 All right. Hello everybody. Good afternoon and welcome to the this is a discord private event with the blue jacket and bookmap Academy members It will be recorded But it is going to be Uploaded later. All right. Hello, so The event here while we have one of our previous blue jacket winners and bookmap Academy member and coach Jack Along with Owen here at bookmap is going to be an interview They're going to go through different trade setups and various things within bookmap and then We'll let jump into some questions as well Go through the disclosures in a housekeeping event and then we'll kick it right off here General disclosure all bookmap limited materials information and presentations are for educational purposes only it should not be considered specific investment advice nor Recommendations risk disclosure training futures equities and digital currencies involves substantial risk of loss And it's not suitable for all investors past performance is not necessarily indicative of future results One more thing. So we have a New product for you guys So it's a trading journal So It won't be available until Monday, however sign up now you will have to have to sign up for this and to get special access to it So take your phone out and take a screenshot here Make sure you that you fill out the form you need to put in your license key as well as your email and your discord username and Then go to the trading room for the trading journal Download install it a great new product. We have here And we're gonna build it out quite a bit and it's gonna work really well with the bookmap Academy So I'm gonna turn it right over to Owen. Just one note the Chat in discord is gonna be in the bookmap Academy text Chat room. Okay, so Owen take it away Hi, everyone. Thank you Bruce. Thank you Jack We're joining us today. I'm very excited about this event. So let me just briefly introduce myself I'm Owen. I run the blue jacket content competition here at bookmap as well as insights Which is a page of created content and Jack is one of the first blue jacket winners actually and There's also a bookmap Academy coach So I wanted to invite him on for this special event We have here exclusively for the jacket signups and bookmap Academy members and Just to look at some of his charts from that blue jacket competition that he won all those months ago and The other content that he showed in the community Throughout the the years basically a long time. So, um, yeah, yeah, thank you for taking time out for this I'm really excited to talk to you. I just want to jump right in with a question and Because when I asked you about this event, you said you want to talk about what you're calling impulse versus Impulsive versus reaction setups or moves Could you maybe Explain what that means what that definition is and how those two moves differ so it's kind of a topic that even Bruce talks about often and it's Essentially like when you have a strong move whether it's a trend over a day or even a short time frame That move is gonna wane and once that wanes the aggressors flip And so you could see it really on every level of charting and you can really see it really well in bookmap because You're not limited to just you know a one or two or a five minute candle or whatever you can zoom in and you can see this kind of Essentially pattern almost Consistently and the reason why I like to do that is because on trend days or days that are trending It allows me to stay more oriented on The proper side of the market and we see a lot of times where traders are looking for maybe a mean reversion play but To kind of show an example really briefly here Let's say this is just a generic trend we're gonna draw, right? So let's say our trend is just kind of up the whole day Well, what we're gonna notice here is if let's say you're a VPOC trader and you want to trade a Mean reversion trade back to VPOC you might enter a trade here because VPOC is here and You might think to short back to VPOC And that's a common thing that we'll see But this is an uptrend. This is a steady uptrend, right? So mean reversion isn't always the best case and sometimes it can be a counter trend trade So one of the reasons why I look at these types of impulse and reactions And I'll show them is because it keeps me on the right side of a trade Long-time traders who you know are just general technical analyst type traders They'll only long above VWAP or they'll only short below VWAP kind of trades that way They're always staying in the trend direction the best they can This is a similar concept and we actually had a pretty interesting kind of setup In book map we can see it here today For kind of zoom out a little bit. You can see that we've got this large consolidation pattern and after this consolidation pattern We developed this uptrend So here's our consolidation pattern right here and then we get a final trend direction And we see a little bit of a pullback It's still going and then we finally break out of this trend right here Now what that tells me is when we break out of this trend right here that we basically Violated our trend and I'll refer to this a lot of times with like opening range setups We have a violation and when we have a violation. I want to see two things happen I want to see the violation resolve itself meaning I want to see us push back to where we were and I want to see The short-term trend resolve as well Now in this particular case you can see here that not only did we violate break out of our trends We push back a little bit and then we continued on down and this right here is where we can say that Basically our micro trend has resolved. So at this point our pressure to the downside is likely Going to cease. So if you're a higher low type trader, you can use this higher low entry here Here's your entry your swing low and there's your higher low You can use this for a potential long and I marked this on the chart as I was looking at it today and getting set up because it would have made for a very good entry and you could see not only did we get that resolution of our macro trend here our Impulse But we get a continuation that went for 10 more points back to a previous level. So this is what I like to refer to as Macro and micro trend specifically about those and it's once that micro trend that pullback resolves itself It's pushing forward and I'm looking back in the long direction. I'm not looking short at this particular time And that's that's to sum up a impulse and reactive move now a lot Of times it's harder to see. Maybe you can't see it as well on book map. Maybe you're zoomed out Maybe you like the 30-minute time frame. You can use it on any chart. Okay, you can use it on every single chart pattern You can use it Even in trading view. You can see our strong uptrend right here. We've still got the violation We expect this to resolve and it does with five-minute charts It's a little harder to see that higher low entry though because you're not looking at that more time aggregate space And here's where you had that push up that pull back down and this is where I'm marked for that potential entry to go long So that's an example using Time charts if you're a time chart and you like to have those on the side I Often use my tick charts where I take my trades and you can see this is how I marked it Early and it's the same concept but again while you can see a little bit more information with the tick chart over The time-based chart the five-minute chart it's still not quite as much information as we can get by looking at book map We still get that violation. We still get that push lower. It didn't make it. So we're expecting that resolution to push us higher But it is difficult or it is more difficult to see in a time-based chart or a tick chart, but if we look at book map, it's