 Good morning everybody. It's Friday the 29th of December 2023 I just mentioned that that year because it's the last time I will say that in these webinars. It's the last webinar of the year We're here for another breakfast hour. I hope everybody has had a good year and you are having a chance to reflect Let's quickly um, let's quickly do the disclaimer All book map 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 Pass performance is not necessarily indicative of future results Okay, right actually took a screenshot of this right screen a few minutes ago just to show this Resting sell iceberg, which is collected 75 here in ES You can see on the right. We're actually very very close to yesterday's low. That's the The low that covers both globe X and RTH that one so I could have put YGL in there as well But I put YL This would have been a target if we'd have moved down maybe we'd taken out that yesterday's low Maybe we still will because we can't work out. We can't predict what will happen next But yeah, that's why I had a screenshot just in case we zipped down and then we bounced anyway that hasn't happened yet so one thing that Bruce would like me to do straight off the bat is to remind everybody that book map is Having a new year sale the page web addresses up there book map comm slash en slash new hyphen year and you can get all the details there I Hope the microphone is okay for everyone Okay, before we go straight into the slideshow. Let's just have a look at the TPO very very quickly because you know the TPO is where I do some of the prep and that Prep appears as cloud notes in this column here in ES and this column here in NQ Looks like we are now going towards that. Yes, stay low But let's have a quick flick. Let's so let's firstly and We can change this to be To be Blocks in their own column and if anybody's got any issues with the microphone. Can you please let me know? I just want to check that everything is okay for this webinar Okay, so I've just got this in blocks. These are 30 minute times time slots and that's what each vertical bar is The point to note is you know, and this is a very good Reminder. Thanks, Marius of why we do this prep and we populate our cloud notes you know Cloud notes are There are many many ways of getting those cloud notes into book map. I wrote a very simple code in Sierra, but it's not hard and I think there are other ways of getting them in platforms like investor RT or just Google sheets or whatever Anyway, let's let's point out the obvious here so that you have yesterday's RTH session in NQ This is just an example. I just want to reiterate this example live while we're getting it. So When you're open, what did they do? What do they take out? They took out yesterday's point of controls That would have been like a target for that for the long as they're and where do they stop they stopped You know if we draw this balance in you know, I'm not going to Try and get this exactly right, but it's not on that time of thing. Oh, I do not like that Let's just try it again. It's got this magic time of thing that it occasionally does. Let's hope it stays this time I Don't believe in perfect 80% distributions or Whatever percentage you wish to use for your normal distribution. I'm looking for something that looks like an obvious bell curve And that's what I've drawn there and we got close We got close to where that little LVN or low volume node is there and then we turned around You know if we got up there that would have been an automatic short for me subject to the water flow I would have seen but the point is that we've got a level where they conducted the most business yesterday That got tagged it tried to go higher failed and where did it come back straight to it came back to Yeah, after this test back up it came back to settlement t plus one and then yesterday's low And seems to have bounced the moment around this NPC this naked point of control that was there last and last week's Hi, so you got some confluence there So what is what is it that that is worth doing in this homework? It's finding out where this balance was in yesterday's session and what I often do is I point out is I'll break this up and See if there was an afternoon balance There wasn't really when you look at this It did have a little wick lower right at the end of the afternoon But there was no there was no nice balance that was formed in the afternoon So we ditch that and we look at where the balance was for most of the day and that really provides us a boundary for where where the ETH for the next session may travel between you the boundaries of the range for this session and sometimes You know, we've been going up and up and up and up as everybody's probably very well aware and One of the things you'll find is that once you keep going up up and up you can sometimes run out of buyers What do they do in such circumstances? They do a liquidation type break where they'll take price Well down just to go and find Some people that want to sell down here who can act as fuel to take it back up there That is assuming that we continue to keep going up and who knows I can't predict the future But it's just an example of what can happen and what happened here So that if you had done the homework and you know when we're gonna we are gonna look at the trade for example here the little scalp that would have been Would have been a long in NQ there and we'll look at this little scalp here as well At yesterday the breakout failure of yesterday's low, which is essentially a spring of yesterday's daily bar But if you've done that and you have these in your cloud notes so that when you're looking at book map You'd have all those levels to hand. Yeah, and that is the point Yeah, this is the trader map pro the filtered version. Let me just ditch all of this stuff We'll get on to the slideshow in a second And you can see that they went right down to this resting liquidity, which is just under yesterday's low and they bounced you could say When we look back at this trade here, which was the bounce off settlement You don't take such small swings, right? What I would say in response to that is Go and look back at NQ ETH action European action where it comes down to settlement. Yeah, this is where it's come where it's gone Let's draw it again where it's gone. No, it's not doing for me. Let me do it again Where it's gone down to settlement and t plus one and do some manual backtesting yourself, right? And you'll find that There is a very high probability of a bounce when it gets down there and also There's also quite a high probability of a good bounce VWAP itself if You know if we're in quite a bullish