 Okay we'll start in 20 seconds. Good morning everyone welcome to another hour we're on Friday the 6th of October just double check that one yes the 6th of October we've got non-farm payrolls today so we're expecting a fair bit of volatility halfway through this hour let me just do the disclaimer quickly hi Marius 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 involves substantial risk of loss and is not suitable for all investors past performance is not necessarily indicative of a future results okay so we've got them I've just switched over to a live stream and we can see where we are in relation to ES and the news coming up so if we look up above you know we're just mapping out a couple of things on the on the map first and we'll note that liquidity up there at 433 0 which has been there basically all evening okay and yeah I should actually go down below as well obviously and yep there is one down as well at 42 just drag it down a little bit 4231 4230 okay we'll put that into context but yeah because we've got that major news let's go ahead and do our market context first so let's switch to the slideshow and just move through firstly the calendar so as I said the major news here is at 830 Eastern non-farm emplacement change okay and again it usually does not really matter what the numbers are it's whether those numbers are materially different from whatever the market expected and sometimes that's not actually in in these counters you know where they have a likely number that's often not what the market is expecting anyway let's move on I've taken off the multi month uptrend line on ES and I have just left it without any lines I mean you can see we're in a downtrend I can draw some lines on sometime next week but yeah we're coming down to another significant low the may low coming up and in NQ we're still way way off their nail low we're just really in a balancing zone on the daily so yeah maybe they found some support here but we shall see and moving across to the 15 minutes this is just really to work out where we are in relation to yesterday's range which is yesterday's globe x high ygh to ygl yesterday's globe x low and you can see we have spent a lot of time and in the top half and we've breached yesterday's high and we're still in the top half and again NQ not quite as strong but we spent most of a most of the time in the top half of yesterday's range okay let's move back yeah quickly I mean if we look at what happened overnight and we used the trading view five minute charts over here on the right and I can always draw but yeah you can see the London open and I will get the pen out so you can see the London open we're in about this time here and that time there so yeah we we we hit our low actually before the London open in the German open so there and since then you know we had a strong drive up taking out yesterday's high and Q did not get to yesterday's high but pretty much an identical pattern upwards yeah while we are on these charts and we're looking at the trading view charts let's just do something a little bit different from what we sorry I apologize sorry Tom I'll do that one again yep sorry I was drawing on this chart here so I will just draw again so essentially what I was saying was that if the if the if the London open was there we we hit a low of the session taking out the Asian Asian low for NQ there and the same again for ES there so we did that in the German session or the German open that's again that's why I go on about four different opens during the EDH the Japan China Germany and London because you often get some really good action especially in volatile times and this week has been heavily volatile and since then we had a big drive up and you can see them taking out yesterday's high in this session here yeah that particular I can be quite bullish that that 6 a.m. Eastern and that was the the current high of the day right what I wanted to do before I realized I didn't even have these charts visible and again I apologize for that and I've also moved my mouth further away from the mic so I'm not distorting the mic in any way I'm hoping not to and if there are any issues please just oh yeah thanks Bruno thanks for pointing that out as well yep it's um it's visible now and my apologies again yeah I just want to do something slightly different training has been a bit slow for me today but if we quickly flick to the to the four hourly and just zoom in a little bit and we change this to to to the Treasury bond ETF you can see we get back into that May high or we're just quite sure it hasn't pulled up enough okay you know let's go for the July high July the 23rd around about that 22nd 23rd and you can see you know what is often talked about which is the correlation a longer term correlation not the intraday correlation they're two completely different things between this you know between the ES or NASDAQ more particularly and TLT you can look at some of the other yields you look at HYG you can look at a few others in fact you know I can pull up HYG let's hope trading view is fast for us yeah this is one of the reasons why I do use this product it's so that I get a grip of instruments you know I may occasionally be something like a two-second scalper but that does not mean that I do not analyze longer terms and if I've got a trade that I can be in for an hour or several hours I'm very very happy with that because then I do not have to watch my charts yeah I will take things that are in my trading plan and I really don't care too much about the time frame you know I don't really trade time in that session but yeah I just wanted to show the the correlation between HYG and ES on the four early I did a video it's elsewhere it's on YouTube just on some of the longer term action in in these yields I think it was out this Wednesday and feel free to find it search my name but the