 Okay, I've started the YouTube stream and I will check it's all okay. Good morning, 8 a.m. US Eastern on Wednesday the 3rd of January 2024. Welcome and happy New Year to all. Welcome, Marius. I hope you're going well. Let me get the disclaimers out of the way so we can hopefully get to watch Yes, at its yesterday low. All bookmap limited materials, information and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Trading futures, equities and digital currencies involve substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Okay, with that being said, we're right at yesterday's low. We've hovered around crazy little mini distribution, which you can see over here on the volume profile, the chart volume profile. The longer it stays in this list until distribution, once we finally get there and tag it, the further it's likely to break down if we do have a breakdown, that is. What's interesting is watching these two in tandem. I'm sorry if I'm going straight into this today, but if I didn't talk about this live, then it would all be hindsight, which isn't really that useful for anybody. What is often the case when you're coming up to it yesterday low, which is one of the most obvious levels in the market is that it will bounce around a bit before it actually gets there and shorting at this almost yesterday low level. It can be hard. You can see that there was actually a little upthrust here, and that would have been the best opportunity way down here. It's obviously very late in the piece and looks like NQ has just smashed through some resting liquidity and it's now taken it out from below, which is quite strange the way it did that without touching it on the way there. We are right at yesterday's low. We're right on 7.6.5.50. That's 4.7.6.5.50. We're just watching this. We've got some liquidity, and if we zoom out, this is not resting liquidity. This has only been here a little while, and if it does actually bounce smack bang at yesterday's low and former double bottom, again, that should not be a surprise because that also often happens. In terms of probability of what happens at this kind of area, the highest probability is that we get some form of spring. It smacks through this level and then bounces. Sometimes it's only one tick. Sometimes it's a few points. That is the most common thing. Then with NQ, we may actually chop around the level, go back through it, then down and back through it before what happened yesterday, and we will get to what happened yesterday where it eventually broke cleanly and continued. Let's just keep watching EES. As always, if anybody has any comments or questions, feel free to ask. Whilst we look at this, let's just explain again what is on the screen. We've got a chart volume preface on the left of each of these instruments. This is NQ on the left and ES on the right. We're watching them in tandem. We have talked about this on previous seminars watching these two products and how they work together or how the correlation may work when you get to a significant key level such as yesterday's low. Yesterday's low is so obvious because anybody looking at a daily chart could see it. In terms of the two most obvious levels, they are always yesterday's high and yesterday's low. On this occasion, we're talking about the full session that's RTH and Glowbex, the ETH. This low here is the low of both those sessions combined. In NQ, it's up there. We've already taken it out and tested back up there. On the left, whilst I still go through this, this is supposed to be more of a technique session. This is the Wednesday session. This on the left is a filtered heat map. This is the TraderMap Pro add-on. It is just showing all orders not filtered by size but filtered by the fact that they have not changed in terms of their quantity or the price at which they were placed. We can zoom all the way back to 7pm Eastern, which is when this heat map starts. We can zoom all the way out. You can see some of this liquidity. I've often noticed as well that on these big, big range days where we are effectively trending, you'll get less resting liquidity across the entire Glowbex session than you will do on more neutral or choppy occasions. The liquidity does appear. Some of it was resting. You can see that resting level up there. It's 16, 670, which was there for a good few hours before it got tagged. I've zoomed out a little bit more so you can see that. I have no volume dots or volume bars. In terms of actually seeing price, it's being shown by this silver-gray line. What I like about that, and I've said this many times as well, is that I can see everything down to the microsecond or millisecond, such as, for example, this vertical sweep just here. They've had a sweep up. They've had a second move there. The probability is that this will get retraced in its entirety. That probability is somewhere around the 80% mark. It does not mean it has to happen now. It just means that it is likely that it will happen in the near future. If we do balance around here, there is a high probability that despite this little biasberg in ES and the liquidity acting as potential support at 4765, the probability is that we will at least touch it again if not go through it by a few ticks or a few points. That is the probability. Again, there is no timing on that probability. It is something that is likely to occur in the near future. But that near future can just as well be the RTH station. It does not have to be this breakfast hour for which I am broadcasting. The rest of what's on the ES. We've got a heat map. It's mainly dimmed out. It's completely dimmed out on this filtered NQ map. It is partly dimmed out on this ES1. By dimming, I mean the brightness of the heat map. Hopefully, you can see why I've done it. As I make it a little bit more dim, it becomes a little bit more clear in terms of meaningful liquidity. One of the things that we can comment on on these trending sessions from or to the extent or big range sessions, very similar things, of the last couple of days is that this liquidity often appears as a magnet, so price will be attracted towards it. So that if you then zoom out and you watch this liquidity