Frame of mine as we have been for quite a long time now for over two months now And but we'll look at that so I may as well stop digressing on this and get back to the slideshow So let's just ditch all of this You make sure that I am on the latest bar and I'll flick over and before I get to the slideshow There's one thing I have done, you know, I regularly change how you see The heat map in this webinar just to keep people Aware that you have to get your eyes used to different things because the market is always different So for this purpose, I've actually done something that I have quite similar in Sierra So what I've done is I've moved the volume profile which was over here on the right All the way to the left and made it align in that direction the left to right direction And I've got the delta profile aligned right to left. So they're both looking in at the heat map And that that's how I often look at it. And if we go over here, let me have a look in NQ And we just Yeah, for example, when you do this and you can see here on the left this profile here You can see these little bell curves these individual bell curves where we've left one bell curve and for informing another bell curve That's a that's another word for range or distribution, whatever you want to call it That is what the way I actually have it in Sierra When I'm looking at my very short time frames Yeah, I do like looking at you know, 10 second bars or five second bars in RTH as I've mentioned a few times But that's that's how I like doing it with with with the two types of different profile facing Facing the actual price bars or heat map or here. We've got the price line. So that's how I like doing it Anyway, let us go on to the slideshow Quickly move on to that Right I always do the slideshow if we've got some new people here And I'm not actually watching to make sure how many people we have online I know it's the very very last session. We're on a holiday weekend. So I'm not expecting Many people and I wasn't actually expecting the volatility that we got in the last hour But it's been quite good. I certainly got a trade out of it and we'll talk about that So what do we have on the calendar today? We have got one orange item That's a medium priority item the Chicago PMI at 9 45 a.m. Eastern So we've got nothing in our breakfast out Which is unusual for us to have two sessions in a row with no economic release But it is what it is and we also note that on Saturday. There's some Chinese News Manufacturing PMI and non manufacturing PMI. Why do I point that out? Why have I included that in the screenshot there? I have included that because when we open again? probably on I haven't checked the MCME calendar, but I think it's going to be just after New Year on the My time Tuesday morning New York time Monday evening. I think it next opens which will be about 6 p.m Eastern on Monday evening, but but please double check that on the CME calendar when it does reopen This news here this Chinese manufacturing news will have been out And that is you know fairly significant news and that may have an impact on that opening hour You know, you know, it may be so significant It may cause a gap up or down for example, but it will certainly have a little bit of an influence in the Asian session So that's why it is there Okay Next just the the daily chart the point is I've got I've drawn no lines here I could have drawn a trend line and you can clearly see the uptrend there All I'm trying to to show here by zooming in a little bit more than I have been is that there is nothing Bearish it we've got no big down bars if I was to draw a trend line It's definitely not being broken There is nothing bearish about the action yet. So we're waiting With a completely open mind again going to say this about 15 times We're not going to predict the future, but yeah, we are we wait with an open mind Because if suddenly there is such a big down bar and we're open to changing our minds about the future direction of the market Whereas flexible as the wind so that if these things do change and who knows what could happen Any global event could happen anything could happen. We're willing to bend. Okay and again NQ I think this one's NQ. Yeah, I can't really see without actually blowing it up. I'm pretty sure that one's NQ and yeah, it's it's even more bullish than the Than the ES Okay, I Think this is a three minute. This is just the entire globe X session the ETH session so We just saw that on the TPO, but I took this a little while ago, and we just got some volatility there in NQ so I'm just gonna Change screens. We'll go back to the slideshow in a second. So we'll just have a look We'll just zoom in. I Wasn't actually expecting much action. We can go across to the hilt the unfiltered heat map and see What's interesting in terms of dam moves here is that yes, as you can see, we have not got to yesterday's lows There's been no spring or breakout failure blow or maybe it will continue below who knows on ES. So So it's not clean sailing or plain sailing yet for NQ until ES has finished doing whatever it is doing You know, if we were to isolate the price action of these two markets together and ignore the rest of the world If we were just looking at this market and this market You know, I've shown screenshots previously where you know provided one of these two markets has reached whatever key level It was trying to get to they'll both turn around but sometimes The key level is the second key level. So what I'm saying is that NQ has already hit that key level Which is the spring at yesterday's low But the market may be trying to get ES to its yesterday's low for example one of the hypotheticals that could be in play right now and so it is not an Overly it's not it's not a huge surprise that that we're still getting some bearish action in NQ whilst We're still hovering just above yesterday's lows in In ES and interesting on that cell target Resting iceberg there Absolutely tiddly target. What was that them if you'd magically got in it for eight to nine That was a seven tick target. I know it's gone up higher But I'm just saying that if that was your main target. It was only seven ticks, which is quite a low target I suppose you could have taken it with a four tick stop, but that you know, it is what it is Okay, so we're let's have a look at the trader map pro as well So on this trader map pro and I remind people this is the static order book This is the big orders Or or certainly any MBO orders that have not changed by price or Or or by the size of the order the quantity of the order It is not filtered by actually by the quantity of the orders. It is just