 Good morning book map Welcome one welcome all happy to see you happy Monday. It is Monday November 6. My name is Charles I run a community called pirate traders and We are focused on the ES the NQ and how they move through the two-way auction process So that's what we're going to talk about here today on the stream First and foremost everything I say is my own opinion and not the opinion of book map So do your own research and think for yourself If you don't know anything about me if you've never come across these streams before and this is the first one Let me just say congratulations. Welcome. You found us What should you expect well the screen over here on the left is a market profile screen So this shows us how the market moves Through the two-way auction process by displaying the information in three dimensions Right. So when you look at a candlestick chart, all it does is show you, you know, let's pull up a candlestick chart real quick Ba ba ba da ba ba ba Okay, let's do 30 minute candles Sorry, hold on. I'm getting there. Okay, great so if you're looking at a A candlestick chart versus a market profile chart it can be Completely different the type of information that you see Okay, so here is the candlesticks representing the trade on Friday. What did it look like? Massive move up. Let me get my tool open here. It's Monday guys. Give me a second. I'm getting going. I promise, okay So you had this massive move Which happened in the overnight it took the market higher and then the market basically just went sideways, right? So what do we have here in the market profile? Well, the same thing we see the gap up right here And then we see the market basically just going sideways at higher prices up here But it's very hard To take much information away from just looking at candlesticks if this was all you were looking at It'd be very difficult to understand. Oh, this isn't actually Friday But you get the idea It's it's kind of hard to understand, you know, who's doing what what's happening? Is it going to keep going up? Is it going to go down? You got your candlestick formations, but it's all over the place It's happening so quickly. How can you even gain enough information from this to understand? Well here you see the same thing in three dimensions. So let's just expand this profile out a little bit So right now while it's collapsed together when we look at Friday's range, we see the gap We see the area that is untested and unfilled to the downside that needs backfilling We see the opening price where the market opened We see the closing price where the market closed and so we understand the market just went sideways up at this higher range Okay, so then we say to ourselves. Well, where did the market spend the most time and bring in the most volume? Well that we can see with these nodes right here. Okay, where there's more letters That's where it spent more time and where there's darker volume. That's where it brought in more volume That gives us a more three-dimensional look at the market, which can give us an edge So that's our main focus is Developing an understanding of what the market is doing using market profile Looking at the just the same information as the candlesticks the price action, but in three dimensions, right? Then the next thing that we do is we take book map Which is order flow software this allows us to see what's happening with the liquidity in the order books And then how the market reacts to that when it gets there, right? How does the market react in terms of changes in liquidity as it moves up as it moves down that gives you indications? As to whether or not what you think is happening from the price action is happening or is not happening It also gives you areas to look for for support and resistance for changes in momentum Right and that would be areas where liquidity changes. Okay? And then lastly we look at the market internals, which is the screen back here The market internals shows the breadth of the market the VOD the advances versus declineers the AD SPD and then the ticks you got the tick Q in the middle here That is for the Nasdaq and you've got the the regular tick here on the right Which is for the NICI and then you've got the S&P and the NQ basically just in 15 minute Candlesticks so that I can use the 20 simple moving average as well as an indicator and Basically, these are the kind of like looking under the hood of the market So I'm watching the market trade with market profile and I'm trying to understand what the market is doing And then I feel like I start to have an understanding. So I look at book map for confirmation Does the liquidity agree? Where are my targets? Where is the market likely to go if I'm bullish? I think the market's gonna go up. Where's the resistance above? Right, and then I look at the internals once the market starts to make that move to confirm I am right and that it is going to keep going Okay, that's basically the process that I'm going through every day. If you have not said hello yet Please say good morning in the chat. Please hit that thumbs up button There's 66 of you hanging out and I bet you we can get more than a hundred people here If we can get some likes happening. I sure would appreciate it. All right. Well, let's start By zooming out and looking at the the market from a bit of a wider