Generally a lot clearer. We could see that the pullback here in this direction As we push lower and then we could see that higher low setup and a continuation pattern Now there's a couple of different ways to look at this after you get a resolution You expect some continue or some consolidation and we could see that in both directions You see the consolidation here as we get the resolution and you can see that consolidation in this general area as well Right here So it provides kind of a good insight once you get those resolutions You're expecting consolidation and then potentially a Continuation or a reversal it depends on which way things are set up and there's different ways to look at them if we would have resolved The macro trend first meaning Draw this If we would have resolved if we'd have pushed down here and then come back tested this and then push down here What I would have expected at that point is more of a consolidation this way and then a push lower But we pushed lower first Actually We pushed lower first resolved that trend So my intuition is saying consolidation here and then a push higher and you can also see we get consolidation Now what I've also found over time over the last two or three years looking at it this way these levels line up very much with options markets and their key level strikes and Basically how volatility works at those levels, so but that's that's impulsive reaction That's that's kind of how I look at those and I've been looking about that way for probably about three years Check would you say it's safe to to use the word fractals the Geometrical and mathematical concepts of fractals trends within trends is that kind of the same thing you Use fractal as it You got to use it you loosely though because if you're strict with the fractals fractals have like four specific Subdefinitions within them. It doesn't meet every one of them mathematically perfectly. It's kind of like saying that Price is mean reverting. It's not technically mean reverting But we do see aspects of mean reversion within price action itself So yeah, it would be good to say it's fractal But kind of more in a loose interpretation as opposed to a strict mathematical interpretation Okay. Yeah, very interesting And you can see it at every level. Yeah, the more you zoom in you can see it. You can see kind of here There's a similar concept You see this this forms a little downtrend you get a break of that downtrend Then you get a resolution and then what does it do it comes right back to where the micro trend was then you get Consolidation and you look for another push lower Same concept. It's it's just how you want to look at it. I typically look at five minutes But that's just because of the way footprint reacts And how I've gotten used to the way footprint kind of interacts. Oh There's a nasty end of clothes today. I actually have a footprint of the same timeframe, I didn't want to load it up because it can be really it can bog down things But if we look at the footprint These consolidation areas we can see high congestion Which is exactly what we would expect And you can call these well, they're often called unfinished auctions at that point These often form high volume nodes in those particular areas or points of peak in a volume profile I wouldn't be surprised if we took a look at that real quick and solve that exact same thing So that the same things that everybody calls you can kind of see overlap in so many different areas of trading which is why I Make a point to not criticize people's trades in the way they're trading because everybody's looking at things differently And we all use different names for stuff. So as long as we're clear on core concepts good for me, I Like that. I mean I'm in agreement with you that yet We're all looking at the same thing. It's just interpretation at the end of the day. Yeah, and it's our risk, right? So we're just about minimizing as much risk as possible. So, uh, yes bottoms Yeah Okay, and so you mentioned footprint there. So you did your When you went from footprint to the heat map you say there's overlap, but How did your trading change when you moved from footprint to the event? So for me, I look at specific things within footprint typically when I was using it all very heavily I would look at absorption exhaustion and essentially those large volume areas those high volume nodes and I want to make sure that Price within the footprint is matching my expectations So as we push to an area that previously had a lot of volume in it I expect a lot of back-and-forths buy and sell aggression to form there if it doesn't Then my bias is wrong and I need to reevaluate that and I look through the day consistently kind of going forward in that same process and that's kind of The reason why the look back for the impulse and reactions is such a big deal to me is because We hear so often look look left in our charts Don't get caught up with just what's happening right now Look what happened before because as we revisit those areas did it happen again? That gives us insight into what may happen if we push higher or if we push lower I have some expectations there If we know that there was a large iceberg Lower and we didn't resolve that iceberg I might be looking to take something in a mean reversion short back to that iceberg as sell aggression Might lead us in that direction if I have a setup in that particular setup is something that Trader AG and myself coined orphaned icebergs and crash f16 He labels it surfer icebergs And it's just one of those things that it's an insight that three separate traders all came to all on their own And then have seen good results with it. So it's it's interesting. That's the overlap once again Yeah So, yeah, so we're looking at a chart of today's action. How about looking at some of the charts From the from the competition and so on because you mentioned that it goes through the evolution of your trading With book map and I'm really excited to see how that looks Yes, so anybody who's seen my trades more recently And who's listened to me Preach and coach about the iterative process of journaling and how we kind of Go through those processes This is an exact testament. So while I was migrating from using footprint heavily to try to Mitigated for eyestrain like when you're looking at a footprint chart, it's exhausting when you're looking at it all day And I wanted something a little more visual and book map was providing that So while I was migrating my process I was doing so iteratively and one of the things that we can see In that process is some of the most horrendous journal entries you'll see Compared to what we have now because we just elevated the process overall You can see I used the highlighter tool in a windows snip function I just drew straight up on the chart I used my mouse my right hand, but I write with my left hand. So my handwriting is horrible But you can see here. I think if I remember correctly, this is apple and my trade here was looking My trade here was noticing the rejection and as we kept Rejecting I wanted to enter short off the hedge wall here off the pole wall Um, and that's essentially where I was looking in this particular case um, but you can see I wasn't necessarily annotating it the way I wanted I think and it kind of got confusing um And I was looking at a couple of different things. So I had to iterate on that process Oh, this one was a long entry. I was looking for a Break at a retest of view up here um And you can see here that we did get that long entry eventually And then we pull back and then we get that same trend channel that we kind of had before um in Indices in indices, but this is an equity now inequities. It's a little harder because The way the options market can really affect those and there's single stocks So their