 Good morning, it's eight o'clock and welcome to another one-hour breakfast webinar. My name is Moby and if I just quickly click through the slides, my bio is there, but first I'll do the disclaimer for this webinar. All bookmap 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 involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. The only real thing to note in my bio is that I have done this for quite a while and I do both discretionary and algorithmic trading. Let us get rid of that and turn on the capture. First thing today is to have a look at what is on our agenda. We are going to look through today's economic calendar. We are going to do a very quick recap of what happened in ETH. Then we are going to talk about PREP, that is preparation of what we can use or if anything from RTH to our ETH. That is whether we are trading in Asia or London. Then we are going to delve into the first of many delves into the Wycoff concept of springs, doubles, testing, an area which could be considered as a double bottom or a double top. Today is calendar. There is not as much on the calendar as it has been lately. We have at 8.15 the ADP employment change which has marked as a red, i.e. of significant importance. At 10.30 we have the crude inventories which is very red if you trade crude and can add some volatility to the equities. If the actual release is somewhat different from forecast. Going back to our little agenda, the first thing we want to do was an initial recap of ETH. If I dim these pictures and we go along and look at the screens. I think if we start off in the trading view screens because I have zoomed out as far back as is really visible. If I zoom back any more than this you cannot see anything at all. You cannot see the individual bars but I think you get the message. The close was around about here in NQ and around about there in ES. And then we broke down on the Asian Open and if there is a reason it could be the earnings released by Uber. It could be anything but that could be one of the factors which caused it to break down. The red line here in both ES and NQ is the previous days low. You can see that NQ broke down under yesterday's low, tagged it and went down further before reversing back. It is still below yesterday's low which means it is outside yesterday's range. For ES, ES broke down. First thing it did was tag or just have a small spring and we will get into that a little bit later. A small spring of yesterday's low recovered and then tagged it again or close as and broke through or distributed around here and broke down properly before rebounding and it is almost back at yesterday's low. I just want to recap again why I have got these two charts which I do use. Obviously not as zoomed out as this normally but I normally have it zoomed out something like that. In fact that is more like it about there. The reason why we have these two charts together so that we can see the high correlated action between ES and NQ and to go into a little bit more detail into provide a little bit more clarity why that can be or may be important is that if one of them tags or breaks through a significant zone or price level that may be enough for them both to reverse or to continue at that point. If we are going to have a continuation and if we are going to distribute here around the low and then continue one can drive the other so it can be NQ or ES but the fact that one has done it means that the other is likely to follow suit regardless of whether or not it's hit a similar zone i.e. for example the same yesterday low for ES as for NQ. It doesn't matter that ES on this occasion hadn't hit yesterday's low. The fact that one of those two symbols had done it is often good enough for the ARCOS to get the price action behaviour that we then saw. But again I don't use these charts in isolation and a big big disclaimer that you know the VWAP bands that I've got here are for informational purposes only and not for the basis of taking any trades. They're just an approximation of where value is. But we never have a trade with just a bear chart. The idea of this presentation as with my colleagues presentation is that we use this to then look at the liquidity over here to see what we get from liquidity presence to increase the probability of setups or trades that we are willing to take. I've only got the ES action from today so that's basically 1800 that's 6pm New York time or the Asian open which is just about there. I have to reboot to make sure that this presentation runs smoothly so I don't tend to keep my book map running for day upon day. But that is something that is worth mentioning because when we get into talking about the preparation of how we can use the RTH session in book map as well as the charts to look at zones that could have some significance or interest in the ETH session. The previous days RTH is important and so although I can't drag it down I can elucidate by looking at the type of action from the previous day that would cause us to market. So I mean if this was the previous days RTH and there was a significant level and by that I mean when we look at the previous days action and I'm sorry I am delving straight into the preparation and using profiles here so I will slow down. So you're in the room slow down so hello. Yeah I was already getting on to that topic but anyway let me just say out of courtesy if anybody's got any questions feel free to pop them into the Discord or the YouTube. I know that we don't at the