being formed, you can see those magnets. I'm just assuming I can't zoom out any further. But you can see that the liquidity was all... Let me just zoom out. There was this one piece of liquidity up here at 4805, but most of the liquidity was all below and price went towards that liquidity. So that's what I mean by magnetism. We're talking about the magnetism of attraction rather than repulsion. But as I always say, this is a double headed beast. This liquidity can act as a magnet to attract. It can also act as a good support resistance once we do get there. Okay. So what else do we have on this one? So we've got the price line, we've got the heat map, no volume bars, no volume dots. We've got the MBO stops and icebergs orders. So here all these dotted lines are icebergs. So you can see quite a few buy icebergs and now you can see a sell iceberg just there, that pink line. And the red dots are MBO stops. So you can see a stop of 88 up here, which is not huge, but that coincided with a nice little turn and that would have been a lovely entry in hindsight. So it would have got you in at about 4769.25 and yeah, that's virtually four points if maybe more depending on where we go next, but we cannot predict the future as I say. Let me just check that we have an audience as well. So we've got a few people watching on YouTube and a few people watching on Discord. I hope everybody is having a good holiday or that you're back trading and you're enjoying your trading and you're being successful. One thing that I do wish to point out with January and maybe this will be my only seasonality comment for this hour. If you go back and look at previous generies, which obviously do occur after the Santa rally to the extent that that is a truism. So the Santa rally is like a push up through towards Christmas day in the December by the market. Then you have a gap of very not very much trading and then we get to January, which is where we are now obviously. January is often a time that they have big moves in ETH because the market is relatively thin. You could also say that the market is relatively sleepy, so they can push it further than they would have been able to do in December. So beware of moves that look like they should have gone far enough, but continue in January. It can be a very dangerous time for your account balance if you let your stops run this month in ETH. So just a warning on that front. So I think we're now in this little sandwich here in ETH. So we've got a sell iceberg and a buy iceberg. So you've got a buy iceberg of 33 with some nice heavy liquidity there. You've got this little bounce or double bottom at yesterday's low, a double bottom because you've got yesterday's low obviously and then today's low. So it is a double bottom on a daily chart at the moment. I doubt whether that will be the bottom for the RTH session or sorry, or the breakfast hour session for the next hour and a bit till RTH. So in other words, I doubt whether it will be the bottom for the remainder of today's session in its entirety. Meanwhile, whilst we have this in place and I will switch back to that, if anything immediately happens, let us go on to the slideshow. So the purpose of this slideshow is that part of this presentation is about preparing people prep for the RTH session in just over an hour. So let's have a look. Firstly, we always look at the calendar. So I've got Wednesday the third. I've gone through to the evening just because sometimes there are interesting things such as some Chinese PMI, the Cakes in Surfaces PMI. But anyway, back to this session, we've got a Fed Speaker in 15 or so minutes, 18 minutes. That's barking. Then the main news or the main economic release is a red release, a high importance release at 10 am being a combination of the ISM PMI and the job opening and the ISM manufacturing prices. And apparently we've got wards, total vehicle sales all days. Then also of significant importance, we're at 2pm. We've got the FOMC meeting minutes of the last minute. And remember that at that meeting, the Fed speakers in their comments that we already know about the ones that aren't in these minutes, they were more dovish than expected. And we've got an even bigger rally off the back of that meeting than was expected. So it will be interesting to see if any of those really dovish comments are clarified or maybe they become even more dovish when the meeting minutes are reviewed by the analysts when they're released at 2pm or maybe less dovish. But anyway, it may well have some kind of directional reaction. And then after the market, we've got the Japan Final Manufacturing PMI and some Chinese Services PMI. Okay, let's keep moving on. I'm going to start including this, which is a free tool in TradingView, which is a snapshot of what happened across the market. I made it much wider than I normally do in this slideshow, just so you can see the breadth of what happened across the market yesterday. And the big thing to note, I mean, apart from the fact that the finance sector and the health sector were not as bearish as some of the other sectors like the tech sector and the Amazon consumer discretionary sector. So some of the big players that have been driving up the NASDAQ for the last couple of years or so, or certainly again in this rally from October 26th, they had big down days. If you look at Apple, it had a down day of minus three and a half percent. That is huge. Nvidia, another one responsible for a significant driver in yesterday's, sorry, not yesterday's, in the rally that's been going on for the last couple of years. Nvidia AI driven rally, whatever you want to call it, 2.73% down. Okay, let's move on. And this, this was about 40 minutes ago. This is a snapshot of today pre-market. So you can see some continued weakness again in Nvidia already down at 1.42%. So this is quite a big reversal in Nvidia. And if that AI has been a strong or main stay in that rally, it is of interest, of significant interest, that some of the wheels are coming off that rally. Again, I don't predict the future. It's just a comment. That's all I'm making, just a note or an observation. One of my jobs in this webinar is