 I hope everyone is well. Good morning, everybody. It's 8 o'clock on Wednesday, the 8th of November. Welcome to our breakfast show, it's 8 a.m. New York time. I'll quickly go through the disclaimers so we can get them out of the way. Hey, Marius. All book map, limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Creating 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. Okay, and just checking that we're streaming okay. It looks fine to me. Right, so we are just past the hour. I don't think there's any major economic releases in this hour, although I know that Fedpal is going to speak at 9.15 ET, 9.15 Eastern. So let's quickly go through the context. So, yeah, he's speaking at 9.15 and if you look through the rest of the news, there are some Fed speakers, but not really an awful lot. So the major news or release in terms of economic or in terms of volatility is gonna be Fedpal speaking in one hour and 15 minutes. And let's just quickly go through the context charts to remind ourselves. ES is getting up there, almost back at that down trend line and looking very much like it will get there. NQ has already broken through it. I'm sorry, I'm watching the markets at the same time, so I'm watching them reach new highs. And in the 10 minutes, so we're only using this one really to see where we are in terms of yesterday's range and the shaded gray is the overnight session and you can see that we didn't even get anywhere near yesterday's mid in ES, so that is very, very bullish. The turnaround was well above that. And in NQ, again, exactly the same picture and since then we've gone way back up to there. And I think that is about it. So let's get rid of that and go back to the charts. In fact, I'd like to drag the TPO over here. Because what I really want to show is that nothing has really changed. We're right there. Settlement T plus one is right there, so we're just slightly higher, but yesterday I put a screenshot in the Discord channel early in the Asian session. When you get a beautiful distribution like that, and let me just draw it again here, when you get a beautiful distribution like that, I think it's one that's disappearing a timer thing, so let's get rid of that. Turn that one off and draw it yet again. Let's do it again. That is lovely and it doesn't happen every day. So it basically says the market has found a range of value and it's quite likely that during the ETH session we're just going to stay in that range of value. Let's just do it again. I thought I'd turn that one off, never mind. It doesn't matter. But basically, we're in a lovely distribution, a lovely value area, so regardless of what the definitions you may have read in, what I look at for ETH is the last major distribution. On this occasion it was a beautiful curve with a clear delineation right about there. We went just past it, a failed breakout below, and we're now back towards the top of that distribution, so all we've really done is traverse down the distribution and traverse straight back up again. So nothing has happened. When you get that, and also if you combine things like the relative volume note, I can click that one since I've got it right there. If this will let me. You can see the relative volume is low, so it has kind of picked up a little bit, but if the max it reached all day was 70% and you've got a distribution setting out fail value, it's always likely that you're going to stay in that for the majority, if not all of the ETH unless something new happens, something major happens to change the picture. And today was one of those days, so if you were looking for mean reversions to go long, this was the day. And we can look at that when we get back to looking at the London Open. So we're just watching here. It's really quite a nice little bullish run up through that resting liquidity. And we go past that nice magic round number of 4400. So if we just zoom out a little bit, you can see the liquidity up at 4412. And if we go across to the trade map approach I've been using this week, this, just to remind people again, this add-on is just a copy of the previous ES that we looked at. The only difference in this copy is that the stops and icebergs don't work. And it's only showing on the heat map orders that have not changed. So anything that's changed immediately disappears from this map. And it is particularly useful in NQ where we've got things like algo bands. That's why for the entirety of this webinar, I'll leave the NQ on the trade map pro but you can see the algo bands here. So you can see the algo bands just tracking above and below and it makes the heat map look rather unpleasant. That's probably the best way of saying it. I'm a bit croaky today, so bear with me. You can see some icebergs up above but really these algo bands are pretty much meaningless. So that's why I'm happy not to show them. So this is a good bullish run up. If you look at the stats of when the most bullish period it is, it happens to be right around now sort of the 6 a.m through 9 a.m. those three hours of the ETH session. So the fact that we've finally really got going at about just before 8 a.m. Eastern on this run up is no great surprise when we're in value. Okay, and we'll let's have a look across at the NQ. TPO if I can drag it over. So again, I'm hoping this is not going to disappear on me every time I draw it. Turn this timer off. Good. Okay, if we just draw it again, it's really, really quite easy to draw. There are two ways of drawing this one. You either draw that or you draw it slightly more conservatively down to that, right? But it doesn't make a great deal of difference because that is not how you, it's not really what I'm using for triggers. I'm just using it as a guide to where the balance, the fair value of the distribution is. But I'm just saying that if we, let's just go back, if we looked at some recent RTH sessions, you get things like that and you compare that, which was Friday, compare that with this. I mean, that is absolutely beautiful. So yeah, I'm grateful for when we get those kind of, when we get that kind of clarity of where value actually is for the ETH session and where we don't have any particular news that's going to disrupt it. There were