early stages of this webinar we aren't going to have many live subscribers and yeah that's perfect expected and accepted. But anyway if anybody does have any questions yeah I'm happy to make this an interactive session so feel free to pop those into YouTube or Discord and I will as soon as I see them read them and comment or answer them. Okay so yeah so even though this is not the right session in terms of the ES book map for the RTH the previous day but I'm going to go into one of the first things that we look at okay and I'm going to have to sorry I've got the NQ one let me go back to ES okay and I'm trying to get into the afternoon session here sometimes it can be a bit of a pain looking at a trading view chart on such a small screen. Right okay there we go okay what I'm actually looking for is a midday New York time so again these are not exact times or reference what I'm actually looking at is the afternoon action in ES. So you can see here there's something akin to a double top almost a triple top since it comes back to the same zone before it breaks down. If this was not an earnings release week and again I'll stress how different this week can be from typical weeks you know this would be the very first thing that I would look at everybody's different but the very first thing I would look at is the afternoon action. So I'd look at this period midday through to 4, 5, 6 o'clock whatever the trading view action is and I'd look at the highs and lows. So here you'd have a triple top or a head and shoulder whatever you want to call it zone in ES from around about 06, 0625 down to about 03-ish. Okay so then I would go into the book map chart for the afternoon and I would do it before I rebooted obviously because once you reboot in book map you will lose certain information when you then reload the same data even if it is in the cache or the cache that you can load in book map and if you don't know what I mean by that one let me just scroll back and explain. If you scroll back when you restart book map you will always get or you should always get a little left chevron arrow which you can click if you've got cached data on your drive and your local drive and then you can add data so what I did because I think I rebooted around about 7.20 p.m. New York time so around about there is I added an hour's locals or two hours locals so I got the rest of the Asian session but one of the things that you do lose when you restart book map is the SI information so you can see here that all the stop release information starts around here which is 1939 I think that's sort of indicative of when I must have restarted book maps I must have done it around about half past seven in the evening so one of the things that you really want to look at or you might want to look at for those highs that we pointed out in ES for the previous afternoon was what stop information was up there what was the delta positioning if you grouped that information on the same chart in other words you zoomed and drag it into when I say that I mean you drag in a bit and you get a certain bit of information so you can see the particular delta the accumulation of buyers and sellers at that zone and you can also get the stops and icebergs information may be relevant because it may show you what's already been flushed out if there has been a big flush there is a possibility and again all of this is just possibilities and probabilities no certainties that they may not need to or may not want to have another test up and flush it to have a reverse spring or up thrust but the other thing to and I'm going to get into the profile now as well is that in addition to looking at that information in book map to see what was there and sorry there was one other bit of information that I'd be looking at in book map as well I'd be looking at the large trades so the large buy or sell trades just the large individual trades or clustered trades or however you have it on your book map to see what might be retested so there are a couple of possibilities or was always infinite possibilities but two of the possibilities are a flush of the activity at that double triple top and also a retest of the largest trade there because I tend to zoom in a lot and I tend to use book map more for the microaction one of the things that I will do is I have a chart in Sierra maybe I'll show it sometime showing me the large individual trades so I can go back 24, 36 hours very quickly and see was there a trade of 500 here or 1000 here just quickly so I can reference it and you'll often see if I'm streaming during the session that I'll have marked that in this column which is the cloud notes column that there might have been a 500 trade here for example that's just hypothetical because there's nothing marked here so what we're looking at in book map is what large trades occurred in that triple top area are there lots and lots of buyers and sellers that could be potentially flushed if price is taking out a little bit higher and if it is flushed there was a potential for a big reversal up because we are in a trend up that has not broken the more severe daily uptrend line which I mentioned the other day so we're still in a very very strong uptrend despite any downward action we may have had in this ETH session so we're looking at big trades presence or what presence do you have the buyers and sellers in those zones and what stop iceberg information mainly stop information we have in relation to what happened on those three touches