to observe. I don't provide predictions. I can talk about where price is likely to go and potentially review setups which may or may not have been or coming up. But yeah, anyway, let's keep moving on. Okay, onto the daily snapshot. I've just put a line across here just with a price there of the previous low from the last couple of weeks, just because we are getting close and it would be interesting to see what happens when price does take that down or take it out. So if that happens today or in the next few days, it would be interesting to see what the reaction will be when we get there. Whereas last week I had said that we hadn't seen any really bullish action. We're beginning to see the start of something, sorry, any particularly bearish action. We're seeing the start of something a bit more bearish. If we take out this little low here and we have a big move down below it, then that becomes a lot more interesting. So I'm just saying that we remain flexible and the picture looks like it is changing a little bit, but we'll see what happens when we get to this low. And now it's like I've just drawn across from a previous significant swing high, which was also, again, another swing high during the rally up, and yet we are approaching that one too. So again, what will the reaction be when we get there? Will we bounce off it or will we smash through it? Or will it be a spring? Let us see. Okay, this is a three-minute chart. It's just trading view with three standard deviations of VWAP. The shaded area is within one standard deviation of Globex VWAP, and VWAP itself is the dark gray line. And again, I'll repeat myself. The only purpose of having this shaded area is that in ETH it acts as a good proxy for developing value. If you look at the TPO's and the relative volume of those TPO's and we'll do that in a second, there's much, much lower volume in the profiles for the ETH session versus the RTH sessions, massively different. So having something like this as a proxy is useful. And you can see, I mean, I could have shown this from yesterday, but it's very similar again. Once we break out of that value and we did test it on both NQ above and ES below, that is a good representation that we are exploring. And sometimes this test back can be a really interesting potential entry for a short when it's a test back up to value, especially since the dialogue has changed a little bit and we are a bit more flexible about longs and shorts now. So that is that. And I think I've got one last. So this is probably about 20 minutes ago, half an hour ago, just showing relative range. And it just shows again that range has been expanding so that the average range of the previous 10 trading days was about 90 for NASDAQ in Europe and 120 today. And ES has already reached its typical EU range and its typical ETH range. And again, NASDAQ has exceeded it. So what is that showing us? That the markets have been volatile, certainly there have been good ranges. If you could find a trade that you can get some run in your trades, there could be a danger that you could damage your bank balance if you do not adhere to your stops, that kind of stuff. So anyway, let us get off the slideshow and we'll move on to the TBOs in a second. So, okay, whilst I was doing that slideshow, what has happened so far this little buy iceberg has been winning. So I think I'm not quite sure whether I said it or not. I said it can be tricky getting this short here right into yesterday's low because a lot of people will try and get a short right about here to take out this low. It's like they'll see as a very, very high certainty type trader short right about here. And what does that mean? That means that if the bigger players so choose, they can use all the people that got short here. And you can see this DeltaCon, which I haven't really gone through yet today. This matches the chart volume peripheral over there, but this is the ask volume minus the bid volume, the difference, the Delta. And where we have this nice little red section of this low that is potential trapped sellers. And so if they do get trapped, then that can give us a nice little move upwards as we have seen here. And when we say a nice little move upwards, if you'd had managed to get in the 4767 region, that's four points. And that is nothing to sneeze at in terms of an ETH trade in ES. If you get four points, you're doing very, very well in unless the market range expands significantly. Okay. And let's have a look. We've had a nice little move after this really big liquidity that got tagged down here at the round number 16600. We've had a nice move up of 34 points or 33 34 points so far. So we've had a nice bounce off there. Okay. Right. Let's move on now. I'm on to the main window so I can draw on this window. I don't have the tablet up and running today, but I do have my mouse and all these little pentals. So let's move on to the TPO because I think it is quite interesting. So if we have a look and I will draw, this is a technique session. So one of the techniques that I've been expounding or suggesting rather than anything else is that if you've got a significant range in yesterday's RTH, which is the white profile here, the shaded profile is today's ETH. You can see we've almost done as much ranges in yesterday's RTH. What I tend to do where we've had a significant range of ideas on most days is split that profile up so you can see where it occurred in terms of time. So each of these vertical bars is a 30 minute time bar. And I can see that this bounce in the afternoon has taken us all the way up there. So in terms of where is the distribution for yesterday's session where ordinarily we'll be playing a game inside in terms of ETH unless there is new news or new information for the market such as earnings releases. And then I draw it for yesterday. I would be drawing the entirety of that because that was the bounce in the afternoon and we don't have a tapering of the profile until we get there. So I'm saying it is a huge area. And so if you've seen that the distribution is that wide from ES that effectively is in play from the RTH, it should not be of a huge surprise to you if the ETH