some European releases run about 5 a.m., but they weren't major. So they did not have a huge impact on things. And just to explain why I've now got, I've got levels drawn on this rather than just drawing that entirety of the shaded areas I was doing previously in purple, I'm actually using the rectangle to, rectangle to book map indicators that I coded. So I've got two on each of these types of charts. So one goes to the main book map chart and the other one goes to the Trademap Pro copy. So I just thought it would be useful and it's also more useful for young people watching this webinar that since I won't necessarily have this TPO chart visible at all times, at least the levels will be visible because they get across to book map within 60 seconds or so whenever I change anything. Yeah, so yeah, let's keep going on this. Let's talk about each of these levels while we're here. Since we can keep ES over here, we can see this racing liquidity up at four, four, one, two. We can watch this grinding up action and see if there's any, let's get back to the main chart. See if there's any liquidity dips down. So we can have this there and we can zoom out a little bit so we can keep seeing that four, four, one, two. And we can talk about all the levels that I've got there on this TPO chart that I'll try and keep on each of these webinars going forward and that's the breakfast webinar. And I explained again that the London webinar, I did for two reasons. One, I'm away this weekend, I'm on a school camp with my youngest daughters, I'm just not around on Friday. And so I could not do the Friday breakfast session. And the other reason really was to gauge interest in the London Open. You can never predict whether you're gonna have a revolt hour and a bit in the London session or not. But it's just really to find out whether people are interested in having that live and just talk through live from just before the London Open for an hour. So that's the reason I did it. And please feel free to watch it on YouTube if you are suffering from insomnia. Right, by the way, as I always mention, feel free to ask questions in YouTube or in the Discord channel. I do have a question from Facti, will so I'll stop and I'll read it. Which is more important, liquidity or orders, please tell to whom market prioritise? I think it's the same question twice. So there's one question. I don't think there's, I'm trying to read that question again, orders. Liquidity and orders are the same thing, Fact World. So all these orders here, you've got this column here, COB, current order book. That is the liquidity reflected on this map. So all those colours, red, yellow, orange, they're just those numbers. And if we zoom in and out, they'll change. The colours will change, but those numbers won't change. And the colours change as those orders change over the course of time. So I think your question might have been, what is more important in terms of traded orders as in traded volume versus liquidity? And I would always go with the traded orders, the volume that was actually transacted because that is a commitment by people. I think the liquidity of advertising of orders can be useful, and especially where we can get some level of stability on those resting orders that I'm trying to get through that Trader Map Pro add-on. Or anyway in ES, as you can see, if you scroll all the way back to the beginning of the Asian session, you'll see that 4412 has been there pretty static in the 300 order size all night. So it has value. I believe it is market generated information, but in my view, it does not have as much weight as traded volume, which is the volume profile here. Those are the traded orders there. And the delta variation of that, that's just the ask minus bids in this column and then the actual total volume in this column here. But that being said, I do trade in ETH partly based on some of this liquidity. It has to go hand in hand with confluence with other factors as well, but I do use liquidity in my ETH trading and to a slightly lesser extent in my RTH trading. So yeah, so that this is how I trade. I try and be as transparent as possible and I try and make clear at all times that I cannot predict the future. And I can only comment when I'm talking about live order flow or live price action, what I am currently seeing in the market. So when I did the screenshot earlier of this, resting at Sell Iceberg, which actually followed another one, which was there for hours and hours, seems to be disappearing when I drag back. That was something that I've seen time and again that can be useful as a target for a long. It doesn't always work, but it doesn't always have to work. Trading is a game of probability in this casino and it's all about multiple hours. And there is something I wanted to talk about on multiple hours, which I will get to in one second. So anyway, just going back to this TPO chart and the kinds of levels I'm drawing and the colors that I'm using. So I'm essentially using about four colors at the moment or four or five colors. So the purples are really things from the profile, like a point of control, a naked point of control, a high value zone, or basically a ledge at the top of value and at the bottom of value. So all the volume profile kind of stuff I've shaded in yellow. Here I've shaded in aqua or cyan settlement. And yeah, and support and resistance in sort of a slight red and slight green, although I hadn't really, I think I've deleted my support since it got tagged earlier. So that's what that is. And I'll keep doing that going forward so that these levels then magically appear in the columns in book map for ES and NQ. That's really what I had to talk about on the TPO's for that session. Okay. All right. Okay, let's have a look at something. Oh, a look. Let's wanna drag back NQ just a little way. I'm looking for a spring that happened here, which happened at about 750. It's basically a double bottom or a one tick. And even though you've got this resting liquidity acting as a magnet above, again, there's no certainty that it's gonna go up. There's a lot of chopping in the European session in the first couple of hours. They went down as well as up. So you don't know