of that zone okay right so I mentioned that we were also going to look at profile let me just stop and see if there's any questions no questions okay alright okay so someone asked in the last webinar if I could have a quick overview of how the profiles interact between RTH and ETH in the sense of how I use the profiles I would refer you to my colleague Tom if you want and in depth discussion of volume profile on a day by day by day basis but this is just a very quick overview of what I'm looking at so I'm looking at two things the two of the most basic things when I look at a profile chart and to explain what this is I think I have done before the grey edge is the volume profile the shaded area is a time profile or a market profile the pink lines are the point of control where the most volume is interacted in that particular session the vertical grey shaded zones are evening or ETH sessions and white ones are RTH sessions so if I turn on all the evening sessions and zoom out vertically we can start talking about how the ETH session has interacted with the preceding RTH session and how it may provide some information and I state some information that could be useful in the following RTH session okay so one of the things that I'm looking at I mean sometimes you get picture perfect information this does not happen very often it's like an indicator that has magical properties but this is one I mean one of the beauties about having a look at volume profile on Sierra and I must get back to book map after I do this and I'm going to do this as quickly as I can is that you can join value so you can basically merge all the value together so you can see where value begins and where value ends let me just reset that chart to get rid of all of that so we can see individual sessions so again the white sessions are the RTH sessions and the grey sessions are the ETH sessions so one of the things, again I say it's picture perfect but one of the things that may happen occasionally is that you have clear value that has developed over a period of time and one RTH session can be considered a decent period of time so here you have a clear value in their session which was whatever date that was, Monday and that value is delineated let me get a crayon up here let me change colour to pink okay, that value was delineated about there and there so you're looking in ETH for a potential flush beyond there and beyond there, so above and below and that's why I say this session here just happens to be a picture perfect session so you're looking at value and you're looking at the opposite of value so if I get rid of all of that go back to here, let me just get rid of that go back to the cursor the opposite of value is trend or exploration as they call it in the auction thing where price is exploring until it reaches value so in this RTH session if we turn it into a price chart and you can see over time what happens it had value, broke down from value and eventually found some new value there so you're looking at two things in the profile do you have value or do you not have value do you have value or do you have trend so if you have value is there a potential and this is when we look at book map and we go back and we see what action was there in RTH is there a good probability that there's a reason why they may take this high just to flush them and if we actually go and see what happened on that day so what they did was they flushed the top of the RTH value first and they flushed the bottom and then it formed another value area during the next RTH session let me just stop and see if there's any questions sorry, I will pause at this point Torchbearer, I do not do predictions that is one thing that you cannot use in trading nobody can predict the future you can't even predict the weather so I don't predict that I simply with a one minute chart it's just to help me see a zoomed out picture of what is happening in book map and to show me the direct correlation between ES and NQ again you've used the word predict in your second question again I can't answer that one because we cannot predict we can only find possibilities or probabilities we cannot do any prediction so that is just one example so to speak very very roughly we are looking at anything from the RTH session I want to get it back to book map as soon as I can here to see where the value was on the profile and where there was no value and where there was value so where there's no value we're talking about low volume nodes where it's clear and then again you go back to book map and you see what the price action was in book map around there so it's basically a map and I'm going to now get rid of it and we can always revisit this in a future webinar to assist how you might then look at the next session okay alright let's just zoom out again and just have a quick look I think I actually missed the news so let's have a look at what has happened at 8.15 I'm sorry I was too busy talking to even notice that the ADP employment change had been released at 8.15 so the actual number was 324,000 new jobs the expected number was 190,000 and the previous was 497,000 so it was a beat that was at 8.15 so if we zoom out for a while 8.15, yep 8.15 so positive news and the market did not react favorably instead it has continued to break down a little bit okay if we just get these back to how we like them and drag them there so yeah this is how I effectively use these one minute charts although I think this is on a three minute at