 Okay, good morning traders and welcome to the Bookmap live webinar here. This is live forward-looking analysis and our goal here is to live well educate you on order flow and understanding how Bookmap is used in this environment and to enhance your trading. So these live events here will go through the order flow in detail, we'll go through various topics whatever you guys want to talk about or look at in terms of instruments we will go through and this is all based on our educational course and let me show you where that is. It is located here on Bookmap, if you go to bookmap.com and then you click on the more button here and you go to the new learning center here. So that is where we have consolidated and centralized all our educational materials in here in bookmap learning. Get connected and getting started, market mechanics, everything is based off this market mechanics course learning about order flow. This is the foundation and in here you can see that we go through very basic stuff but an understanding of really what makes the market move and how to read this with bookmap. So for example, last week we talked in detail about absorption. So maybe we can go over that again today or whatever you guys like but let me know and happy to cover it. So anyway, so we've been trading for about 15 years in a variety of markets. You guys know who I am so we'll skip over that and go right into the disclosures. All bookmap limited materials, information and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. The risk disclosure, trading futures, equities and digital currencies involve substantial risk of loss and is not suitable for all investors. Less performance is not necessarily indicative of future results. All right, let's jump in. Let's take a look at whatever you guys want to look at. Good morning, Tony. We're looking at the S&P E-mini here and I was kind of looking for this turnaround in here. It took a little while longer than I thought and yeah, let's see if these sellers can drop it down into liquidity. Maybe around, we all just came shy of 57 but I'm looking for 55 and maybe the figure down at 50 here, okay? And we touched on this on Friday as well. We talked about correlations and looking at the Euro dollar in here. So in fact, let me bring up the Euro dollar. I have it but I want to bring up it again here, okay, now come on. I know I can do this. Let's see here. I know I have it here already but we can open it up again. We have that capability because what I did here in Euro dollar is I put this together in kind of correlations and Euro dollar is here in white and we have the ES here in blue, Apple is in this purple and then this kind of dark orange is the NQ, right? So we're looking at correlations in here, right? So we want to understand how these other markets are correlating and also compared to the Euro dollar that we've been really focused on interest rates and the dollar and how this is relating to the stock market. The stock market has been very, very skittish and sensitive to those issues as you guys know. So anyway, we saw some really good stuff last week. I posted it in the chat and you can see it here in all markets. Hold on, let me show you. And yeah, here some good stuff and understanding some of these correlated markets. Very, very simple things in here to take a look at and oh so powerful. They really can be very, very, very strong trades when they present. So anyway, what do we see today? Not too much right now in terms of correlations that are happening here. I mean the Euro dollars going up slightly and we've been selling off here on the S&P a bit. So maybe we'll see the S&P come back up here. Just based off the correlations, we'd be looking for that then, right? I don't really see it unfolding yet. In fact, the turnaround here is kind of this rounded top in here and a lot of absorption on the way up. So we're getting this pull back here at the moment. And yeah, we can look for some mispricing to see if maybe down here around this 57 and VWAP down here if we get maybe a bounce and we see some buying pressure start to come in. Okay, but at the moment we don't. We don't see that, all right? So anyway, let's see here. Good morning, Kevson. Good morning, Slowdown. Good morning, Hector. Yeah, so let me know if you guys want me to take a look at anything else or what to cover today. So we had a good discussion, I think, about absorption last week. We can take a look at that again and maybe add in exhaustion as well. So and why we want to go over these in here is because as we discussed, what we discuss every webinar, understanding these elements will enhance any trading style. It does not matter whatever you're trading. So we can just start to mark up areas and look for absorption and exhaustion around those areas. And this is where Bookmap completely shines. So yeah, let's just, in fact, we'll just do that. Let's just take a look here at some simple lines in here and start to mark some things up technically of what's happening or what we see here in Bookmap. If this line is going to hold or like some of these, I'm just going to mark up everything basically supporting resistance areas in here and see what's holding, what's not. You can see this trend line breaking. I see some buying pressure that we were talking about starting to come in. So let's see if we have some exhaustion down here. Now, we've got to be really careful here. We're not out of the range yet here and just this small little range in here. So we need to see that unfold. We talked about this at length on Friday as well, trapped traders. And these guys are trapped here right now. They're feeling the pain here and sellers are trying to put it to them here. So if they are successful, we'll see a stop rundown into VWAP here. So we want to be aware of the other side in here and who's trapped and who's going to be fueling this move here when they are compelled to sell. And right now, I really don't have any insight here. On both sides here, we have traders. So not much to do right now at the moment. Nothing really high probability or anything sticking out right now. In fact, that gives us an excuse to go over to our candlestick charts and take a look at the bigger picture. Daily on the left, hourly here in the middle and 15 minute on the right. Daily chart, we see three wicks down here and a little bit of buying pressure coming in today. We need to get above the other wicks. Right now, it's still kind of an inside-ish day. It just kind of poked above but failed. But we still see some buying pressure come in here, at least on the daily. What about the hourly in here? Well, hourly chart, we have the gap down and we have another some big red candles in here. I do not see that kind of pressure here on the hourly here yet, that's for sure. So anyway, that's looking at the hourly and then the 15 minute here. It's kind of poking above here as you guys can see and we see some wicks up here. Actually not bad on this