point of that video was there were a lot of trades a lot of money that was put into the market a couple of days ago in HYG and some of the other bonds so it'll be interesting to see if that was a precursor to that major economic release that is coming out today than on farm payrolls in other words that they put themselves into position that they can benefit from a significant range today okay so we shall just see anyway let's put that back to NQ and again you know when I refer to something else that I may have done please be aware that I don't sell anything if you ever get anything or you get anything from me or purporting to be me so just asking you to buy things or or do anything like that it's rubbish okay I am here just providing free education and I am selling nothing so let's you know keep an eye on the ES over here on the left and bearing in mind this liquidity band here has just been removed as a precursor again to that 2030 that's 2030 my time or an 8 30 a.m. non-farm payroll so we're just keeping an eye on that one alright okay yeah what I haven't done yet as way of the context and the context is so important before we get into these major releases is have a look at those profiles so let's do that I have not done screenshots because I thought we would just draw on the actual profile so let me just see I can drag it across and make it a little bit bigger fact maybe I won't cover book map I just moved across over here try not to cover book map because it's important that we do keep watching it right and we can draw here as well you know one of the things that I mentioned the other day that I like to do is you know where there is a large range of value value yesterday and yesterday RTH is the white profile is I like to split it by time so we can see what the afternoon value was if we zoom out you can see that the afternoon value was this section here so if I draw that here the afternoon value yesterday in ES was more of that you know which is again you know leading to this I know I've drawn it with a big fat broad brush but I think you get the idea on me I could have drawn it just to there but it doesn't really matter we're not talking specific levels we're talking about zones just get rid of that and go back to the cursor and reset this what I'd like to do here if I can is to is to zoom out let's do it with rectangles this time so you've got in this area you've got a set of value there and you've got a set of value here I've said before that I don't tend to look at microquad composites and what a micro composite is if somebody is listening to this and does not fully understand it's where you have a profile covering all of these days or much or a much much longer period I tend to look at profile in the longer sense day by day but here I can see value over several days or three days and then a wider range of value if I go back to the cursor over several days so what I'm saying is that you've got value down here and it looks like it is trying its hardest to move up into the preceding value which was a big range up above and it really goes from around about this level here and this is in the way so we might have to shrink that let's get rid of that for the second yeah essentially around about here just under four three thousand all the way up to you know the four three fifties so it's a it's a 50 point range and there's probably not much point going through NQ because it's going to it's going to suggest a similar picture so you know so if we bear that in mind so you've got one value above four three and one value above one value below four three enough I get rid of that and then we go back to the resting liquidity you know this is all about putting the jigsaws together the context so you know when we're talking about some of this racing liquidity in ES that's been there all day and note that they know you know they can change at any time they're just an advertisement of where they might like to transact it doesn't mean that they can transact there it may get very close it may take it may go through it but yeah so we've got something that's well into the middle of the next value up there at the four three thirty and yeah you've got this this barrier here that they sort of breaching but currently holding and if we look across at the the Delta tail and we zoom back in let's just have a look from around about the London session here yeah you can see they've got some fuel so it if one of their purposes was to trap some buyers or get fuel up here to move it down you know that they've achieved that but we shall see so it looks like we've got conflicting information from those profiles you know going into two different value areas I'm just conscious of the time I'm just looking across at some of my other stuff as well yeah so one of the things that I like doing as well going into one of these types of economic release is you know I will pick ES to trade and I will not pick NQ when I think it is going to be extremely volatile it's just because the Rangers in NQ can then get massive it's very hard to maintain your stop at the price or within a couple of ticks of the price that you think your stop is at so yeah one of the things that you might want to do is either put that one on for the NQ and it's going to the one minute so we have that ready before the before this session or the other one that's you know fairly obvious maybe we have that one because it's it tracks better in in trading view overnight in the ETH session you know even though I do like to look at the ZB the ZT the ZF etc and this instrument here the DXY which again is not the perfect index equilateral index of the US dollar it's really biased towards the euro rather than anything else an inverse of the euro it's it's often worth having when you when you've got a major economic release which could have an impact upon interest rates and why