 Hello to everyone. I will be here shortly to check all configurations. Hello to everyone. Now you can also see me, at least on YouTube. Maybe you can give me a short feedback if you can see and hear me clearly. It's always good to know, but I think everything should work smoothly. Welcome to OrderFlow Trading with Robert Rosa today. Trading for a living. Hello Peter. All good. That's fine. Good morning. Yeah, well, it's a good afternoon in Germany. This is daylight saving time. Always big headache for everyone. Hello bookmap. Morning. So, about me. For the people who don't know me yet, I started trading at the age of 13. That was 1995, I believe. At the age of 17, I co-founded an investment firm with two partners in Frankfurt. They actually taught me the investment business, what are hedge funds, what is private equity, managed accounts, and of course how to trade. And at that time we were trading the S&P Future contract on the Chicago Mercantile Exchange. Still through the phone, the internet or online trading just begun. Then I sold my shares in that company in 2004 and I moved to China. I was 21 and I built up a second investment company in China with my Chinese partner together. And I had over 100 million US dollar under management. And one of my best trading days was during the subprime crisis 2008 where I made $800,000 in one day trading forex markets. And my company was quite successful. I had 30 people below me, traders, analysts, and a whole bunch of stuff, so to say. And well, we did private equity and of course we're trading our own money. And most of us trading the Hang Seng index, oil and gold futures at that time. Then if you're very successful in China, there's always some of our problem. Look at Jack Ma and other successful people. Then I was detained in May 2011 for, so to say, outsmarting the Chinese finance system. And I spent the next seven years and seven months in a Chinese prison in Dongguan. I was released in December 2018. And of course, what should you do? I started trading again. And I also wrote a book about my life. It became a bestselling book in Germany. Unfortunately, it's only in German available for the moment. It's called Dragon Years or Drachen Yar in German. And well, then I started a trading community. I found a book map after I got released out of prison. It was a very good thing because it actually teaches us the way how to trade, how to see the liquidity in the market. And that is for me personally, the most important factor in trading. You can find more information about me on RobertRosa.com. There is a German and an English speaking community. You can join for free and ask anything that you like. Also here on Linktree, on YouTube, RobertRosa, on Twitter, you can also find me. And most importantly, the general disclosure. All book map limited materials, information and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk disclosure, trading futures, equities and digital currencies involve substantial risk of loss and it's not suitable for all investors. Past performance is not necessarily indicative of future results. I always mention it again. You trade and you are responsible for your own results. If you start to copy other people or to blame other people for your own failure, you are simply not right on the right place. And then also for book map, book map is starting a new competition. The CryptoMarch Madness Competition. I think it's a great way to experience more about crypto trading. And if you look at Bitcoin and you can also do that and the liquidity levels, you will see very good results or opportunities. Let's put it this way. Well, there is this website. You can register here on competition book map and you must be an Academy member. I will also add the links here on YouTube. The first link, register here. You can win nice prizes. You have one here global plus subscription and 500 USDT. And well, try it. You have nothing to lose. You can only learn and win. And then you also must be a member of the Academy as we have here book map Academy. I can only give you the advice. Join the Academy and well, you learn so many valuable knowledge about trading, which you can basically not find anywhere else online. Or you have to pay a fortune for this and well, you get it more or less for free from some of the best traders that I know and not good YouTube or Instagram influencers. So then let's have a look at the markets. Let's close all of this today. What was important today? If we look at the news, we see we had the jobless claims below forecasts. If you have any questions, feel free to ask them in the chat. And also if you are here, put a like on YouTube. It's always good. There are jobless claims below forecasts. If you look here, my favorite website in the calendar. Gross raise actually 3.4%, previous 4.9%. So yeah, but I'm not the person who is trading actually or interpreting these news to tell you if this is good or bad. Honestly, I don't care a lot. I'm not this macro economy guy. I'm a trader. I simply want to know that there are news at this time. Then we can also look at the market, how the market reacts. And this is the important part for me. Now let's have a jump into the ES. What did the ES S&P Future do at 1.30 Central European time? I always like this picture you see. We come here and all the liquidity is pulled out of the market. And then we had a short reaction from 5306 to 5311. Actually not a big reaction. There's