move up, this is kind of strong move here on the 15 minute at least. And now it's just kind of not failing but we just don't see a whole lot going on up here right now. We did have the retest back down here. If we can get back up here, we've talked about this move many times here. Let's test it up here a number of times on the 15 minute chart. If we can get another test up here and start to find some buy volume, then we're looking for the next area probably up here around this 4170 or this kind of gap up here to fill maybe around 73 or so. So we're going to keep an eye out for that and that's the here and now on this 15 minute chart, all three time frames actually starting to kind of align. So here we go. We can see the move up. We see the buying pressure. So kind of miss that, sorry about that as we're going over the higher time frame and they're pulling liquidity here. So that looks good. More buying pressure. Yeah, I would say the move is to the upside here, there it goes and that'll be a stop run. It is, but still looking to see if we can accept up here above this area here. I do not see it into too many limit sell orders. No, I should take that back. There's some limit sells up here for sure, 162 traded right into that liquidity right there. So there we go. There's some absorption for us. What about other areas up in here? Not too much. The absorption was down here around this 4160. Absorbed for a little bit and then it traded through. So still more buying pressure. All right, so we can see the pullback already right back to 4160. And now what we're looking for here is exhaustion. If we can get some exhaustion on the sell side. Because we know there's buyers. Now we're just looking for lack of sellers in here. Or sellers to support it here in the limit order book they want to buy. And there are some here at 60 and a half. And they're starting to trade and starting to pull a little bit as well. Still nothing really sticking out here. Our primary scenario here was if we can get those buyers up here, this looks pretty good. It's selling off at the moment just a little bit. It just spiked above here very quickly and then came right back in this range. All right, seeing sell pressure come in. Back down to the bottom of the range. Not quite yet. But I just not seeing much right now, guys. Not much to say. So we're looking for that distinction in here. We can see there's limit sells here at this 61. So let's check that out. There we go. We've got some buyers took them on. Now the question is, is after these kinds of events here, what happens? Do we still have more buying pressure? It looks like it. I would say, yeah, it looks like it here. If we can get, I mean, they're auctioning up here above it. I can't get up, can't get above it. Here we go. Now, now we're looking for these buyers to come in. And let's see if we can get back up to 63 here. So we're looking for above this area here at 61. And we're looking for our buyers. And then we're looking for them to follow through to the upside and just exhausted out right there. All right, let's see if we can rotate back up and get these buyers up here at 61. And a half. All right, buyers, let's see if you got it here. Exhausted out before. Now we got to see buying. There we go. A little bit. All right, nothing really great. Nothing really just not really seeing much, guys. Sorry, I wish it was more exciting here. But we can take a look at our Euro dollar in here. See what's happening here. We see a little bit of spike. It's the white one here. This is the Euro dollar. That's good. See Euro strength. We should see S&P strength after that. So let's jump back here. OK, starting to auction out there. All right, let's see these guys try to move it up back up into 63 and maybe 65 here. Careful though. Very, very careful here. Still just nothing really great. We would look for a really big distinction in here with these buyers. We'd look for the book to follow up underneath it, support it. We'd look for these guys on the offer to pull. Then we really have something that looks much, much more aligned with the move to the upside. Good morning, AC. That's correct. Yeah, transactions take place between limit, well, passive orders, which is the limit orders and market. Correct. No, that's exactly how the matching works, the matching engines. Well, I mean, you do have other order types like hidden orders, icebergs. But I mean, they're sent to the market as a limit and in the order book. But the rest of the order is hidden. So only the tip of the iceberg part is sent. But that is correct. It's very, very simple. And that's what we want to read in here precisely, what's going on in here. And look, we're always looking for an opportunity. But we're not really seeing anything great right now. So this is another thing that is so essential is when not to trade. I mean, why would you risk on something? You only have a limited funds. We're not some big huge, good morning, Jack. Oh, I can't wait to reach out to you later, Jack. So yeah, I got some stuff to go over with you. Finally, so anyway, yeah, so we're trying to read this and try to understand. And we're waiting for traders to tell us. That's what we're looking for. We're reading their behavior and going along with it. So yeah, absolutely. Not trading is a huge aspect of trading. I was talking with a friend the other day and the discussion revolving around being a trader. And really, that's not the right definition. You're not really a trader. What you are is a risk manager. No matter what style of trading that you do, it does not matter. What everyone shares is risk management or lack thereof. So it is very, very important to know when you have something that is higher probability or not. The analogies are tenfold. It's a hunter. You only have a certain amount of shots. It's a sniper. It's a surfer, Tony. There you go. You're not going to try to catch every wave, right? You're going to be out there. You're going to wait. You're going to watch. You're going to choose. The way of selection is like imperative. Otherwise, you're not going to have enough energy or you might get caught inside or whatever it might be. So it's the same here. It's the same exact thing here. And this is exactly what we want to employ. We're looking for high probability trade. Good morning, Viper. You're a professional waiter. Yeah, that too. And not the tables. But yeah, just waiting. I mean, it's like it really is. I mean, I don't know. Any hunters in here? Dear hunters. Oh, God. I don't have the patience for it. It's not my gig. I'll tell you that. But you're basically, deer hunting season comes around and you climb up a tree with your gun and you hang out and you just wait. Or duck hunters, you go out in a boat in a little, I don't know what they call them, for the hunters. And you just hang out and wait. Wait for the birds to come to you or the ducks. So it's very similar here. So we're waiting. We're watching. But one thing we all