might it have an impact on interest rates because of inflation in other words you know we're not going to get again we're not going to get too much into the economics of this but if you have a massive deviation from expected jobs numbers from the actual job numbers you know that is going to have some implications on what people think will impact inflation which in turn will impact interest rates and that in turn impacts this instrument and then that instrument as well so yeah that's that's one of the reasons why with some of these releases I don't have NQ and I swap out the instrument closest to hand so I can look at that okay since we've got ten minutes or so before we have to really prepare and at the moment I think it's just chopping around a little bit you know we can we can zoom right in but we are in a micro congestion area so we're in this little area so if we get that one up and running yeah we're in a sort of micro congestion area here so that gives us the opportunity to get into our other ideas information section so let's do that so you've noticed that I've got a tab up here it's something that I was alluding to in the last session now I've got to get my cursor back again I just provide ideas for people you know one of the things that I that I stress time and time and time again is that the trading plan is the most important part of your business it is basically your business visualized on a piece of paper or on an on an online document whatever whatever way you've done it one of the things that that I really really believe in in terms of you know designing your setups your strategies how you manage your trades where you take your stops is this concept of a flow chart right and in the thing was it the last webinar or the webinar before I drew a flow chart in obsidian where I drew smarrows etc it's not always you know it's not always the quickest way of doing these things and and again another thing that you'll find when you're designing your trading plans is that you know you might want to do lots of flow charts because it's basically setting out strategy I mean you might call it mind maps or whatever you want to call it but it's something very very similar and there's massive confluence between the two concepts but I just wanted to show you this which is another free tool again I only talk about free tools it's mermaid J so it's basically an online and diagramming tool that's written in JavaScript that is freely available to anybody on the planet okay we really have to do is search that term made it JS and you will find it and what I've got here is is the help documentation which describes the syntax for for drawing for drawing a flow charts from text and here I'm just doing an example of the very beginning on of your strategy on putting yourself in a position for taking a trade and I'm showing you here on this tab which is their live tab so you know if you go here there is a there's a clickable link within mermaid to live editor what you can do here is using the documentation and all the examples they've set and there are I'll remove this and use one of their sample diagrams in a second but whatever you draw here with text is then visually represented on on the screen and you can have it in whatever colors you want so you can change this theme to light dark you name it and then you can save it you can save it as an image you can save it as an SVG and you can use it in your training plan it's just a tool that if you want to do these processes flow charts very quickly it's just an easy way of doing it and there are two main benefits of putting your strategies for your processes in flow charts one it systemizes them so even if you are a completely discretionary trader you're making that discretionary activity as objective as you possibly can be and secondly if you do objectify it and you when you've systemized it into a set of steps with yes knows and the actions that follow from that you might find that some of those strategies are programmable and what I mean by programmable is that you can then put them into an algorithmic strategy and see whether you know that is better at executing the process than you doing it manually again it's it's really a lot of this training plan is taking out all of the the monkey side of yourself the emotional side of yourself out of the whole trading business and relying on processes so you know here if I was going to do something here I'd simply I'll just give you an example I'm not going to do this really now and I just did e dash dash greater than f right and then I put in brackets what f is you know I mean for example if we said you know is the yeah let's just do that again cell ice resting above and then you then you know and then you can then you can do another one and another one another one so you know you might have have a set up linked to this cell ice resting above content a concept that I've described in a few of these webinars and at this point I think I'll just go back because I can keep talking with bookmap visible you can you can set out all the parameters in fact you can just scribble them down on a piece of paper or scroll them down in your text those or whatever and then cut and paste them into that and all of a sudden you have a much clearer strategy in front of you so it's just it's just something otherwise your trading plan can just be a series of pages and you have to read each of those paragraphs to understand what it is that you think you're doing and that can be confusing it can discourage you from keeping that trading plan as an active document that is regularly updated bearing in mind that both the market changes and you yourself are likely to change in the way that that you see the market going forward okay so yeah just a short concept that this for this webinar just about using using flow charts in your train plan yeah now I showed