volatility is a little bit more directional. We can see that channel here. We see we broke out of it We pushed back and then we get a resolution right here So now we're expecting just kind of back and forth and then maybe a breakdown further I don't remember exactly what happened after that, but essentially my trade was to get back to Back to midline from the opening range after the failure and the retest But you can see that these chart images are vastly different than Say what today's most give me something to pull up today is significantly better imaging And this is kind of what we talk about with that iterative process This is an equity as well But now I'm annotating much better what I'm looking at not just am I looking at a long off of a potential key level here But I'm annotating in my image My signaling for a long and what I was was this options market buying calls So now that I know that options are heavily Buying calls. What is the order flow telling me in this specific situation? Well, it's telling me that once we got here And the call buying at four and the put buying went sideways We do have a retracement. We do have a reversion Now, what is this telling me? This is telling me that spot is being traded and sold off of the highs But if we notice here every time we get to this level We're seeing a push a strong impulse push and then we get back here And we're seeing a strong push again, and then we're consolidating get back here And then we get a strong push again And this was my setup for an entry Was right in here once we got to this this last push right here I was looking right here at 182 for a break higher And it's the same concept Um as the previous one But now we're looking More concretely. We're seeing the order flow. We're seeing what's happening with not just my external tools But they're all in one image or they're all in water two images And it's provided me with much better reflection as I go back on these potential These potential trades this particular setup is a is called a bullish call setup That's what I look at it as And all that means is that my initial Thought for bullishness was from the options market And I'm looking for order flow specifically at those key levels And if I get the order flow that I'm looking I'm looking long because it's bullish So that's how I named this particular setup Um, but you can see the iteration of the two Just in Essentially a year. I think this was in february this initial one This initial one and it's just significantly less from a journaling perspective This provides me really no no value to go back and reflect on I'm not I didn't annotate exactly what I was thinking. I'm not looking at I don't know what I was looking at externally to this I was just looking at basic liquidity and and wrote it down Um, this was when I still had time and sales on equities up as well And I don't really use that as much anymore. I use the passive liquidity in Bookmap more once kind of timeframe. Are we talking about here between these two charts? How long was this? I want to say this is a full year. I think that um, so I made my migration over Christmas during the lull last year Um, and I want to say that it was the february blue jacket competition that I started really like annotating stuff Um, but my first few entries I wasn't really describing it very well And then you could see even in the blue jacket channel because it's an archive You could go back and see some of this post and you could see how they changed over time. Um Especially on trend days. I feel like we haven't had a trend day in almost a year now at this point though Everything just rockets in one direction But yeah, I would say it's about a year Very interesting and um I don't want to go too deep into this topic right now because I want to say it later if we have time But have you also changed the kind of metrics that you track as well in your journaling other than the setups and order flow? Are you have you I track my I track my win loss and those performance metrics based on strategy types Um, and what that allows me to do and this will kind of lend to a later topic a little bit is it allows me to isolate um specific strategies and specific things now Sometimes I kind of consolidate those to some degree like a bullish call. I might look at as a Vol supply setup and I might combine the two of those because they're very similar in those aspects and I'll combine those metrics but For things like opening range or initial balance setups Those are specific metrics that I keep track for just those and I keep track of them every quarter and annual stuff. So yeah, I don't really I don't really uh Consolidate all the metrics in one thing I look at each one because each strategy is relatively different and unique So I want to keep track of them individually That'll also help me see where things are going wrong if one strategy is working only 50 percent of the time but overall, it's not a huge portion of my Trade strategies then it's not going to impact the overall percentage very much But if I keep track of that individual strategy, I can see that this is not a very good strategy Or it's very risky And maybe there's an error there that I should look at from a risk management standpoint Maybe I'm taking too much risk for what my expectations are in a movement So that's why I keep them separate and cool Right, so let's um move on to the next chart maybe Yeah, so this is one that uh ways Obviously much better. There's still some differences here. Um, as you can see, I'm not I don't have my um Stops in icebergs aggregated nearly as well So it's really kind of noisy. You can see all the grid lines over here The horizontal grid lines. So there's definitely some Some adjustments here, but I started to find my groove and I was able to kind of like get into a decent Set up essentially Um, this one right here is looking at a higher low setup bullish um reversal so What we're looking at specifically if we look We start right here. We get a strong push lower But then we can see that we're getting higher lows And as we're getting higher lows, we break this initial rejection for a solid entry Um, and that's really what's kind of setting up this potential entry long and you can see we get that continuation Now we happen to get this continuation and then right as we break the opening day high We get a strong uptrend So it's great when you're already long and the market just rockets in your direction. That's that's perfect. You love that um, but when that happens, we do expect some reaction We can see that in this particular case. We highlight here that the flip the book is there We see that that liquidity was transacted on and then right after it was transacted on they just kind of either Exited it wasn't fully completed or they're ready to support price going further from here on um, and we can see that Right here on both sides. So once we make this strong move and we consolidate I'm expecting some continuation And then I'm expecting this flip the book level to give me some level of support and you can see we actually get that support right here And as we get that support I'm looking at The overall impulse of the reaction the macro trend and the micro trend. I'm looking for new extremes to be met here If we take a look at it from that perspective We can see That we get this very large up move And then we get this pullback now at this point, I'm expecting our Trend to resolve here and I'm expecting some resolution here and depending on the order Will depend on where I want to enter so Because we resolve first at the upper end I'm only looking for a higher low entry On the back end if we'd resolved In a different pattern If we'd resolved our trend more like this I would have looked For a push a pullback and then a continuation entry So