filtered by and things being static So that if we do zoom all the way out in yes, you can see that You know from the time that the Asian markets opened that's a I Think I was a little bit late to the party getting up again, but essentially We can extrapolate that that was almost certainly in place at the start of the 1800s session And what am I talking about being static? I'm talking about this level here. There's 240 and probably the M the 184 orders that together 400 orders sitting around about the 23 mark So they've been there waiting patiently all day and you know if By some by some you know magic you've done your homework and you found a good show that was a potential Long-tag or that still is a potential long target. You've also here. We go. We're now getting to that yesterday's low I have not got my trading engine on so I cannot take any spring that might just occur in ES I am presenting so I'm just watching But you but the fact that we've got this resting liquidity down at 4823 Does act as the the magnet in this scenario And the fact that you've got a key level which it's getting closer and closer to I think I've got to zoom out one There we go Now I've got all the all the orders in the book. I've just assumed and in enough and we've got a little bit of liquidity coming in here and Let's have a look here. We've got all the liquidity there and this is We can do the old Very bright heat map kind of thing as well. Some people like that I'm not a huge fan of it, but We can have a look And what have we got so far at the lows? We've got a traded volume here of 96 That's like middle ground It can be it can be a major low just a trade volume of 96, but it's not like a single digit Rollover, you know if that was like seven or eight or three I'd have more faith of that being that holding for a considerable amount of time But it's interesting that over here in NQ Uh anybody that watched the last webinar will be surprised that I haven't mentioned this already What is it that I haven't mentioned already if I Drag this back And I get that pen You can see That is a vertical sweep A slip whatever you want to call it. Uh, and so I'm saying that there is a good probability Oops That a lot if not all of that will be reclaimed. I they'll get back up there at some stage in the not too distant future So that is like the perfect example of a really really good sweep So, you know, if it came from around about here, which is 79 17079 and essentially without any In one fell swoop it fell eight points, you know, and then you know if we grab this and we just drag it along We can see some little micro action as it hits that. So, yeah, it was only an eight point sweep But an eight point sweep is fairly significant In NQ in eth so And let's have a look as well. Um If we zoom out and work out when this liquidity came place, it's not been there that long So they probably just advertised it because es is where es is i.e About to tag yesterday's low if it is indeed about to tag yesterday's low It's nice that we actually got some action to talk about because I was seriously worried that we were going to get into another technique or education session here or pure education session because You know, there may have been nothing whatsoever being the friday before Before before new year's eve and I wasn't expecting much in this hour All right But that again shows you once again, you can't close your mind off to this You know when you least expect it and this often happens in january's Um, the market will do a huge move, you know, like NQ might just suddenly move 200 points in eth um and um You know, maybe it's having a look here. What have we got down still 91 at this low here still 91? um Yeah, maybe they're saving that or a potential tag or maybe a spring of that in the rth session so we What do we just say in nq? We said that Let me grab this Most of this would get reclaimed in the not too distant future What has happened? Okay Or it's all been reclaimed and a bit so um You know that is going to lead me to the trade that was available a long scalp at settlement a little while Again, we will get on to that because we've got plenty of time today, but i'm just saying that if you've got that Um, and you know, you've got some means to get in in in this zone here That that is a tremendous target. Okay You don't have to have huge swings to make money in the markets It's just something that i've said a you know a hundred times in this In these webinars, you know provided you have multiple r opportunities And you have some way of position sizing. So for example, um, my preference is equal dollar size bets Um, but i i am going to add on really good trades. So i will pyramid in um, that's my exception um to my equal dollar size bets rule, um, you know And i'd sized up on this and i'd got in around about You know, you know sort of about about there Uh, you know with a risk down to about there And then trade over there, you know, probably one to half hour now. Maybe it'll get a little bit higher Um, i'm just rounding because i'm not going to bother working out the exact numbers on that That is good enough. Um, you know these people that go i made a hundred points today and thank you And all that other garbage that you hear about and i will call it garbage It does not matter what anybody else made it. What matters is whether you are Executing a trading plan that has edge And that your performance in your execution of that trading plan is as good as it possibly can be This doesn't mean that you're winning or losing trades that your performance Um is um, you know as good as it can possibly be And that you are not making the same mistake again again and instead you are actually trying to eliminate or cut down those mistakes that you are making Okay, um whilst it does that maybe we should quickly go back to the Get back to my cursor the slideshow and find out where I was. Okay. So yeah, I was just talking about the entire eth action. So, um Yeah, this is actually Yeah, we can actually use an elliot wave theory on this one. Can't we? Um, I don't know if I can get my Maybe I can let me have a look Yep, let me do this One two three I'm not sure that actually appears. I'm going to just scroll up to my youtube And check that those numbers have appeared because I've not I don't normally I don't think they have appeared I don't think they've appeared. So I'm going to I'm just going to use my mouse I can see them on my screen, but I don't think you can see them So what I'm trying to do here is show this is the primary wave the first wave This is the second wave and this is the third wave In elliot wave type theory or y-coffin type waves