share is that risk management. So that's really what we are. And the more that we can, I think, define it that way and also use those principles, I'm rather convinced like any trading style works. It can be a MACD crossover. The simplest things you learn in day one, as long as you manage the risk correctly, you can trade anything. You've got to show a bit of an edge somehow. But if you manage your risk, even with just crappy statistics or probabilities, if you manage it well, you can still make it work. Yeah, patience for the right wave. I mean, exactly. You need to kind of sit and wait and spend your energy on that one wave or a few waves that look really good. So hopefully that mindset or mentality is helpful here because it's being responsible with your trading. Yeah, Jack, OK, so yours is less risk management and more capture profits and smaller chunks adding to risk management. OK, well, that's great. I mean, if you have something there and you're able to put more and more on, then yeah, this is kind of step two, Jack, or three or four. To be able to add into trades and leverage the heck out of them when you have winners, it's amazing. The profits can be just unbelievable at that point. All right, guys, well, we really have not missed anything here. So let's jump back in here and take a look. A euro dollar is going down. We should see this follow suit now. In fact, let me add in the instrument copy here. So right, there we go. And we'll go to configurations here. No, not configurations. We'll go to chart settings. And we're going to inherit the chart setting from our other. No, we're not. We're not going to do that. Sorry. We're going to inherit the chart setting from the ES. Why don't we just go with the ES? Yeah, there we go. OK, OK. Oh, boy, I really screwed that up. Oh, well. Sorry about that, guys. Now we lost all our correlations in here. We can set it up again here on the copy. But let's take a look at this here. Oh, yeah, here I've got it still. So no problem. And we're looking for last trade, last price. There we go. OK. And this one, we can inherit from ES. There we go. Still not doing it here. I'm sorry. It is. What am I talking about? All right, there we go. We've got it. All right, so let's take a look here. So what we're looking for in the euro dollar is starting to drop a little bit, not much. It's on the uptrend here. Just made a lower high, though. And we're looking for to see if we got some sellers in here and maybe drop it down to about here in this liquidity here, which is in line with the VWAP, which is also in line with these big transactions here. So let's see if we can get something like that. And if that is the case, then we should see this S&P start to follow suit. But nothing happening, nothing shaking, no great divergence between the two correlations right now whatsoever. So we're holding off here. We just haven't seen anything really good here. So let's see here. Yeah, you're looking at Tesla, ES, and the breakdown, vice versa. Yeah, as well as market polls, which is excellent. Jack, absolutely. Yeah, exactly. Oh, no, client services. How much you wasted on other platforms? I mean, that's harsh. It's hard to hear. They're just not, I mean, other platforms have their strengths and weaknesses. Aggregated data in here. Like, look at these candlestick charts in here. But there's just so much missing, though. That's really the issue here. And this is what we really want to see here in Bookmap, the details of not just a candlestick or price going back and forth and volume down in the subchart. This is really opaque stuff here. We want to understand the details. Where are the transactions taking place? How many? Into what? Who's on the other side there? Are they moving it? There's all sorts of things to take a look at here. And we want to understand that, and that's what gives it an edge in here. And putting those pieces together and understanding the behavior of others. So here we are at the top edge in this S&P. You can see how that relates to this 15-minute chart. We thought earlier that the momentum here, we see green on the hourly. And we're pulling back here on the 15-minute chart. And then we come back up here again. Great. If we come back up here again, we should be breaking these and then looking for it to go higher here. I don't see it yet. I just don't see it yet. But I'm looking for it. So yeah, let's see if we get the move here now. We just had another stop run here. Short of these targets of high liquidity in here. And it's already pulled back. So it's mildly going up is what we're seeing in here. And yeah, I just don't see any great opportunity in here at the moment. So yeah, here we go. A little bit of exhaustion here. And now we're getting buyers up here. OK. Well, order flow wise, I would look for it to trade up into $64.565. Looking for the transactions in here. I just don't see the order book really following suit. And it may be a quick scalp up here. And then you're only getting a point or two. But yeah, even that is just not that great. So we're going to still look for where we think price is going to go. And we will cover that in here because that's how we can learn. But we just don't see anything that really is worthy of something more than that. And you can see, yeah, OK, we got some buyers up here and the sellers came right back in and drove it right back down. Because they can. There's not much here in the order book. So they can drive it back down into these lower areas here. Also, we do see, actually, this is actually not bad in terms of a setup, a double top in here. Not bad. I'm sorry, I didn't see that earlier. We didn't see this here. And they don't really absorb too much in here to really understand that the sellers are up here and getting filled. They're up a little bit higher here. But this is what happened in this little double top here was it traded up into these areas of liquidity. Some of it getting filled, some of it pulling. And can't make it higher. We're starting to see some sellers. It exhausts out up here. Up here, we see some selling already starting to come in. And then the sellers take it right back down. If we can get a little bit more down here, they should be able to drop it into these lower levels. And they have so far. So sorry, there was something kind of setting up there. And that was the sellers coming in. And this has played out pretty nicely so far, back down to VWAP, at least. Still looking for, I'm not much of a VWAP trader. I know a lot of people love it. And yeah, I mean, boy, I've seen it hold. But again, let's look at the order book, the liquidity, and the transactions around the VWAP. So look, look at this. We have icebergs in here. Not too many, but some buying in here. We have liquidity down here at VWAP, so they're supporting it. That's what matters. If you're a VWAP trader and you have your statistics on your VWAP trading, great. Now look for other traders to tell you that they're looking for this to hold as well. Boy, you're really, you're on it today, Jack. Love it. All right, so it's going through VWAP here. Let's take a look here, though. Are these guys getting filled in here? Looks like it. There's still more down lower, though. 