because we resolved the macro trend first, I'm looking for A higher low micro trend kind of consolidation pattern and that kind of we can see here in this particular setup um And this one I actually scaled in on that higher low because we didn't violate my trailing stop at this time Which looking at this chart, it reminds me a lot of amd right now and kind of makes me a little upset AMD went to 191 today and I got stopped out at 186 But you can see here So I ended up having my my stop loss right here if I remember correctly on this one And then once we got the higher low setup since I was still in the trade I scaled in right here now this scale in Would be strategy two And its metrics would be looked at there Whereas this initial entry well this entry went on here with this continuation of that initial entry would be The initial strategy and that that's what it would have been looking at It would have been another higher low and that allows me to keep track of both of these So if I go back and I see that you know when I scale into these I lose money So I shouldn't scale in because you're averaging your cost up at that point I shouldn't scale it So if I see that in my metrics and I know that I should probably look at that and avoid that In this particular case it worked great And we could see that we end up having Really good support Up at these new extremes we get a push higher then we get that support This would have been a great area to scale in again on that retouch and as we continue higher But I was already in so and at that point I'm in pretty much oversized So I don't want to add any more risk to the table at that point But that is that's how that one set up and it was this is one of the few days I remember trend wise that have been As strong in this direction as it was man, and that's a thousand points lower on the index when you look at it It feels like forever ago But yeah, that that was it for that one and if we go kind of to the the next one We can see similar concepts now what we can't see in this particular one here is that on the left hand side over here We failed from the initial balance and we're failing lower and we get a good retest And you can see that we get this strong move And after a strong move, what's our expectations? We expect some sort of imbalance some sort of pullback We get it we get a push lower again That's our impulse move then we get a pullback here now at this particular level We didn't get back to the midline So I didn't have an entry here If I remember correctly and because we didn't have an entry here. I had to wait for another entry Here and even this entry at five isn't a very good entry. We ended up getting a sweep That occurred and you can see it's a sweep in both directions Technically, this was against the strategy that I would have used In this particular case, I should have waited and I should have entered at six as opposed to five in that particular case But it ended up working out. Well, we get our continuation We don't violate our entry level. So we're good We can continue on here scaling in here if we choose And then looking for this lower level of liquidity as our target And then you can see that we make it all the way down to the initial balance level at some point We can also see this passive liquidity here Just acting as a giant magnet as a get lower And that's kind of this same setup and you can see that even in spikes It like we see here in this area Even in spikes There's an expectation of a pullback We're looking for pullbacks to enter. We're not trying to chase momentum and that's kind of what was What was overlined there Excellent sound and youtube asked sorry if it was explained earlier. What is my midline? So the midline right here in this particular chart is the opening range midline And that is just the middle point of the first 30 minutes of trading the high and the low And I use that specifically for entry setups I'll use that as an entry or exit condition if we're breaking down and I would have entered here I would have used this as a scale And then this is a further scale and then a runner would have been left for for below and If we would have set up Like three if this was back at the midline and we would have got a good clean retest there that would have been That would have been that as well the blue dash line was another question Aristotle that is a correlation to in queue In this one. So this looks at a correlation on a A decaying five minute interval within correlation tracker and this allows me to keep Keep an understanding of how the markets are moving and relative Expense to each other Here's a great example right here on this chart actually. So we see this strong move right here in in queue However, we don't see how strong of a move in es. So there's going to be some reversion between the two And in this particular case, we expect that that reversion to be a consolidating pattern Because while it is strong, we can see that in queue immediately starts to consolidate and pull back So we expect the same in es before any potential trend continuation or redirection in this case But great question. I appreciate that question. It's a really good one That's it for that particular slide and then I think there's a fourth one. Yeah, here we go This one, I don't remember. So we're going to analyze it on the fly here looking at it This is my initial trend lower So we're looking at a potential pullback here We get the pullback We get some resolution here and we can see we've got those higher In this case, it's higher or lower highs as opposed to higher lows So now we're looking For potential continuation back in our initial direction At this point, we're expecting some consolidation We get good support and this provides our entry right here in this particular case because Our macro direction was to the downside We had a violation to the upside It petered out So we expect our macro to resolve and then consolidate and then decide what it wants to do from there At that point, we're at the mercy of volume. So it can be the most difficult time to enter a trade But we can see that we get a good pullback to that high volume node, which is what this is And from there, we get the volume that we would expect at the edge of a high volume node for our entry And we continue on our trade This also shows really great liquidity just kind of stair stepping your way down I feel like I haven't seen this in the market in quite a while for the index Anytime you see this You're generally very excited if you're already in the short and you're already risk neutral Because you can be patient and just let this work its way down with volume And by letting it kind of work its way down with volume, you can get pretty low and I ended up getting stopped out right here From from this particular trade if I based on what this is telling me It would have been stopped on that pullback right there Now that's a tough pullback because if we look a little closer in it My stop was actually too aggressive. I moved it a little too low And I'll go over that real quick. You can see that this level right here Is where it ends up getting trailed back out when it breaks the trend If I'd have had my stop properly placed right here I was probably aggressive in following the trend line in this particular case And that's probably why I got stopped out But looking at it and reflecting on it That level looks really good And it was a really good hold by price and it probably continued lower We can see it goes a little bit lower back into our trend channel. So I have a tendency of Being a little aggressive with my stop sometimes and this is a good example of how that can kind of get you out of a good trade AMD was another one today that got me out of a good trade But that's the four images that we had Do we have any