perspective We'll do Jim Dalton's top-down approach Okay, so Jim Dalton's top-down approach is basically taking the market And changing the time frame that you're looking at to give you insights We're trading intraday But that doesn't mean that we don't need to understand what's happening on a monthly time frame Or a weekly time frame or a daily By understanding what the market is doing on those time frames can give us an edge on the smaller time frame So let's start zoomed out on the monthly. Well, without a doubt obviously no question about it Giant bounce, right? Market was in a balance area on the monthly It broke out of balance. It came back and it back tested that breakout of balance perfectly Okay found support and we have turned around and so far this month. We are heading up So that tells us to be bullish, right? It tells us that the momentum is to the upside And that the market has the potential to keep going right that If all it needed to do on the monthly time frame was come back and back test This previous support. Well, it's done it baby. So there's no reason to come back again It can just keep going up from here. So that is bullish to see The next thing that jumps out of me. This will probably be clearer on the weekly time frame But it does look like we've got a bit of a channel here So i'll be looking at those highs on the weekly All right, let's zoom it So i'm now on the weekly time frame and there you go. You can see i've already got a uh A thing here. It's all off, but it's there okay, so On the weekly time frame We can see balance in another form. We can see that the market was trying to balance up here Okay, it made this breakout And it tried to use time To balance off it tried to just spend enough time up here that it could continue higher Without having to come back and back test those previous supportive resistance levels that we were just talking about on the monthly, right? It tried to just Gain enough momentum to go without the pullback, but it didn't work So it broke where did it come straight back to to back test that support So that further confirms the idea that maybe that's all that was happening last week The market broke out and needed to come back and back test and it did so Okay So that is also bullish to see now. We mentioned it on the monthly. We do have a trend down You can kind of draw it however you want and we are forming kind of a channel here on the um Weekly time frame so that is something to keep an eye on as well. Are we able to this week? Break through this trend and continue higher or at some point this week Do we get smack back down? One thing to look for And then we will zoom in once again to the day time frame. I know I probably had this marked from the day There it is. Um So when we look at the day time frame, um, what do we see? Well, we see a complete reversal in the market So again confirms the same idea. They just needed to come down to back test this previous support as soon as they did Boom, we were off to the races So obviously because we've gone up in a straight line All week last week We assume that the market even if it's bullish and it's going to keep going up Has got to pull back and backfill a little bit of this Weakness that it built on the way up. The market just doesn't move in a straight line like that So that tells me just looking at the day time frame and seeing that we've had one two three four five Straight days of momentum to the upside and recognizing that here You have five straight days of momentum to the downside. What came next a day to chill out Right two days of balance sideways before the next move lower. We're due for something like that We're due for at least a few days of balancing up here at higher prices If not a full on pullback That is also confirmed by the fact that we are re-entering a previous balance area So this area in here on the daily Is a previous balance area And we came back on friday back into that balance So today there's really one of two options either the market keeps the momentum going In which case it's heading up to test that balance area high We'll call it 44 20 Okay Or It fails and it comes back down and it starts to pull back down into friday's range If that's what's happening We know what's going on. So if we get above friday's high and we find support We know what's going on. We're heading up towards that opposite end of balance 44 20 here we come If we pull back down into friday's range and we start to pull below We'll call it. Um, well, we'll look at it on the market profile chart to pick out the exact level But we start to pull back below that balance area. Well, that tells us the market needs to repair all this excess Using price and we start to look for a pullback So today's market is giving us a great opportunity to both recognize what's to come Over the next few days over the next few weeks if they can keep this momentum going And if not, we'll immediately know and we'll immediately know where the market's going to go All right, so let's zoom into the market profile chart and figure out what those levels are Okay, so i'm going to call the previous um Balance area low somewhere around 43 50. Okay, so essentially this morning That tells me there are one of two things that happen The market either works its way back up above friday's high up above 43 91 It finds