 Good morning and happy Thanksgiving everybody. It's Friday the 24th of November here in Australia. It's basically the Thanksgiving weekend for a lot of you over in America, so I'm not expecting many if any to actually attend this one live. So anyway with that being said let's do the disclaimer. All book map limited materials information and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Trading futures equities and digital currencies involve substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Okay let's have a quick look at the calendar. In fact why don't we actually just have a quick look at book map while we're here. So before we do the calendar we'll just zoom out and just see where that liquidity is so you can see NQ may be attracted to this liquidity just below. I actually had a short about 10-15 minutes ago. But anyway let us have a look at the slides for today. So the first thing's note is that even though this is a holiday weekend there is one piece of major news. It's not during our breakfast hour. It's at 9.45 15 minutes after the open and the trading hours should be quite limited today. I think it's just this morning in the RTH session. In fact let's just watch this hit this liquidity or get very very close actually. So we're just watching the micro auctions that we were talking about the other day. Maybe we've already turned but let's have a look. It's just getting very very close. This liquidity has been there a while so I thought we would get to within a couple of ticks on NQ. Yes it's still close to it's overnight high. Here we go. NQ just ticking down into this liquidity here. You can see the numbers hitting the market. So they've had 16 and there's nice little flush down through that liquidity. It could be a little temporary term but there is more liquidity below if you zoom out and the overnight low is not too far away. It's just around about 25 just around about there. So they may go stop hunting below it. Let's have a look. Let's make sure we zoom vertically into into the volume profile to see whether they're still auctioning down or whether they've actually got a rejection yet. You can see that little vertical slip down. Those tend to get reclaimed as I was talking about the other day. Down the bottom we've got the volume pressure imbalance which I have got working today. I'm just going to get rid of the price axes. So that little vertical slip down was this little mini climax and if you look across to the final volume on the bid it was just 2. And that's often what you get a little tail. Just in this case a very miniature tail into the liquidity. Maybe it'll come back down and we'll get a spring but we shall see. While it's doing that one thing I do want to mention on Bookmap's behalf because this is the Thanksgiving weekend and today especially is Black Friday. So Bookmap is doing something that they ordinarily do not do which is quite a large Black Friday discount. It's on this page here bookmap.com slash black hyphen Friday. And you've got global plus three months off for new digital or current Bookmap monthly subscribers. So that's quite a good deal and there's a discount of 60% off for the first month for new customers. And feel free to go to that link yourself and read about it. I will actually once we have some action worth talking about and once we've done the image slides I'll talk about how I normally look at my subscriptions. It really is a twice yearly thing and they are normally close together. It's normally around this time because we have such good discounts on a lot of the monthly or annual subscription services that us traders do use or in some cases have to use. And also I tend to have a look relatively early into a calendar year to see what really was of benefit to me in the previous calendar year. But I wouldn't ordinarily do it unless there was a major discount like this in the middle of the year or towards the end of the year as it actually is. So we've had a test so far with that liquidity that was moved down and if we zoom right out we can just see what is hitting the bid above. Are they still auctioning up or not? Meanwhile ES is grinding its way down very very slowly but we've got the moment we've got a little rollover very three at them. The bottom that just does not seem like they finished in ES. Anyway let's do the slideshow quickly. Okay so I mentioned that we have the S&P Global Composites and some real news at 9.45 that may give us a bit of volatility and we can talk once we do this slideshow or what tends to happen this time of the year and generally on holiday type weekends. Okay reminder where we are in the context on the daily ES is looking very very close to that 4,600 round number and a previous peak so they may well stop on above it and you've got the 4.7 not too far away as well. NQ is the stronger index and we're getting very very close to this level up here this this peak which was a multi-multi-month peak and I can see that we have tested close to it but it will be surprising to me if we don't go a little bit further. We'll talk about seasonality in that in a second let's just finish the slides. This 10-minute slide I haven't changed the vertical scaling from how I normally have it like I had it on the Wednesday that just shows you how compressed the activity is yesterday and today and that's what you'd expect because there's not as many traders around and NQ a little bit more volatile and we have tested out the M stops under yesterday's low but we'll talk about what yesterday actually is when you get to Black Friday because it's not what I would call the end the previous day of the Thursday we'd have to actually look the last day there was real market activity so let's get