what's gonna happen. One thing I'm just pointing this one out because this is a trade setup that I've talked about time and time again. And what I've also talked about is the multiple Rs and how to get the most out of this trade and the fact that when you take a trigger, it is not certain what's gonna happen because nothing about this is certain, it's all uncertain. So what I wanted to do, and I've just got a chart from Sierra here, which is a 10 second chart. And I'm just going to drag back to about the 750 mark. So it's really is this zone here. So if I dig out my pen and draw on it, it's really this zone here that I wanna talk about. And you had this liquidity up above as your target. I saw quite an interesting video today on YouTube and I try to do some education that's personal education every single day. One of the things I mean, I do like watching traders give viewpoints on how they trade rather than where the market's going. That doesn't overly interest me, but how they trade and how they try to maximize what they do. And Corey Mitchell does some swing trading. I don't do any of his type of setups, but he did say something interesting. I mean, if you search Corey Mitchell and you look at his YouTube video today, he's talking about maximizing the potential and how most traders get it wrong. So I'm gonna talk about something that is incredibly basic. Let me just get back on, I mean, feel free to watch ES while we do that. So we have got the market live and if anything happens, I will talk about it. But basically you're at settlement. And yeah, the other thing about settlement before I digress on this point over here is that it was very, very close to the point of control. If you refer back to that paper that I referred people to in the Discord channel about why is settlement such an important level for overnight trading? It's because there's a potential for imbalances or the biggest types of imbalance between buyers and sellers might already have existed or been created settlement. And where that is doubled up by the fact that it's also just about the point of control or very close to it on ES and Anquee that increases the probability that that will get tagged in ETH. And it makes it quite interesting if we do move considerably far away from it like we did in this ETH session and you've got that mean reversion trade back. But anyway, right? So we're talking about getting along here and going up to this liquidity up there. All right. So what I've been going on about previously is having some form of, you know, people call these things retracement, Fibonacci tools, whatever. Sierra's got one. I'm actually using their price expansion tool. This is the built-in tool. I didn't build this one, I didn't code it. Played around with it in terms of how my algos work and also how I determine automatically the number of orders, the number of, sorry, the quantity of orders that are submitted with my trades so that I'm risking the same dollar value per trade and I've stressed that one. That's the kind of trade that I am. It is partly aimed at making me more detached from the actual trades that I take. Anyway, what am I, why have I drawn this, right? I've drawn this because even though this, you know, this here is a spring, so we can, you know, so we can say that there is a spring. So it's basically the Wycoff spring where you come under the previous wing low, you fail to go down and you immediately reverse back up. It's that type C supply and demand trade that we talked about a lot when I first started doing these webinars. So that's what this is here, right? And I think I have been asked, and I'm sure I'll get asked again, what is the perfect trigger in this? I've got a very short-term chart here, a 10-second chart. And again, I have been quite open about this. My execution chart is a very short-term timeframe chart because I believe you get more opportunities and the opportunities are cleaner on a short-term timeframe regardless of whether I'm looking for a large swing or a little swing. So the idea here is to really show you what Corey Mitchell was trying to show or trying to do it as well as he did it in his YouTube today, right? Which was, if you take your trade here, by the way, the purple line is the entry and the red line is the stop and the green lines are one, two, three, four, five R. So one R, two R, three R, four R, five R and I've just got in blue, half an R and minus half an R. And I'll explain, since this is something that I use, I will explain why I've got those there when things aren't going well on a trade and I get out at minus 0.5 R. I believe that's a pretty good success as long as it's in this range here. And this could be a much bigger stock. So let me just, it could be a much, much bigger stock. I'm just saying that if you manage to get out in there, that is a great result for your long-term statistical results on your trading. Right. And again, the same by converse logic why have I got the plus 0.5 R? It's to tell me that that is not a good result so that if I start scaling out lots of my contracts here and I had targets up above, I'm not sticking to my trading plan. So yeah, this is very, very simplistic and I'm sure for a lot of you this will just bore you but there is a reason why I think it's worth showing it's one, it is what I do. And to a lot of people, you know, say that the liquidity, let's just draw it, say that the liquidity was just around about here. So this was the target. This was the target. Call it T for target. All right. They'll still get in here. Well, they might even get in here and you know, it did go up quite a bit. So that is not the point of this particular discussion. The point is if that was the target there and let's just go back to tightening the stop here. So since we don't actually know where this is gonna go but we've drawn our stop because it's clear of the lows, right? It is very easy. If that is the liquidity target there to get one, two, three Rs easily on such a trade as that and it is quite easy to know that you can get that. I don't use the word easy lightly. I'm just saying that relatively easy in terms of clarity of what you can get by having such a tight stop. But if you go for a much