range, which is here, encompasses most of that distribution that they're playing this game inside of. For example, there'd been just a little afternoon range of about there. They may have changed the game in terms of what we're looking at. But here we've got a nice big wide distribution. So going into this you may have thought that the probability was up there for decent moves. And on this occasion you would have been right. And yeah, the other thing, let me just get rid of that, is that where is it there? This level here, which is settlement from yesterday. And let me just take this and reset this chart, okay, just so that the distributions are clearer to us. Let me just remove all that stuff off there. And just do it again, settlement here. So there is the walk the dog or come back home to settlement type of argument. So you have this range here. And if we split it out, and I might need to expand this, just get rid of that. Coming into the late afternoon in the Asian session into the opening of the German and London Open, price was down here. And then settlement was up here. So there is a play which is often available, which is a push down in Asia, and then a walk back home. It's part of this dance that happens in ETH. That was available today. And it went a little bit higher. But then they had an opportunity or there was an opportunity because the presence of this wider game there, that this big move came into play. But this little game was still there. That's what I'd like to point out. This little game of dancing back towards settlement from a push down in ETH or Asia was available, even though we had a relatively bearish session yesterday. And it's turned out to be quite bearish after that European Open. So it's just one of those things. Let me have a look. Let me just reset that one. And we'll move on to the NQ one. We'll also have a look at where some of those levels are. So let me just zoom out as well. Let me reset this chart. So we've done that. It's just, okay. The other thing to, I think I flagged a level on on that daily chart and I don't have it to hand. I suppose I could look at it, but I probably should have it to hand. Yep. There it is. 474325. Now, if we go back to this TPO, what should be or may be fairly apparent is how thin price is once we get below there, back to there. So this little section there. All right. So what would be interesting, and that 4743 level that I talked about is essentially around about there is that, price moves through these thin areas. And this is, you can see this composite profile, which is four weeks worth of action is very, very thin on this section here, which is 474543, whatever it is, down to this naked point of control down here or back to this single, rather, 4709. So you've got 34, 35 points here of fairly lightly traded price levels in terms of volume traded in the ES on that big rally up. So it'd be interesting to know whether, if we get through this level here, 4743, whether we can then zoom all the way back down to this more traded area around here. Again, I don't predict the future. All I'm doing is having a look at that TPO and seeing if we manage to get through this level in the next couple of days, could we then get down there? You know, it's one potential. It's one scenario. Doesn't mean it will happen. It's just, you know, why is it that this is a technique session? Why do we look at the TPO? This is one of the reasons that we look at the TPO. Okay. And I'm just going to double check that we haven't had any questions. No, no questions. And let me just get rid of all of that. Just check. Okay. So that was ES and NQ. So we can, we can very briefly look at the same thing in NQ. So this is doing exactly the same technique. But what is of interest here is that the bounce there, the afternoon bounce, and let me just draw it, the afternoon bounce in NQ was really this little segment here. And, you know, they had a couple of little highs there that essentially bounding the ETH range. So we're playing a game inside that part of the range. I actually drew a ledge, which is where the volume drops off sharply up here. So I was anticipating that we might go a little bit higher towards that ledge there. But on this occasion, we turned around and we came straight back down to yesterday's low and took it out. So again, it's the same technique in terms of how you might, and it's just one example, just one idea of how you might use the volume profile or the time profile of an RTH session of NQ or ES into the next day's ETH session to find the types of game or the range of game that might be played in the next session. I mean, another way of saying it as well, you know, if you don't look at these profiles is that the afternoon, and that's the afternoon after about 12 p.m. Eastern, the afternoon highs and lows, which are probably around there and there, are often of interest in the ETH session, which is another way of looking at something which is the same or very, very similar. Anyway, enough of the TPO stuff. So let's ditch all that and get bookmap. This is the unfiltered one. So just to show you that we've got them both, and to explain to people who are wondering why I'm not showing this one, but I'm showing the filtered one, which is that one. Because of the way these algo bands, which first appeared in such an aggressive format by aggressive, I mean, they dominate the heat map liquidity landscape because these little bands which follow price above and below it have a value in ETH of above 50. So they appear as the brightest color on the heat map. So you can see if we zoom out for the whole day, you can see how those bands bounded price, which makes it harder to see meaningful resting liquidity that can act as that magnet or support resistance that I was talking about. And then if you go across and you compare that with the filtered heat map, things are a lot clearer. Like you can see this level all the way down there that they got tagged. I think it got tagged. Yeah, they got tagged there that that was resting for hours and hours. And then when you get a new level that stays in place until it gets tagged there, that's why I use it. Because if you are