the moment it doesn't matter if you're that interested in one minute charts and three minute charts there are some great practitioners around that I do recommend you read their stuff one is Lance Beggs I look at Lance Beggs and I look at Adam Grimes they both looked at this kind of stuff and they provide some very very good information I think Lance Beggs is also very very famous for his attention to process, process, process, process focusing everybody on sticking to a plan and sticking to process in fact I think he got so frustrated that he's recently stopped tweeting and his website's going to disappear as well but yeah he is one of the best instructors in terms of looking at these individual candle type charts okay I do not tend to take trades based on candle type charts there are certain things where I've got some statistics on levels such as yesterday's low or yesterday's high and again if I take a trade on that basis it's not actually on the basis of the individual candles it's on the basis of the type of stop that it is possible for them to flush through so again it's not on the basis of any price action it's not on the basis of any moving average and the VWAP is just an approximation of value okay right okay yeah so let's look at book map for a little bit and let's have a look at what's in the charts as we come up to half past 8 an hour before the open okay give me a second while I just observe so as you know from my last few webinars what I tend to do on the vertical scale is zoom out as much as possible on ES and then on NQ or vice versa just to see any resting liquidity that's been around a long long time and I discount any resting liquidity or I reduce in my own mind its significance if it happens to be on a particular set of round numbers being the 50s and the tons hey Mothers I doubt whether I have pronounced your name correctly but hello yeah okay so if I look at the ES liquidity map or the heat map here we see some liquidity again at the round number it stayed there it's not huge now if we zoom in and we double check what it is that is at 4550 just so we know it's it's not, I mean it's a nice double band but neither of the numbers 163 or 159 are significant and the fact they're at a round number means I'm not going to pay much attention to them there was a nice big fat 300 liquidity but that has been taken away that's one thing you've always got to bear in mind that you can get great resting liquidity it can provide meaningful information and then it can disappear again you cannot foretell the future just because something is there does not mean that it will stay there there is a probability that it will be hit if it stays there there's a probability it won't be hit and there's a probability that it will be yanked before price gets anywhere near it we're in a probability game, we're not in a certainty game so that is the ES1 zoomed out let's have a look at NQ just to see if there's anything that's been sitting around for a long time and clues for later on in the day this is something that I am doing so many times a day it's not funny that's if I am actually considering a trade in the next little while whether that's 5 minutes an hour, 2 hours, whatever I want to know what the liquidity map the picture is from a high level perspective as well as a micro level so again on NQ I can't see any resting liquidity that's close by that's not at a big round number here we have 15, 800 and we'll have a look to see what amount that is that's a decent number, 86 but the fact that it's at a round number means that I am tending to discount that and not pay much attention to it so if we look a little bit closer to them there is nothing there that stirs my attention much if at all so there is nothing to make me excited saying oh that's resting liquidity is playing a role in the picture and if I am just I am just looking to see where the big trades in NQ were there was a big trade up at 720, 715 but that's already been tested so that's one thing that I look in both Bookmap and Sierra if I am looking on a slightly longer basis I've got it to hand in Sierra so I will have a very quick look and if I want to see a bit more detail I'll get into Bookmap and zoom right into the trade to see exactly what happened so there is nothing on the liquidity map that gets me excited so we can go back to talking about about doubles and springs and everything like that and we have let's have a look I think the action in ES may actually I am just trying to see if there is any nice plain doubles or springs there is a reverse spring ok, so there is something for us to look at here ok, let me get the pen out again so what we are looking at here is we've got a swing high that's a terrible line, sorry and then we have a reverse spring so there is a breakout failure it goes up and this is just after 130 just about the pre-open for the DAX the German market and takes it out tags VWAP and reverses down so if we get rid of that we should go into Bookmap and have a look at what happened so we want to know what information was there at that 132am price action to provide us with a trade ok, so let me get back on the cursor get on the right bookmap chart which is ES and we are looking at around about 130 so we are looking at this area and the first tag was at 11pm so I thought we could zoom out and see if we've got it yep, we have got it there ok, now that's quite interesting because we have the stop icebergs information right in front of us so at 11pm there was a