you I mean you can do them in terms of mermaid as well in terms of how you can use it you can use it on their website and you can use it in quite a few apps I mentioned obsidian which is a free markdown editor you can also use it in VS code so if any of you out there are coders I do quite a bit of coding python Cable plus etc yeah you can write all of that mermaid code inside VS code and it will generate those diagrams for you inside VS code so it's just another example of doing it alright let's have a look at ES going forward and just check that yeah there's nothing really changed in terms of where this resting liquidity was for 330 is what we were talking about previously and I've alluded that I'm slightly more bullish than I am bearish it's partly because there's not whenever the market goes down in ES NQ there is normally a very good opportunity for them to squeeze retail I'm not not necessarily looking at the options and positioning for this session I'm just talking about general price action I do encourage you to explore your own specialties or your specialty might be looking at options positioning yet one example but there are lots of different ways of attacking the markets and I also mentioned that a lot of professional traders do not trade the ES NQ they a lot of them focus on the interest rate related products let's have a look at NQ as well yeah that really does interest me because the 111 let's just zoom right in on that number let's drag it down and have a good look at this see whether it's one specific level it is one specific level at 14926 so you know why do why might this interest me you know I said I was slightly bullish does not mean that if the markets get better gets bearish I would not take shorts I certainly would but this is above the market in that sense yeah maybe we are squeezing it's where I was in relation to yesterday's range of just having a look it's just above yesterday's high I'm getting yesterday's high which is about I was right at yesterday's high so maybe it's a marker that they would like to take out the stops above yesterday's high and the previous days high is not that much higher either it's within about 30 points more around the 57 mark 14957 so if they took the stops out above 1492575 yeah that you know they could easily have a run-up and take out the stops of the preceding day as well so you know that that's why that interests me from that perspective but I don't wish to ignore what's below so well as I mentioned previously with these algo bands completely distorting the picture it makes it hard to find really good resting liquidity levels in NQ without doing a little bit more work so it encourages us to put that work in so you go down and you look to see what is there and again I'm really looking for things that are not at round numbers and that are above 30 and that have been there for most of this session you know as in a flag for the market prior to the session and I haven't really seen anything there I mean we've got this 15100 which is way way above where we are but again the NQ range can do any whatever it wants and you can easily get there but it was that 14926 that interests me at yesterday's high the most okay where are we 26 let's get back on to ES I'll just leave that one there and let us yeah we're going to just have a few minutes where we watch the market I may not say an awful lot I will turn up the volume of my financial juice just so that you might be able to hear it it's I will turn it on a little bit near at the time you don't really want to listen to that commentary for the next two and a half minutes I think it's probably better if we're either quiet or I just talk generally about what I am seeing so yeah looking at that one minute chart since we formed that high just after half past six in the morning we have been exploring back down we're exploring back down towards VWAP which is that dark line there and settlement which is at 429075 remember if we get back down to settlement by the time we have this release we're basically unchanged so all we have done is position some people very badly during the overnight session prior to a real market make a market moving event it's a bit of a tongue twister so excuse me on that one so yeah we're just watching to see how the liquidity is coming out of the market prior to this release when we are now within 90 seconds so the only things that they're really retaining is resting liquidity is this one up there the 4,330 and that is not at yesterday's high so let's mention that it's not like the N-key one where it's smack bang at a high and they've introduced a new one now like an a matching one with a ridiculous number in the order book of 363 so yeah again take it with a pinch of salt and you've got that 4,2,5,2,50 yeah by the way I'm when I say 362 being ridiculous anyone that's been around the ES for a while sorry my book map has slowed down a little bit we'll know that 363 is really small for I compared to what it was we've got 50 seconds I'll turn back the newsfeed on now so forgive me if it's too loud or too quiet yep it is streaming now I'll turn up my volume again I don't really care what the numbers are I care about the reaction of the market at these numbers and I'm also interested in the scene of the crime and going into into this news the scene of the crime is really around about this 4,2,9,2 level let's watch it 136k, 336k higher than the forecast 170k, US unemployment rate 3.8, 3.8, higher than the forecast 3.7, US average earnings year on year 4.2, 4.2, lower than the forecast 4.3, Canadian unemployment okay I'll turn that off I'm moving on to Canada now so you can see I mean you can see there that they put in that large resting liquidity what wasn't resting liquidity that large liquidity just before the announcement they knew that they were going to push it down and that would have