no surprise. Nothing on the trader side which would indicate any big change. Markets will open shortly in 20 minutes. Now let's make an analysis. For me important, anyone who's following me on certain steps, I have my file, my sheet here. And I always want to know what is the initial balance. The initial balance is simply the high and low of the first 30 minutes of the trading day. And then I take the difference, the delta. And I can see if we have a low delta, let's say like 11 or 6 or 8 points. Then most likely the market will have a breakout later on that day. It's a very good indication for my trading strategy. If I should be a trend following trader and jump on the trend, buy the pullbacks or if I believe the market will go sideways, that I will sell the highs and buy the lows. Actually then I'm trying to be a range trader. And also very important, this is the settlement price. Settlement price, you can see very important figure for the market where the market will go close or simply turn around out of nowhere. Let's have a wider view on the market. I like to use trading view. It's a simple tool for me. I can see everything very quickly. And to understand, I always draw in certain ranges. The screen zones are my support and resistance zones. And we can see this breakout went exactly into this zone. And then it stopped with the resistance zone and the market went back to the Vweb. I'm actually a Vweb trader. I like the Session Vweb starting for the regular trading. Of course, that's important for me. Or the Encard Vweb, a very nice tool. Now let's have a look at the 15 minutes chart. Hello, Alexander. Hello and good morning. Good afternoon. Is my stream on Discord still running? Yeah, it should run. Sometimes it just stops there, but it's fine. So let's get an overview. What are our support and resistance zones? To explain, open, simply the opening price. Also always a good support and resistance zone. SP is settlement price. And now let's check the settlement price from last day. We can find this on the CME website. The market is a mini and let me wait a second. It's starting to rain. I must close the window. Big rain is starting here on the island and with the wind then it's getting quite wet in my office. So now let's get back to the settlement price. Jewel contract 5308.25. Close this. Good knows. I hate this. Close the window. Enter the settlement price 5308. Settlement price today is 28. Actually, it's not the settlement price of the 28th of March. It's the one from 27th. But I simply label it for today's and I know I entered it today and I will have it. So now we can see if we look at this, the settlement price on the chart a couple of times in the pre-session trading here. If you simply trade this as a support and resistance zone, in the pre-session you can actually make money. And also if you look at the settlement price of the 22nd or 21st of March then you also see simply we have this range here. Market comes close to the settlement price, touches the settlement price. Actually, it is important, easy number to pay attention to. Of course, if you're a big player, why is this important? Settlement price, if you're hedge fund, if you're pension fund and you're actually not the day trader, what you trade or hold your positions over longer time periods then the settlement price is a price where you calculate your profit, your loss and also your future contracts margin. If you have any questions, like I said, feel free. Let me check you on Discord. Some more people coming. Resistant zone still, the 5312. And then we have a very nice zone to trade. This is actually the virgin point of control from this zone. I put a volume profile in it and then I have the point of control, the price level where the most volume was traded. And this is basically a nice resistance which we can use to trade pullbacks. The Viva from yesterday I will take out. So I have to fix also this. And now we can see during the pre-session we have this range. I like to analyze the market in these two ways, the price structure range and after the range the market will break out. Where the market will go we never know. We only know that the market will go somewhere. And then I also want to know where is the most traded volume in this range. So I will simply put a volume profile. Then I can see that we have point of control at 530450. So we can assume that this is the average price from the big buyers, from the smart money. And now they want to push the market in one direction, either upward or downward, which I don't know. I simply know if the market moves up, will make a breakout. I want to see that the market comes back to the VPOG for example. And then I will assume that they continue buying. Because if you are a huge buyer you cannot cover all your position size in this short range you need definitely a higher volume. So we bear that in mind. We will basically open with no gap at all. And then we have the range, the trading range in play. We have this large buying tail, which we had yesterday. Shortly before closing the market went up like 20-30 points. I don't know if you saw this, but it was crazy. Just running through all sorts of resistances. And just someone really had to buy, had to enter the market. But what is rising very quickly can also fall very quickly. So we can assume if we break below this zone here, the open price from the 22nd maybe we can have a quick sale off to 5282 again. Let's