 Hey, we're live. It's happening Hello book map All right. Well, good morning everyone today is Monday April 17th. My name is Charles You're on the book map channel, but I'm here to hang out and talk about the ES and the NQ Let's see what happens this morning first and foremost just a quick disclaimer for everyone everything you hear me talk about here today is my own personal opinion and not the opinion of book map and Don't take any trades based on anything that I say. This is not financial advice All I do is make my best guess with the information that's available And I'm not always right All right. Well, let's start the day. We got a while before the market opens here So let's just take a second to kind of step back and figure out where we are and how we got here The best place to do that in my opinion is to start with the daily chart Let's jump on in and take a look So zooming way way out and looking at what the market's been like over the last few years What do we notice right away? Well, we're in balance The market has been rotating sideways Sends basically uh april of 22 bouncing around inside this range So on a monthly basis The market's got a lot of uncertainty and it's trying to figure out which way it wants to go. Okay, great Good place to start Now let's zoom way in here and let's see what's been happening over the last few weeks Well, the market pushed up towards the upper end of that balance area that we've been on over the last few months And it ran out of momentum and it needed to pull back down So we pulled back down we made a low here on uh Monday march 13th and then we started new momentum to the upside Since then we have held this trend line. You could also kind of look at it like a channel On the daily where the market is just slowly building that momentum up. So what that tells us is they weren't done Testing this area up here around 4200 that they want to give it another test So bigger picture over the weekly we think we're probably heading up to test this area up here So now let's zoom in even closer and look at what happened just last week So just last week the market spent the week balancing inside a tight range This is what we call a balance area right here So it pushed all the way up and then it went sideways trying to decide Do we need to crash and burn back down or can we keep going? Well at the end of the week last week, we got a breakout of that balance Which is the market saying it's ready to keep going. So that is bullish to see So now that we took the time to zoom out and look at a bigger picture Let's zoom in now if you're new to market profile, which is what the chart on the left is Please forgive all the 10 million lines that you see They have a purpose and I will explain it as we go along But for now, they're all supposed to be there. So what we saw last week at the end of the week was On thursday, we broke out of that balance area And then on friday, we came back down to test that support To see if we could hold that breakout of balance So because the market was able to pull its way back up near the opening price And close right around the same area We assumed that this whole day that all friday was was a giant balancing day To give the market a chance to back test that breakout So that is bullish to see But we are opening inside the previous day's range And we see that the overnight just traded inside the same area That it did last week So this was thursday night of last week Where it just traded in the upper end of the previous day's range And then we pushed down back tested that balance area closed right back up in here And what have we done since just rotated sideways all weekend So this basically just tells us this area that we're in right now the overnight range is very very Sticky, you know, we're we're stuck in the mud here and it's going to be tough to break away So since we're opening inside the previous day's range And we're opening with an overnight that's looked like that What I think is probably the highest probability this morning is that the market is going to do what we call chop And that basically just means it's going to grind up and down Inside a range And and go back and forth and back and forth until one side can break that range and get continuation further one way or another So what I want to figure out now before the market opens is where is that range going to be Where is my support and resistance levels that I want to pay attention to? so What's jumping out at me on the chart right now Well, first and foremost that node where the overnight spent a lot of time So if you look at the letters on the tpo charts that shows us where the market spent the most time Okay, and then if you look at the candlesticks just next to that that shows us where it brought in the most volume So my assumption is that is the area which is going to work as resistance above us And then we've got this area down here It's a little bit harder to read but we had some support in here In the overnight and we would have some more support in here Because of the amount of time and the amount of volume that we brought in on friday So I suspect those are our sort of support zones So long before the market ever opens I already know The areas that i'm watching the areas that matter to me first thing when this market opens Being able to see How the market reacts when it gets to the support or when it gets to the resistance That will give me insights moving forward And that will be when I look over here To the book map and start to see okay when we push up into The resistance areas around 40 170. What happens in the book