been a partial or complete fill for whatever they'd sold way up higher so that was quite interesting it's quite interesting I mean for it to be that obvious before the news release and you've got this band of liquidity which is more resting liquidity at 4,2,5,2,5 which may act as initial support and maybe we'll get back to towards the 4,2,9,2 scene of the crime we'll have to see it looks like it's coming into this racing liquidity let's see what the action is then let's change the centering of the chart we're just going into it now still got it zoomed out because you want to see all these levels on such a volatile event because they can all get hit very quickly that's why I like to zoom out vertically a little bit for these releases and you don't really want to have looked at NQ on such a crazy release and you can't even get it on the screen that's so it's a good reason we did not have it on yeah NQ did dip down to 14,700 so yeah talking about yeah these charts and why we have them here so we've got the DXY over here as I mentioned you know we could have had ZB, we could have had TLT in pre-market or whatever but yeah the idea was seeing whether there was both a reaction on the stock indices and on any kind of currency or interest rate related instrument and there clearly was so the fact that why did I have that there that it suggests to me that there was a material deviation in terms of the actual numbers from the expected numbers that's why I've got this lower chart for the DXY and that's why I'd probably get ZB up here now and just have a look at that one yep so it's the inverse of that the bond number and you can quite clearly see it's still going down so it looks like we're going to at least tap this liquidity below at 425375 excuse me excuse me I'm still recovering from a cold so my voice is not quite back together yet it is getting there so here we go we've come into a nice little wall of liquidity we haven't gone anywhere near the scene of the crime so you'd be hoping for some kind of bounce with a wall this thick and they've placed another little liquidity barrier up at the 4273 I think that highlight there is just really what I put in the last webinar that's white yellow there so let me drag across one thing as well so if I am put over here so I drag this one over here and you can see where prices is down here now you can we were talking before this release about this value area I said you know you had two conflicting value areas one above and one below and what they've done on this news release it looks like is that they have traversed the bottom value areas they've gone right down to you know to where where the low in fact where the low of the week is so that's interesting and it looks like they're still exploring yeah so that was one thing that we were looking at before the news came out yep we can zoom into this and see whether it's actually been interacted with it does look like it has there there and there so they're getting fills so this was set with a purpose to fill that liquidity you should mark that just going to put in a marker around about the 92 level for 93 to 92 that level for the scene of the crime that should appear and this should disappear off the book map chart in a minute give it 50 seconds so I said we'd be hoping for a bounce around about this little liquidity so if we zoom in still not really showing that much support when then we start looking at the tail seeing whether it's all red whether they've got enough fuel at least for a small bounce and we're looking at the microstructure I apologize for zooming into quickly looking at the microstructure to see if we're still exploring or whether we're now balancing I'm also looking for any real form of rejection in terms of price rejection so we've formed a micro bounce around here and we've got a previous micro bounce here that we're now getting into so you've got a wider balance so if I draw that there's a wider balance here and and we explore down to here and then we've now formed a balance rid of that so you don't have to focus upon it get my cursor back and that scene of the crime yet it's appeared there so that's really the scene of the crime being the news release at 8 30 and another thing to note there is the resting ice it is tiddly it is one but I note them all I pay less attention to the ones with next to nothing but it's just a marker for me to explore why it might be there and again I don't actually need to know why they do things to take trades if it's per a setup and I've followed the process for that setup in my trading plan that is fine with me but it's just really a marker and it's just one of those things that I'm intrigued about so it looks like it's something there as a marker for the scene of the crime so you know maybe it'll be something that they refill or refuel once we get back up there if we get back up there I've note that we've now had seven minutes since the news release coming up to eight minutes so we formed a balance we're exploring and we've got a little swing high here around about the 4265 and they put some liquidity there to tempt people up and maybe look for the stops there that would get us up into the next liquidity so let's just see what happens and see over here in this area that went to an area where they have been buying I also note that if we zoom right out and we look at the volume at the very very low it's 112 so it's not rollover territory it's not an unfinished auction in the sense there aren't buyers and sellers at that level but it's just you know it's something that could likely get tagged again because they may not have finished exploring again I cannot predict the future so I don't know when they are likely to tag that in pre-market in the RTH session etc yeah so that was quite nice the way they came up through this this bounce area went up tagged that resting liquidity