interested in using some of this liquidity in that way, you know, does high volumes of liquidity in the book attract price? Does it have a work? Does it have a support resistance type of effect when price gets there? And on this occasion, yes to both. So you've got some price coming back down here with this sweep down to this to this liquidity there bounces off it retraces that sweep and then goes up to this liquidity and it retraces back from that liquidity so that this liquidity here acted as support and this liquidity acted as resistance and both of these liquidities acted as a magnet. Okay, that's not to say that oh, I can see this liquidity blur. I must trade towards it. No, you must have a trading plan. You must have set setups, you know, clearly defined setups in your trading plan. And then maybe there is a way you can use these perhaps as extended targets or primary targets, perhaps, you know, and if you were using them as primary targets, I tend to scale out before because quite often we will bounce or reject just before you get there because it is more interesting what what price is done by way of getting potential fuel to reverse and that's this delta column, then it is to tag perfectly one of these resting liquidity levels. So that is the reason why I'm watching these and then this volume profile, you know, sometimes drag it out wider so that we can then see those distributions a little bit more clearly and see the cutoff points between the distributions and by distributions, I'm just generally talking about ranges or bell curbs. So if I was going to draw one, you know, that they're being arranged that we're currently in. But you've also got over here on the right hand side, this nice liquidity which is remaining in place just below yesterday's low in in ES and that is still acting for my mind as a potential magnet for a little bit later down the way. So let me get rid of that as well. Okay, let's also have a look at this delta column here on this, you know, as this approach. You know, this is hindsight, what I'm doing is hindsight, but the reason why you might have been interested in a short here is because ES is still to take out that double bottom at yesterday's low. So let us go right into that exact time moment. So this is, we can zoom right in when this resting liquidity here at 16 640 25 was in place that has now acted as resistance. So as it approached, what did we have here? This is the delta column. So we had all of this. And if you look at it, nearly every single level there is green, which means there is more ask volume than bid volume. So if you're targeting a short, you know, maybe you're targeting up that short in the collated product, the correlated product being the ES. So maybe you're trying to short there at the same time trying to find the exact time that this occurred. Let me get back to an arrow. So this occurred at 8 27 effectively. And yep, so it's essentially this little bit here in ES. So you might be trading it in ES because you're you're keen to get to this yesterday's low and to take it out. But bear in mind, this is ETH ES is particularly choppy even in extended ranges. What ES will tend to do is this, this little chop, chop, chop, chop in the narrow range and then splurge. You know, it'll have a nice sharp little move and then it'll go retrace and then go chop, chop, chop, chop, splurge, chop, chop. That's what ES does. It can be quite infuriating. Let's put it that way. You know, when you're on the right side and you're waiting patiently for that move to occur, again, you cannot predict the future. All you have is the probability that, you know, if you're in a, in a move that is likely to occur, that that probability is there on your side that it will likely occur, but you cannot predict the time of this particular beast ES. It will take its own, own free time in terms of it, it will, it will move when it feels like it. So going back to NQ, you've got this lovely nice range of Delta, which is essentially all green from 16, 633 all the way up to this 16, 647 points of all green liquidity. So that could then act as the fuel, you know, as we get lower and lower into this liquidity, the top or late buyers begin to feel worried. So they're then reverse and they sell, and they sell, and they sell, and then they'll sell some more, and then we'll get the acceleration downwards back towards this ES. So that is the idea. It doesn't always work. It's once again just something which is part of this game of chance, part of this casino game, and it's a game of probabilities. And it does not have to work each and every time. You know, if you, if you have it working 50%, 55%, 60% of the time, provided you're getting some good value for the trades that you hold to winners, to your targets, then that is all that you need. Okay, so let's just ditch this. So we're still up here. We aren't really rejecting. We've got quite a poor high. So what do I mean by poor high? It's I know it's a big fat green high. And I'm just looking across to see what has traded so far at this top level. It's 51 or 53 contracts here at, thank you, I can turn this on as well over here. So if I configure this, and I go bars and numbers, it was 51. It was there was that level that I was looking at before I configured it. And now it's 63. What I was trying to say before, before price just did it was that a poor high is generally not a high that will remain in place for a very long time. What it is, is that the auction has demonstrated that there is a lot of trade that can be conducted at that high. And the auction is likely to revisit it and continue in that direction until it finishes exploring in that direction, which is a temporary high where price cannot find any more buyers. And then price tends to return. That's basic auction theory in about two sentences. Okay, let us keep moving. I'm going to do my time check. I haven't done a time check yet today. And it is 838. So we have about 20 minutes left. We've had that Fed Speaker. Let me just recap what they said. So let me just screenshot it and bring it over. So that's what the Fed Speaker said. There is potential for additional rate hikes. It remains