other questions? I didn't see if we had any questions in chat There's a question here from Rob in the academy room. He's asking them Yeah, what habits or routines do you credit for having the most impact on your trading performance journaling definitely seems like one of them Journaling is almost the probably the most impactful thing Reflection is probably the other one You're you're in this business If you're trading and you're trading Consistently and you have setups that you like you feel that they are they are confidence setups and you have confidence in those setups At that point the most important thing is reflection You need to be objective with yourself at all times because if you can maintain that kind of emotional balance of objectivity You can allow yourself to be A little bit more or less aggressive and you know at the end of the day that you trust yourself So regardless of if you had a losing day of let's say you lost 400 dollars one day You know that you trust yourself you trust your insights you trust your reflection of your process overall Aside from that the thing that I utilize most is I Accept all risk when I enter a trade whether I win or lose that trade And one of the most important things That I look forward to is reducing that risk whenever possible. So if we get a move In my direction, I take my profits At my targets my targets are predefined If I'm entering this this right here is the opening range window for a previous day If I were to enter long in this particular day right here at this entry I know no matter what I'm taking profit at the midline as long as my range is reasonably wide and in this case It's 10 points. It's not reasonably wide, but it's okay. We don't mind it It's a good five-point winner. We'll leave it And then I know my next profit target is going to be up here at the opening range high And I usually shave it by three ticks. I'm okay with shorting it a couple of ticks Scott mentioned this in one of his webinars a couple of days ago You'll notice it'll get to like one tick shy of an atr and then just come back on you Don't be afraid to take profits. And if you can have your strategies Available to do so remember you're trading a leveraged product one point for one contract in es It's $50. So if you're getting five points, that's a lot of money to give up Even on one contract much less if you're doing multiple contracts. So Keeping track of my profit targets and always being mindful of my strategies and reflecting on those are two of the areas that I would probably Credit most to and that is what journaling is for me is all of that together That's a great question Great question. Yeah, keep your questions coming in guys. We still have some time here. So great questions keeping them coming One one kind of question I have Well, it was just a related to it's not a chart but from the slide deck that there's um a message you had about Winway distributions and so on a lot of numbers in there And I was wondering if you could unpack that a bit and walk us through it because it's not always intuitive to people and It's definitely connected to journaling and so on. So Just be very grateful As as a little bit of a disclosure it is it is napkin math Okay, there's much better ways to kind of go over this but I tried to explain a very complex topic and a very short Meaningful kind of insight and it's right here If you have the pdf you can go to the the message directly um, and it essentially What luigi was asking at this time was is there a good p&l forecaster for kind of when you're entering a trade? Now everybody's strategies are different. Everybody has different risk metrics And how much they're willing to risk and how much they're willing to take for a reward on those risks? um So kind of a p&l forecaster you're gonna got to dial in on your own a little bit and you kind of got to figure it out But essentially what it comes down to is probabilities as a whole and what you're looking at is if You have, you know a 50 win rate How much does your risk and reward need to be in order to make that 50 win rate? profitable net profitable um Now we can look at you know kind of this in more of a easier fashion and I use the example of A coin toss it's the most objective example I could come up with off the top of my head at this time because I thought that the card uh The card example would have been way too cumbersome with 52 cards So if we just look at a coin you get heads and tails so if you know that You want a situation where? um You want two tails or two heads What is that going to be well if you know you have 50 percent? um That means that your your probability of getting a tails is 50 percent and then you square that and that gives you A 25 chance that you're going to have two consecutive wins in this particular case or two two particular failures in this particular case um And that's kind of what we were going over here Now it kind of gets into a little bit of statistics and stuff like that, but if we look at Overall what he said here If you just want to see what your win rate would be to need a positive piano If you had a 50% win rate and you know that Then you know that if you made you know two dollars on every win and one dollar on every loss and you worked that out then You know that you would win six dollars and lose three dollars so your net panel in this case would be a Three-dollar profit so it's just kind of going over these concepts in a very generic fashion and There's ways to look at these in hugely different Aspects you can look at these in terms of Sharp ratios you can look at these in terms of absolute returns or stacked returns if you're using yield stacking It gets very very complex But essentially if you're just kind of getting into trading and you want to become profitable at it what you want to lock in is the Win rate that you're able to do with a specific strategy You've locked down all the variables that you can possibly lock down What's your win rate when you execute that in your in your back testing in your paper trading in all of those fashions? and is that Net profitable over the course of the entire time that you've done it is the p&l green Then look at it and go. What can I do to reduce my risk? Where were my biggest losses? What can I do to increase my rewards? Where might I have gotten trailed up? Is that acceptable to get trailed out there? Is that something I'm willing to take on? from that reward metric by taking those profits off the table And for me a lot of times if I'm enter trained you saw in the previous Trade image. I got stopped out, but I'm okay with that. I was in the train for several points on a highly leveraged product That's that's totally fine. That's acceptable. Would it have been better if I'd have been a little bit more meticulous? probably but It's not something I'm going to stress about I'm not going to I try not to stress over lost profits in general If I missed a 20 point move, I try not to stress too much about it I like to reflect on it and journal on it Like I mentioned today's AMD was a great example of that Where is it? Here it is. Let's pull this out a little bit here I was long We can see right here I was long from this consolidation pattern Based on options flow and this is a trade I posted today I was long here. I expected consolidation here. I got it. We got our trend move up Now a large trend move up in a short period of time We expect a pretty sizable pullback and we got it After that, what do we get? We get our resolution in this direction We get an attempt to push lower and it just can't make it at this point. I'm still bullish on this So I was looking and continuing to be bullish on this and What ended up happening in this particular case Let me clear those images real quick We can see that we get the trend continuation. I