as well Ordinarily this second wave Sorry, I'll backtrack After you have a significant reversal. So you've got something like new momentum low, which is you know on this big move down momentum shifts from positive to negative i to down momentum serve up momentum then The wave the second move in this is normally the longest that that's the whole concept of So this wave theory on this occasion It looks like the third wave would have been even longer. So that's what normally happens You you'll have a big move you have some form of pullback or pause Then there'll be a continuation to a second move Then there'll be another pullback pause Etc often you get a complex pullback in the at the end of the second wave and then a third wave down so We don't often get good examples of that in our eth action or clean examples of that on a one-minute chart But there is such an example I apologize that I could not write on that screenshot And yeah show you exactly where Those waves are I could just talk about them on mine. Anyway, let's move on Okay, this is just the week's action Obviously everything is very very green just a few exceptions and the most notable exception is apple. That's the week I'm not sure when trading of you do this by week performance over a week Whether it is the last seven days or it's this trading week. So that one I do actually need to look up So a disclaimer on that one and finally The relative volume and I actually want to show something here on this one So the relative volume is 66 and you can see what the eth range is still not huge when I took this screenshot It's now increased since then And let me ditch that and we'll go back to these What I do want to show when I quickly go across here and I pull out The relative volume chart You know, this is the chart underlying that number of um 69 70 that it currently is Um, and this is done on a minute by minute or three minute by three minute basis But you can see the the nice upturn in relative volume After that london open this is comparing london opens with london opens over the last 10 trading days But just showed that this one was a little bit more significant And you'd have noticed that on my text box because the number would have been increasing from something like 57 60 or whatever that was 57 um and up to 17 now. So it has been a significant steady rise So I have the underlying chart there that feeds that statistic and I do sometimes refer to it so I can see Uh, I can confirm to my own eyes what I think I'm seeing in those numbers Right, okay Ah, there's a question gh are all orders shown on book map maybe or just the cboe orders I take it you are talking about the order book. So Yeah, and both for the filtered and the unfiltered heat maps Or we anyway, we'll go out the unfiltered one where I can be 100 110 percent sure of the answer Yes, this order book column is every order in the cme book for for nasdaq futures Where nasdaq is traded. So if we scrolled and scrolled and scrolled and scrolled, that's it. That's the whole book All right, uh, and the same for yes. So yep, we're on the unfiltered So if we scrolled and scrolled and scrolled, that's every single order That's the only place where those futures are traded on the cme exchange. So I know you've put in cboe Um, but you're but you're talking about the chicago board of options exchange I know occasionally on my um, my tpr. I'll draw in a rectangle signifying a high um a zone of high options interest But this is all about futures. So even though options obviously do impact some of the directional movement Um in on the auctions in es and enq These are just futures and these are not cboe options or which you know call volume put volume or No open interest or anything like that is shown here from that book Okay, I hope gh that answers your question All right, okay, we have done the slide show Um, and we're just watching price action. So we've got another little resting cell iceberg Roughly around the same level the same original level So they're filling again you do wonder because we've got so close to to this key level of yesterday's low and also that Resting magnetic liquidity of 400 or so in total down there at 4823 ish You wonder if this cell iceberg may on this occasion Be genuine. So they are actually trying to fill cell orders You know trap buyers and take them back down, but Um I take all of those with a massive grain of salt I do not Tend to rely on any of these to go with the direction of these cell orders Unless for example the volume of this iceberg was something like a thousand or five thousand I've got a pro trader webinar that I did with bruce quite a long time ago where We had some action on some really good icebergs on es and enq in the european Open session And and there are a couple of examples which were very very different So we weren't talking about an iceberg of 64 or an iceberg of one or four or whatever that was just there It was something massive there If it was that type of behavior what often happens is that price will go like one or two ticks Beyond it and then reverse hard and it may go down four points ten points if it was a cell iceberg then Yeah, there's a decent basis for using that for your directional positioning. Okay It does look like yeah, they finish playing this game until the rth open And who knows what game they'll play then because it's normally a very very different game from this breakfast hour The only exception to when it's it's not a completely different game is when we have those major economic releases and we see some trending type action From that 830 release that continues right through the morning of the rth session, but since we have not had Such an economic release today Yeah, I'd call this session quite different from what's likely to happen in rth Okay, yeah, i'm going to take a breather and pause for a second and just go on to something completely different. Um Well, we can watch the es action while i'm just going to click Uh, by the way, I can get rid of this. This was the snapshot of that iceberg there before we got in what I was doing there was Um getting a screenshot of it in case we went all the way down to around here or here And that then remained a target for later on, but it did not happen. So let's ditch it Okay, um this right. This is my obsidian notebook. Um I just thought um since we're at the very very end of the year I'm doing a time check as well. It's now just gone half past eight. So we're halfway through this webinar Um, I just write down two of the things Um that are still on my whiteboard. I've got a um a whiteboard Right next to my desk that I can look at By, you know, craning my neck to