rid of the slides and have a look there so we had a nice little roll over at the bottom in NQ and then they tested that and now they've had a swing away and we can see what's auctioning on the way up and that yes there's a nice little bounce off that okay let us have a look at what I mean by yesterday's levels are not necessary yesterday in this context whoops where did it go just have to be careful when I haven't got this overlaid properly I might just make it no it's a little bit better okay you can see yesterday's RTH yesterday's calendar day was Thursday and you can see the small action that took place that we've already taken out the high and the low in the overnight session and what I mean by the levels that I would look at is the previous day when you had a full RTH session so those are the levels that I'd be looking at that also set the weekly high and it's got a nice bell curve in the middle that I'd be looking at as the boundaries of the activity the only exception to that I'd make is that sometimes when the trade is that thin and it might be this thin we can't predict the future it gives the algos a chance to really restretch the market so they can take it places they ordinarily wouldn't so you know they can go a long long way in one direction and that brings up another point in this type of action some of the stuff that you would ordinarily use especially for really quite short-term trading is not necessarily going to work very well today there was a lot of chop and there's a lot of variance or randomness more so than in ordinary market activity so some of the stuff that you'd use you'd expect those gauges to work won't necessarily work today okay we've got the settlement from Wednesday which is essentially all we did today we tagged that settlement and bounced and then we're within this bell curve so it just basically unchanged really from the market action of Wednesday so so what one would expect is let's get the pen is you know that kind of action something around about there you know probably just beyond the bell curve and yeah we'll see what actually happens right okay let's have a look at have a look at NQ and we'll just get that over I could be very careful I do not dislodge it and the same the same applies to NQ so if we take this drawing and we take Wednesday's action we've got we've got this nice little tapering off here and you've got a bell curve with a ledge or an LVN just there and so that's what one would ordinarily expect to bound or to you have ride the upper and bottom boundaries of trading both yesterday and Thanksgiving and today Black Friday but we shall see because we've got that news at at 8 at 9 45 so we'll see if that you know changes things up as well because you know that can be reason for them to move at the market okay so I think the action that we're going to see in this hour is going to be much slower than we normally see I think we've had a few sessions of two or three sessions where it's been quite slow but I think this one should set a record for how slow it is but one thing that looks like has been working in NQ is some of this resting liquidity in this in this filtered heat map so if we if we take like that and we drag it all the way back and we have a look at what's really been going on since the London open I think I'll I had a computer crash a couple of hours ago so I don't have all that action I will try and load a couple more hours of it I thought I had already let's just load another six hours this gives you an example isn't you've not actually seen me do this but I do talk about it on the help desk if you just want to load an extra bit of data after you've had a PC crash you just scroll to the left click that left chevron and then load as many hours as you might have backed up so now I've done that and it has not done it for me so I thought I had actually done I had quite a lot of data I had the entire session so I'm not quite sure why it went load for me but computer problems are the bane of your life if you are trading it's one of those things that you have to accept I mean you might be quite a competent programmer you might be quite a competent IT admin specialist but you're still going to have problems you're going to have days where you have internet outages and and you have days where you know your trades don't get filled at the prices that they clearly should have been filled and it is one of those things where the psychology of being calm and zen and meditating has to come into play and you just have to accept you know the the pitfalls of the technology that we are currently in maybe one day when we've all got perfect links to the exchange there won't be the edges that we currently have so maybe we live in a very very good time when those edges do exist partly because of the glitches that are present so anyway I'm just looking up at what has happened here we've had this test we've had some liquidity get added and that has pushed and Q back down again so so that's the zoomed out approach to using the heat map yeah sometimes we zoom right in and it isn't as easy to see that so you know as as it came up I don't know if that's as clear as then as when you zoom out there that is probably clearer and you probably you have enough time there you know even if you only got short there and you had to stop there there's probably enough room to get a good one our trade in there and hopefully a little bit more if it goes down towards this liquidity over here so yeah that is definitely one way to use it on these choppy sessions you know it may go from liquidity boundary to liquidity boundary a little bit more easily than it would do or sorry a little bit more clearly in other words you can see the