bigger stop and you are much later into the trade because you're looking for some certainty and you might be looking for this big bar here or there might be some big set of trades, you know, like a 20, 20, 50, 50, whatever in NQ. You can see that, you know, you've got that same liquidity target and you're only just getting to one R on it. And so if you are doing what I'm doing which is putting the same dollar at risk on each of these trades and I still, I'm happy to talk about pyramiding sometime which is, you know, where you add to it but on each individual entry, I'm taking the same dollar value risk. I want to do better than that one R and I don't want to only get that one R just because I was looking for certainty. So that is the whole point of talking about this chart here. It's sort of, you know, when you are down here in this murk and you think, oh, it's come down here, it's bouncing, it could go down, et cetera, et cetera. You don't know, I don't know. Nobody knows that it's going to go up and tag all this liquidity up there and keep going. Nobody knows that. So you're going to have to deal a lot with this uncertainty. You can have great tools and brilliant tools in book maps, Sierra, whatever other platforms options, related platforms that you've got but you're always going to have to deal with this uncertainty and the fact that you cannot predict the future. You can have high probability trades and there's things that have happened again but again and again but as the disclaimer at the beginning of this webinar goes on, past results are not necessarily indicative of future results or past performance is not necessarily indicative of future results. So that is just the point there, sort of get one of these tools, customize it so that you can see the multiple R's. The Trading View one is really, really easy to use. I think it's called a long position or a short position. So try that one out or try that in Sierra or Ninja or IRT, whatever you use and mess around with it and sort of address the uncertainty that you would have looking for a certain type of trigger or just define your triggers with as much clarity as you can and accept that they're not perfect. They are a moving feast. The market changes all the time and your triggers will probably change, not necessarily get better, but just change over time. Anyway, that was my rent on that subject. It was at 25 past eight. I will now get rid of this. So just get rid of that and ditch it completely. Okay. Hey, Trader H.E., good morning. I don't know if you attended my rent but I've just finished. So we're now talking about what is happening in the market and what we can potentially see. So one thing that we did mention is that, you know, let's dig out this again. The daily bars in NQ rather, really, really strong at the moment but nothing that's a blow off top. Again, you've had these really strong daily bars in ES and we're right at this previous sort of high that was formed over a few days but nothing scarily climactic and again, nothing from the profiles which looks like a strong high. So even if we do have a good pullback now, there is nothing that strongly suggests that we've finished going up here. You know, it's sort of, yeah, maybe it will go down but there's nothing that says we finished exploring up at the moment. All right, and that is one of the backdrops for why any mean reversion trade back to settlement or yesterday's point of control was a valid swing type rationale, thesis, et cetera. So, you know, if we zoom out here, we try and zoom all the way out. If we can, we'll drag this up. So this is NQ. This is the 1 a.m. and then where's that? That is, there's the London Open there. You can see it was all the way down there and we had, how many points do we have? About four, three, eight, eight, up to, we had about eight points up to settlement. So it's the idea for me throughout this actually did take both a short and a long. I've only had two trades in that session. I was a little bit sleepy today. And yeah, so you have to, by the way, you do have to just accept the state you're in. I can get to a state where I think I'm too sleepy to trade. I didn't think I was in that state today, but you have to just accept that you might be a little bit more slow mentally than you might be other days. So the idea there was, you got to mean reversion back to this level here and you're looking for clear setups that are per the setups that we've been talking about all your own setups. You know, my preference or my absolute favorite of these types of trades is a spring into a liquidity support wall. That liquidity support was a little bit further away here, but still it was vaguely within the definition of that. And then you had that lovely target of settlement. So you could have had a lovely trade there where you could have one trade or you could have both gone long, taken some off, added again, holding until it finally did tag settlement because the probability was really quite high. So that is just one way that you might have played it. And you've also got this encouragement here from these resting cell icebergs that I mentioned time and again. That one didn't, that one there didn't, that one did and that one did. So this one they ditched after a little while and that is always the danger with liquidity. I advertised orders, there's always the danger they can at any time just scrap them. So that's why they're a different form of market generated information from traded volume. But I'm just saying that when you've got these resting liquidity orders and that was sitting there quite obviously from just after the China open that you've got there as encouragement that they do want to trade back up there. So when you're getting these little down moves, you're looking all the time for a good long. So maybe this little double bottom, this test of supplying the category A or B, that could have been one. And what I also do is look at the times of the day. So I do love these half hour turning points. I'm just looking exactly when this one was. 23, 530 exactly. So these half hour turning points can be really, really useful. It's just, I've got a chime. It's actually because I've got this wavelength