see if we get somehow any surprises here. Any new liquidity. Still the 5295, 96, 95. Oh yeah, this zone, the initial balance high. We have the settlement price opening. This basically, this liquidity zone is around the settlement price from the 25th or actually 24th of March. So it's an interesting move if the market will absorb this liquidity. Then I expect that the market can also make a pullback. These are the trading niche that I like to use. Because I assume or I know if the market goes to the settlement price that there will be any reaction. The algos will start buying or selling. And then we will have this pullback. And this is basically in the S right now, 12 ticks. And this is something I like to trade. Trade for a living, thanks for the settlement price. Yeah, trading for a living, you really must pay attention to this. And also the settlement prices from the last weeks. I simply keep them in my chart because also settlement price from two weeks or two months ago still has validity. Still valuable, yeah? You will see the market simply makes a reaction at that time. The probability is very high. So this now we can confirm very nicely with bookmap settlement price around 95293.25. So you have the liquidity zone here. Sometimes we don't really know if the market really touches the settlement price or if the market turns couple ticks before or jumps below this settlement price. But with the liquidity in view, we can actually place an order exactly at the 94.5. And then I simply would wait for an execution. On the other side, what you can see here is the pink lines. These is the VWAP with the standard deviations. And basically in the ES you can trade, if you like it, the standard deviations quite easily. Actually, this is my basic trading or scalping strategy during the regular trading hours because the VWAP is a very important tool for algorithmic trading. And any time the market comes to a standard deviation, buying power or selling power will come into the market. We can see the market touches standard deviation when back to VWAP, then to the plus one standard deviation, this is minus one, this is plus one, and maintenance retracement, pullback back to the VWAP, and then again to the standard deviation, standard deviation, standard deviation. And it's simply just running from that line to that line. The question is why is the market doing this? Simply because of algorithmic trading. And that is the small niche that I developed for myself in day trading future markets. I can do this in the ES. Also oil is a very nice market to trade with the Encard VWAP. Can have a quick look to this. I like to spot high and low prices in the oil, for example here. I would simply add an Encard VWAP. Let's do that. And then we can see that the market is actually trailing along this VWAP. You can trade this very aggressively. You have a low. What I want to see is that the market is making sort of a black zone here, a vacuum. Then I would see we have the up move. The market makes a retouch to the VWAP and then we continue trailing along. This is a very aggressive entrance. But if you wait for these sort of situations that we have a bigger empty space and the prices moving away from the VWAP, then I will simply look for entrance points at the VWAP. And we can see market goes back to the VWAP. Then the algos are starting buying and the market is continuing moving up. Then these trades you can really nicely trade. And for me really I have also in CL, I'm using simply a take profit from around 15 to 20 ticks. This is working quite well. And then I'm out of the market. I'm not letting the positions run the whole day. That is according to my experience. You can make bigger profits, yes, but for my trade frequency and for my risk to reward ratio, I'm happy to get two and a half times of what I am risking out of the trade. So I simply start to play around with the Anchor VWAP tool. You can also find the tier settings, configure add ons, VWAP. And you can add all the lines that you want. You can delete them. Now this is the white one. I can change the color. So now with a different color. I can change the time. I can change the name. I can add bands. First and second standard deviation. Or I can also use custom bands. Then I simply close. Now I have this anchored VWAP with its standard deviations. So let's go back to the ES. Still the market is ranging between these two bands. Like magic sometimes. But sometimes computer or algos are very predictable. That is a nice niche for trading. Let me check if there are any questions. Just feel free to ask the data. You read Hermann Hesse, one of my favorite books. Which standard deviation do you use for the ES? Basically the first and second standard deviation. This is the basic configuration. VWAP simply. Plus one, plus two. The multiplier I think is one. Sometimes it depends on if you really have a volatile market in the ES. You can use also 1.5 and you have three. My VWAP actually has no configurations. You simply have a starting point. And then this benchmark will start to develop. This VWAP now actually is starting at the beginning of my recording session. It was this morning around 9 a.m. Or 2, I think it's 2 a.m. New York time. And now we can see this one is developing through the day. Now and then at opening I will add a new VWAP for the session. And this is the most important VWAP for me actually. We can see this in three minutes. I will add this