small, I don't know let's just have a look let's zoom right into this iceberg so there's a cell iceberg it's first a bi iceberg which looks quite small and then a cell iceberg which rests for a while ok, this is one of the things that I will say I do look at both in ETH and RTH if there is a resting iceberg and it has had a significant amount of volume the sellers have participated to a reasonable extent and it stays in position and it's not an exact round number I am interested to see if there is any action and here it's a cell iceberg so if there is any long type action i.e. if there are any potential longs to trade towards it to finish the business that the Algos or the large player may have had in that zone so here we've actually got a spring so this is quite fortunate so we can actually discuss this this is something that I would love to have traded but I was not around I was rather busy at that time today ok, so step one we have a breakdown sorry, so step one or the precursor to this is we've had the Uber earnings release or just negative market sentiment in Asia and we're breaking down and this is Asian time so this is, as I said this is before the Tokyo lunch hour so we've got an intraday trending type action going down let me just check there's no more questions ok we have a seller iceberg in play and there are two ways of looking at this one, if you're looking for a trade to go back up so along so you can try and target the same zone and again we are looking at high probability, high R-based trades we're talking about ES we're talking about a small stop but we're talking about equal dollar sized bets so even though if you've gotten around here and your stop may have been two points two points is only one part of the game here it's how many contracts times those two points give you that dollar value risk that you're going to repeat time and time and time again the point at which you decide for yourself that you don't want to do that well that's fine my thoughts on this are that equal dollar sized transactions or bets are the most sensible way to trade these markets simply because you cannot predict the future so ok we've got a target or target zone it doesn't have to be this exact tag you'll often find with these especially these ETH icebergs they may not come back to exactly tag what you're looking is to see whether they get the volume they get more fuel up around here to go down lower here so if you set your target at exactly that it might be that you never ever get filled so one thing we mentioned last time was scaling so you have your two point stock you get in you're not going to get in there that's imaginary maybe you got in there so what is that 458025458025 and you got a two point stop so that's for you know you are the other side of that liquidity so that would be a reasonable stop what is your actual target here your target is I don't know it's just over one to one to half hour it's not a huge trade but you know it's worth looking at yourself as to the probability of that trade working out because it is something that does interest me where you have a sell iceberg of a decent volume that rests in the market for a considerable amount of time it's just because they know or they have flagged that they are willing to do business up at that zone here they may well have flushed your stop and you're also trading against the market direction so you know you could say that's a full hardy adventure if you had a trend line or even a volatility based moving average or volume based moving average whatever you want concoct and believe me I have concocted just about every indicator there might be sorry I'm just stopping to read a question by MDHC clothing with that target zone be V epoch on a market profile I will have a look so the target there was 4583 or close to it at the time that that happened where we got in the right chart yes we are let me just get rid of the other let me get rid of the other days and then we break this one down yeah that V epoch is still up there it is up at about 4580 and the flush was on 36 so it was a flush away from the V epoch to answer your question so the target wasn't there but all this action around here was at the V epoch this is where they formed the value you can probably see it in these columns that you know they plenty of buying and selling in those columns but the big flush and we can just zoom back down we have yeah I said that one of two things you could do you could play longs towards it and I'm saying it's quite likely that if your first entry you'd have been stopped out and maybe you'd have got a better entry yeah maybe you'd have taken you'd have taken one of these two buy icebergs you know with again with a two point stop maybe two and a half point stop and a slightly bigger target you know if you got in with this iceberg here and you've managed to get in you're in at about seventy eight seventy five seventy eight fifty and again you've got that four eight three four five eight three so you've got a four and a half point target and again so you're over two are this time round and you've got action and if we actually see if our friend the market pulse would have helped us on this one so if we zoom out a little bit remember this this is just a help to know when instantaneous price action is stretched so we're looking here if we're going to go long where does it get into this red zone where it's at the minus seventy percentile and yeah it does there but it does there as well so yeah I mean