map? Is it real sellers? Is it icebergs? Is it stops? What's going on with the volume all of that? Are they doing a lot of spoofing? Are they putting liquidity in the order book? And then when the market gets to it disappearing it before anybody can fill those orders Or are they putting liquidity in the order book? And then when the market gets to it it fills All of these are the insights that I will use to decide are we going to break out Above this chop zone or are we going to stay stuck inside? And basically all I'll do all morning long is I'll just watch the market ping pong back and forth between these levels It'll go And I'll just wait until I see Something that tells me it's done going boop boop boop boop boop And it's ready to find support and break higher or find resistance and break lower And I will look for continuation Depending on that Now I am because we pointed out when we started today Bullish on the daily bullish on the weekly bullish on the monthly I believe the higher probability is that we will break the resistance above and continue higher The sign that I'll be looking for That we are able to go higher is if we can get above that overnight high Which is at uh 41 76 and find new buyers up there If we push above that overnight high and we find new buyers I will be bullish for continuation lower But to get me or sorry bullish for continuation higher But to get me bearish for continuation lower I would need to see the market pull down below friday's low Just because this was a balance area high We did get support on friday. My assumption is there will be support there again today So chop zone How does that break and then I I don't get bearish until we get below yesterday's low And I don't get bullish until we get above the overnight high I do expect a lot of chop this morning A lot of sideways grind And with that I will figure out how to take some questions I could talk about liquidity and stuff like that but to be honest with you know And I think that that might be actually one benefit. I was thinking about this over the weekend is like Because I use book map so much differently than everyone else on your channel Um, you know, what are the insights that are going to be different for your your users well I use book map to Confirm an idea that I'm seeing in the price action so I've spent so many years training my brain to look at the way price action moves up and down on a market profile chart that For me that's where I get the most reliable insights if I'm looking for you know, a guess of what the market's going to do Figuring that out from there is the the most reliable thing But what book map does is it it allows me to get almost like a different perspective on the market It's almost like I get to look through somebody else's eyes And that is the way that I use the icebergs and the stops function And being able to see when we get to important supporter resistance levels Levels that I'm seeing you know on the market profile chart when we get there in book map what happens at those levels So a lot of it is not really something I would look for ahead of time It's it's really more like what's happening in real time in this moment Exactly. I don't know if the people on youtube can hear bruce. Can they hear you on youtube? Oh, I bet if I turned on my desktop hold on I bet I can Oh, no, see I have on obs I have my thing turned off. I'll turn it back on though. Hold on Come on Yeah, my desktop audio. Okay now now talk. They should be able to hear you. Yeah, let's see. Maybe can you guys hear me now? Can you hear me now good and a little slight delay in youtube, but Guys, you're good to go. Okay Okay, yeah now it's working now it's working. So no just a just a quick follow-up on this Really like what charles said he is looking at his This is the way he trades this. He's this is his bigger picture. This is his preparation for the day Uh, and then he's looking at book map to confirm his levels once price gets down into those areas and give this different perspective that he mentioned An insight to okay. What's really happening at those bigger picture levels? Just to recap on what you said Nailed it Okay, I'll I'll set up All right, so let me jump to the question that we got earlier One is the benefit of trading futures And what's the profit payout like is it similar to trading? Uh, comments are similar to trading options. Thanks. Um, yeah, I mean that's not really a question for me That's more of a google question. But um, no, I mean every different Sort of tool that you use to interact with the market is just based on what's right for you So what are the advantages to futures? Well, the advantages are you require less money to trade with because you're using leverage But you're taking on more risk than for example Trading an ETF right so you can get more potential reward using the leverage, but you're taking on more risk Um, and then the idea with options is like it's just an entirely different approach So with options, um, you know time works against you the amount of other people who want to buy the options at the same price Skews the value of it. So there's all these other things that impact it Whereas with futures It simply is the market going up or down right and if it's up and you're long you make money if it's down And you're short you make money. It's simple So the reason I choose futures is because It's the it's the best way to approach my market understanding what i'm good at Is guessing what the es is going to do over the next few hours, right? So I could trade options I could trade options off of the spx. I could trade options off