the right at any stage during the day and seeing what I've scribbled on it But there are a couple of things that I've written that have been on there for six months um So I just wanted um, yeah, because because I read them regularly. Um, I just wanted to write them down here and explain to people What they are and why I find those You know Some there's two sentences that may be considered fairly generic to be valuable to me Uh in my trading. All right, okay And the first one my process is a better trader than I am right? What do I mean by that? I'm talking about all the steps I take to you know to do my prep To do my stalking to do my execution of my entries and to manage my trades and to exit my trades I'm talking about the process that I have written in my trading plan that describes Each of those things and quite a few other things in in minutia You know in itty little bitty details, right and I'm saying that process that I've written out In bullet points is a better trader than me And that is the truth and that will Will always be the truth And I think we'd always want that to be true because we want something that we can fall back on that is essentially A description of how we conduct the business Um To the best that we can and we being human beings being emotional human beings and we can't get past that one That is that is a the truth that that process Which is a set of perfect processes will always be better at trading the markets than us and and as long as we understand That that process is better than we are at executing this and the you know Sometimes we'll we'll get into the really dumb habit of trying to make money instead of executing that plan As best we can You know that will you know bring us back to the reality and then focus ourselves on that process So yeah, that's that's one of those things. Um the other way of of getting your process to yourself You're not just in bullet points in your trading plan is doing some kind of wiki so That's like a linking system Of notes where you have all sorts of bits of knowledge that you've acquired And and if you if you stick around at trading and you don't break every account that you have and you don't go bankrupt You're going to accumulate a lot of knowledge You know, hopefully, you know in the couple of months that I've been doing this I've passed on one or two bits of knowledge But you're going to get some knowledge. Um, maybe it's it's The best source of knowledge is from stuff that you have seen or learned from your own mistakes In in trading the markets Then the second and third best sources will be from things that you've learned, you know It may be books that you've read It may be other traders maybe Videos webinars whatever it is that you've learned You know provided, you know, you You get a jigsaw of a wiki together to link those and you you can quickly find bits of information that you think you know But but but not necessarily two hand then that can be incredibly useful to you in that first statement there Which is my process is a better trader than I am um And the second one is something I mean, I've done a couple of psychology courses to do with trading And I've also read quite a few psychology books and watched lots and lots of youtube videos on Uh on psychology I think you know people will know like when I was talking the other day about Why I believe losing is is so important and why I think I have to keep improving at that one By the way, let's have a look at this Action there with this really bright heat map. You can see that they took some of the liquidity away Um Up and down on es right there and then so that was interesting Um And what are we doing? We are getting up to this little double high. So maybe we can take out some some stops there um I'm just curious because that was quite evident when that happened Okay, going back to this statement over here grounding myself in the present, right? One of the dangers and this comes from you know, I mean one of the reasons this comes into play Is because you start thinking about money, right? And that is not the game that you're playing. You're playing a mathematical game of chance Money Is ancillary money comes and you've heard this all before and it's just me repeating something you've heard before Money comes from the process money comes from that one the process Uh, um, but if you do not ground yourself in the present, which means you're right bang right here in this moment So we're right here at um, whatever this time is 835 836 Uh, and es is right at 483 175 unless you're grounding yourself as to where Price is right now and where you are right now in the present tense December the 29th 2023 You are not trading the markets, right? You're trading something else. Maybe you're trading your bottom line You know, you're training account Maybe you're maybe you're training your dreams. Maybe you're training your hopes And this grounding yourself in the present I find the most useful that that comes in is after directly after a loss, you know, you've managed to get yourself out you've managed not to Wave all your stops or let your stops run and break your account. You've got out of a trade Okay, uh, and you feel bitter you feel begrudging the You know, for example, you've lost and you should have won, you know, because you you got out too early or whatever Whatever the thing is about the last trade that is making you bitterly unhappy uh Unless you can grind yourself in the present, which means that that trade is history and past tense and it is not the present Then you're going to have trouble. All right. So, you know, for example, you know, we may have been Just like a little head and shoulders up here We may have been looking for a short roundabout there because of something we'd seen in nq or whatever, right? And we missed that and it went straight down here. If we start thinking about that Then, um, you know, we are not in the present. We're You know, we're here. We're we're in a balancing phase here. You know, look at this left column Let me just make it a little bit wider this profile Just drag it up So if we zoom right out, you can't see the distribution that we're in Or you can't see it very well, but if I zoom right in there, you can see this little distribution or or bell curve That's forming here, right? That's where we are where we're balancing in this If we look at the ledge here, which is the top bit of this the zone We're balancing between 483 350 and really about here 482 850 so we're we're balancing in a five point zone a bell curve of five points That's where we're we are and we're smack bang in the middle of it Probably the most traded volume