liquidity boundaries a little bit more clearly on these kinds of days than you can sometimes in really active and Q European sessions by the way I as I always say please feel free to ask me questions if you have any comments or anything like that we want me to talk about anything in particular this is an absolutely perfect opportunity I know we don't have many people on the webinar today and I know a lot of traders will have taken this weekend off but I'm here so if anybody wants to ask any questions the YouTube chat or in the channel in discord both I will check them both and feel free to ask okay so what do I do in terms of subscriptions I I got burnt quite early on in my career that I went for a few of the lifetime subscriptions that and I wouldn't name the products in question but that basically either stopped working or I stopped using completely within a year or a year and a half of buying a lifetime license and that's one of these things that I learned off one of my trading friends and something that I don't tend to do as much these days or if at all so I will always prefer to pay per month rather than per year I do have exceptions to that I have a bookmap lifetime license which has turned out to be very very good value and I tend to pay for trading view which I've got the most basic subscription as I've explained and I'm really using it just for the plethora of symbols or instruments that you can get in there and I do that on an annual basis because they have this Black Friday sale so I'm very pleased to see book map have its own Black Friday sale to yeah to competing and grow people's attention so they aren't swayed just by things like trading view other than that I I I'm going I go strictly monthly I tend to review any software or specialist type services every two three four months that are paid on a monthly basis and I have to be quite objective and critical of myself when I haven't actually used them very much or they are not providing objective value it's one of those things that you have to develop metrics again I don't feel comfortable mentioning some of the products that I've culled over the years but you have to go through your own metrics and they have to be pretty objective as to why you subscribe to them and what value they're currently providing to the style of trading that you're using them for whether it's intraday futures trading whether it's stock trading with swing trading option trading whatever it is that you think you use those products for you do you do need to regularly review if they are actually helping or it's just you thinking that they are actually helping you so that's one of those things that I do I do that again at the end of the count year and relatively early sort of you know January February in each calendar year okay and in terms of book map you know I've got a lifetime license I'm grateful for that I bought that very early on as I've said you know within the first few months months of book map ever being released and these days as you know from the webinar especially the last one I try and focus how I use book map so if you didn't attend the Wednesday session and you're wondering where all the volume or Delta dots I'm trying to I'm trying to show book map for two purposes one to reflect exactly how I use it in my trading and two for an educational purpose and since I get a lot more value from a few of the things that are present or visible in book map on the screen right now such as the Delta column the volume profile the numbers in the volume profile the order book a slightly dimmed out heat map and today I've got them the market pulse volume pressure and balance which I'm going to talk about in a few minutes those are the things that are that are currently giving me real value I mean if I turn on these volume dots let's have a look let me turn on the volume bars for example okay I will explain why I don't use the volume bars I know you can have them much higher so you can make these things you can make these unbars go away up your screen you can change their colors you can change how they're clustered etc etc why don't I have those volume bars and by the way it's interesting to watch as as we're trying to get some fuel to go down perhaps that I don't know if they've quite got enough by fuel to go down I find that the bars interfere with what I'm looking at in terms of the heat map at the very bottom of that heat map that's one of the reasons why I have it I also don't think they add a tremendous amount of value to what I'm seeing in the Delta column or the volume profile column and the other reason is that I am a time and sales by the visual and numerical trader so that I prefer to see the volume in that format than I do with these volume bars and that's why I don't have them the volume dots okay and we can go through what they would actually do so at the moment I've got a filter we can get rid of that filter so if we just go down and we just get rid of it we just click our way through it so we watch these things grow and get rid of the filter completely so it's now 3d bubbles total volume the way I look at me I know you've got plenty of green dots up there and you've probably got plenty of magenta dots and green and magenta the colors that I chose but I find that clouds things for me it takes away my focus from this Delta column which I find very very useful and it takes let me just get rid of it for a second it takes away my focus from some of these vertical slips whether that's a vertical upslip or a vertical downslip and I'm intrigued to see how the bigger players are manipulating the market up and down and I spoke about that and the other day that you know when you get a really vertical move and there