55, 52, 50. And there's still more selling pressure. So yeah, I mean, basically, we're still looking for it to come back down in these areas here. And let's see here. Yeah, so and we're coming up on, we're just past 10.30. So we've got an hour of trading underneath us. I know a lot of you guys look at that first hour of trading and want to understand that range here. Well, here you go. Here's the range. So we're back in the middle of it. And yeah, yeah, it looks real good for to test the other side of it here. Down to this liquidity here at 52 and 1 half. Seller's moving the market here. It's pretty strong volume here. I'm looking for it to continue down to 52 and then maybe 50. Makes sense. So yeah, I kind of missed that double top in here. I'm sorry about that. I covered it as it was starting to go down. And still looking for this 52 and 1 half here to trade and transact here. And then 50. I'm looking for it to break down here. There's a lot of trading activity up in here. There's going to be a lot of sellers down below it here. And this is a strong sell move now. This has turned into a strong sell move. Guys, we talked about this on Friday as well, about the first hour and your initial balance type of trade. There's the move into 52 and 1 half. Still looking for lower, 50. And the initial balance, whatever it is that you like or you're looking at, just look at this, though. This coincides extremely well with this initial balance. It is this move here, this strong move. That's what we want to understand because who's moving the market is what we really want to pay attention to. And now can they continue and continue to push this lower? We're going to get some covering here, I imagine. Maybe a pullback here, but still looking for 50 here. It's bottom of the range here right now, or just below bottom of the range of the open. All right, sellers, let's see if you got it here. You're below this buying here, so these guys can be trapped. So I'm looking for the sellers to drop it here. Yeah, I'm with you, Jack, about the potential pullback here and then the push lower. Yeah, I mean, these levels here around, typically, you're totally spot on. Typically around these big figures, there's a lot of gaming of the market. And so many times we've seen it where, yeah, OK, it'll trade back down to that liquidity here. It trades through it. And it gets a lot of people going the wrong way. It's like, oh, it's breaking 41.50. And we've looked at it over the years, about two or three S&P points on average. It can break down below it, and then you can see really nice reversals back up above it. It depends. But when you see a strong break of that level, like this strong move on the sell side here, that usually signifies this is in it's like about four points, four or five points. It usually just continues to go and trade on down. So again, that's another thing to read there. So there's our move into 50. And I'm right there with Jack. I'm still looking for the move lower here. 47 and 1 half would be a good one. Seems like there's still selling pressure in here. But we cannot deny this, though. People are getting filled down here. We want to watch that behavior. And there's still more selling pressure. So there we go. There's our 47 and 1 half. And yeah, still there's a little less selling pressure here, but we're still kind of looking for this to see if it can go lower. Likely get a pullback maybe to 50 now. But just because I don't see a lot of selling here. Yeah, OK, now let's take a look at this. You see, look at them on the bid here. These traders on the bid being more aggressive now. See that? Look at this behavior here. What is the reaction? Do we find buyers? Not really. I mean, some, but it's not a whole lot. That's what we want to ascertain here. This gives us insight. And this is a spoof. Look, they pulled that liquidity now. They are back in here. And it's not the true definition of a spoof. I mean, they added liquidity. They're starting to transact in here. So they are taking risk. Risk is on their account. Bit of exhaustion here. Let's see if we can get sellers here. Nope. Still looking for it, though. Let's see if we can get sellers around here. And this is where the microstructure can be helpful as well. We're looking for some sellers here. We get enough. We should get the drop down to 47. There we go. There we go. That was fast. But that's kind of what we were looking for. All right, so now we got something more here. They're trading into 47. That's good. They're transacting there. We know that. What's lower? There's still some down at 45. But what is it done now? It's done three points below the figure. Now here's our retest back to the figure. It's already done it once. And now it's doing it again. And we know that there's absorption down here. OK, great. Do we get some exhaustion on the pullback? Let's see if we do. Then we get more buyers in here. Then we're looking for them to lift it to most likely here, 51 and 1 half, and then 53 and 1 half. Just looking for these buyers to come in. Because we know that they absorb down here. And we're looking for buyers to come in and meet the sellers on the other side. So we're almost at our, I'm looking at this little area here, not just because of the liquidity, but also this is where the selling really ramped up to the downside. It's already tested it. And we don't see a lot of buyers up here. Let's see if we can get a bit more. There's 51 and 1 half. And yeah, I really like the swing up here. I just don't see a lot of liquidity up there around 54. There's some. Let's jump back and take a look at our correlations. We're just not getting much of anything here today. Yeah, Euro dollar going up a bit. I got our Euro copy here. Now it traded in the high liquidity too, right? OK. So it's still trending up. And S&P is selling off. It's kind of odd. But it did trade into this liquidity in here. So we might see the pullback now on Euro dollar, maybe down to a 105, 50 or so. Yeah, yeah, Jack, this was a good example up here. I'm kind of upset I missed it. We covered it as it was kind of unfolding to the downside. But it would have been really great to see these lines of high liquidity in here getting filled, not pulling. That would have been really great. But then this is where we got some insight was this is part of one of the variations of this is we have the buying up here into high liquidity. Then they didn't really quite stay. So that wasn't so great. But we do see some sellers down here. And they did test the bottom of here. And we know there's some selling activity here. Now on the retest back up, here's what we got. So here's our first move. Here's our second. We see some selling. And then we get the move back