of the es futures. I could trade options off of the Um, you know spy or whatever or I could just trade the ETFs or whatever. There's a lot of different ways I could do it for me the simplest way is buy or sell a future go longer short So I like to keep things simple Good morning novice trader. Good to see you Laura is here. Good morning to you Mark what up tim in the house Andrew tree good to see you All right. Well, we got 10 minutes till the market opens any questions for me Yeah, I got another question for you charles and so um I know you you just outlined the levels you're looking at uh, and uh, uh, I'm wondering though like, um Uh, I mean, I remember you I recall your pro trader webinar. Um some months ago. I'll put the link in here everybody for it however The open, uh, I can't recall. I mean, I you're very disciplined trader. You wait you watch Uh, and a lot of times if it doesn't show you just don't trade Correct. Yeah And uh, you're very disciplined uh this way. Um, it really stuck out uh to me at least uh Do you ever see any sort of? Momentum trade opportunities in at the open Uh, yeah, generally the only momentum type of setups that I would trade, you know at all would be a gap So if you got a gap and go if the market opened at a higher or lower price in the previous day And it kind of kept going in that direction right away Absolutely, I'll jump into trades from the opening bell as soon as I'm seeing that momentum But the thing about days like this where you open inside the previous day's range In particular after the overnight has done what it's just done I know the highest probability Is that it's going to go up and down and up and down and up and down for like 45 minutes and it's going to drive everyone nuts and So for me, I've just learned over the years That I will perform so much better if I step aside I let them trade. I just watch what they're doing much like I'm watching a tv show Like let's see, you know, who's going to do what this episode And I'm just kind of sitting back and watching the market do its thing Once the market makes a decision once it's ready to break out of this zone It's going to chop in then I will I will make money right I'll make I'll make more money by waiting and being patient Then by trying to guess while it's still chopping So you describe it as like I've got this amazing patience, but it's really not patience. It's just Practice, you know, it's like I've I've made this mistake so many times. I just know I'm better off waiting That's the edge is in waiting You know Yeah, no, it makes makes good sense. Um, uh, in in fact, that's That's funny. Like a jay trader and others like Like a very disciplined trader and I said, well, how did you build this discipline? And uh, uh, he said by not wanting to lose anymore And uh, that that was it, you know, just uh, I don't want to lose anymore So I am going to wait and wait for my the thing. I know that usually works And that says a lot it's about it's that saying what gets measured gets managed What so many traders do wrong is They'll they'll do something they'll take an action in the market They'll lose and then they won't learn from it. Like they won't go back and figure out. What did I do wrong? If you do that if at the end of every day you go back and you look at what were the mistakes I made today Whether they were technical mistakes, maybe I misread the market or they could have been emotional mistakes. Maybe you just Were tired or frustrated or whatever and you took a trade for a bad reason When you catch those mistakes and you you figure out why you're making them Then every time you make them after that you feel like an idiot because you're like, oh, I knew better I knew I shouldn't have done that and so that's the thing that worked for me It was like feeling like an idiot for making the same mistakes again and again. I forced myself to stop doing it Yeah, yeah, I mean, this is this is what it just says volumes. Uh, and it It's easy to say something like that but you've done it through experience, uh, and And you're learning through that experience is what makes the difference in the separation So, you know, everyone wants to learn how to trade and be profitable but This is what it takes And there's many many instances like how long did it take you to learn that? Yeah, I mean it's it's not even a question I could answer Right, like people always want to know like well, what you know, what did you have to do to learn? It's like years and years of making the same mistakes and punishing myself and like Where did I actually where did it actually click along the way? Who knows? But the the biggest problem most traders have Is that they don't hold themselves accountable. They just keep doing the things Learning to hold myself accountable. That was the beginning of getting to success Yeah, yeah make make sense. Um, yeah, uh, just uh Very very similar like I was mentioning with with with Jay trader For stocks and and he you know, just Like the market comes to him basically And uh, you know, like why I'm bringing him up is it just this reminded me so much of what you just said would remind me so much of what others have said and uh to look at or To well, I'm not going to take this because I don't quite know But I do know that this if I take this over here instead This typically has better performance And and you know that you've measured it and uh now you just like well, I'm gonna wait Yeah, anytime I've ever talked about my trades with my group Their reaction is always like a shock at how good my entries are Right, they're always just like man, you just got in at