one. Then we can see how the market is moving around the VWAPs. And also how the liquidity is coming to the VWAP level. Look here. We have the VWAP at this point. And now liquidity is coming to this level. So it's a confirmation for me. Now they are pulling it again. But you will see that somehow liquidity always comes up where we have this deviation lines. Please everyone like this YouTube channel. Only 50 likes but you already have 55 viewers and more. So please hit the like button. You're welcome Zidada. I'm Martin. I'm only trading ES or other products as well. I'm trading also other products. ES is basically my main market. But I'm also trading oil at the moment. Natural gas. Oil. I have CL. Gold. And Bitcoin. We can see here now Bitcoin running smoothly up to the 72K. It always depends on the environment. Sometimes I trade other markets more like now. Sometimes I only trade CL sometimes only ES. At the moment it's ES. Sometimes I trade stocks or I trade options on the spy. Always depends on the market surrounding the market environment and where I feel comfortable with. Where I can see the best risk to reward ratio for my strategy. And that's currently in the ES trading these standard deviations from the VWAP. But you can also trade it nicely in CL. CoinMess had announced today regarding options, explorations. BDC could be volatile. Yeah, definitely. Yeah, I heard about that. Now we can see BDC we have actually not known. There's no liquidity on the downside. I think we will hit the 72 or 75K during the next days. Now we can also see very nice picture. You absorb the liquidity. You have a little run over it. But then you can actually trade pullbacks very nicely in Bitcoin. So now let's have a look at the market. The market has just opened. Let's get back to the one minute chart here. You can see actually draw the opening price. Opening 28. Okay. So this we have the settlement price. For me, basically, I'm carefully trading during the first couple of minutes. I want to see how the market is reacting today. Sometimes you have days where you have really inaccurate trading on the VWAP lines. Sometimes it's a little bit more choppy. And this is for me to determine during the first minutes of the day. Then I also add here the bank card VWAP on the starting point. Also band multipliers. Very simple. Sewers open, high, low, close, divide by four. So when it's developing here, I will add new VWAP settings. Configure add-ons. VWAP create new line for 30 to change the date here to 28. Now we have the VWAP starting from the official trading session. We will choose this one drawing a VWAP here. Now it's done. So now let's see what sort of initial balance we will get today. This is, like I said, the high and low of the first 30 minutes of the day. They are important for me to get an idea of the market. For example, during this week, the last couple of days, we always had a very narrow initial balance from around 6 to 11 points only. And then we saw it's basically at the end of the trading day always a huge breakout, either on the upside or downside. Also here we can see how the market is actually reacting on these standard deviation lines. It's like ping-pong game. Ping-pong, ping-pong, ping-pong, ping-pong. I mean, this is not tradable yet. This is only one point here. Very difficult. I want to see that the bands have, like, 2.5 to 3 points away from each other. For this we have to wait a little bit. Now entering the VVIP again. Hello, demo trader. Nice to see you. Difficult trading conditions currently with the short holiday week. Also last trading day of the month and quarter. Yes, Martin, definitely you have to keep that in mind. Also tomorrow is Good Friday in the United States. Markets are closed. And also in Europe we have on Monday holiday. There is Eastern Monday, we call it like this. And it's also holiday season right now. Everyone is travelling around. I'm living on an island and I can tell you the island is getting full right now. All the tourists are coming and celebrating. And so no one is trading. Also not in the banks in Europe. Mostly is closed or they're simply on vacation. So then best thing is simply not to trade. Enjoy the holidays with your family and friends. And get back next week with clear mind, full of energy and a good risk to reward ratio. Now we can also see that we have again the market hit the session VVIP. Then the pullback came to the first standard deviation. So but this is only one point. This is too narrow for me to trade. I want to see that it, let's say widen a little bit. Because if I only can expect 4 ticks and I have a stop loss of 4 ticks and I have a risk to reward ratio from 1 to 1. That is of course possible to trade. But you need a very high win rate and that's complicated sometimes. With my configuration of 5 and 12 I can be very confident to make 2, 3, 4 trades a day. And with a winning rate of 50% I can actually be profitable. And that's the most important thing. And like you said this week was hard to trade. Yeah and very slow, very, yeah I put it this way. Annoying. But as a trader you have to learn how to, how to recognize these trading sessions and then you have to decide for yourself what risk you should take. Or probably even do not take any risk and stay away. So now we are hitting the second. And you can see also liquidity is coming again at the area of the second standard deviation. 