software set up. Sometimes it's working, sometimes it's not, but I did set up a chime that goes off every 30 minutes when I'm at my desk. And I do find that useful to remind me, to remind me that, especially in the European session, we're at one of those 30 minute points which can often be a turning point. Okay, let us zoom right into this and have a look about what is in the pictures up above. So let's do a direct comparison both on ES and NQ right now and now that we're just messing around at settlement. So we're messing around in the unchanged scenario of a direct comparison between the liquidity heat map since 830. So if we had a big economic release, we'd get lots and lots of volatility now, but there is nothing. And I'm just double checking over on financial juice. There's nothing happening right now. I can't see anything. So we can just keep talking. Okay, so let's do a trader map pro comparison. So as a reminder, we have two versions of each of ES and NQ heat maps and we will go into the settings and have another look at what we've done or what I've done. So in trader map pro, I've created a copy both of NQ and ES and the filter is just one filter. It says display only the orders that have not changed in any way. And the logic behind that is that in ETH, when you might well have lots and lots of algos to better filter out the algos, because the algos are gonna be moving their orders around a lot more than static orders, which might be true resting magnetic liquidity that will get tagged or very close to getting tagged. Remember, if it comes within a tick or two, that is good enough. If you haven't got a scale or you don't accept that, you've almost got to your risk reward ratio within a tick or two of resting liquidity, then you're gonna lose a lot of your profits a lot of times. Quite a lot of the time they will reverse just before they get to that resting liquidity. They may come back and tag it again much later, but it's just a scenario that comes up again and again and again. Okay, let me just double check that there are no more questions. Okay, so what are we doing? We are going back to have a quick look, maybe a two-hour look at, maybe a three-hour look at London. So two is the German Open, or just before that is the German Open, and then we've got two to six, so we've got four hours. And we can see here, even though it didn't quite get down there, that resting liquidity acted as support and that we had, let's zoom back in, we had this lovely liquidity which got brighter and brighter and eventually they got up there. So that is how that would be used. I'm not using it as much as I am for NQ because I do find, now we'll just repeat the same scenario on the main chart, I do find that I want the information from the stops and icebergs. I feel very fortunate that I can see this information because I certainly could not see this a few years ago. And with this particular type of resting order in ES, I can see pretty much the same thing so that the Trade and Map Pro does not in ETH give me the same benefit in ES as it does in NQ, and we're gonna go and do that same comparison in NQ now and we'll see what the real difference is again. So we're gonna go back and look at two to six over here, this is, bear with me, no, you could have even just zoom out for the whole VTH session, but I'll try and keep it consistent. So yeah, it's roughly two through to six, oh no, it's not, that's a little bit closer. It's actually a little bit better when you don't zoom out as much. So I find that if I zoom back into more like a one hour view, this resting liquidity, both the support and the resistance is a lot cleaner than if I did that for the four hour zoom. And actually, if I go back and show you what it showed us in the Asian session, it was really, really quite good. I'm not gonna go and hype something that I don't think is useful, that's not the kind of person I am. It has to be something that I want to use in my trading or I will not sing its praises. So here you've got the Japan Open and you've got this liquidity here and you can see them bouncing beautifully between them. And then they move that up and they encourage you to believe that the price may go up and through it and it does. Now, if we look at the same period, which is one hour at the Japan Open in the normal chart, so if we go right back, it is nowhere near as clear. And the Japan Hour I often trade, my favorite day of trading that one hour session or maybe the two hour session, Japan and China together is Sunday night, New York time, Monday morning, my time. So bear with me while I drag this back. So in the same period, we've just about got it now, we've got, just gotta zoom out a little bit. Right, I think if I click on that, yeah, no, it's held the time location. So I just find that there, no, feel free to screenshot the video if you're watching this on YouTube or you're on your PC, that there where it's clear where that support and resistance are from liquidity perspective during that Asian session. And also pretty clear when they move that up at this time here, which was 20, 57, three minutes before any of the Chinese market started opening. Compared to that, I just, yeah, I just, the same information is lurking in there, but there's nothing really from the stops and icebergs. If you look at the sub-panel, that you're gonna miss out overly when you go over to this. And remember, I've got a shortcut so I can just toggle backwards and forwards between them. It's very, very easy to do a shortcut. Yeah, I'm using a little program that tabs these together called Groupie. I think it costs me about $10 or something. Not very expensive, but very useful to me. But you can see the clarity that it gives you and that kind of clarity, even if you were just using it to focus on targets, that clarity, if it can help you, hold a target. So you get your two R, your three R, whatever it is that you're trying to get. That is worth it in my estimation because that is one of the hardest things in trading that you can possibly do, hold it to get to your multiple R targets. So if you're getting some of you on resting liquidity, which has a high probability of staying there and being tagged and you've