exactly the right time You just wait it and wait it and wait and it's like yep That's it. That's all you have to do is just if you can be disciplined enough to wait for the right entry You'll win more often like and then it becomes easier You it becomes easier to be disciplined and do the right things when you win more often um So yeah, it's all about waiting waiting for that perfect moment and part of waiting for that perfect moment Is accepting that sometimes you'll miss it right that sometimes you'll be waiting for that That perfect entry at the lowest possible support where you're taking the minimum possible risk And the market just won't come back and it'll take off without you So part of it is also managing those emotions and not chasing the trade and getting fomo and being angry at yourself That you didn't get the fill It's like it's both sides of the coin be patient and wait for it to come to you And if you don't get it be fine with that and accept that there'll be another trade along shortly You know don't chase Yeah, yeah good stuff two minutes Andrew can we take a look at the queue? Yeah, let's do that real quick here So the nq is just in balance right nothing but balance here for the last couple weeks It is still in balance. So I would say the queue will be much more difficult to predict a direction this morning Uh, I would describe myself as more bullish on the es I would describe myself as completely neutral on the queue And will require more information to have a bias Um, I would say chop zone same as es I'd put the lower end of that around 13 130. So you're looking for support above 13 130 And I'd put the resistance at about 13 190 So you're basically just looking to grind and chop between those two And then if you can break above You know, if you can push above that Resistance you can keep going or if you can push below that support you can keep going but in the middle I think we're looking at chop ladies and gentlemen The markets are primed for it Scalpers paradise Also, since I'm going to be doing these streams every monday you guys might as well get to know my system So down here at the bottom of the screen, I put little banners that try to give you some insights as to what I'm thinking It's very important to note if I put up a green or a red banner meaning I am bullish or bearish that is not Market is open. That is not a signal to go long or short the market A lot of traders think as soon as I get bullish or bearish, they should buy or sell That's not how I do it When I'm ready to buy or sell the first thing I will do is change the banner So if I'm bullish and I'm looking to buy I'll turn the banner green All that that means is I'm looking for support I'm looking for a place to put an order. It does not mean I'm instantly smashing the buy button A lot of times what will happen is The market will be in kind of a zone. I'll be waiting for it to break It'll break out of that zone. I'll turn the banner green But then I'll put a limit order in to buy the support But then everyone else buys up here and gets screwed So just because the banner turns green doesn't mean buy it just means I want to be long And if it's red, it means I want to be short But I'm still always waiting for a pullback to get a better entry So do not try to use the banners as signals All right. Well lots of liquidity jumping in here What's real and what's just for show? Let's find out As they chop it up Good morning to philip Courtman and Darth liquidity It's all my friends that are that are commenting anybody from the book map community want to say hello You guys are like, no, we don't we don't know you yet. Charles. We don't trust you there's a Comment over in the uh, this cord uh futures dash charles looking forward to you I just says looking forward to watching your stream today. That's all So, uh, well, thank you Yep jade. Thank you jade Thank you jade. Oh, here we go Viper futures Welcome viper futures Jay trade welcome Curly is here and scoob all what up scoop Daniel's here All right, so right out the gate the market opened It created what we call a week low With the uh with the a period low here just because they stopped at exactly the same place as the overnight So we assume that that's probably a computer. That's probably a bot And so we're gonna hop on in here and look at the book map for confirmation We see that it was That little iceberg right there And we don't trust uh when the icebergs are the ones to to reverse the market We don't trust those moves because we know generally it's actually a fake out What they're trying to do is they're trying to get you to go long up here And put your stop right down there below that level and then they come back and take it out So the fact that we stopped twice at that exact level makes me think we got to come back and take that out Oh, they're trying to make it even weaker. Look another iceberg They want more stops Okay, so now that we work our way up into that overnight range We are looking for resistance between where we are right now and about uh 41 72 That resistance should smack the market right back down towards the opening price And we'll get more information from that So once it comes back down, do we turn this area into support and come back up? Or do we just crash right back through it and there's no support at all I think we're just gonna crash right back through because of that weak reference I just mentioned because of those icebergs I think they're just pushing it up to pull it back down And that we will need to test uh yesterday's range friday's range for support But for now they have momentum a little