up. We fail to make a higher high. And we exhaust out here. This is the exhaustion. This looks good. Now we're just looking for some sellers back down in here to break it and then pull this lower. Now that said, if it depends on how you want to risk it and manage it, you can even look at these smaller little areas in here. Here are the buyers. Here's the back and forth. Here's the exhaustion. Here's the sellers coming in. You're looking for the sellers to break this little area here, just this little area. Makes sense? We do see that. We do see selling down here. So we are looking for them to drop lower. Now if you're trading a fractal like that and you're looking at something like that, then you're looking for a smaller time frame for your take profits as well. Unless this starts to turn into a bigger move for you, then there's reason to stay in it. Just it's a consideration for your trade management that how do you want to manage your risk on not only getting in but also getting out? And if this starts to evolve into something bigger, well, then you stay with it. It's a different time frame trade. But the small trade you took turned into something bigger. Or you can even add into it at that point. If you took some partial profits, that's where you can add back in. It's a consideration, again, like if you want to start to leverage it. This is something that Jack had mentioned earlier. So the trade within a trade and now you're trading like a, it's basically a different trade, a different setup. It's a little bit higher time frame, not much, but a little bit. And there you can add into it. It is a different setup, a different opportunity. This is something Scott does really nicely. Scott Pulsini, he's on Thursdays. What he does is he will add into it, but now he will manage his stops according to that latest trade. Because that one should work. So now he just moves all his stops down within that other opportunity. So this way you can leverage in and reduce your risks. Yeah, I see that's exactly what you did, Jack. Excellent. Yeah, you've been looking at the ZN. Yeah, exactly. I mean, that's a really well-known. Well, that is the correlation. What's the correlation to everything, basically? But classic correlation to look at the stock indexes, negatively correlated, well, unless you're looking at yield. But yeah, anyway, let's see what's going on here on this S&P. What am I missing here? Here's another concept to take a look at in here. We talked at length about absorption last webinar on Friday. And something that we want to look for when we see that absorption at these peaks is that's when you're looking for sellers to drive it away from the peak, and you're looking for targeting liquidity on the other side here. So now, if you don't get that, because a lot of times you just get continuation of a trend, you get absorption right into it, like stocks. Maybe we'll jump over to Tesla. You get absorption right into it. You get a pullback, and there's no one here in the book. There's no aggressive sellers selling the market. And all what happens is you get exhaustion here. The market starts. You find some buyers. It creeps back up into this area here, and then breaks it. And you get a bit higher into higher liquidity up here, and it transacts into there, and then pulls back again, and then repeats. Let's just take a look at something that's trending and will probably be a stock. Not many pullbacks here is trading right into this liquidity and right through it. So maybe we'll have to look at something else. Maybe Apple. Boy, Tesla is pretty weak, huh? Yeah, still, these pullbacks are very, very shallow. Trades into high liquidity here, very shallow pullback. Typically, you get a bigger one. Exhaustion comes back down, transacts here, and then pushes through on more selling. Same here. These are very mild, and then it just continues on lower. Now we're starting to see buyers and sellers in this market. Again, what we're looking at is, what do other traders think of this? What's their behavior and go along with it here? Look for something that is higher probability. At our edges of interest here, and our edge of interest right now is, or trading area, is the figure here at $41.50. We talked about this in some detail here. The move down to it, the move through it. We're looking for all of that. We're looking for some profit taking. We're looking to see if we reject and can come back up to $54. We're looking for the move back up to this little area here, that already unfolded, and then nothing else since. All right, Jack, you're short, Tesla. Let's see, Hector, you're looking at something here. How can I identify high volume on absorption and exhaustion? Well, you're not really going to be able to see it on that candlestick chart. It's just not going to present. There's another thing that I think it was. Tony was like, well, why don't you put up the absorption indicator? Yeah, you're right. Let's put it on. And let's put it on auto mode here, and let's see it. I always like this indicator. There was just so many things on the charts, stops, and icebergs, sweeps, et cetera, that I always tried to keep the chart kind of clean with the heat map, because not everyone has a Global Plus. But guys, you should consider it in this sense. This add on here, and we're just covering absorption with Global Plus. I mean, we went over it on Friday how you will see absorption in areas where there's not high liquidity in the heat map. The heat map shows you that area in here. And yeah, here, for example, there's 512. We have to zoom in to see it in the heat map here, though. It was in here for a very, very brief second and a half or so, and it transacted. Cellars traded into it. So this was during that little kind of spoofing event in here. They're in here, too. And there's some transactions into that, not a whole lot, though. So this is what we want to see. This is how we can start to put pieces together for starting to understand maybe it exhausts out on the backside here after being absorbed, and then you get the trend continuation. You get more sellers. Or you get the absorption here, and you start to find buyers come in, and you get exhaustion on these pullbacks in here. That's what we'd be looking for, for maybe this to start to trend. And we're not getting either here right now. So right now it's just very neutral in here. Just really just bashing around or kind of sloppily trading around the figure here at $41.50. Really no insights right now. Actually, we can go with a small insight here. Lower low, some exhaustion here. Not much, but there's less trading here. There's more sellers here, so back down to the bottom of the range. And it's a lower high. This made an equal low here. It's not much. It's not much. But yeah, we'd look for it to transact back down to here. This is only a few ticks. However, if you get enough, then we're looking for $48 and $47. And then we can get down to maybe even $45. So that's