and went retraced a few points let's go back up to that 4,330 level and see how the position is at the moment see whether that's now gone or that's still there as a marker for maybe RTH maybe for next week sometime who knows it's still there and so is that resting liquidity so let's zoom right in here and look at the what's happening on the profile since we got to this low so we just have this on and again I'm looking at the micro structure I'm spending quite a bit of time doing this live order flow analysis so I can get and queue back on over here now yeah so yeah one of the reasons why I have this as I've said previously is to know where yesterday's high and low are so yeah the fact that we'd broken yesterday's low I was paying too much attention to the micro price action to actually notice that but now that I've got this back on here I can see both ES and NQ did break yesterday's low and it will be interesting to see if we properly get back above and into range i.e. whether that was on a higher level basis a spring or breakout failure so this is interesting we're now back both in ES and NQ at yesterday's low and the scene of the crime is way way up there towards settlement again we've got this lovely green tail there so they've got scope to have some kind of micro squeeze and this isn't as easy to read in ES as it is in NQ it's just a little bit cleaner because it's a thinner instrument I'm talking about the Delta tails at these swing points I'm not talking about anything else now they put in a little sell iceberg here so somebody's trying to hold the market again I don't tend to read too much into that in terms of being a barrier that can often be just a temporary hold that they want to get filled at that level before they continue in that direction and it's again something that you have to bear in mind with these sell icebergs and buy icebergs they are not necessarily immediate support or resistance yeah they could have multiple purposes for putting them there so if we look at what we've got here now you've got they've tried to explore up again they failed at this swing point which was almost a double top you've got this liquidity above that they could explore towards and yeah price does not move in a straight line so even if they want to get down to the 261 orders at 4 to 30 they're not going to go in a straight line normally they're going to go and squeeze and chop and do things that you least expect before they go and us go go directly there so it will be the most indirect route to get to what they know is directly where they want to go if anyone has any questions or comments or would like me to show anything in particular feel free I can see the comments like I did notice when somebody pointed out that my screen wasn't visible so if you've got any comments in YouTube or discord feel free now got a buy iceberg here I'm interested in this general area towards that scene of the crime because you know you've got confluence of settlement you've got confluence of the scene of the crime you've got some liquidity up above there on the way and so yeah that's those the couple of reasons I mean even if we end up having a down trending day I would would not be surprised if they don't at least have some form of effort to go up and make it part of all of the way to settlement first and who knows you know we could have an uptrending session for all I know so we've got 356 now maybe price has slowed enough that we can have a quick look at NQ and remember that I often or most of the time have them side-by-side so it's unusual for me to be looking at this action and not knowing what is going on in NQ I know I can see it roughly in from this price chart so I can see that we're hovering around yesterday's low and trying to stay above it and doing a little bit better in ES but except if you look closely on ES on the price chart you can see a few tails of rejection now it's almost four tails on the one minute from around about the same area the 4262 so I'm going to just switch across to the NQ and have a quick look so yeah one of those things I was going to do on the flow diagram was to talk about strategies in relation to these resting cell icebergs but regardless of whether they're on ES or NQ and you've got a decent number there on this cell iceberg on NQ of 40 and now it's going to go back down and looks like it wants to tag down and take out look like it wants to get close to that 14700 NQ is moving around a lot more quickly as it always does but the point that I wanted to see something from this and I immediately saw that so that's it that that's an area of interest for me that you know they might be trying to get this yeah they might be trying to get a little tail around here to to to give them the fuel to go back up again so I'm watching to see how these little tails go it's got a skinny little tail on this little dip here but we will keep an eye on that and you've got this bias both so they they want more here at 425325 and they've also got plenty of liquidity in this zone here 4250 down to 4245 so they're coming down to getting close to tagging the 22 by iceberg so let's watch and see what happens at this by iceberg is it a big number or is it really nothing 50 nothing really wasn't much at all I was curious to see if they were going to accumulate a good size position okay so you got a little spring there so you know this is another good example that you know this type of quite volatile action that you can be patient and you can wait for your setups so you know if you were looking for a spring and bear in mind an awful of them will fail and you could have waited right to the tag of that iceberg before trying to get along in that position I know it's it's got some it's got quite a lot of characteristics similar to the tip to my favorites where you've got a spring right in front of a heavy liquidity ban and