tiny bit. Can they hold it? So we're looking for resistance and a test of that area around the open I've taken to calling these little tight ranges where the uh, the market just gets two icebergs playing tug of war with each other I call it a bot shenanigan zone. We got some bot shenanigans here Best to just let them tug of war with each other for a bit Okay, so the resistance held up there now we're looking once again to find out Can we turn this area right here around the opening price into support? So that support could be anywhere between 41 63 and 41 60 Can they hold it for another poke up at the highs? Or do we come crashing right back through? Again, these are important insights to carry forward for the rest of the day I don't have to be in the trade right now. I can just be waiting for the market to tell me what it's doing All right book map. We got 99 people hanging out, but only 27 likes. Let's get after those likes We got a chop zone We know they're gonna chop it up. We're not getting upset that it's a chop zone. We knew ahead of time So we're all just having a great time thumbs up sit back relax and make some money. That's all But Charles we only give the thumbs up when it's an exciting Super fast moving awesome day. Yeah, well tough. It's gonna be choppy Lawrence says, how would you know it's chop? Well, it's because of the combination of what happened last week And what happened over the weekend? Compared to where we're opening this morning So the fact that we opened in the previous day's range we opened inside of friday's range Only a few points below where we closed on friday tells me We're probably gonna get chop Looking at the fact that the overnight all weekend long just chopped sideways tells me we're probably gonna get chop And um, all there is left to do at that point is wait and see do we get chopped and from the open It's been nothing but signals of chop, right weak reference weak reference weak reference Just a market playing a tug of war Has it made a decision which way it wants to break yet? All right, so now we're trying to find out what are the games they're playing They just started to bring in some liquidity right here around uh 41 Look there it goes before I even could talk about it So they brought that in to pull price down as soon as price got to it. They disappeared it They got a little filled So that was a giant spoof The tug of war continues Wanted says Did I understand correctly that you'll be live on book map mondays? Yes, sir From now on every monday. I'll be here from 9 a.m. To 10 a.m We'll do a little market prep. We'll talk about what to expect We'll hang out and say good morning and then when the market opens we'll see what happens Okay, so We got the resistance now. We're testing the support Can they turn this area around the opening price into support? If not if they come right back through it, it just increases the odds of more chop It tells us we are more likely to come down here and keep bouncing around Now if they can turn it into support if they can hold it here and head back up towards the highs Well, that will be bullish moving forward As that will be a sign of momentum But if they crash right back through just more chop courtman Or am I then going back to the prior stream? Yes, sir at 10 p.m. I will switch back to the brigade stream And hang out there So technically we are getting support, but I don't trust it not yet It's too exact Remember what I talked about earlier about how the bots use those exact references To get you to put your stops you go along right here thinking. Oh, we're getting a double bottom. I should buy Where do you put your stop right below that a period low? And then your toast when they come back through So technically this is support, but I don't trust it. It's weak to me Due to the exactness with the opening price Let's pop over and see what the queue's been doing. Oh, yeah, the queue is in a chop zone Chopping it up Okay, so the queue looked below the overnight low Okay came down here. So if I mean, this is a giant if if they can stay Up above the opening price get back above 13 168 and stay above it That would be bullish to head back up and test the highs again Um, but again your guess is as good as mine. They're in the middle of a chop zone All right, are we about to see the movie in repeat? Look at that liquidity that just jumped in the books Is that there just to be a magnet to tug price down to it? Will it disappear the moment we get there? Or perhaps it's a magnet to scare price away Okay, so like I said technically If it were any other scenario, I might be starting to get a little bullish I might be starting to feel like ooh, maybe they got something right they came back to the opening price They did not repair the weakness That's a when what should happens doesn't so I should be feeling a little bit bullish. Why am I not? Because of book map. Thank you, sir. May I have another? Book map is showing me that these are just the bots playing the games The second that they started to bring in the volume here started bringing the liquidity down here They started to disappear it up here Trying to push the market away Well, I know the only reason they'd want to do that Is to bring it back through So I remain neutral And I'm not bullish yet As I think we're still coming back for that a period low Happy asks what drawing tool are you using? I think it's called epic pen Epic pen You guys know that meme of the little stick stick guy Come on market do something Come on Here we go. Oh, uh Saham, yeah, sorry if I'm saying that wrong. What time frame are you using for the es on book