the concept of an auction and what kind of makes sense in any auction, simplify it, think of the farmer's market in an auction, like that wow, okay, well they're pulling on the offer, that means that there's less supply out there and we're seeing aggressive buyers which means green dots come in, wow, all right, so I'm looking for them to those aggressive buyers, if there's less supply, you know, that then there's more demand, like we're looking for price to go up, I mean pretty simple stuff, just understanding these key concepts, don't worry about putting it into like, well they did this, that and that and therefore like, you know, and it equals this, it's not, it's a flowing like a behavior and ever-changing behavior that we want to understand and so it's more about the concept and context as well, that's really the key here, is the context of these players intermingling, okay, so we only got up as far as here, 67, but it did, it did break out, all right, and now we're getting that kind of opposite move, now do we get enough sellers down here, big red dots, the quitty tracker's going down, okay, now it's starting to reverse, we're actually seeing it go back up and we're getting aggressive buyers, great, so this is a false breakdown, let's get back up to 65 and there we go, there's our 65, right, okay, so just again, kind of just understanding this here and understanding it, here's the context, the context is the structure, right, and here's our structure, here, breakout, bottom of the range, it broke the bottom of range by a little bit and we saw this liquidity tracker starting to creep up when we started to find buyers in here and we came back into the structure, once we came back into the structure and we saw that, that's when we're looking for the move to 65, right, so I hope that answers your questions on the liquidity tracker, there's some really nice settings in here, I have not really played around with them that much, but they're pretty awesome, with the MBO data, that's the liquidity tracker pro, what you can do is start to create some filters in here with your minimum and maximum size, see how it says this one requires the MBO data, so you can start to look for larger players liquidity in here, you can filter it out, you can filter the order book, because the liquidity tracker, the free one, which you can get it for free right from our marketplace, bookmark marketplace, does not offer these filters because it can't, I mean it has to be MBO data, but the liquidity tracker pro requires the MBO data, you have to have rhythmic and it has to be CME group futures, right, so then you can, you can start to filter for minimum, maximum size in here, etc, and get some, you know, maybe even deeper insight to larger players or smaller players, whatever. All right, now the liquidity tracker though works on all instruments, it will work on stocks and crypto, right, but the filtering though is only for CME group futures. Hi guys, well let's see, we've almost gone an hour and a half here, I think I've answered, no, I've answered all the questions I believe, so I think we're good, let's see Sam, you're talking about it as well as MBO data or bookmap isolating or so, I think I just answered that, okay, yeah anyway, let's wrap it up, we'll call it a day and we'll do the same thing tomorrow, let me know if there's anything in particular you guys want me to go over, happy to go through it, it was kind of nice to revisit this liquidity tracker and maybe some suggestions too, like to start to understand, you know, maybe without the heat map on and understand your liquidity tracker, but really the heat map though is you're going to get so much more from it, you know, you're really going to understand, you're going to see it here right away and you'll know, I mean the difference here, the liquidity tracker pro difference here, you're not really sure what they're doing, they might be pulling on the offer or maybe they're adding on the bid only or pulling on the offer only or maybe they're doing both, right, and you wouldn't see that in the difference here, you just know that there's going to be a spike or not and that's going to matter, you know, so you can see, look at them offering in more here, but you know, they're really not pulling here on the bid right now and now they're adding a little bit more on the bid, so anyway, this could also work well with BP rules was asking about the volume pressures, okay, so maybe an easy kind of off the shelf solution would be use a liquidity tracker and then look at your volume pressures within your structure, might be a little easier to begin with, yeah, but I just love seeing this, I love seeing this light up on the bid, I love seeing this starting to pull on the offer and we find our buyers here, we get it back up in the structure here and our buyers, I'm looking for them, see this guy is just totally spoiling the party here, just came in with high liquidity at 64, let's see if these buyers, they may take them on here and try to trade into and through this guy here, let's see, see we can get that kind of detail here from this individual player, your liquidity tracker is not going to show that detail about that one guy and start to understand that context in here, so that's why we cover mostly the heat map here, anyway guys, we'll wrap it up, we'll call it a day, thanks for coming everybody and let's do it again tomorrow, okay, all right, have a good day, bye-bye.