within that balance. That's where we are And it's the ability of the best traders the best sports people the best whoever's I think apparently tiger woods is the best example of this Of whoever can ground themselves in the present will do an awful lot better than people that cannot grind themselves in In the present, you know, who are thinking about the future. They're thinking about what they can do With their earnings from trading at the end of this counter month or whatever they're thinking of They're not thinking I am smack bang in the middle of a bounce zone. We've had a good down move There's a potential of getting down to this key level of yes, there's low There's a potential of getting to this magnet magnetic liquidity down here at 23 And there's also the possibility that we've now in the midst of a reversal And we can go right back up because we're in a very bullish market and there's some really good options levels above You know, it is doing all of that and getting yourself aware Where you are right now in your trading and forgetting about what may just have happened or what you would like to happen at some point in the future And that's why those two statements are on my whiteboard. I know I'm just renting onwards But I thought it would be worth it because those two things have been on my whiteboard for six months And I find them to be quite useful Okay, let's have a look and again I'm liking this profile over here the fact that it's um And this one's the wrong way around so let's just configure that column. So it is the right way. Okay I've just changed that so it faces inwards. I didn't notice that it wasn't um I just find the fact that you've you've got something there like this this this highest delta on this little Reds red tail here Equates with this little hvn over there hvn being a high volume node And yeah Let's talk for a second about why we've got these columns there because we we do keep mentioning this and people keep wondering why right, okay When we get down and we've got some liquidity there which on this occasion in hindsight acted as support What do we have here by way of delta? We have a lovely red tail, right? And price was moving quickly down there and we also had a big sweep And we know that there's a probability of 80 plus that we're going to reclaim Most if not all of it So the fact we've got that tail there and at this stage we've got quite a wide distribution And we're at the bottom of that distribution that was confluence for for taking a range type long Okay, let's just go back to the present And at the present We are slowly making our way back to settlement And go to the unfiltered version of this With the Very bright heat map you can see that as well sometimes these um Maybe because I've zoomed in so much the sweeps are quite easy to see if we really zoom back out again No, let's not do that Okay, um, yeah, so what what I haven't I done so far We haven't really spent a bit more time on those tpo's So if we get back to that tpo there and we look at At the eth session, which is shaded This is prepped by the way for the rth session that we're just going to do again Because I didn't really finish it and normally finish it when I'm doing the slideshow or just at the end of the slideshow You can see that we have traversed the entirety of yesterday's range. We've basically filled out a bit of the um The thinner part of the profile yesterday down here Um But essentially nothing has changed yesterday where you have replicated or repeated Yes days in fact, we've had a beautiful breakout failure of yesterday's day high Not the globe xi which was up there We're almost touching the globe xi and then retraced all the way back to yesterday's globe x low When the market is in balance and this is a beautiful balance. So if we draw this There it doesn't quite go down there, but um, that's about as beautiful a bell curve as you can get That should be screaming out to you when you're doing your prep at the beginning of eth Or you know, maybe you're doing your prep now at breakfast for the rth session that the market has been in balance That we um from the daily, you know, we've been we've been zooming upwards on the daily And we are balancing at the highs on this big move up from the 26th of october And so, you know, if I draw it, let me just ditch all of that So if I if I say there's a v bounce there and then we are just balancing there What have we said previously to this that that the probability remains that it will continue up? And that's why I'm saying that until I see some really strong downward action I'm still pretty bullish, you know, I'm going to take longs and shorts. I've done both today Um, I took I took a short I was slightly too early on the enki on that turn that you saw from the high And that was quite hard to hold for a few minutes. Um, but yeah, I I'm just because we are in a long Um time for the markets at the moment. I bullish phase mark does not mean that that if a short presents itself I'm not going to take it, right? The other thing that we can see from this tpo chart This is the composite which is here just retracing it there is the Right about yesterday's low is A cutoff point for this composite composite is just all these profiles for the last four weeks added together And four weeks is a bit of an arbitrary number. I'm just trying to do the most recent ones I can also merge these in sierra, but I'm choosing not to do that for this purpose Um, and that's saying that this is a cutoff point. Hey, tom. Good morning Welcome from wherever you are And if we do manage to get below that with volume, then we can you know, we can maybe take out this Uh naked point of control, which is in the middle of this sort of bounce zone there But that's the reason why we're showing that. Okay And let's have a look at the enki one because I haven't really looked at the enki. Oh, I have looked at the enki one Let's just get back. So again, um You know That was such a beautiful bounce zone And we've traversed Not quite all of the upside, but we've traversed all of the downside None of this is going to be perfect and the sooner you stop thinking in your minds that anything is perfect like there's a perfect indicator That's all absolute rubbish You find a perfect indicator and you pointed out to me And I'll dig deep and find out the mathematics behind of it behind it and tell you why it does not relate to the auction theory at hand None of these all None of these indicators are worth spending too much time on It is better in my view and instead instead of spending time looking for magic indicators What would I do? Um Let me see. Um Let me just Drag in I can drag