moved my stops up right here And then the market decided nope We're going this way for a second and now right here. I ended up getting trailed out now AMD ended up going to 190 190 plus on this day This one right here. I was probably a little too close I probably should have realized that we were in the profit pretty substantially And that I should have had this area of really high liquidity Which is also a key strike With a lot of positive gamma at it as my potential defense And instead I narrowed that region Probably a little too excessively because that this was my initial my initial trailing stop and thus we got pulled out here now Even that might not have been necessarily the best because if we look to the right it would have actually failed as well And you can see it pulls all the way back to view off But at this point, I could have maybe looked at something I could have potentially hedged my profits at this point And by hedging my profits, I could have potentially bought a put or shorted shares directly on spot To lock in that P&L because if this P&L is moving up and this P&L is moving down in equal measure Basically nothing changes. So your your P&L is locked at that point and it's hedged So I could have waited and then maybe seen okay. I like this potentially Or seen okay. Yeah, we've got some continuation here exit the put For a very tiny theta loss essentially at my entry and allow my calls to continue Or potentially exited my short shares there or scaled out my short shares Based on my delta From my long calls So it just depends there in this particular case I was a little aggressive And ended up paying for it a little bit not in a bad way There's still a great trade, but I got trade. I got trailed out and then price went It went forever We just look look at all of the liquidity above and I remarked on this in the in the journal entry You can see all the liquidity above there is So little interest comparatively Below we see these large strikes But there's nobody really following price But as we move up we can see Everybody is really looking forward to selling at these levels. These are giant magnets. So I should have been paying attention there Aristotle has a question Regarding the liquidity line in book map. Is that just limit orders or include stop orders as well? Yeah, that's going to be limit orders in the book You can't see stops in the book because they're basically hidden from order flow Basically once a stop is triggered. It's a stop limit order is triggered It's essentially immediately turned into a market order and processed as that which is kind of how the stops Work in the indicator. They're looking at instantaneous reversals of limit order to market order Essentially, that's a very simple feature as you can see that with these stops and I spoke to Adam and Yeah, so there's a few more questions here as we wrap up. Let's try and get through them and crash had a question about NQ do you trade it at all and do the exit targets applied to the same as in the years? I do trade NQ. I will use futures options for NQ more than NQ contracts and the reason I'll do that is because at times NQ can be considerably more volatile point-to-point and if I enter a contract Um, you're essentially 100 direction at that point if I use a futures option If I get the direction wrong, but I might have confidence in that trade and let's say a day or two Maybe there's a macro event or higher vol or something like that. I can utilize an opposite contract with With a futures option, so if I'm long a call Maybe I could sell a call at top reduce my cost basis in the short term It moves against me. I buy back that call at a significantly lower value But I still have my long call from a previous day or so So I'll use futures options and I don't generally use zero DTE for NQ specifically There are setups where if I think that there's an imbalance between the indices I will use a long and a short position in the two of them And this is kind of referred to as correlation trading in general Um, and and trader Pete is is really great about that. He's he really looks at those things We have great conversations about this Um, and and I'll look at them in those cases Um, generally speaking if I'm going to be in in the Q's at all though I'm going to be long options um Whether it's long calls or long puts in a futures option or potentially long options within the uh The indices itself currently I have a hedge portfolio position in Q's at the 434 78 strike those are my long puts and I'm selling weekly puts at 425 427 somewhere around there To reduce those basis and those are free after the Nvidia pop because I went long with NQ futures based on that particular trade Hey jack. Yes, sir. Um, I I had a question. Um, you had mentioned about the reflection and Um, I you know, I know you're trading off of different platforms For your stocks and and for your futures Um, into you know different accounts. Um, but you're taking also, uh trades within book map and trading within book map Uh in simulated environment Yes, and then reflecting off of that later. Maybe in replay mode or if you can just go through that process and how that's Yeah, so This process initially started with a trading view. I felt like trading view was a really solid overall Um piece of software and I feel like it had a had a pretty good overall point, but I was having issues Um getting the kind of entries And fine-tuning some of the mechanics as I migrated from some of those from some of those other Trading styles where I was looking at time and sales tape level two In footprint to more organic order flow within book map so I was noticing that The precision of my entries and my exits was not quite as tight as I would have liked it So what I started doing was I started using the trading statistics out on I've got it closed right now Uh Trading statistics out on where is it This one right here And this all puts a csv file for every day that you do you make trades within this and it doesn't matter if you're simulated Or real it's going to output into csv file Now, I know that the devs are working on In basically giving us a lot more robust trading tools But even this is still very useful because I can take that csv file I can dump it into python if you're a programmer or if you just like excel and you understand excel You can dump it into there and you can create a table of these entries and you can label them So I know that What's this will have several entries right in here? Let me draw this So we'll have several entries for the day right we'll have our entries and eggs at times and all that stuff at the end of the day I'll close book map. I'll open my csv file And I'll reflect on my images and I'll know that maybe this was the opening range trade. This might have been a trend trade This might have been just a discretionary I want to go long for whatever reason trade whatever And I'll I'll mark those down And I'll put those in my spreadsheet and I'll compare how these kind of worked over time And it will give me I'll run Maybe sharp metrics on them. Maybe I'll look at you know, just risk or award metrics from the generic standpoint I'll do a lot of that if this will help me Practice those tighter executions that you can kind of get with book map versus say A tick chart. I don't know if I have my tick chart still off. I think I closed them Nope, I have one still so Disappeared There she is Got a level when images go behind other images So in this particular trade Um, it's very hard to see because I like the opening range so much. It's very hard to see Where in this particular image? Where that opening range potential long would have been if I would have if I wanted to take it But if we turn around and look in book map at 1312 We could see a lot better This particular trade and this