on the table. That's Fed's barking over. I think it is somebody that does vote at the FOMC interest rate meetings. You can see the case for a soft landing developing in the data, but it is not inevitable. So it's a little bit more hawkish. That's what the price has just gone up on the back of it anyway. If that news was released or that statement was made public by Fed Barking right at about 830. Where is 830 on this? 824. We're doing 78. It's around about there. That's scene of the crime. And we are above that. And I'm guessing we will be above that in ES as well. Okay, well, I'll leave the numbers on that column. So price is exploring higher now. And then we can see this resting liquidity level, which has been there for quite a while. It's at a ran number. So we discount the significance of it because it is a ran number. And the ran numbers that I regularly refer to tend to be these 50s and century markers. So this one is a 50, 16, 650. It has stayed there. So it will be interesting to see if price is interested. I tend to be interested in resting liquidity levels in NQ that have 30 or more orders in the book at that. And I don't normally look at these round numbers unless there are exceptional circumstances. But if it wasn't a round number and we had 30 there, and it had been resting in the book for a couple of hours, a few hours or so, that becomes of interest to me as a potential target within a tick or two or within a point or two to get there. So that's one of the ways that I see them as a probability of price getting there. But again, we have to bear in mind that these are advertised levels and price can do what it wants and it doesn't have to go anywhere near them. This is just an advert. They're advertising that there is potentially 40 sellers or 40 sale contracts in the book at 16, 650. And yeah, we can see with these sweeps as well. So sometimes we get really, really quite good examples of vertical sweeps and ones where they actually steadily go down. This one looks like it's more steadily going down. So I wouldn't call that one a true slip or sweep. Whereas this one, you can see that was vertical. That's always likely to be reclaimed and it was reclaimed just there. So that is one of the reasons I keep saying that why I have this price line, which is the last price, completely unobscured, i.e. as clear as possible so I can see the price action because the bookmark platform without those dots in my opinion provides it as clear as can be seen. So you're getting every price in which contracts were traded at and it's clear where price went to. I don't really care about candlesticks. I don't care about tails. I care about what was transacted and where it was transacted and what is in the book at the moment. So we've now moved away for NES. We've moved a few points. So we've managed to get about seven points away from yesterday's low. So this has been really, really quite a good bounce. So anybody that got in there at that double bottom, one of my colleagues, Uri, loves double bottoms and tops and you probably see his posts in the Futures channel in Discord, in the Bookmap Discord. They'll almost exclusively be double tops and double bottoms in the 6E. That's the Euro futures or the ES or NQ futures. That's what he loves and he has made a living out of that. That's basically his bread and butter trade. One thing that I do advocate or espouse is that if you've got a bread and butter trade, there is no harm if that is the mainstay of the number of trades that you have every single day. For me, I talk a lot about the springs or the reverse springs, which are otherwise known as up thrusts. Depending on the time frame you look at, and you know that I look at a very short time frame when I'm looking at a bar chart, there will be a lot of opportunities. It doesn't mean you take every single one of them. I try and take the best of them and continuing to develop an algo so that less and less of my entries are manual. I just let the algo do that entry for me and then the rest I will manage manually. But it still means that I'm paying a lot of attention to potential targets from a discretionary perspective and I'm focusing my energies on performance, not the performance of the execution of the entry, but the performance of the management of the trade and the stalking and identifying targets and observing price action. I'm trying as hard as I can to observe more and speculate less. The other thing about having an algorithm, and again, Bookmap is another platform that you can, if you trade in Bookmap, it's got an API. You can code your own algo. Quite a few people have. It's got an API in Java and also in Python. If there was some type of thing that you saw, maybe it's the sweeps, for example, as a trigger mechanism, you can program that, so you can get in through this platform. It's just one of those things. What I will say about algorithms, and I've done a lot of programming, not necessarily algorithms, but certainly tools to observe the market, some indicators. What I will say is that not only should your coding be as simple as it possibly can be or as efficient as it can possibly be, anytime that I'm looking at things like algorithms, I am looking for simplistic KISS, keep it simple, stupid Moby. I'm not denigrating anything else. I'm just talking about myself. The kiss is aimed at me. It really does help in terms of believability of backtests, willingness to engage with your algo, making your algo conform with the strategy that you have for your overall trading in the market. All of that is why I believe that, to the extent that you do use algos either to enter to exit to whatever, please keep them as simple as possible. Now we're getting to see the old magnetism again. This liquidity in ES, this is the unfiltered one, staying in place. We've got this double bottom, and if we zoom out, it is the most significant block of liquidity around. It is, again, not a great surprise that Price wants to come back to it because it knows that it can almost certainly conduct business once it gets back to this 6665 level. If you were to try and get in to trade towards it, one of the ways of getting in would have