this one in And let's make this one big Yeah, um, I wouldn't do that. All right. Um, what I would do is something as simple as trend lines That is such a horrible thick trend line. Let me just remove that Right. Um trend lines are a great proxy for liquidity Um There's no coding involved. It's very very visual And you combine that with something as as Clear as a really good heat map And and that is all you need. I mean, I have got one indicator on this thing Which we know is is VWAP, which is a proxy for developing value during the eth session, which is this shaded gray area Um, but that's why I I personally do not look at indicators. Um, yeah, this is just a proxy for Where most of the volume is traded in eth and once it gets past the Third deviation. I know that it's stretched and it it probably needs a bounce back Doesn't mean that I'm going to short there, which is where it tagged actually went along the third standard deviation for a while I'm just know that it stretched there so that if I get one of my setups, then I might short it Okay I'm just watching this price action as well. Maybe we are going to get to talk about some more live order flow action So where were we we were on that one? Okay And yeah, so I said before let me just ditch all of this The fact that we're taking the the time to mark out these key levels and see them inside book map is worth the effort Um today, we're lucky enough to see the fruit of that And one of the things I said is I would look at the scalp that was available as a long in nq once we got down there So let's look at that one. I'll do this on the unfiltered heat map just for a change. So we've got Let's just drag this across sometimes it takes a while to drag Okay, that's pretty close. Yep. That's pretty close. Okay right, so Yeah, I've had a couple of scalp longs One of the things I was aware about and I try not to trade during a presentation because I've got to focus on Trying to give you some good information and or good entertainment or whatever it is that I provide During this one hour. So I try not to Divert my focus and then start trading because then I would not Be present in that trading and I would also not be present in this webinar. That's so there are two reasons why I don't do it Okay, um, let's have a look. So you've got the gray line, which is price and you've come down and you've got some Nice sweeping action. I won't zoom in because I'll lose the action here But one thing that I do want to point out is or a couple of things that Maybe three things. Uh, first, this is a very very key level Settlement will often be tagged Sometimes they'll run straight through it, but it will often be tagged from above below Sometimes multiple times in the single eth session There's an article that I linked in my discord channel Which talks about why this is such a key level and the fact that you've got an imbalance of orders In place that is very likely at this level, right? So you often get a bounce there. So you've got factor one Then you've got strong, um, you know, very very fast movement down Regardless of what people may have told you when you get a fast move down like the sweeps that I've been talking about The probability is that you're going to get some form of reversal from that fast movement So that is good. That's another bonus factor that I'm saying and the third factor here I'm just watching this again over here. I'm just trying to pay attention also to The live action. So I'm trying to stay present But I have segmented my, um, concentration here The third factor is if you look across at the delta profile, which is now facing inwards and we'll look at the The Volume profile and how it can relate to managing the trade in a second You can see that this is all sellers, right? So that there is some Potential some probability that the last sellers or late sellers can be used as fuel for a pullback, right? And we know that the strongest, um, difference between ask volume and bid volume was up here So that, you know, maybe they'll defend it up there But um, the other thing to denote that if we did get into a trade and potentially where it may no longer continue to work Is this point here, which is You know where you've got this little lvn. So, you know, so one of the things that you're looking at is a quick scout backup Uh, and you're aware that, you know, you once you get up to here You may you may struggle, especially if Um, mark the market is exploring. Are you trending? Downwards towards other key levels, which you turned out to be the case down to that level there yesterday's low or yesterday's glowbex low so then if we Look at what happened It went just through and then bounced from recollection Yep, it went just through and bounced And it yeah, we also had a fourth factor there. So that all these factors aren't perfectly There are actually two opportunities if we're talking about pure scalping There was one that was a little bit higher than than settlement t plus one and there's the one at settlement itself The one at settlement itself was better because there was a clash Into resting liquidity or to the extent that you get resting liquidity on this unfiltered heat map So you had four factors in there that could give you something there. Um, you're going to need a tight stop Why do I say you are going to need a tight stop because it's not a huge target? And because we're in the middle of you know, the elliot wave kind of stuff or the ycock wave stuff I was talking about we're in we're in the potential of a third wave down So this is essentially the second wave down and there was always the likelihood that you'll get a third wave out of this one I take all that or elliot wave stuff with a massive pinch of salt. I only mention it because Um, you know, I've studied a heck of a lot of different stuff in the market So I don't really um Um, I don't really practice most of what I've read about in the markets But you know, the waves are interesting and one of the best traders that I ever came across Um, who sadly departed david weiss and he wrote a book trades about to happen Was a great exponent of this wave theory. He made quite a lot of money out of it And um, yeah, um, he was also very very good. I mean, I learned a lot of stuff about trend lines and reverse trend lines From him. So I have the greatest respect. I also communicated with him and he was An absolute gentleman. Okay, so let us get back to live Action. So we've got a little Tiny iceberg in nq and we're getting closer and closer to this. Remember, we've got this resting liquidity down here that they've been flagging for 14 15 hours in es down at this a 4823 zone And you've