back-tested this, that it works time and time again, then that's good. So it's something, I think there's a beta test on the moment, so I do encourage people to have a look at it. And if you've got any insights, please share them with me as well because I'm interested as well. Right, let's see. So we've got to the top. And now we, yeah, so if we have a look at where, I'm just going to drag down again, the enqueue. So it's basically, it's one of those occasions again where profiles are really, really good. So you've got this indentation or a slightly smaller volume node, lower volume node where it's come and turned around and we're back into this dense area. I feel like I've talked more about volume profile since I started these webinars than when I did at the beginning. Maybe it's a good thing, maybe I'm using them more as well. I got a question in Discord. Sorry, I came in late IO charts, EST, yes. They are New York current time. I know daylight savings has ended, but yes, Eastern time, if that's Eastern standard time EST, yes, that's what they are. And there's a question from Pressendam in YouTube. I wanna learn book map, where should I start? There's a, actually, if you go to the Discord channel, any of the moderators will link you to the educational part of the book map website where it links to blogs, articles, videos. So yeah, I'd start with all that educational stuff that's already there for you to get yourself up to speed and then, yeah, take it from there, find out how it can be useful, if it can be useful to you in your training. I don't know how you trade. So it's really a question of what are you doing in your trading? Okay, so again, we are looking at the Trade Map Pro. You've got this nice liquidity. It moved there, so it wasn't totally stable, but it did act as the temporary resistance. So that is interesting. And again, this is not overly useful, which is showed liquidity above, but when you zoom into it, that's when it can provide some use, like the levels above there, that one there. Again, it's one of those things you have to play with yourself to see how you can use it yourself and the level of trust that you will give it, that it is showing you something that is valid. Right, let's have some live order flow commentary, because we haven't redone that for this session. I've really just been renting and talking about a plugin. So let's have a look at what we're doing. So basically what I've been saying is we're unchanged. We're at settlement in NQ, or they are close enough, and settlement in ES. So nothing has changed. And I was looking at on my time in sales some big block trades in the related ETFs at settlement, as in some very, very big block trades. So not a huge surprise that we're back there again in the hour before the US opened. So what am I expecting now for the next, what have we got, about 20 minutes? Chop, in a word, chop. So even though I'm bullish overall, the scenario that, yeah, and I'm looking up at that 4.1.1, 4.4.1.2 level more than I'm looking at anything else in terms of resting liquidity in ES. And remember, I trust the relative resting liquidity in ES a lot more than I do in NQ anyway. So when I see that there and it's been there and I'm bullish to start with, and it's above the market, and it's not that much above the market now, it increases the likelihood in my eyes that we'll get up there at some point today. And if I have a quick look at where yesterday's high is as well, just got to remind myself where yesterday's high is yesterday's Globex high I've got as 4.403.25. So that's above that. So would anybody be surprised if we take out yesterday's high here? I'm guessing not because, you know, we're not exactly rejecting this location here and we're very, very close already to yesterday's high. So it's the one thing, you know, who knows what they will do at the open. Maybe they'll have a wick down, you know, liquidity dive down to go and find some more sellers to trap the Paris back up to there and take out that yesterday's high. Who knows, it could be a downtrend day for all I know, but I'm just saying that there is a probability because we haven't rejected this area yet that we will take that out because they'll go and look for stops above 4.403.25. And if they do find some stops above 4.403.25, that may provide the fuel to get to that resting liquidity up above at 4.412.25. I have not, for the purposes of this webinar, looked at the open interest on any options expires and translated them across from SPX to ES, not for this purpose. On these webinars, I mean, it is something that I do, but for these webinars, I just focus on what we are seeing in the market. Now, there's lots and lots of ways of looking at how bigger players may be transacting and we recognize time and again that big players, when they're moving their money, they aren't necessarily gonna just move them in ES features and NQ futures. Anybody that trades these two markets should accept that. That there's a lot of arbitrage, there's a lot of confluence of correlation across a whole bunch of assets. And for example, which is as one example, they may be moving a huge amount of money in a directly correlated ETF that you or I have never heard of to get their money from, say, from here up to there. So, and it's just a fact that we can't see all of the transactions that these bigger players are conducting by just looking at the futures in ES and NQ. So, what have we got over here in NQ? So, we've got some nice liquidity and they firmed it up and it was a nice bounce, the first bounce and we're now at the second attempt. And so far it's a test, as it was a category A or B type trade. So, if you were gonna try and scalp long because you might well be bullish, looking for all nice big moves down to get to go long, you'd be looking at, per what I was doing on the risk reward matrix, you'd be looking at a really tight stop and you'd be trying to get, trying to, hoping it'll take out this double top here. It's three, seven, three. But, I'm just having a look as well to see where they could go down. I'm also looking to see where the next big liquidity is regarding, regardless of whether it's resting or not. There is some big liquidity at