been, let's just draw it, a reverse spring or upthrust. Price breaks up above that, that sort of double high. You could call that a double high or close to a double high. Fails to go any high. You get an MBO stop of 69 and then a good turnaround. We've got a very, very good target, which is this double bottom at 47550. That would be your primary target, again, because Price can do this in a range. If that was your double bottom, you can go 1, 2, 3, 4. It can stay in this little range just bouncing off within a tick of this yesterday's low several times, maybe four times, maybe five times, maybe longer than your patients has. Sometimes there is no harm scaling before you get there, and you always have the opportunity, if you are in a range, to keep adding on the other side of the range if you get a trigger, because you've still got that as the initial target, maybe much lower if we can break, lower as further targets or extended targets. The other thing that we then do is we look across at this column here, this is the profile, so we're watching this distribution. So this most traded Price was in this region here, 477150. That was all green. Got some potential trapped buyers on this delta column over here, and we've got a target there. In hindsight, again, this is only hindsight, an entry around about this MBO stop at 840 AM short would have been a nice little earner. If you had managed to get in, say you didn't get in at the top, but say you only got in at 4771, 75, 477150, even if you got in there, you've already got, let's have a look. Yeah, you've already got over two points. Even if you'd scaled out there, you've got two points, or maybe you got in a little bit better and you would have got three points there, but what we did say was that it would not be of a tremendous surprise if there's just chops and chops around and forms a nice distribution before it eventually breaks in one direction or the other, and it doesn't have to be south. It can go up to start with it could be a fake breakout up, it may go and tag this liquidity up above 47750 or 4775, it may have a drive towards yesterday's settlement, which is much higher at 478725, and I do have that marked up with Cloud and Nost, so it's up there. So you've got all these things, you've got yesterday's, Elia, they could do that as well. There's all sorts of games. You can't assume just because we are at or about yesterday's low and that there is a significant block of liquidity that we would take that out and smash through it and go down straight away. There are a lot more games that they are able to play and their imagination knows no bounds. This is the slightly bigger players who can cause price to move significantly just through their own money, which you and I cannot do as retail traders. Nothing would surprise anyone that has traded in these markets for a considerable length of time. You go all the way up there, take out yesterday's high, then come down. What we don't make assumptions, we go with the flow, we observe what the markets are showing us, and if we take that attitude, then we get the best opportunities. If we just observe rather than predict, it must go down, it must go down, it must go down. So I don't do that, but what I do do is I notice that this liquidity is staying in place and that this is acting as a magnet. So when you do get valid setups, why not take them? What is the harm? You've got a level that is likely to be taken out at some point in the near future, whether it's the next hour or into the RTH session. So if you get a good short, if you get a good bounce and there's potential trapped delta there, unless Apple suddenly skyrocketing or there's new news that completely changes the perspective, I'd still be looking for shorts at the moment. But I would be patient. And again, that's one of the reasons why I'm interested in continuing to develop algos, not trying to perfect anything. I'm trying to focus my energies on better tasks for a trader than stalking for the perfect trigger, which does not exist in my particular view. Okay, if anybody has any questions again, we've got about nine minutes left. I'm very happy to answer any questions. I know we're still in the holiday time frame, so we're not going to get a huge audience. Just trying to wonder if there's anything I... I may just focus on price action and live order flow analysis for the last eight or nine minutes. I don't think there's anything in particular in terms of technique that I haven't really covered in my 50 minutes so far. So the other columns here, so if you're unaware and some people who are new to bookmap are unaware of this, you can drag these columns. So that is that volume profile column, right? So I physically, all I did to get it to go on the left is drag it to the left hand side. And the reason why I've got that, and I do this exactly the same in Sierra, is that I like to have the volume profile and the Delta profile face inwards towards price. They face each other, but I see them as separate things and I just find them clearer and cleaner if they're on opposite sides of price. So that's why I do it. And I've also dragged the order book numbers further over to the right. So I've got three columns over here. I've got the Delta profile. I've got the order book, which is the orders in the book, and the cloud notes. It's called VP, but yeah, it's just my cloud notes. I'm not sure why I called it VP. So let's have a look at NQ. Make sure we are on the filtered, yep, we are on the filtered map. Okay, so that's a nice little sweep there. I am not looking for shorts at the moment. You know, I'm looking for price to get back down to there, but in a different scenario, that's a sweep down. And if there was something to give me a trigger, maybe it's a spring of these little bottoms. I might have looked for a long in a different circumstance, but given where we are and given what ES is doing and is slowly grinding towards, I am more focused on the short side at the moment. And there are traders out there as well that are not only incredibly disciplined, they're incredibly disciplined on trend days. So when they identify early that it is a trend day, again, they