here we've got 290 looks like it's gone down a bit in the last little while I think it was a little bit higher than that yeah so I'm just saying even though you've got this various bearish action you've got a setup that we've been developing over the last few webinars of a spring just above a large resting and this isn't really resting it's only been there for a few minutes but a large large liquidity barrier but in your flow diagram the next thing you're going to put in into the sequences is what happens after the spring if you get back to this bouncing bouncing bouncing structure that is not good that is not a rejection and the spring and type of trade or the breakout failure is all about a failure to break down so if we are staying around here it's not the best at the moment you've still got this protection of this resting liquidity but when you know we can't really see much rejection we get some encouragement from the tail over here and looking across at the time we've got 12 minutes to nine so I'm just putting that into context the fact that we still have 40 minutes before the open so we've still got pre-market action rather than the last minute action before the market opens in other ways this is a market to itself this is not part of RTHs and this is an interesting market because you know because all the other instruments you know all the major symbols such as Microsoft Apple the other forms of ETF that the cues are involved in in video they're all open at the moment so there's quite a lot of activity you know you might not be around for the European Open the German Open or the London Open but you know this is quite an interesting session as well I'd say it gets a little bit murky or very very murky in the last 15 minutes that's the 915 to 930 then I would not really call it a pre-market session I just call it almost the open yeah so as I'm saying bouncing bouncing bouncing not rejection coming right down to this liquidity here at 4250 which is a round number but it is looking like it's going to tag it they're trying to push it down they're putting liquidity above and they have interacted so if you zoom right in they did intersect with that liquidity and now let's see if we have a rejection again you know you've almost got a repeat set up you've got a spring but it hasn't actually rejected that yet and with liquidity largely liquidity below yeah but at the moment it looks like they just they're just filling their orders and grinding their way down and now when we zoom out as well and we look at the Delta profile we look at both the and the Delta profile and the volume profile for this part of the chart it is quite interesting that you know you look back now and hindsight's an absolutely wonderful thing which is completely useless to us except for reviewing later you know you can see a heavy trap of buyers there and they managed to get them lower so yeah that's interesting as and when we get back above here the reverse scenario could be in play you know they could have got good fills for a big move but at the moment they're trapped and we're just going into this it's got a large band of liquidity so you if we include this which is the 4250s it's six points worth of liquidity or nearly six points worth of liquidity that's an awful lot to chew through but they're gonna have a go and again we're not really getting any rejecting type action yet and yeah I keep saying that one of the things I do look at is being a little bit slow for me is the amount of volume that one does look like you've got sellers and buyers at this level so it looks like that is an unfinished auction being a little bit choppy for me so struggling to get it yeah you've got red and green if I split that up you'd probably see it better but we can see that it's red and green so that's an unfinished auction at the moment yeah one thing that I'm not encouraging anybody to do is like if price retraces a point and then you go for it that's not the purpose it's a marker in your handbook that there is an unfinished auction and they may well in fact the problem is that they are likely to continue exploring in that direction as we've just seen then at some point right but at some point can be much later they could get a massive trap here squeeze the squeeze it as hard as they can and then they can come back and I don't think anybody's stop could hold that in which case if you have a small stop or a regular stop it's a good thing just let it be hit yep so this is very different from the type of action that we saw on Wednesday's webinar of that news release where you had the dip back to the scene of the crime and then an immediate bounce back off that dip here we've had a very shallow pullback and it's continued exploring so overall we're exploring still we're not bouncing and it's getting towards that final liquidity or final for this section of the chart liquidity down at 4240 and that is the largest liquidity now they've increased it again so it's over 400 orders in the book at 4240 right so if we then could we've been trying to play for that resting iceberg which now looks like it's disappeared there is a danger you know whenever you've got some technical kind of setups if you're ignoring what the market is doing by way of exploring bouncing and you know the greater context and you focus solely on little technical things you know they can work out great when the markets choppy but when the markets exploring you can get yourself into an awful lot of trouble right something worth noting here so we'll just go and zoom in so we've got a level of we've got a volume of 10 at this extreme at this swing point which may sorry maybe a swing point looks like they're about to take it out currently a swing point the testing back down there are they going to hold and that is as close to a roll over as you're going to get for this type of of economic