map? Uh, well, what's interesting about book map? This is one of those things that kind of separates it from other softwares Is that it doesn't run on time frames the way that others would so you don't set it to like 15 minute candles or whatever It's just one long flow of time So the the price it's like literally millisecond by millisecond Is as far as you want to zoom in you can zoom in I mean you can literally get like a fraction of a second Computers trading one up one down one up one down If you really want to play that game or you can kind of zoom out And kind of slow things down for yourself a little bit or you can zoom way out and give yourself perspective And for whatever reason I just love that functionality of that Of kind of like if I'm zoomed in and I'm looking at what it's doing right here I can just push the mouse and then I get different perspective and then back in again Sound effects included Once it says do I use cumulative delta? I do not It is just not a tool I use my thing with technical analysis is it all works So I I'm not a guy that says you got to use the tools I use Or if I don't use the tools you use or something wrong with them I'm all for it if you like VWAP if you like delta if you like, you know, it can move to cloud if you like anything I don't care use it All that matters is that you become an expert at using that So no, I don't use any delta indicators Because I've just become an expert at using price action the way I do Hey, Charles. I I'm sorry. I'm just gonna um, I gotta go I've got the my webinar here in a few minutes just wanted to let you know And I'll let you finish up. Yeah, great. Thank you. Bruce. It was good having you man Yeah, yeah, okay. Well, uh, great job I'll um, I'll talk with you later, Charles. All right. Have a good one. Okay. Bye None of you leave to go to Bruce's stream. I swear I swear I'll come after you. No, I'm just kidding You guys can go to Bruce's stream. I won't be offended Oh boy, there must have been some kind of Uh News driven liquidation there Someone said something somewhere I assume it's a nothing burger because they kept all this liquidity in the books They would have scared this out if it was a big deal So I think it's just uh, no big deal Once it says can I talk more about the levels that I've marked on the tpo chart Um, basically it's it's just supportive resistance based on time and volume Right So this level up here is just where we spent the most time and brought in the most volume in the overnight as you can see here And then this area here is where we spent the most time and brought in the most volume yesterday And then because of this weak reference and this is getting a little more advanced into market profile stuff If you're not familiar but because of this weak reference, there's a higher probability that we may need to repair that So what is the next level where we spent the most uh brought in the most volume below there right there at 51 Okay, so resistance based on volume and time support based on volume and time and support based on volume It's important to note these aren't exact levels Uh, you know when you're in a chop zone like this, it's impossible to know the exact level to a tick The market is going to reverse So you really just want to keep your mind open to the idea of general areas So i'm just looking for this general area to act as resistance I'm just looking for this general area to act as support That way i'm not angry if I miss it by a tick or two my mind is still open to what's happening All right, well now we did lose all the liquidity That is interesting Okay, so the market just created what we call a poor high That's basically the exact same thing it did on the low earlier Where the bots intentionally turned around in the b period exactly where they did in the a period Same thing as I said down here. They're doing it to get you short right now With your stop above here Seeing a weak low and a poor high at the same time increases the odds of more chop So it tells us that if they come down and take out the low They'll probably turn around and go back for the high or if they come out and take out the high They'll probably turn around and come back for the low It just tells us they want to keep this game going They're not ready to break one direction or the other just yet Which is deeply annoying If one wants to get this market going But if you're trading the chop good news It's going to keep going All right with that I will bid you all farewell if you're not a member of the brigade it costs 10 bucks a month You can head to pirate traders.io forward slash join Pay 10 bucks and you get to hang out for the first hour of every day If not what my advice to you would be wait to see how the market handles this area right here around 41 72 If we can break through it come back down and turn it into support That support is viable for continuation to the upside But if we push back through and do not Create support look for more chop to come back down for the low And then the market to go sideways from there If we are later on in the day able to work our way below this area of potential support Around the 41 50 area and they break through and turn it into resistance That is shortable for continuation to the downside But I do feel like even now in between the two You're just gambling if you're guessing which way it's going to break It is likely to just chop between them And drive all the short-term traders mad So with that I will say farewell and head on over to the brigade private stream Members of the book map. We'll see you next Monday. Thank you very much