is a tremendous benefit in my eyes in using book map to see things that are completely vertical through this price line and this is just the last price that I've just shaded dark gray I think it's yeah it's halfway between black and white I think book map is one of the best platforms for seeing these slips if you had a five second bar or a 10 second bar if you used a candlestick bar or whatever you use it would be much harder to see those and the fact that you don't have any of the bubbles in the way helps as well so I mean it as well if we take these bubbles and we change them to Delta and you can see yes that there was an up move and there was a big bubble there there was plenty of Delta push it up yes but I'm interested in this vertical slip here that I think is likely to get retraced if I get my mouse out of the way and I get my pen out and we draw these two vertical slips so there's one there and there's one there right and it's the second one that intrigues me the most because it's more obvious than the first one and that tends to get retraced so I see that and you know it's got two purposes one you can get in long if you think we're going to go up there to depending on how far it goes up first you might have a good multiple our target back around here so it's just one of those things again we've got to stick to the setups that we're using in our trading plans you got to develop your own and you know you have to stick with where you target your entry locations in terms of price structure or whatever other structure value structure that you use so that is why I do not have the volume dots visible at the moment okay maybe it'll change in the future I think a lot of things do change in trading in the way we use things but that is that is my rationale or explanation for it okay let me get rid of all of that get rid of this so we can see the ES grind its way down so far it's on this little retrace having a look on the 10 minute yes is just heading back towards settlement really so settlements just there if we have a look at there's no real liquidity down here so you kind of think that we haven't tested up into this liquidity here so if that is a magnet up above at some stage in RTH we might get back up there okay right okay let's have a look at something else as well so if we go to book map we'll have a look at NQ well I'm not overly focusing on live commentary at the moment because it is a lot of chop and randomness but it does give us an opportunity to do things we don't ordinarily do so we don't normally go and grab a web page and do this so if you are looking for some details on something in particular in book map you go to book map dot com then you get this knowledge base through that many that I just showed you then you search so at the moment I want to talk about the market pulse and I want to talk about the volume pressure imbalance that we have here have a look volume pressure okay bear with me while I try and get hold of it so we can scroll all the way down to the volume pressure imbalance okay this might not be legible depends on the font that that you are watching this in so I've just blown it up a little bit so it's more likely that you can read it volume pressure imbalance is a technical analysis indicator that measures the difference between the total buyers and sellers volume pressure in the market okay if there's more buying pressure and selling pressure the widget shows it with a green bar and positive value and the subject line moves upwards so it's all but fairly basic stuff okay what I'd like to point out about this and my again one of my colleagues at book map trader H.E. has specialised in this and you know maybe if you get the time you get to read his posts in the discord about how he's using it but my main point in talking about this or just highlighting this today is that this is very different from something like an RSI an oscillator and I'll get a pen out again an oscillator like an RSI just goes like that and there might be a line in the middle and you have an extreme and then you and then you tend to fade that extreme that's essentially what an RSI or any other oscillator does and what the RSI is it's a mathematical derivative of price right so all of these types of oscillators tend to be or most of the common ones that are used like RSI CCI etc are some form of mathematical derivative of price right as I've said previously I've traded I've coded loads of indicators I've looked at the source code of lots of things I've coded them I've coded variations etc I don't believe there's any edge in that I mean it might be confluence for you it might help you realise that we are at a mathematical extreme if price does do that you know go up to a top and then down to a bottom but I haven't found a tremendous amount of edge that is reliable on a regular basis from something like an RSI and hence when I talk about trading and I talk about what exactly that I'm using you will not find me mentioning things like RSI I think there's a trading view indicator that I did which is a table of RSI and I did that because I wanted to experiment with the tables that you can code and present in trading view and I wanted to see things across multiple timeframes and that's why I coded it's not because I actually use RSI it was really to experiment with multiple timeframes and tables anyway that being said what I wanted to say was this is not RSI the volume pressure imbalance is not a mathematical derivative of price it is a mathematical I have to use the word manipulation because all of this formula stuff is effectively manipulating something so it fits within a graph that goes from positive 100 to minus 100 so it's got a normalisation basis to it