release so yeah what I'm what I was saying was that again if you zoom out you'll see that it's a nice skinny little tail so that's how they might be you know you might have you know if you're you know if you're incredibly aggressive you might have taken along on the test back to that roll over there you know and we can talk about that at some point on you know on the first category of supply and demand which is the test rather than the breakout failure we can go into more detail on some of these webinars but yeah that is a setup that's a set up in my in my book and again you've got a quite a defined wrong point normally that the test back is very close to to the actual swing points so in terms of a stop you're either looking at just beyond the original swing point or a little bit wider if you're being a bit more conservative sometimes you've got these liquidity barriers there maybe you know you've taken a wide stop because you think oh you've got these great big levels up above you've got resting liquidity at 4 260 you've got you've got that that big liquidity barrier at 4273 and then you've got settlement up above and and the scene of the crime at the 1992 level so I'm just saying you you know there are reasons in different contexts to take a wider stop than you might otherwise do so we're interested now that that's holding can we break above this little area or are we balancing in this little zone with this liquidity above at 4250 again and that's reasonable amount of liquidity again partly why it's colored but it's 147 so far no so are we bouncing are we exploring back down again are we going to hold this area we haven't really seen major buyers step into the market yet so I've seen nothing to make me overly aggressive on the long side it may change completely at 930 when the RTH opens but at the moment we're not seeing anything you know if we look purely on the volume dots you know you've got these little set of three there but they immediately you know that was I was a little climactic and they got into trouble so that was that's not telling us about buyers that stepped in and are now positioned well so we're not seeing any buyers really achieve anything so it's hard to be aggressive on the long side whereas if you're on the short side you know you've got this liquidity barrier so you've got this reverse you've got this reverse of the trade that we're talking about previously so reverse of a spring or an upthrust again a breakout failure it's either a double top or a one tick above and you've got the liquidity there and you can use that as an entry to go to go south to short towards liquidity there or to short for another low maybe to go to the 4240 so again you know you've got to keep your mind open at all times and be willing to continue looking for trades in this direction even though they've already made it a long way and we're still in pre-market it was just reading something in my channel in discord it's spam I'll delete it later and it's gone yeah one thing that I do use on some of these really reshort time frames and we can draw it on here are these trend lines just to analyze price action I know I use them on the dailies but I use them on dailies and I also use them on very very short time frames because often you know when you break that trend line which is a proxy for the liquidity so I'm just saying the liquidity pushing this down then that sets up for looking for a setup to go long and here you know you've got this liquidity that they look like they're about to tap and again the same on this overall swing down you know trend lines don't need to be exact in my book they're just a proxy for liquidity we've got this tool here book map to help us with that liquidity but they are a useful tool on the very short term and the longer term not the I don't really find them useful on the medium term so we traded there from liquidity to liquidity let's have a quick flip before we go on how NQ is doing and Q yeah so they actually brought in heavy liquidity there 96 which you know it's way above the 30 that I was talking about that has held so let us see very quickly before we go whether they interacted with it looks like they did so yep they interacted with it and it held which is a very positive sign if you were looking for longs from that point onwards you know you've got a test back towards it and when you see that hold then you know you might be more willing to take the long test of demand that came there and then that is now moving upwards and remember we've had no retest anywhere near that scene of the crime so again we should not be surprised if we suddenly do get a squeeze and you know if we're talking about squeezes let's have a look at the positioning in terms of delta on this big move down so you've got some trapped you've got a large trap just a roundabout here and we're trying to get above it yep and we now have and in terms of the range oh yeah we're still way way under yesterday's low but yesterday's low again becomes the target I'm aware that I have got to 9 o'clock so we've had a whole hour again so I know I'm coming to my very end and I'm also aware that I've spent an awful lot of time just looking at live order analysis so I haven't really delved too much into ideas and we haven't we haven't really gone into the trades that were present at the German Open and the London Open so I must remember next week that you know we've got to spend a bit more time looking at those trades so I'm talking about from 1.50 a.m. through to about 5 a.m. Eastern just looking at some of the better trades that occurred there because some of those are a lot cleaner and perhaps easier to trade in accordance with the trading plan than some of this kind of action so yeah with that I wish you a great trading day ahead and a lovely weekend so thank you very very much for for joining me and yeah have a great