04.75. This is no coincidence. Also here the 5308 again more liquidity at the standard deviation. So this is the range currently. Also we can say we only have a range right now. The high at 5.3.10. And the low at 5.3.05. Five points that is very, very low. Now you can see again market exactly hit the standard deviation, yeah. In combination with liquidity what we can see these are very good trading signals. Unfortunately the range, the profit expectation is way too low. It looks like a quiet beginning again. For me personally I like the view of the regular trading hours. I don't like to see the extended trading hours because one of the best trading strategies that I know and very efficient one is simply the gap close trade. I mean this gap is now too small, too narrow. But if you have a gap wait just place your order on the gap close and leave the computer and simply wait. And again market hit exactly the standard deviation. Okay now we are getting a little bit action into the market. But again where did the market hit? Second standard deviation. Quick sweep, exactly Martin. Some trader just pressed by market, yeah. It becomes interesting when the standard deviations are starting to widen each other. This one goes up, this one goes down. Then we know we are probably going to have a breakout. And then we are moving on a trend. Like that's not enough yet. If they really spike these standard deviations then we know we get liquidity and volatility into the market. But still it's not somehow lasting. The market is playing around the opening price. Okay now we get some direction. We have the gap close. We will also take the initial balance already a little bit up here. And you will see during the trading days initial balance high or low are very important support and resistance zones. Nice gap close trade, yeah. Still not even 12 ticks. Which AV web indicator are you using in trading? I can't find one that looks like yours. Basically it's the standard one. If you go here I think. It's not somewhere here. It's okay, it's German language now but it's called here N-Cut V-Web. Volume 2 is N-Cut V-Web. You just click on these stars and you have it in your favorites. And I simply click on it. I point on one, for example, it's that we can take this low here. And then you can go right click on settings. And then you can actually change. Do you want to have the bands or not? For me for the session V-Web I am using the bands. For the N-Cut V-Web which I place at high and lows I simply use the standard. I have simply use no standard deviations, source, high, low, close divided by 3. I have them in red color. And now I have this V-Web here. So now we're getting some buying pressure, interesting. And keep in mind at 5.3.15 we have this huge volume point of control from this rotation. And oh, what a surprise. We can also see the liquidity here at 5.3.15. That is a good point to actually at least a target. 5.3.15 I think the market will take the liquidity but also very strong resistance. You're welcome Greg. And now again we can see the market reacted perfectly on the standard deviations. The market simply stop here. Algos are coming and pushing the market upwards. And I believe we will see the volume point of control. For the new guests we have a very huge... I took out this sort of rotation. This area here. And I entered a fixed range volume profile. And we have the point of control at 5.3.15.25. I simply extended this line. And I go back to the one minute chart. I have this line. And now I look at book map and I have the liquidity here. So I know this level has a huge impact. Most likely this could be the retest for the highs. The market will have a sell-off if we reach this VPOC. OMRAM definitely. OMRAM TARRE Kansas be used to trade forex. Definitely I'm trading euro US dollar with this a lot. 6e the future contract. Use this. Try to experiment with it. Different markets have different behaviors. And then find this forex market which is suitable for the VWAP. I can tell you euro US dollar is quite well for this. But I would not trade... For me when I trade forex I'm basically using a 15 minute or 30 minute chart to make my decisions. I wouldn't trade this two on a one minute chart. I wouldn't do that because of the slippage. Bit and ask spread. So now we are hitting here this liquidity zone. Interesting what's going to happen here at this point of control. OMRAM how can I get the same template you are using? Which one do you mean? The left one here on book map? Or on trading view? Or through which software do you trade forex markets? Meta trader. Red folder and using 10 minutes for which market? Well now exactly what is going to happen. We touched the point of control like two ticks before. And now we have this sell off. We didn't hit it exactly yet. Maybe with the second move we will try to fetch the liquidity. But these are the moves that I try to trade, which I expect. And now again we still even have one tick here at the first standard deviation. We get to pull back again. This was a very strong signal. Volume point of control, liquidity. And we know there is people still want to sell at this point. Or expand their short position or whatever they entered there. Normally we could expect a correction back to the session Vweb. Okay for US dollar, yeah. But this doesn't impact the index futures. I think this won't have any effect here. So again, ranging between these two standard deviations. Let me see the news. Okay, if I look at trading