there are a few different points one two if you count from there onwards one two three four the red zone and provided you know provided you had say you're in there seventy nine fifty seventy seven fifty yeah no provided you had a two and a half point stop even a two quarter point stop maybe two point stop you were fine so yeah so what are the triggers to get into that trade okay let's have look let's zoom out again okay there are a few reasons why you might consider that trade one the resting iceberg to the the buy icebergs three the market pulse for the the stop runs the mbo stops you've got forty five fifty five forty again there's more but we're talking about the Asian session so you're not going to get huge ones or unlikely to when you get something as big as that that's wow and that is a significant a significant indication and also the market pulse and this at that time play and of liquidity first touch of a thickish band of liquidity you often get a push away so you have all those factors saying long but as I said there were two different ways of looking at this this beast the other one was that we were breaking down and if we look at the on the on the on the the three-minute chart we were underneath the previous days low we were underneath the web and yeah we could have said we are not taking long so we could have taken it from the opposite perspective entirely so we could have just said well we'll wait we'll wait and we'll wait until we have a decent flush upwards and when you're going to do that you're looking if you're going to use the double top spring testing of significant zones whatever you want to call this and I will get the old Wycoff picture back up just temporarily let me just get that up okay yeah there's a whole area there a distribution zone which this actually was that you could equate this to I may come back to that and have a specific Wycoff session or just Wycoff and book map how we actually translate this map into book map and go through individual sessions minute by minute and how each of these terms I might even do my own one some of these terms I don't tend to use failed rally I use failed breakout so I call that an up thrust so that's not the terminology that I use and again I didn't draw this one this is just a generic one that I pulled off stock charts or wherever I pulled it off it's not the one that I learned with Wycoff but this is the type of action you have a top or you can count either of these at the top it fails to go beyond it it's called up thrust reverse bring and then it goes down okay where are we just check on the time 842 so we've got about 18 minutes left okay and let me get rid of that picture and go back to book map come on picture disappear good okay the right chart again yep okay here we are again sorry it was zoomed out so you're waiting in that zone there the 83 zone where that failed iceberg was where that previous reasonable swing high so you're not looking at every single micro swing high there I mean you could play that game but that is a different type of training that is scalping or micro scalping we can talk about that sometime as well there are practitioners that are very very good at that and if you are into micro scalping book map is definitely a platform that you should be looking at anyway on this occasion we were looking at a significant swing high which was in this region and it was that one that got flushed out on this 313 mbo stop and that would have been a trigger so you might have said oh this is a stop and just taken that one but that was not quite in the right price zone so the actual failed spring or failed reverse spring was up here at this price zone but that is a trigger that's your market pulse but more importantly it's your mbo stops and then when we look on the columns over here do we have an unfinished auction and yes no there are only buyers at that price there was 63 which is a significant number but if you look at the actual volume of the buyers it's relatively tapered or you look at the delta profile it's relatively tapered that is a good trigger in a market that is going down and breaking down exploring how far it can go the other factor in its favor is that you have this lovely liquidity below so there is a belief or some level of probability that they are going to go down and transact down here and again these are not at round numbers so we've got 4575 we've got this band here from 62 to 73 we've got this band at 68 so then if we watch what happened after the trigger and the idea here is scaling so if you've got your two and a half point stop I would not personally go more than two and a half point stop in ES at that time of the day if you're having a very volatile London session yes you may well need a wider stop but this was before the London session this was actually before the German pre-open which is around about 150 ish which is around about there so I would not have had a reason myself to take a wider stop you've got a liquidity based wall potentially but it's not very strong so maybe you have a reason for having a stop up there but again it's not the number of points it's the number of points times the contracts so in my personal view and again each to their own methodology a process to get in the number of contracts times the stop that you take that gives you the equal value risk on each and every trade okay so maybe you've got your two and a half points stop and you got in around about here on a market entry I have a feeling that that