doesn't look like anything I would want to trade, right? This this doesn't look like any kind of long opportunity from an opening range That would I would have wanted to trade at this time and we can see Okay, this is this is much cleaner and that's kind of the advantage of having book map in these cases So if I was potentially looking at getting along here and I was developing that strategy I would use it for the simulation purpose I would use the metrics that book map gives me along with some of these bracket orders Um, and I would be able to track those over time You can do this in real in real trading as well. It doesn't matter whether you're simulated or real You have access to kind of the same thing in fact with With the add-ons you actually have multi brackets Right here. It's not going to let me open it because we're in simulation mode But in live mode with rhythmic you have multi brackets, which gives you much more robust stop in order placement metrics And I know that the devs from talking to them They're working on expanding these even further to be more robust like other platforms That are more directly related to futures trading in general. So One of the best things about book map is it's constantly iterating. It's you know I talked to Bruce about this the other day We're constantly seeing the devs put out and listen to feedback and generate more and more things Scott's zones That add-on was completely developed based from Scott, but he worked with the developers. They got it together and they pushed it out market pulls that initially came in and we've got you know Five times the algos that I was launched with at this point. They're constantly iterating on the process. So Um, it could be incredibly impactful to utilize the platform regardless of if you're trading Real-time or simulated and tracking the trades and journaling those processes and reflecting on them So yeah, that's how I do it. Cesar. Oh had a question in chat. What percentage of my trades are stocks reverse futures? Cesar, I don't necessarily have a strict percentage. It's If I think that the range for The indices market is going to be very narrow. Let's say we have very low volatility expectations for the day I'm going to be looking at more intraday equities Um, specifically I'm always looking at those either way. They're basically always in my My other platform here In trading view, I'm always keeping an eye on those And we can see, you know in a grid format. They're always there now. They're on a 42 inch monitor. So I mean it blows up quite big And you can you can see exactly what I'm looking at and I use all kind of different Trend indications and I'm also looking at options flow and time and sales on those and then For me, I'm always looking for a trend type setup in those I'm looking to go with the trends or revert back to a A key strike and options. So in those cases I'll have more but because I'm streaming today actually cut down a lot of these ticker symbols So Collin has a question. Jack. I'm sorry, Richard. Just um, so uh, as you're you're talking about the trade statistic trading statistics and Copying it and then being able to look at Some of it in your excel spreadsheet Um, just to note like to everybody like uh, yeah, that's great. And then also this new tool That uh, you'll be able to get on the Monday the journal trading journal. Yes. I'm excited to see that. I haven't seen it yet Yeah, yeah, it's it's basic right now. Just let you know, but it's gonna be I mean Plan on building this out a lot Yeah Well, I mean and that's kind of lends back to what I was saying provide feedback guys because if you provide feedback you will get The the features you're requesting like the developers actively ask questions in these beta channels about What we're seeing and they'll they'll open a support request for you. I had a support request about a potential visual error I mentioned it. I got a support email ticket opened. We went back and forth. I provided screenshots things were Things were, you know fixed basically within the next version of beta. So The developers are constantly iterating on DC. So if you like something say it And it's it's huge and this journal I have no doubt is going to basically do the same concept It's going to be able to to work on it and I'm excited to do it because If I can make my process a little bit smoother I'm all about it. And that's one of the reasons why I moved a book map from footprint It's just fatigue, you know, you just get tired of doing this year after year Having things a little bit more visual is a little bit better um, Alan had a question about Which days should we avoid trading for example in video earnings? And at the end of the week when it's op-ex so You don't necessarily need to worry about not trading op-ex what I look at more specifically is I look at volatility And I want to know what volatility is doing for any given day And I want to know what that expectation is. There's a lot of different ways That you can look at volatility You can look at volatility as just kind of a atr type day where like you're looking at realized volatility over a five-minute metric That's essentially what What atr is looking at you can change the time frames, but that's generally the the concept there You can look at the at the money straddles The options position the options implied volatility there You can look at an options chain volatility Or if you're looking for indices and you're looking specifically at es you can look at the vix itself if The vix has very low volatility if it's at you know a 12 handle or a 13 handle It's it's really hard to necessarily be long the expected move for that day might be only 30 points in either direction so it might be 30 up 30 down for a total of like 60 points wide And if you have a day I like the opening range a lot It's you guys have seen my my entries so often now that you probably see me talk about the opening range The first 30 minutes so often if we have a really narrow first 30 minutes of the market I'm very hesitant to stay in any trade for a long period of time And i'm taking profits very early because if if the market range For the first 30 minutes, which is some of the highest volume we see if it's You know eight points This is not a lot of risk or not a lot of Availability for a room so While we might get a blow down or blow off top If I miss it I miss it I'm okay with it because volatility is telling me that we shouldn't get that And anything outside of that is likely going to be a multi deviation move like multiple standard deviations And it's probably going to revert back at some point So i'm not going to want to be in those trades very long even if I am in those And I look at those volatility metrics now in Nvidia's case specifically We noticed kind of going into that week Nvidia was at like 726 13. I believe It's at the money straddle was 80 points going into earnings And it really felt like even during the sell-off that the market was just waiting for Nvidia earnings It was just hanging around Kind of like doing nothing We saw Nvidia selling off but the market was just kind of rolling about a little bit And in those particular days where we're looking at something like AI and this FOMO momentum kind of atmosphere I'm kind of sitting still because any single event Can be a volatile event. So where your stops And your trails might be and they might fit properly normally on those events The lack of liquidity because people aren't necessarily trading in those time frames can really impact things You can also check these kinds of things based on volume in the day if you notice that So far at this point of the day, we're at like 75 of our volume that we would normally be at Maybe it's maybe it's too low of a volume kind of day and you'll see a lot of times where We've