got this naked point of control down there as well Um So, you know, I'm wondering, you know, are they going to come down here to get some more fuel to go back up a bit What I would be a little bit surprised At today, you know looking forward into the rth session is we had a major downtrend day I know we've been incredibly bullish for a while and we're due a pullback And I think january you may give us a pullback, but it's um, the reason I say it is because a lot of people do their urn books based on the value of whatever their portfolio is at the end of today You know because it's the last trading day in 2023 So to have that as a big big downtrending day plus it's um, it's a it's a weekly options expiry day And a couple of the options that I'm looking at as to, you know, that may have decent open interest or gamma Gamma interest are up above in spy and spx. So, um, yeah, I'd be surprised if it trended down You know, I'd expect more of a a choppy day where both shorts and longs are in play as usual But we'll see we shall see There are some questions in youtube. So I should I should go and read them gh again dark pool money is not shown Yeah, there's there's no dark pools In on this exchange the cme exchange for futures gh Dark pools you're thinking about some of the stocks and etfs. They have dark pools But not here So, yeah, there are no dark pools in es futures and enki futures and that is all i'm showing Just looking at the size of the trades that are coming in here So i'm looking at a time in sales as well as es is coming down. So i'm seeing Orders of 50 72 66 70 when they're very very close together like a 72 and a 70 Um, i'm assuming it's the same person that just breaking up their orders as i've explained previously in thinner markets They tend to break up huge orders In chunks. So, you know, that's one of the reasons why i quite like looking at a visual time in sales to see if i Um, I can see a large order in in some very very clean chunks So, um, you know, it does look like they are putting in the pressure to get us down to yesterday's low Next question. Tom Cleary Thanks. I noticed you do not use the book map correlation tracker despite using a side-by-side comparison of years Maybe a visual comparison of your purposes. Would you speak of this? Yes Um, i'm not looking for a correlation tracker. I'm looking for trade setups in each of es and enki So, uh, I know that they're very strongly correlated I can run Correlation studies in trading view in sierra whatever in book map as well I don't need to see it live on it on a second by second basis. I'm far more interested, you know I mean for example, you know here you got this little spring. Let me just draw it You got this little spring in in es I'm far more interested in seeing that spring and a pretend, you know, which is just above resting liquidity This is one of my favorite setups not that I took it because I was talking Um, I'm far more interested in seeing that than I am in seeing any correlation tracker, you know These two markers correlate you just look at the Look at the weightings in the sp 500 in the enki 100 and you'll see a lot of the same stock So, you know, they're correlated. Um, see, I don't think you gain anything by correlation tracker I'm probably speaking heresy and I make it admonished by somebody at book map for saying that but uh I can only talk about what I use and why I use book map and I'm looking for Observing the price action observing the auction and importantly stalking setups. Um, so that's why I'm not looking at any correlation tracker Let me get rid of that Okay, um, do you use support resistant? Yes. Yes, I definitely use support resistance Pivot points no I I've looked at pivot points I've looked at all sorts of pivot points the best pivot points that I ever came across were Shadow traders. Um, pivots. He's got a formula that I plugged into Sierra. Um, but no, I don't use them anymore. Um, at the end of the day there are a mathematical Derivation of yesterday's Was it high low and close from from from memory? Um, so, you know You can see I've got yesterday's high and low on my tpo and it's in the cloud notes So why do I need to know where those floor pivots? I it doesn't really add anything to me I'm looking I'm more interested in noting where liquidity is where price action is where this auction profile is developing, etc I don't really care about those pivots anymore Uh, in fact, I very rarely, you know, even when I did have them on my charts. I didn't really believe in them Um, Adam Grimes, uh, the best thing he ever said to me and he's written a couple of books The best thing he ever said I think generally to will he wasn't to me even though he did mentor me for a while Um, the best thing he said was that you could take a set of random lines Plaster them all over that this chart And you you'd find some reason to stay. Oh Price bounced at this line even though they were completely random lines There's a lot of truth in that and I think there's a lot of truth in that and the overlap between pivot points Um, you know, you show have enough horizontal lines on your chart You're going to find some meaning behind some of them. I I try not to have too many of them Um, and it's really I'm looking at areas Which relate directly to an auction? You know, like a high and low will be extremes of an auction The point of control is where most of the auction or the highest amount of volume took place Settlement is an imbalance of orders things like that, you know, just basic basic basic things and the rest You know, it really is just about how that auction is developing and the liquidity, etc And the price action too. So I hope GH that answers your question But yes, I know all about pivot points Okay, and what time is it now? Oh, right. We are right on 9 o'clock So it looks like we are going to because we haven't got away and because they they keep putting in some decent size orders I think we are going to to the extent that I I think anything in terms of high probabilities I think the probability is that we will get to yes is low and take it out Maybe we'll even get down to there But I do not predict the future. It is just a probabilistic viewpoint based on the current action Would I expect us to chop and chop and chop? Yeah, you can see this little distribution there So I'd expect a chop and chop until they get the fuel To take out that low and that may not happen until the rth Anyway, thank you and it doesn't happen at all. It can not happen. Thank you very much for coming. Um, you know Best wishes for the holiday weekend. I'm going to sign off now and thank you very very much For attending. Thank you