time check I think is it's got exactly halfway through our holiday webinar today so yes there is a formula so that it bounds itself at plus 100 and minus 100 but other than that it is quite an accurate reflection of how much pressure they are putting by way of volume on these little swings so since I think market pulse is currently free for everybody or I think this into this particular iteration this algorithm within market pulse probably is free I have to double check that or I just ask anybody to double check that themselves it's a chance for you to see whether it would help your style so I had a problem with the version of market pulse I was using the other day so I could not show this I couldn't demonstrate whether it was useful or not just get back to the arrow but let us have a look in NQ it's not zoom out too much but if we look at the oversold or overbought you know when they've applied a lot of pressure and that's tends to be it tends to have a lot of confluence with how I look at that delta column so that's why I'm showing and talking about the volume pressure imbalance and I like the word imbalance because that is essentially what I'm looking for in this delta column looking for an imbalance so you know if we had a big push down and we had an imbalance of supplies that we'd either have a temporary exhaustion or we'd have some longer term fuel to push upwards and the same again here so it's got a double meaning so it's got it's got an indication of strength and also over extraneous of the point where it can't go much further so that's essentially what that is and why I'm looking at it and why I'll probably put some posts in the discord channel on if and how I find it useful I'm thinking in ETH it's going to be more useful in NQ simply because of the fact it's a slightly thinner market that moves a lot more in ETH but in RTH when you have lots and lots of volume across both of them I'm thinking that it will be just as useful in ES as it is in NQ but anyway I think Trader HE is mainly an ES trader so his posts will be on the ES using that volume pressure imbalance so that is one thing so yeah go to the go to the knowledge base within bookmap have a look at that algorithm and see whether you see there may be any value in testing it out as I keep saying with these heatmaps and even this filtered heatmap in NQ it does pay to regularly zoom in and out whether it's vertically or horizontally to get a better picture of how they're using this liquidity pressure to move price so you know I'm just saying that if you're in like that you can see it there but it's not as easy to see that's why I like to have a different angle of view so I can get a better impression it's also quite good to then use that to go and back test how they previously used that pressure to give you an idea so you know here they let price ramp itself up and then they essentially been starting to push it down towards this liquidity that was there you know this again I'm my PC Christ I can't show you the liquidity from several hours ago but this liquidity has been there for quite a long time and now we're getting down to it doesn't mean that we're going to have a down day but it just means that they wanted to get price down there perhaps so they could buy it but we shall see may be you know they will put they sold it there and they just wanted to take their profits here we cannot know exactly what's going on in these larger players heads or bank balances or trading counts okay oh some questions alright white shepherd which pair are you trading I'm white shepherd I'm not trading any FX pair the two markets that are present here are the NASDAQ futures and the S&P 500 futures I don't trade FX I have traded FX when I traded FX I found it was more sensible to trade on a four-hour or a daily basis and not on an intraday short-term swing like I do with ESN and Q so this is not FX pairs if you are interested in FX pairs you can trade currency futures in bookmap and the best one in my opinion to trade is the 6e futures which is equivalent to the Euro USD EUR USD okay let's just have a look to see what hit the extreme there nice little three and they bounce back so what you often get is a little tail and then some trapping of some decent high volume above it and then that gives them enough fuel to have a decent retracement so there's been quite a bit of action on on NQ whereas not being a lot of action on ES other than slowly trying to get settlement and then bouncing a little bit so if we go into the NQ example of the volume pressure here it's the example of strength so on this occasion we're in a little trading range I can draw this one in a little trading range and we get the first volume pressure in balance then we get one two three four five right so it's just strength on this occasion rather than something that you'd fade because it's at an extreme again I have said that I will post my observations on it after I've used it for a few more days and used it regularly so I'm not going to jump to any conclusions now but I just wanted to let people know that I am using it and that I will give it a good shake and then yeah let's go into the actual micro auction so we're just having a look to see whether we are still auctioning up so that's what I call a vertical slip and you can see the price just went straight up vertically it does not necessarily mean that we're going to retrace that straight away or at all nothing as a hundred percent in trading it's just when you see something as vertical as that and it applies equally to ES as it does to NQ there is a likelihood a good likelihood that it will retrace and there that is a full retrace that was quite a small one you if the market was a