new buyers up there and then we continue the momentum. Yay Bullishes can be right if we have buyers above yesterday's high above friday's high just be bullish. Okay There's more short covering. There's more full mobile buying. They're going to keep it going So we'll get very very bullish But if they pull below um, the overnight low right here at 43 74 That to me means they got to pull down and test that uh Previous balance area low. It means we're not heading straight up to the opposite end of balance like we talked about Right, so that to me resistance at the overnight low increases the odds that we're going to test friday's low So i'd be looking for a move from the overnight low from 74 down to 54 Okay, then i'd be looking for new selling at um friday's low We'd be back in the gap. So then the gap fill comes into play I'd look for the market to move forward in that gap fill now if by The grace of god if by a miraculous thing it doesn't fill the gap If out of nowhere if we dip below friday's low and this thing just pokes down has a little liquidation And then turns around and starts pulling right back up into friday's range. Guess what i'm going to become Extremely bullish Okay, if the market tries to fill friday's gap today And it can't fill it it can't get all the way down to thursday's high at 33 38 That is a sign that we have re-entered the previous balance and we are heading to the opposite end Okay, let me zoom back out to the daily So what i'm talking about? To try to make it even simpler Is this right here? Okay, this is your previous balance area We broke out We v-shaped all the way back to it Okay, so this whole move is repaired This is over and we're starting something new right now when we re-enter this previous balance So how we handle this? We'll tell us what comes next Are you guys with me? So knowing that this is on a daily time frame knowing that how we handle this previous balance area We'll tell us what comes next if we pull back down Find support without filling thursday's gap up Come back through boy, that is bullish that we're heading to the opposite end And that could lead to much further upside continuation. So I will get very very bullish if we find support there But in the same exact regard if we don't So if the market pulls its way back down below this previous balance and we don't find support there Well, then first up testing thursday's high And that could lead to a much larger pullback to repair the weakness that we left behind So again, let's zoom zoom back on the market profile chart And we'll just see what that would look like So the market opens we chop around Maybe it tries to poke up above the overnight high can't do it heads down to the overnight low get some resistance there Boom it starts to head lower towards friday's low It it does some chopping some grinding around friday's low. It finally gets some resistance there It pokes down no support around 43 50 no support at all. It heads straight down and fills the gap Okay, you got potential support at thursday's high for a bounce But the minute that that happens All this weakness comes into play right the weak references we left behind on thursday the gap we left behind from wednesday night All of that comes into play So do you guys see how that makes sense? We have such a great opportunity In this overnight range get to the overnight high test friday's high get to friday's high find new buyers Bullishes can be Don't find buyers neutral. Okay Test overnight low target friday's low new sellers there bearish bounce Bullishes can be No bounce bearish for pullback. It's really that simple. Look at how easy the market is making it for us It's telling us exactly where to look for something to happen Look for support at the overnight high to get you to friday's high Support there to the moon, baby to the moon Resistance at the overnight low look to test friday's low resistance there test 43 49 Support there to the moon, baby No support look to fill the gap Support there to the moon, baby no support look to repair the first week j reference If it's repaired and then the market reverses to the moon, baby If not, we look to repair the next one. I don't have to do this all day. You guys get the point It's that easy So i'm pretty excited. This is a good week. We got some opportunities here on the market So trials, which do you think is more likely? Is the market going to open shoot straight up and just go up all day long? Or are we going to go sideways and then go up or are we going to go down and then reverse and come up? Which do you think is more likely the truth is I have no idea I can make an argument for all three scenarios So I have my points of of reference that i'm paying attention to And I know what they tell me when we get there I cannot predict now which thing is going to happen. Are we going to test the overnight high? I don't know. Will we find support? I don't know. Are we going to test the overnight low? I don't know. Will we find resistance? I don't know But once we get to one of those places and we get one of those things Then I will know And that's pretty cool So now all there is for me to do is sit back relax and watch the chop. Well, I hang out with you guys Works for me Good morning to kevin ebb and flow in the house Jack is here bust a move Tony welcome tape reader five. Good