can be wrong because nobody can predict the future. They will be absolutely resolute in adamant that they will just wait very patiently for price to get exhausted in the other direction, you know, and just go with the main trend direction. And they do very, very well. I mean, those trend days don't happen every day, but when they do happen, those kinds of traders will have a very, very big day. And that's just another way of trading, right? I'll ordinarily look for both sides of trade. NQ is one of those markets as well, that it is extremely choppy, that most violent moves or sweeps or slips, whatever you want to call them, tend to get retraced. Another word to describe that is that it is mean reverting quite often, or it is often quite range bound. It'll form ranges and it will trade both sides of those range. So provided you are open minded, and I think maybe we're going to get an example here in NQ, let me just get the pen out. So you've got this little sweep down there. Would be of interest if this is a range that's forming as if we then go right back up to here in a little while. But again, price is gravitating in ES towards this block of liquidity here. So anything that might ordinarily in normal choppy mean reverting conditions be a good setup. I'd be quite wary of at this moment. What do we have here? We do have some potential trapping of sellers there. So if we zoom out and we just look at those columns and we've got the numbers now. You also have to be quite careful when you do fade some of the sweep type action that you have and it has come back here quite nicely. So essentially it's taken out that one already and maybe it'll get back towards that kind of price, the $636, who knows. You just got to be careful as well that you know if this becomes the mainstay or you do like doing shorter swings and scups that you still make sure you have a good target. As I say, one of the things that I tend to do in ETH is make sure that I'm aware of the rotation sizes and that my stops correspond to those rotation sizes. And that if you're looking for a trade and I always say that I personally need to get a trade of at least one R to make it worthwhile, then what we're saying is that you've got to work out what your stop size is for me based on my rotation sizes and then see that this target, if I am fading this week back up to here, whether that would have been a big enough target to meet a one R. It just looks like we're balancing here to get down. That is what it really looks like. So the better opportunities like this opportunity here, if we just draw this one across here, this is a reverse spring. That is the loveliest opportunity. So you've got this here which is the likelihood that it's going to retrace some or all of that and then you've got this little level there and that reverse spring or up thrust then gives you this great trade. So if you've been one of those people, I'm disciplined, I'm sticking with the trend, especially when we've got this double bottom that's getting very, very close over here. That would have been the direction and that short would have been the trade for you. Okay, let me get rid of all of that. And they're flagging some liquidity above that 30 level. So we've got 42 here now which has been here only for a few minutes, only for six minutes. That cannot be classified as resting liquidity in my book. My definition of resting liquidity in different people will have their own definition is several hours. So it's got to be resting in the book for several hours for me to treat it as that, but you can still act as a magnet even if it's not within my definition of resting liquidity. Again, the market doesn't care about what I think. But you can see, I mean the beauty of this add-on is that a lot of the time these bright liquidity levels and you can check how large the liquidity is by the amount in the book act as magnet. So this little one here acts as a magnet, that one acts as a magnet and we went through it. And now we're at yesterday's low and have we taken it out yet? Doesn't look like we've quite taken it out. Just having a look over. No, we haven't quite taken it out. So we're now at the triple bottom scenario. Triple bottoms or quadruple bottoms or quintuple bottoms are like banging away at a brick wall. The more times that you bang away at the brick wall, the more likely that brick wall is going to give away or give through. So the fact that we now have a triple bottom has increased the probability that we're going to get through this level yesterday's low at four, seven, six, five, 50. Doesn't mean we will have a bounce first. It just means that the probability is that we will take out this level. Maybe we'll do it right now before I shut up. And I do think I have been speaking nonstop for 60 odd minutes. Okay, so we're back under yesterday's low in NQ. Got some nice liquidity down at this naked point of control, which is more around about the 16-6-10 level. And what we want to see is price rejecting or not as we approach this level. NQ, it's easier to see when price is rejecting because it just bounces straight off and goes completely in the opposite direction straight away. ES, because it's lower, it's harder to see that rejection. The rejections can be slow, but this does not look like it's rejecting to the same extent. And it's being trapped by some resistance liquidity that's just been added to 214 in the book just above at six, four, seven, six, seven. Just zoom in so we can see all the levels. But again, don't be surprised if we bounce again for the third time. Your job is not to predict when the market will break this level. Your job is to take these kind of opportunities when they arise and they will arise that they give you with high, high probability targets and try and get most of the target unless there's a radical change in the price action. So if you've got in there and you've got to this liquidity, that is a good chunk and that's all you need. You just need to keep doing that on a regular basis. Okay, I think I have now used up my time. So I will sign off and say thank you very much for watching everybody. I hope there's some value in the session.