little bit more volatile than it is the moment you they tend to be quite a lot larger you know so if for example you I mean let's zoom right into liquidity so you're still playing towards this short here right and we're looking in a price structure so we need to draw so we've got our last swing high here so we draw across there this is the type A or B supply and demand that we talked about a couple months ago is where it tests back up to the supply and doesn't quite take it out or does a double top that was that category A or B and where you have a vertical little move into that spline demand that might be worth investigating as a trigger it's all about the structure of that and then what are you trying to get from the trade in terms of what is the stop there there is nothing by way of liquidity that provides a clear tight stop and you've got price structure to provide a stop and you've got the auctioning within within this so you have you have 12 there which isn't ordinarily a nice end of auction but you have got a nice little green tail so you've got this little green tail there which you're looking for on the delta to if you're going short at a trigger or at a location rather so you've got that and so you know you'd have to determine some forms of stop and in this market where it's relatively choppy and there's not an awful lot going on I would struggle to find a stop wider than six points just because you're not getting a lot so if you're taking a stop-wide and six points this time it's going to be hard to get your multiple Rs out of it so you know if you get in there and say you get in at the 35 34 level you know have you got something at least six points away so you've got you know I'm saying that you're going to need to get to 29 28 to get one hour and if you haven't even got one hour as a clear target you've got the swing here which is sort of between eyes that is your one hour target is that good enough to take a trade probably not you you've got to have a lot of patience in this kind of holiday market you've got to wait for it to get to some ridiculous extreme in your eyes and where the odds are very much in your favor in terms of the multiple Rs to actually bother to take a trade but that's just an example of how we'd structure it to have a look to see whether you know there was a potential short to get towards that liquidity there but with all this choppiness and variance yeah very hard to to take a trade I'm thinking that the action that will be present from 9 30 probably through to 11 maybe 11 30 will be a lot better than this action so when we had when we looked back in at this we had 12 so that was I said that was quite unusual in terms of that to be the end so what I was hinting at was that it's quite often not the end of this little micro auction and so this time they've auctioned back up towards this liquidity the current extreme is for maybe it's going to have nice little roost up there and then we'll have a really really long tail and that might be a much better short type entry because it's certainly the are multiples would be a lot better in that scenario I know I'm focusing mostly on NQ but let's have a look over ES so what do we have we had an MBO stop of 39 there we had some liquidity which held and you can see them increase the liquidity just here and now we're just moving back there so now if you're going to use that type thing that's only a scalp so you basically you're saying that your stop is around about there just the other side that liquidity you're getting in there which is 45625 and your stop is you know stop is ridiculously tight so it's one point and yeah you've got you have got one to half hour on that one so it is possible if you're going to scalp I mean ES would be better for scalping than NQ NQ for decent little swings but ES because it's it's pretty grindy through this session I'd just be you know I'd probably just have looked for stop for little scouts maybe you could have played it towards towards settlement here played with a short towards them and let's have a look at the volume of pressure if you had played four shorts into that you've got an upthrust here so I mean we're just looking in hindsight here you've got liquidity there 4575 where they're building up liquidity and you've got a one tick top tick so you've got a price here and a one tick top tick and they still traded 78 of that which is a decent number but that you know that's the category C supply and demand that's quite a hard trade to take especially in random chop conditions yeah but I was just seeing whether the volume pressure could have been useful on this one so if we take this little volume pressure and we go all the way up it's getting us into this zone that it's achieved that so yeah maybe it could have provided some help again something that I've got to go and test back test live test etc over the next week or so to see whether it could be really useful to me or not but it does show some promising signs okay going back to yeah so this is quite nice when you've zoomed out and Q so this is what I was saying that sometimes it's easier to see this in NQ where you have zoomed out so what can we see so let's start marking this up so we have clear liquidity here and we have it banked with liquidity here and that they did particularly bank it just here so that so they made it clear and they increased it there too that that you were supporting that all right and you see them place that liquidity there so if you look at when they place that liquidity you draw your vertical line and see when they did that they did that before we got the bottom right so this is what I was saying the other day about resting liquidity being a double-headed beast it