would have been the most likely way to get in a limit may not have been lucky enough to get in on this way in around about here which is the 82, 82, 82, 25, 52, 50 and you've got a stop of two and a half points then you know you've got your 1R, your 2R and you've got this lovely liquidity down here and the bottom half of this liquidity band stays nice and of interest and you're expecting the first bounce sorry the first touch to bounce so it bounces a little bit there and the liquidity band touches it bounces it bounces here you've got a triple bottom there is a price action rational probability possibility whatever you want to call these things that the more touches you have of a wall the more likely it is to eventually break and the beauty that you have in book map there is that you can look at the actual transactions occurring at that wall which is by iceberg which is absorbing sellers so you can see that they were at this stage let me make sure that I have got every level ok yep so you've got a delta of 585 and that's 585 sellers so the micro scalpers would see the by iceberg and they'd be scalping long on the basis of it or they might be and the people wanting to trend would be looking for a way to get back in one to have that as a target you know initially to have the resting by iceberg as a target and then to have that resting liquidity which was down there or down actually down here 4568 as their main target and the fact that you've got 585 contracted and transacted is a strength is a factor that strengthens the probability that we'll go down because this particular auction isn't finished so if we had a look on the profile at that time it would look a little bit fat you know if we stretch out this one yeah you can see it looks quite fat in in profile theory again this is just theory there is no predictions and no certainties it will often be a good initial long setup but that is kind of an unfinished or poor low so that at some stage it may move away quite away first at some stage it is likely that will come and finish it and go through it and not end in such a fat or poor low so we see what happened eventually hits the wall hits the wall hits the wall and goes straight down and takes out the resting liquidity below so there was some very very good action in ES which is unusual in today's session but we're in earnings week so anything can happen and earnings because a lot of them do take place after the RTH market close you often get extended rallies or falls or declines whatever you want to call them so in other words you get more volatility in the ETH session one of the other things that I look at and I've mentioned this one for as well is that I look at the relative volume this was a calculation that was invented one of the people invented it I think was Peter Davis at Jigsaw so it's his sheep accumulation index so it's looking at relative volume minute by minute during the day right about now which is 8.49am that is 202% that's 202% for this time of the day which takes into account all volume since the Asian Open Up Tool now vis-a-vis the last 10 business trading days so in other words it's very high where you have high relative volume in ETH that is another factor that you're going to get volatility i.e. there is a chance that the market will run and run okay let me stop and look through the comments or questions that we have again which are in the YouTube thing MDHC okay I mean Wycoff there are a lot of sources on Wycoff I'm happy to spend sessions on talking through how bookmap comes into play bookmap is like an x-ray that's the nickname of the product when it was first released it was an x-ray into the market so it's an x-ray into how those Wycoff type price structures occur how they actually develop and build so you know bookmap lets you see them so that when you then go back and zoom in you can take them apart and see what information there was that could have helped you get in or not one thing again I should stress you don't have to take a trade you don't have to take a single trade it is entirely up to you there will be sessions there will be sub-sessions there will be whole sessions where the price action or the activity whether it's the level of volatility or the action that you see whether it's on a heatmap or anything else that you use means that you do not have enough conviction to take a trade and that is absolutely fine you can waste your capital very very quickly if you take meaningless trades that are not in accordance with setups that you set out in your trading plan each and every instance of any setup again I will stress this I mentioned this the other day is 50-50 and each and every instance of the same setup is not going to be the same you know I think maybe in some future webinar we can go through um process preparation but one of the things that I would stress is that any process preparation all the mental prep and reading through your trading plans all of that stuff that you do before a session you don't want to get your mind so regimented that you do not have the flexibility to see the multiple different variations of the same setup that is in your trading plan because they will not appear in exactly the same way every single time or they will appear in a way that you do not recognize them in real time so having that mental flexibility to open up your mind to just to be present with the price action to be in the here and now so you can see them actually develop gives you a much greater chance of