three, five, eight. Double checking that I've got that one right. Yeah, so it's three, five, eight, but I can't really see it here. It's not really big liquidity, 21. So, in terms of resting liquidity as well, just to complete that circle. When I'm looking at NQ liquidity, I really want to see values of 30 and above. Anything that's 12, it's sort of, yeah, who cares? It's pretty much meaningless. So, you'd zoom all the way in and out and have a good look. So, there you've got 40. Is that 40 or 48? It's a round number, so I'll take that back, but you've got 22 almost getting interesting and it's getting interesting as well because it's right at this yesterday high zone. Since I've drawn it as a rectangle, that's why I've not got a clean individual price level, but then again, when we are trading levels, we're re-artrating zones rather than individual price levels. So, yeah, if we start drawing this, and so, we're looking to get into this zone here, right? And we've got a very, very tight stop. You're hoping that you've at least got one R, maybe slightly above one R there. So, you'll be hoping not to be taking this trade unless you can see a target of say, two R up here or something like that. But, yeah, we're also in this down channel and we've had a fairly violent little move to get back down here and those things are often retraced. So, again, it should be interesting to see if that is completely retraced, that may get us back to about there, but now they put in some liquidity. Excuse me, I'm gonna have to cough. Excuse me. Just a bit croaky today. Happens to all of us. Yeah, just keep doing the same things again and again. I was just thinking to myself today as well. I don't actually swim that much each time I swim, but because I swim at least one K every week, I do lots of other things as well. So, other forms of exercise too. That adds up. So, your one K by the end of the year is at least 50 Ks. And it's the same with just taking these two R, three R, four R, five R trades. You'll find that when you look at your stats, the more of those that you take and the less damage you do to yourself so that you don't take less than, don't you take a bigger stop than one R, they adds up in the long run. It benefits your trading career. It's really the only way to have a trading career in my personal view because this is such a casino. So, if you get too attached to these moves and say, oh my, no, it's gonna, definitely, definitely we'll get there. And then it turns around and it plunges down straight down to this three, five, five level and you're taking much more than one R, that is gonna affect your ledger. So, I'm looking at NQ because there's more going on there in terms of we found a potential trade here. And, yeah, that was a viable little supply and demand type A or B, whether it'll actually get up there or not. I think it's basically done this retracement. I was looking for it to retrace sort of around about here and it's done that now. So, that would have been my first real target for that and whether that was two R or not really. I haven't got my little tool in book map so I'd have to measure it in Sierra and see whether that was two R. But it looks like now it would have got to two R. So, I'm just showing you that, if you did take the same dollar value risk on that, even though that was a tiddly little trade, that can add up and you've got two Rs. Say your risk dollar per every single trade entry is say, let's make up around number 250 for example and you've got your two R, then you have already got, say you're looking for multiples of that 250 throughout your trading day. You've got two of those already, you've got 500 if you actually care about the dollars but what you should care about more is the multiple of Rs that you're getting on the plus side and the multiples of negative R you're getting on the other side. Yeah, so I was just showing you that one because there's really not an awful lot happening today in our breakfast session. So, yeah, I mean, it should be quite interesting open because when you're essentially in such a defined value zone as we are from yesterday's, RTH, then if it gets out of that value range and we can, I'm just trying to find where it went again. If I just drag this one back in again and start drawing again. So if we really started to take out this low and then we started getting into this value, it's got the potential to work its way down sort of towards the end of that value from Monday and maybe even a bit further into Fridays if we were to have a decent pullback who knows when that's gonna happen. But the moment, all I'm trying to say is that nothing has changed from yesterday essentially just trading this. So, this may be one of the dullest explanations I can give of where the market is and the fact that nothing has changed overnight but, yeah, at least I can give you a basis for why I say that. Let me just scrunch this up as well to see what we could go down to. So, underneath that you've got this big gap but you'd have to think that Fed Power would have to say something fairly major for them to start working through this and then get into that gap. And that is the gap from Thursday into Friday through the end of Non-Farm Payrolls News. So, the scene of the Non-Farm Payrolls is somewhere in that gap there. Just doing a time check, nine minutes. So, feel free to ask any more questions because there's not an awful lot going on to actually talk about in terms of live order flow. Get rid of that. Yeah, we can always have a look at the ranges as well on a day like today. So, let's just have a look at the ranges. So, relative volume peaked at about 70%. We're down to 59%. Again, this is indicative. It's not predictive. These are statistics that can be used in conjunction with your own trading setups that you've tested time and again to get you your multiple Rs. So, anyway, just looking at the ETH range, we've only had 14 points in ES, only 53 in NQs, so that's less than half the average range and that again is suggestive that we were in that defined value that we showed on that TPO just now. It's just another way of using your statistics. So, when you see such a defined value or distribution, then you're not