can be used as support resistance and it can be used as targets and but because we cannot predict the future we cannot know which is more likely to be used so in on this occasion you had that liquidity there as support and that liquidity there as a target so you see you had support and then you had a target so you've got to bear that in mind when you look at that liquidity in Eth that it can serve both purposes but it may only serve one of those purposes or none or both but I think it is definitely more useful than not having it you've just got to be aware that there is the opportunity for them to hoodwink you okay that was a nice little move as well and yeah when we look at these micro auctions I said the other day you're looking at all of the the numbers in the in the last four five two three four five price levels to see whether they are really interested in auctioning up much further and you're also looking at the liquidity that they're going into so here they actually hit the liquidity even though it looked like they wanted to go much further you also look at the price structure and here you've got essentially what is a top tick or up thrust and then a nice pushback down and you also have a look back at this action here to see whether there were any of those vertical type slips I mean yes but it's not the best example that is a much better example there and we tagged settlement as part of this drive up so yeah you could just say that in ES the breakfast traders have taken us down to settlement in ES and taken us up to settlement in NQ so all we're doing is basically chopping around nothing being the close from Wednesday when we zoom out again we can see that liquidity buildup which can provide some solid resistance to push us back down again even though it looks like they haven't finished auctioning at the high again nothing is 100% but we are interested in in this level here to see whether they get a reclaim back up to the 48 and a half 48 25 level or not okay um let's talk again about this time of the year so yeah it gives us an opportunity when the market isn't doing very much to talk about seasonality amongst other things we're right at the Thanksgiving weekend coming up to the end of November then we're into December so we've got a couple of seasonality things that we can discuss here one is currently playing out which is ordinarily they don't tend to tank the market and tank means they don't tend to drop it hugely before a holiday weekend whether it's Labor Day or Thanksgiving so if that there is a big big dump in the three hours that the market is open tonight I'd be a little bit surprised it can happen but I would be surprised okay the second thing is that after Thanksgiving the seasonality normally points to a slightly bearish look until the Santa rally comes hard into play we have to temper that with the location of the market of a drag that daily back in the fact that we are so close to this high here in ES and this high in NQ and the fact that there's probably major major stops just beyond there that it seems to be too tempting for them not to try and tag those stops before any pullback but we shall see Stan I'm just I'm aware that in discord it is just you and me it is a real holiday session where we do not have many people online because everybody is on holiday that's really quite interesting on Wednesday we had a lot of people watching live so this is a bit of a contrast today but that isn't surprising considering that the market is so dull and talking of dull what have I not done today I've not dragged in the statistics so let's drag in the statistics yesterday and today are going to pollute these statistics so whereas I currently use 10 trading days to determine these averages I may tweak them for next week and by tweak that might mean I may extend it to 12 or 13 days because if you got two days and 10 which are dramatically smaller in terms of range than then eight of the days then you know the statistics become a little bit meaningless but anyway let's have a look but you can see already just because of yesterday the ETH average in NQ has dropped from well over 100 to 94 that's just because of what happened yesterday and we can see even though it's dropped night for me only half of that for NQ and half of it for ES the tick is live now so you can see that actually flickering around so the internals are actually up just barely so and the relative volume was 48% and if I am to rag back this and we have a look at the actual relative volume today we started off about the halfway mark 50% essentially that's what we've just stayed at so there's normally during a session you'll see a big up or downward curve but there hasn't really been one today let's have another look got a nice little trap in ES here where they did absorb some sellers and have been pushing up and taking their money so that is quite nice to see how that Delta can work in ES and also here you'll note there let me just drag a pen this is the definition of a rollover at a swing point if you have single digits worth of trades at the extreme and that is the extreme there here on the swing 456 675 there were only seven traded so you've got a combination of a lovely Delta tail with plenty of sellers and at the extreme only seven traded and yeah I think this was what we were talking about as the scalp well that would have gone a little bit further than I imagined so it would have done more than the 1.5 hour okay time check we're sort of down to the last five minutes of our dull session today hey good morning Tom I hope you are well there has not been a lot to talk about but we have talked about the the bookmap black Friday sale which is an excellent to see three months at