actually grabbing onto them so that you can get a decent number of hours from that trade 2052 let me just see we are on doubles and springs here let's have a look at the actual live action here so we have a small sell iceberg not a lot transacted up there unless I'm not seeing it properly let me zoom up and then they moved at price down and they went through it again I think that's another good illustration these icebergs are an interesting bit of information, a tidbit one factor, just one of the factors that you are going to use in your trading analysis they can be wrong this one you may have formed the view that oh it's going to go up there and then it's going to go back down anything can happen this one they only traded a little bit and then they moved down and they went through it doesn't mean the price won't go down doesn't mean the price won't go up it's just one piece of information you look at all the factors together one of the things that they do teach you certainly in Wyckoff methodology is confluence so I think that's one of the things that we've looked at in the last hour we've looked at confluence i.e. how many factors and how many good or significant factors play a role in validating your belief that it may result in one of the winners as opposed to the many losers that you might have during a session okay alright let us have a look at an NQ as well just to see what's happening there so we just click the chart just to remind us where we are here so we're still under, we're still outside yesterday's range yesterday's settlement is in pink up there so we're still, we're getting very close in AS to getting back into range how many touches we had, we had distribution zone, retest breakdown first test back up to the range and now we are getting a little bit closer so it will be interesting to see whether they can get it back into range during the RTH session or whether we continue to move down but so far in this ETH session we've had good range and one thing that tends to happen and again the word tends is important it's not predictive, nothing is predictive one thing that can happen or tends to happen is that when you have good range in ETH you often have a good range or large range in RTH so if you are somebody that is looking for decent sized wings that may be good news to you ok, I said we look at NQ as well ok, let's have a look see if there is any more resting liquidity of any information nope there is a level here at 20 that they are holding so we zoom in and we drag up and we just see if there is anything there, 23 I should mention the kinds of resting liquidity of volume of orders that would grab my attention 20, no 23, no anything above 30 during ETH in NQ you can show some interest or excitement in but 23, no and nothing else that is even forming as resting that is staying on board that could grab one's attention at this stage, again does not mean nothing will develop in the next hour lots and lots of things could then develop but we have got a quiet economic calendar so it gives them a chance to explore the ETH range during the RTH session ok, you ask where is yes days high and low you can see that if I click into this and just reset this chart you want to see yes days high and low you have got yes days high up there and yes days low there and we are almost more with we are almost back to the most traded area overnight but we have got a little way to get into yes days range and a long way from where settlement was and where the most value traded or the most volume traded was so in other words we are below and still not still not showing us strong action suggesting that we are going to go and get into it immediately again we are going to zoom out and have a look at the resting liquidity in ES just seeing if the picture has changed so they have added they have added 100 there and this is one of the reasons why this liquidity marker is so useful you can see what it is that they added and when so just after 845 they added 100 but it is at a round number so I kind of discount that but it is just interesting that they did that and on this iceberg here one thing that is worth pointing out is that I have got these numbers really really quite small you can choose the font size for your stops and icebergs indicated I zoom in and out all the time that is the primary reason why all my numbers are so small and I do apologize for that if there are any real difficulties reading it but it is just because I want to be able to see the whole picture sometimes especially on thinner instruments such as NQ the manipulation or the pressure by pressure I mean pushing with large orders takes place a long way away from current price action so again one of the benefits of using bookmap is being able to zoom out vertically so you can see if there is any new pressure that is being applied from far out and there is something missing on my chart so I better put it back in we seem to have to do this every time okay and the other thing I look at here is is there a big disparity between the total of orders over the 30 price levels below versus the 30 price levels above here we have got slightly more buy orders than sell orders within that 30 price level area 30 price levels is just something I've chosen you have to do your own research to find a number that you find that might be of interest to you right okay yeah with that I think we are coming to the end of the hour I think we right on the end so thank you very very much for listening that was