what we're looking for. And let's see if we can get this to unfold here. So it starts with the we see some buying up here. Then it can't make a higher high, and there's not a whole lot transacting up here at $51. That's when we look for these sellers to come in and trade back down here. They already are. So it's just a few tick move. But let's see if we don't know when it ever will break here. What would be a higher probability for it to break is if maybe we get high liquidity like this on the offer in these areas in here. And they absorb. And we get more sellers down here. So that would be great. And let's see if we can get that. And if we can, then we should get the move lower. So we're looking for sellers down here. And instead, we're getting buyers up here. And the order book is not doing what we're looking for. This scenario is not really playing out. There's a little bit of liquidity in here, not much. OK, again, let's see, $49.50 here. Not seeing any sellers here. If we can get that, then we've got more likely move here to the downside. All right, here we go. Here's our retest. And no sellers. There we go. There's some selling. All right, sellers, you got it wide open. Plus you got this fuel here. These buyers trying to buy at a discount, they're going to get stopped out. There's our stop run already. There's our move to $48, and still looking for $47 and lower. Let's see if we can get down to $45 here at this point. All right, so how can you manage a trade like that? We're looking at this edge in here. We didn't see it. We didn't see it. Now we start to see it. And then we start to see what we're looking for that we outlined in our scenario previously. So basically I would be looking with a sell stop here at the bottom edge or right around this area here and then take some off down here at $48 and try to get a runner. Now stop at break even looking for $45. So what do we do in here? We waited, we watched, and we're looking. We're managing our risk properly, but we're looking for the market to tell us. Now it's already pulling back right to where we hypothetically would have sold in here. Now how do you want to manage that? Well, a lot of times I just take the stop. That's it. Didn't pan out, didn't get the bigger move. That's that. I didn't lose money on any of them. I got break even on one, and I took some on another, some profit. And look for the next setup. There's other ways of dealing with this. It's really up to you. Another really strong and responsible way I feel personally that is good is like if you got in here, for example, you took some off at $48. Now you can move that up to here. So that's where your stop would be. And maybe one tick lower. So it would be here. You would have it at $50 and a quarter. And that would be your overall stop. It would be break even plus one tick because you already took some off at $48. So this is what if we make that equal and put it up here minus a tick on the overall, you would lose this, but you already gained that. Make sense? I know we covered it so many times. But anyway, this allows you to stay in the game longer if you believe in this position. And if you get stopped out, at least hopefully you don't get slipped and you don't lose anything, you just get stopped out at break even plus one. Yeah, it's kind of sit on your hands. I know, Jack, maybe we can cover. There's so many different things to cover always. In terms of price action, not seeing too much. But we can look at this here again. All right, here's some absorption here at a higher area. Now, if we do get buyers here, I like it. I would like it. I would look for the move back up to here or here, 51, basically, let's call it, because we had to move into high liquidity. We know that. Now, these are smaller moves. And this is on a day like today, this is what the market gives us, so we got to go with what it gives us. We've got it liquidity getting filled down here, starting to see some buyers in here. We do have our absorption here, sellers trading into that high liquidity. Now, what we're looking for is the buyers in here. This relationship between this little range in here, most of it is still biased to the downside here, to be honest. I was looking for it to be the big green dots up here, which is what I'm looking for. And we didn't get it. If we did, then we can get this move. Yeah, actually, it looks better for the move lower here. However, it's just there's both buying and selling in here, as you guys can see. Nothing great, just nothing great right now. What if we jump over to our euro? It's not telling us much either, it really isn't. In fact, we were looking at this liquidity in here, this absorption here. It's not technically absorption, but traded into it here, went higher. And then we were looking for a bit of a pullback in here. It is trending higher, but we're looking for a bit of a pullback in here. Really, this is kind of messy. What about our bigger picture here? Well, this turned out nicely to move to the downside. We were looking for the buyers to try to break it here. We had that momentum in this candle here, and then it did break it here, and then it failed. It failed hard. That was back to this area in here. We saw it up here. A little bit late, and definitely late, as we were looking at that bigger picture. But we did talk about it, and the move back down into 57, and then 55, and 52, and 50. Okay, so that did play out pretty nicely. We're still seeing some absorption here. This is kind of interesting. Should be an iceberg in here, because, and it is some of it. We see 208 contracts traded in .01 seconds. So there's some exhaustion, guys. Okay, so do we have absorption over here? Some exhaustion here. Okay, so let's go through another scenario right now, and let's see if we can get it. So we have a bit of exhaustion there. So here, above this, at 47 and a half, let's see if we can get a big green dot up here, okay? Then we'd be looking for this move, right? So I just see a lack of selling down here so far. And right when I say that, it starts to pick up. There we go. Okay, well, if we can still get these guys upended here, if we can get back up here. All right, that's what we're looking for. Or maybe it trays into here and they get filled, absorbed as well, completely absorbed, at 46. There they go, okay? All right, let's see if we can get our big green dot up here at 47 and a quarter. Love to see the order book supported underneath, then pulling here on the offer. They're not, they're kind of adding on the offer in here. And we're getting a bit of buying up here, not a whole lot. Okay, now we're starting to see it. See them supported here a little bit in the book? That looks better. Okay, there we go. All right, so yeah, now they're starting to pull it up. Let's see them pull it up. Let's see if traders can pull this up to 50 now. All right, so we have some absorption. We had this absorption here at 46 completely absorbed. Okay, and then these buyers