looking at your statistics and saying, oh, but we haven't got anywhere near our 100% of our range yet, even if you take your multiple of 59% times the average range in NQ of 103. So, you're saying, oh, I haven't got to my 61, 62 yet, but, you know, actually it's got to 53, so it hasn't got that far away from it. And then you actually measure, actually measure, get the right chart up NQ. You measure how far this distribution actually is. So, you know, if you measure it from all the way down to here, that's five, three, six, up to four, one, seven. So, you wouldn't be expecting it really to go past that anyway. And so, that's only about 70 odd points. So, if it had, you know, if this is helping you say to yourself, well, if our average range is 103, but we're in a defined distribution range of about 70, then maybe I'm a bit too optimistic if I think I'm gonna get the 400 points in NQ and I'll hold for a swing of 100 points. I'm just saying that's how I tend to use these things together, additive, so that, you know, you've got different tools that work in conjunction with each other so that you can see what you can get out of them together. Yeah, and in terms of that relative volume, it is as basic as that. You know, you take the percentage where we're at 59% and you multiply it by the average range and that's just giving you a rough indication of the type of range you might have over the Asian session or the European session or the overall ETH session or even the RTH session. It's just an idea. Okay, and it looks like NQ, I mean, if we had taken a nice little trade there, I'm thinking, yeah, maybe this one here is, yeah, this is the type C into a bit of liquidity. And again, you know, you're looking for your R's. So I'm saying, on a narrow range day like this, you're not taking too much here. So I'm looking for something as small as, say, six points, maybe even five points. And then you're looking at how far can this go and can this get me my two R, three R. And then you say to yourself, well, if I'm taking a 10-point stop, why am I doing it on this occasion? It might well be that when we get the RTH, you need a 20-point stop or a 30-point stop or even bigger, but on this occasion, why would I use such a large stop and would I be able to get my two, three, four R? And the answer is very unlikely. Yeah, so you've got these little highs as your targets and you've also got this settlement tag yet again, this unchanged tag. So I'm just showing that on this occasion where it's so dull that other than those resting iceberg tags in ES, NQ has got more opportunities to trade. Okay, so I'm just zooming right in and having a look at the actual for the last few minutes. We'll just have a look at the microstructure. So I did talk about that occasion. I think I spent quite a lot of time talking about that. Yesterday when we were coming off our lows about 305 minutes into the London Open and all the micro swing lows were nice, beautiful little moves up, but you had to zoom right into that microstructure to see that. And then we had a really, really big move up. So if we're over here and we're looking at these, let me get the pen out again. So you're looking at these little swing lows. You can see how it's exploring up. Now I don't care if they're equal or they go under by one or two ticks, but so far we've just been exploring up to this liquidity in this zone here or really back into settlement, unchanged level again. Another time check, only a two and a half minutes left. So if there are any more questions far away now we'll try and answer them before we go. Just gonna zoom out, see how far we are. So NQ has got this round number liquidity at yesterday's point of control. So the fact that it is yesterday's point of control, even though it's round number, that increases the level of interest that I might have in that. And I'm also interested when you've got a round number of liquidity and you've got resting liquidity above. If that was a nice big number, I think it's only 22, but if that was 35, 40, 60 and it was above the round number. That from the research I've done, that makes me more bullish that we're gonna go through the round number and then up some. And the other things that we've got here, we've got yesterday's high, this kind of zone here. And you've got one of those naked point or virgin point of controls up above in NQ. So you've got quite a few areas for them to tag. And we also know that when the open happens you tend to get the most volatile action so they can just have a nice long drive and those are the kinds of areas that they could take out if they chose to do the drive up but they can choose to do the drive down. So you've got that little value zone low there and the other value zone low or low volume node down there. It will be interesting to see which way they go. And I suppose within 15 minutes we're likely to find out because Fedpal will be speaking. Tom, question, what filter setting do you use for NQ Trade Map Pro? Well, actually, Tom, that's one of the simplest things about this tool. So if you go to trading a Trader Map Pro and I think the beta is free for everyone at the moment as far as I know and you go into it, there is no filter. So all you have to do, sorry, there's no quantity in the filter. We have to just choose one of the drop down options and I've chosen the one that says show only orders that were not changed and it does the rest. And it makes it very simple because it means you don't have to change a quantity of a filter at different times in the day or from day to day. So you just leave it as it is. And if you've got a shortcut like me so you can just quickly tab across from one to the other and then you get the best of both worlds. You get the stops and icebergs and you get the resting liquidity. That's one of the reasons why I like it so far that it is really simple and it's showing me things that are quite hard to see from the normal heat map because of the way the algos are currently operating in NQ. Right, I have gone past my time so I will say thank you very much for watching. Thank you. I hope trading goes well. I hope there's something interesting on the back of Fed Powell's statement and yeah, I wish it.