a considerable saving and we've also talked about the volume pressure imbalance in market pulse and the one thing I didn't point out was these two dials there I've got them side by side so you can see when they're working in tandem so that is one thing that I think it is sometimes more useful than looking at them individually when you when you can see that they're both at their extreme so that might be after we've formed a swing point and we're kicking off in the other direction but the dials and I think you can change them to some kind of vertical dial let's have a look what can you do with them I will let me just dig that out it's worth finding out circles horizontal bars or void or vertical bars so if we switch to horizontal bars it can be like that and vertical bars are like that I must admit vertical bars were a more my cup of tea so I might do that on the other one as well so let's just switch them both to vertical bars that to me is more like a meter or a gauge or like a volume meter so that you can see them both pushing towards 75 80 90 percent at the same time and it's had a price that you wanted to short that could provide you know benefit it may be easier to see that as two together than looking at two big heat maps side by side and yeah I normally have those heat maps next to each other but having a little gauge like that so you don't have to look at the other heat map with such intensity could be something that's really quite useful you know the thing to really know about this little slip and reclaim here was that that gave you a tremendous opportunity to get in to go and tag that liquidity up there so they can be really useful but you have to be in NQ you have to be very very quick or that trade is gone good morning Adrian in discord as well as I was saying when I started this off I was not expecting many people to be attending live because we are on a holiday weekend we are in the middle of Thanksgiving and Black Friday and I thought people would be doing other things and trading shop in the breakfast hour today so as we come towards the end of this session so let's have a look again where we are in in the profile scheme things so we're looking at Wednesday's profile and we really are in that in that bell curve in the middle that's all we're doing so in essence if you were trading yesterday and today you'd be looking at that bell curve saying it's clearly defined and I'm looking for extremes for mean reversion type trades to get towards the middle you know to get towards the settlement which was just there on the Wednesday that would have been my ordinary strategy there for this kind of holiday market and it doesn't just apply to Thanksgiving it can apply to other holidays the exception to that that I found tends to be in early January the start of a new year because a lot of these larger players have closed their books they've got their results in from the previous financial year or calendar year the mean reversion game there doesn't apply so well so that there can be some really really big moves on thin liquidity that happened in early to mid-January and I was also saying that you know with this being Black Friday in a time of sales it's an ideal opportunity for people to look at all the subscriptions to different things that you have in your trading and provide some a kind of objective metric as to whether they are useful or not in other words doing your own report card on every single subscription that you have and seeing is it helping my trades and if you think it is helping you you've got to demonstrate to yourself why you know if you're trading futures and you're trading you know four or eight point swings in in ES you've got to say how does this help my four or eight point swing it's going to have a look at the end of this auction in that's nice because it's got quite a nice little tail but again I don't know if this is a necessary a location where I'd look want to short or I'd even want to short at all going into into the open on a holiday Friday the only thing I'd really want to short towards is this which is Wednesday settlement sort of it had some huge move up or down and then game playing a mean reversion trade back to that I think I mentioned before or at the start of this webinar I did take a short about 15 20 minutes before the webinar and it was yeah it was in line with that strategy even though it was pretty much a scalp in NQ it's driving a little bit higher it seems so we've got to see what they want to tag so we're looking at this one and eight to see whether they really want to continue auctioning in that region and above or whether we are now going to retrace a bit so far that one and eight are being untouched so that's the old microscopic and then we've had this slip here so when you see them not want to continue in that direction for the time being it may be because they need a liquidity dip to get the fuel to keep going higher so you know if you are you know if there's a weakness in your game and there's a danger that you know you think it's going up and up and you jump on towards the end of these moves there's always that danger that you know that they run out of steam temporarily and they need to take your stops to get down to get some more fuel to keep going up right or you provide the fuel for them to have a really decent sized reversal okay I think I have gone past the nine o'clock I know we were really in chop today thank you very much for coming along yeah I can't really say that we had an awful lot of market action to talk about it was more sort of you know very small swings but anyway I hope I hope it was useful to some people and I hope you have a great holiday weekend thank you very much for coming