economics, two stars. We have Michigan consumer, sentiment, final, pending, home, sales. Basically everything which is not three stars I ignore in trading. Index futures. See if we change the category in interest rate. Basically here all events. I don't, from my experience I don't pay too much attention to that. What we will see. Of course there are some huge new surprises that might cause a reaction. But I doubt it. But of course you never know. Now we can also initial balance is 14, 15, 10 points. Nine points is still low at the moment. Last year at this time we had sometimes an initial balance of 40 to 50 points. That was huge volatility. Okay, but what we can see now some liquidity is pulling out of the market. The book is getting a little bit thinner here. If it's going to have a huge impact in around seven minutes then we should see that the other book will become very thin and liquidity will disappear. Well, let's see what's going to happen. Now we can see that we have a little wall here at 12.50. Market will not go above it. No one wants to get above 12.5. But again it's so quiet in the market. Typical for this week and then like 10 minutes or 20 minutes before closing the market will run like crazy into one direction. The NQ is pumping. Let's have a look at the NQ. Okay, yeah, definitely the NQ is pumping. The ES is not going along with it. Andi Borchi, Moin bist du häufig live in German? Yes, Andi, I am live every Wednesday at 7 p.m. Central European time on the bookmap channel and every Thursday are basically at 3 p.m. Central European time. But today was at 2 p.m. because of the daylight saving time. But basically twice a week, yeah. If anyone wants to actually know all the dates I have a free community and I post every time here when I will go live and then you're always up to date. Nice to see how the NQ runs to the liquidity zones and then they sell off. You know, if the NQ is pumping but the ES is not going along with it then it's not lasting. Yeah, this is very... We are only moving like 4 ticks, 5 ticks at the moment. It's very, very slow. Now we're hitting the Encard V-Web from the low. We can add this one here. Low price is here. Great Encard V-Web. Exactly at the V-Web from the low. Let's see what the initial balance is doing. We have the high at 14.5 and the low at 5.305. So we have an initial balance of 9.5 compared to the days before. It's the same range. So basically we can expect to have a breakout the second half of the day. Yeah, give this a go. So as I said, mid-force is always German. Sorry, I'm speaking German for a second. Mid-force is always German or my community is also German. Just go to robertroter.com. So now, exactly hitting the V-Web again. Pullback time. But the news are coming okay and we can see the liquidity is pulling out of the market. So the people are still somehow scared. Now we see this is always very nice to see. No liquidity. Empty is the book. So well, until now, not much is happening. Welcome, Andy. Now let's test the volume point of control again from the big range, V-Pok. And please hit the like button on YouTube again. Already 67 people are watching. It's very nice. And now again we are hitting the... not exactly yet. We are testing the volume point of control here. From that range, again for the... important resistance here from that zone, from that area. And now we can see we are struggling at that zone and we have the liquidity here. Each time the market simply jumps there, we get the pullback. These are very nice trading opportunities for me. And this in combination with the... second standard deviation is always nice to trade. I believe if we break this zone, this resistance zone, then we are very close to probably make all-time highs today. We are getting liquidity at 5.304. And well, there's no surprise. It's exactly at the second standard deviation. Spoofing at 5.312, 5.75. We cannot maybe have to change the view. See, it's not easy for the market to simply go through that range. So probably the next attempt at 14.59 spoofing. You mean spoofing, they placed fake orders here. Yeah, if this is here and here, I think you mean this zone here. Yeah, it's difficult to say. It's very difficult to prove the fake orders. Very difficult for the market to go through this resistance. Correct, Alois Santa. And the link you can find on the Bookmap German, Bookmap Deutsch channel. Or I posted on Telegram or in my communities. You can see the live stream from yesterday also on the Bookmap German channel. Now definitely we couldn't get above the 5.350 above this point of control. Now what I would do is I would believe this is an important high and I would simply add an anchored VWAP and use this as my reference point. And we see new liquidity is coming here at this level. If we are not going above this white anchored VWAP from the high, maybe we can see a sell-off with lower prices. Now if you have any questions, you can ask them now. Otherwise I would say I would wish you happy Easter. Enjoy the holidays. Same for me. Also would enter the holiday vacation state and my family is coming to visit me, my sister and their kids. It's a lot to do this weekend. And if we don't go above this level, 5.350, keep in mind that we probably see lower prices and we have a low initial balance. Probably 10 minutes or 20 minutes before closing time the market will pop out into one direction. So then I wish you all happy Easter and see you next week. Bye.