come in at this 47 and a quarter. And let's see if we can, and we broke the range here. Let's see if we can get back up to the top of this range. Okay, back to the figure at 50. Okay, the book is supporting it here underneath, starting to get our buyers. Let's see it, buyers should be able to move it up to 50. And this is your, you can see a little flag pattern in there. Okay, buyers, you got a clear path up to 50, even above 50, they're pulling even at 50. So just looking for those buyers to lift this top of the range. Yeah, well, it's not, we're not out of the woods yet. We're still, it's still in a downtrend. You know, I'm just looking, we're just looking for kind of top of the range here. And again, like the discussion with slowdown, you know, reversals take a while, typically. Unless you just see all of a sudden a massive buying coming in here, which we have seen many times over. When you see that, like I was just gonna tear through those areas. And they're losing their appetite on the bid a little bit, 47 and 46 and a half. Yeah, see now they're pulling. It was an idea, not gonna pan out, it looks like. Still could, but I really doubt it. We got some exhaustion here and here, little structures starting to look kind of bearish here. So maybe down to 45 now. Lower high, lower low. And then anyone who bought in here, now we're looking for the stop run here into 45 and maybe a bit lower. Yeah, it could be a large Delta buildup. Absolutely, Jack. And we don't see that yet. I mean, you don't have to be, you don't have to look at your Q and a volume Delta to understand that. There's a bit of Delta in here on the buy side, but there's more selling. Yeah, we can look at CVD quickly, change the CVD a bit. Here we go. Yeah, yeah, that makes sense. So yeah, even here, there's just more selling still. Hey, but again, like, we're looking for the move around here and then it was even in here, reduce the risk. We saw them starting to pull that liquidity. We didn't see the buyers back up here again. It's, maybe it's a one tick loss. You know, just again, we're talking about risk management in here and many different ways to manage it. In this case, this is what we were looking for in this scenario was the buyers in here likely would have gotten in here looking for the move back up to 50, didn't pan out, saw it, got out, and then that's that. Okay, again, now here's our absorption again here down at 45, okay, traded that liquidity here. And again, and now liquidity on the other side getting filled or absorbed. So this is gonna be an interesting little area here. Now let's look at our stops in icebergs, yep. So icebergs starting to ramp up in here. All right, so again, like we're, it's starting to, something's starting to happen down here. Starting to look pretty interesting, but we're not there yet. It, you know, it's still selling off here. And let's take a look at our bigger picture here. All right, even our bigger picture here, we're at the bottom of these wicks here below it. If we still see that selling pressure, we're looking for 42 to 38, something like that. In here, okay, we're starting to note in here some interesting stuff starting to happen, but we don't know, we don't see those buyers coming in yet. Okay, order book is supporting it. We're starting to see some buyers here. Now, one of the scenarios on the buy side would be that they're gonna lift it really quickly up into 48 and a half, maybe 50, right? And it would be hard to catch that then, right? You'd have to jump in right in here around this 46. Okay, because you might not get the pullback here. That's the problem with these kinds of moves in here after it really goes down further and further. That's when the buyers will come in kind of hand over, they're not coming over hand or fist here, but they are coming in and it's not pulling back, right? So you're gonna miss it. And you have to be fine with that and just wait for another opportunity because this is very typical in here. We're looking for it here, goes one more down, we start to see some interesting stuff happening here. We do get the buyers now and it still doesn't look all that great, but it did follow through to 48 and a half, still looking to see if we can get back up to 50. Okay, we also had our, we had the icebergs, we had some absorption and level 45 here. Yeah, price going sideways is a good question, Jack, and let me catch up with some of the discussion over here in Discord, but we'll talk about that in here. Yeah, Jack, you really are a slowdown, you're really getting into the details here of a very particular, you've identified a particular trader with 135 icebergs. Yeah, it's funny, you can start to see that unfold. What do I think of it? I don't really know, I mean, again, I kind of view the larger players, the icebergs, as long as it's a kind of correlation or a confluence at a level of interest, like this here, we had these things here, we're looking for our buyers, but kind of let this one slip by, but we were looking for that in here. And this is where I think the icebergs and stops can be very, very helpful is around these levels and really dig into the details of what's happening. And a lot of this chop in here, I haven't found the icebergs or stops can still be helpful to understand like a break of a range, a stop run, and then it not accept and it rejects and comes back into the range. But yeah, that's, they don't rule the market here. It is the majority of the traders in here moving this market. This adds to it. And this is a segment of it. So you pull back traders, like this is one of the reasons why I do like to just jump in. Looking for this kind of scenario, I probably, I would have missed this one, but if I saw a green dot the size of this red dot down here, I wouldn't miss it. I would look for it. But this is, it looks like this might be the pullback that you get is only this range up here. And we'll see though, it still might break that and come back down and trade to 46. And then that might be a good setup for your pullback traders. Hey, but it's this range that is playing around right now and they seem to be supporting it. Ah, they're just pulling that at 47. Anyway, we have to look at these smaller ranges in today. Not really getting too much. And this was a nice move. That was the big move of the day. Okay, we were looking forward to break. I'm surprised it has accepted below the open here, but it has. But we're coming up on the European close here. We can get a nice move back into VWAP or back to maybe here around 57 and a half or so where it kind of dropped from here. Really dropped from up here and your high volume node. But yeah, this could be the reversion trade starting to set up now. They are supporting it in the book. All right, we did get our pullback here. All right, and there's our exhaustion and there's our support in the book. Okay, I don't buy pullbacks though. I look for something smaller in here, like right here at 47. If I see