seen in Bruce's webinar sometimes where you know price just isn't doing anything So we got to go look at you know currencies or we got to go look at the euro dollar or You know something like that because the s market is just flat and that that happens at times. So Yeah, when I did take that day off. I was specifically looking at Nvidia that day. That was all I was looking for Go ahead trader he I'll let you type it out. Let's see Is there Okay, Aristotle asked a question. Is there a way book map can help me see a potential large moves coming? Um, not necessarily tell me the direction, but a potential move in any direction. Yes, um, a great way to see that is liquidity entering or exiting if if you're starting to see large amounts of liquidity I know we saw one earlier today. Let's see if I can find it for you real quick So we can see it kind of in here, right? Um, and this kind of talks back to where we were earlier We could see that even after we got this top right here and we started rolling off We can see that We can see that that liquidity Was in the market the entire time From the point that we made it up here to the pullback and the push all the way back Um, this liquidity entering the market this liquidity also entering the market This is giving me a very good indication. And if we look to the downside, we don't see that We don't see anywhere near The level of liquidity entering the market to kind of attract price in that direction around it trade rate use question What is uh, what is with the whole attention to detail thing that I have so So acutely, um It is definitely a marine trade. Um, I Kind of fix it on specific topics. It really lets me, uh, Kind of interact with some of these things um Is a caffeine consumer though So if you want to have attention to detail I'm a very big advocate of caffeine. You can have it a tea form. You can have it in coffee form. It doesn't bother me, man but, uh, I find that that helps me immensely when it comes to attention to detail and then just Um, kind of of the risk kind of aspect, right? I don't mind being more meticulous about the detail because I'm less concerned about specific risk because At this point in my trading career, I'm not necessarily trading for a need of profit I'm trading for a desire of profit. I'm trading for alpha But it's more for my portfolio as a whole and it's not from a need of I need to make a rent this week When you're trading from a point of need I feel it's more important at those points To take your profits a little bit earlier reduce your overall risk portfolios and trade a little bit smaller Um, you'll see that I trade multiple contracts a lot of times You can do that in me. Yes. You can drastically reduce your overall risk instead of trading one contract in es incur a little bit more commission costs 10 contracts in me yes And scale out or scale in as you want and you've still got your total risk Of the same thing one es is 10 me yes That allows you to scale in and scale out of trades that allows you to take your profit a little bit cleaner And because I do a lot of those things I'm not necessarily as concerned about those things so I can focus a little bit more on the specific details There's not a lot of emotional baggage or worry I go risk neutral whenever I can That means that I move my I stop basically to my entry so that it's not going to hurt me at all Or I might move it directly to where if the current trade Reverse is back on me where I took profits is where my stop is equidistant So that's kind of just having that kind of patience and in that kind of more Overview aspect. I feel helps me quite a bit Earl Grey tea is very good as well. I'm a big fan of Earl Grey Yeah, Jack. I think we might have to have another follow-up event on You know your reflection debriefing on your trading journaling and also your trade management because A lot of the things that you just mentioned are just huge topics in themselves And it's it's something that I talk about I try to talk about in the the five or six minutes because we've got so many great people in the In the academy that we're trying to to review and everything so there's not a lot of time to go over it But it's the thing that I harp on the most and For you guys that are out there and you guys you guys have been the victims of me harping on it I feel that if you're gonna be in this profession for a long time, if that's your goal You need to quantify what you're doing. You don't need to like Have huge metrics and statistics and back test everything. You don't need to go back and look at, you know 20 years of the market but you need to Even if it's simulated mode, you need to execute and then reflect on those executions because in that reflection You can see am I right or am I wrong and you can see it in your net p&l Whether that p&l is simulated or not and I treat every single trade Regardless of if it's simulated or not I treat it as if it's a real trade. I have an entire to s account that's dedicated to sim option strategies and I refuse losses there and I risk manage risk mitigate a lot of those trades The exact same way I do in my own in my own portfolio And the reason why I do that is because it it's the whole Kind of I guess it's more of a boomer mentality of like sports where you you play like you practice If you don't practice well, you're not going to show up game day and be ready to go And that's the way I look at it and I look at everything like that in this in this environment Because if I'm not practicing and if I'm not working on these things Um And it's hard to improve. I sit at the computer every day too Regardless of what I'm doing. I might I might be gone or something I might be doing other things But I will look at the markets every single day and I will reflect on what's going on them because That narrative keeping up with the markets and everything else Is really impactful when I take vacation or I'm gone for vacation I don't trade the first day. I'm back. Usually I wait a day or two to kind of get back to where the market was going I reflect on the previous days And by reflecting on those previous days I can really see kind of what's going on and get a feel for things instead of jumping right back into things And putting risk on the table And and that gives me a little bit more confidence because I've I've not been At the markets for a couple of days, right? So Reflection is one of the most important things to me. Absolutely Do you have any other questions? This is just gold. This is just gold. I'm having so much fun. I don't want it to end But I think it's time to wrap up. We definitely have a lot of questions Yeah, any any final questions And he saved I see veni v typing. He hasn't said anything yet And I know if any likes to likes to ask though Appreciate it. Veni You've been doing great work, buddy You've been really improving man. Love to see it all all academy guys You guys are really taking the The reviews quite seriously and you guys are really improving. It's it's honestly great to see it's one of the things that Bruce and I Really wanted to push I'm I'm so happy that people have been embracing it as wholeheartedly as they have I'm always around for questions. You can ask me any of you. You can ask trader h e If you don't want to necessarily ask a question in public, you are always welcome to DM me I will answer any question to the best of my ability And if I don't necessarily know the answer, I'll try to push you to where I think the answer might be So if you have any questions, let me know guys. Um other than that, I appreciate the time guys Thank you so much Jack. Thank you Bruce. Thanks everybody for joining us today Fantastic, uh, we definitely be going back to you the recording Later on So yeah, thank you everybody. Um and good luck out there. See you later