green dot in here, I would buy. Yeah, looks better. And then now looking for the move back up to kind of top of the range here. And it looks like it's not gonna work out. Let's see though, we still might get it. There they go, okay. All right, so yeah, I'm still looking for it to pan out. Okay, up to, well, 48 is the first stop, but we're really looking for 49 and then maybe higher. All right, so we did get a pullback trade. You pullback traders, there you go. They pulled this liquidity up here, so nice. As long as we get these aggressive buyers, it should be able to pull it right up to 49 and 50. All right, now this could turn into, God, who was the pullback trader last week? We could look for the bigger move here, not only to 49, but like we were just saying, like maybe your VWAP, maybe where it dropped from here, 57 and a half, maybe even 61 or so. Let's see if we get anything in here with how's our euro dollar doing? Starting to sell off a little bit. Let's take a look. Yeah, starting to sell off a little bit. So we would, I mean, that usually means, you know, dollar strength. Well, we know that means dollar strength. That usually means selling off in the S&P. So maybe this, we're still not able to take this higher. Yeah, I'd be out at break even on this, to be honest, after looking at that euro dollar especially. So we were in here, and I think this is all hypothetical and I'm only going through this to under, so you guys can kind of put together pieces if, you don't have some sort of way of looking at this. Exhaustion down here and then looking for buyers in here and then looking for follow through to the upside. And then how to manage it? What if it doesn't work out? I mean, it did move up to 48. And that's why we look for these little areas is the top of these little swings here as typically your first target, but there's, you know, it's only a point. We're looking for something bigger. 49 would have been great. That would have been at least a few points out of it. But why take the risk? You know, this is the beauty of us as retail traders. We have that flexibility. We have reasons to get out, get out. Small losses or minimal, minimal losses and looking for bigger wins. Not clear how you use cumulative volume delta. Yeah, let me cover that. Since you're new in here, Ron, very, very simple. I mean, typically I look at the, I don't use cumulative volume delta just because we've got the information here in the volume dots, right? And we can look at that relationship between the price structure and the volume dots. So for example, this looks pretty good on the buy side, but you know, there's a lot of selling in here and then look at the cumulative volume delta, right? So there's more selling, but basically there's just more selling volume in here compared to this buying in here or in here, right? So I'm still looking for a continuation here. I'm not looking, I'm looking for this to drop further. Basically, now if we start to see a lot of buying coming in, that would be something different than we would have some divergence in here, that this is dropping the, there'll be a lot of trap volume down in this area here and they'll be upended and we can look for the buyers here to move it away very, very quickly, okay? Back up to top of this range or our 48 or our 49 up here. And then that would be a setup in here in your cumulative volume delta, okay? So this is a higher low, this is a lower low, but we got to get those buyers and they're coming in now. So it looks good actually, I like it. I'd be looking for this to trade back to our 49, 48 and 49 here. Okay, I upended my, originally I was looking for the continuation and what did we get, okay? Well, we got some absorption in here and we got our buyers here most importantly. We found some buyers, okay? So there's a lot of selling in here, but if there's strong buying that comes in here and now, then we're looking for these moves up into here. So I hope that helps. It's kind of, it's not your traditional core divergence in cumulative volume delta. It's usually what you see is the, this leg go lower and this leg go higher and maybe, you know, the equal low or something like that in the double bottom here, right? So this is kind of a negative correlation here or divergence I should say. So it's already come up to 48 and that would be my first take profit on it. Maybe 49, maybe 49. Stop it, break even though for sure. Okay, just going over some trade management, throwing those ideas in here because what we're talking about, we're not trying to, we're trying to go over many different trading styles. So depending on, you know, what it is, it really, we've just seen it so many times for over these years, everyone trades differently, different ideas, different concepts, looking at different things, but they're almost all trading around the same levels. So let's look at what book map and the players, participants in the market are telling us around those levels and we'll go through that. So here's divergence as well. You have the negative divergence here and now you've got the regular divergence here. You have an equal high, right? Here and here, but look at your cumulative volume delta here and here. So what that means is this buying is not so powerful. Okay, so yeah, I don't know. Maybe if you saw that come in, you take some profit up here and then you get out and you go short and try to take it back down. Look, these are very low timeframes guys, but again, we don't have a whole lot to work with here today. I'm still, I still like this idea of like us breaking here this coming up to 50 liquidity just for starters. Then maybe up to some of these swings up here and we talked about this one, this one, and yeah, even up here. So yeah, a few ideas. All right guys. Well, we're a bunch of different things in here, some recapping here. We went over the continuation of absorption. We looked at exhaustion, looking at these ranges in here, looking at the absorption indicator and stops in icebergs as well. Anyway guys, yeah, I've got to go. Thanks everybody for coming. If you like this video, please hit the like button. That helps us a lot and we can cover more of what you're looking for. Whatever it might be. We'll put in suggestions in the morning and you guys can put in whatever, we'll cover whatever it is that you guys like. There's a lot of, I mean, really, what the software is doing in here is we're identifying these levels and then we're looking for the behavior of traders around these levels. This is the key and this is where we can get the most out of it no matter what you're trading. So it looks like Ron wanted to go over the cumulative volume delta. Great, let's go over it. Let's show it in the transactions and also in the heat map. As you know, Ron, absorption is a key role, plays a massive role in your cumulative volume delta. That's actually when you get the divergences. Anyway guys, thank you all. We'll catch up with you tomorrow, okay? Thanks.