morning to you book map in the house. What a book map Laura is here Jay says, thank god. It's monday casinos open, baby Michael is here shashank david g tom Al carlos John welcome nap is here gino john h What is meant by repair? It's an interesting question. So What we're focused on with the two-way auction process is unfinished business, right? It's kind of hard to explain exactly what unfinished business is But just think about it like there's a level on the chart where more people want to trade Somebody wants to go short there. Somebody wants to go long there Why each level is important is totally different on a case-by-case basis But it they just are so let's talk about it. For example the um Okay, so one form of weakness that we have in the market right now is the gap Okay, the gap between fridays Low and thursday's high So why is that weak? Well, there is a high statistical probability based on history that gaps get filled Almost all gaps get filled. That's just a fact that exists in the market So because that fact exists in the market the moment we made that gap on friday The moment we opened and just continued to push higher with a gap and go Then we created weakness Because there is a high statistical probability that at some point the market will come back down and fill this gap That means the moment we found support and continued higher There were people that wanted to do business inside this gap There are sellers that probably shorted to try to fill the gap Now most of them I assume would have been squeezed, but they might not be they may have thought let me wait one more day They may still be short right now sitting in the market Well, if the market pushes up find support and continues above friday's high Those sellers will most surely get squeezed, right? So then the weakness will be less important But right now they're still in the market. There might be traders Swing traders who are waiting to get long who don't chase momentum. So they weren't buying up at the highs on friday They're looking for a place to get long. So where do they where are they looking at? They got to have a level on the chart boom friday's high They know there's a high probability the market's going to fill the gap They want to get long at the lowest possible place. That's where their orders are going to be So you got people who are short. They want to take profits down here at a gap fill You got people who are waiting to go long down here at a gap fill So that is a weak level that is a level that the market wants to test because there's Business to be had down there. There are people that want to change change hands here. Okay, and so The way that that is repaired is simply that the market goes to that level Once the market gets to that level whatever business is going to be had at that particular level is had and then Boom, it's gone. It's no longer weak. It's no longer a thing But as long as it's still there As long as you have a weak reference that has not been tested It is always like a tiny little magnet that's pulling on market saying hey come back Come back and test me So anytime you hear me talk about a week or a poor reference That is what i'm referring to it is an area where the market wants to do business There's somebody waiting to buy or sell there And those areas tend to be magnets for the market david g David v says charles how much leeway if any would you give below support before deciding that it doesn't hold That's a great question. It's not going to be an exact science. It's going to be Excuse me so much Oh, that was nasty It's not going to be necessarily a bounce on an exact level. It's going to be the failure to fill the gap So if the market works its way down to friday's low It gets some resistance at friday's low and it starts to try to fill the gap It should almost certainly be able to fill the gap. We just talked about it's a giant magnet So really the support it's hard to pick an exact level The support will more be if it tries to fill that gap and it can't it turns around and it heads back up into friday's range At that moment, you know, it was support. Does that make sense? So i'm talking about this more as a way to understand what's happening in the market More so than nail an exact entry on a trade, right? So if you think the the market is going to fill the gap once we get below friday's low, you should be looking for continuation to fill the gap Okay, now if it happens to find support and come back up and stop you out Then that's not necessarily a trade that you should have bought But it is a reason to instantly flip your market understanding and go wait a minute We couldn't fill the gap when what should happens doesn't. Oh, this is bullish To the moon and you should get bullish, right? That's more of the way to use the signal But if you're looking for trade setups the trade setup here, it would be shorting for the gap fill And getting stopped out of that would give you the signal to then look to buy support for the bigger move up Rather than trying to buy the low where you just don't know and there's a gap that needs filling Okay, so the market is open and the first move is to the overnight high Can they turn it into support? Ella says I like your style want to be like you Well, I would love that Ella the more the merrier um Yeah, keep hanging out The the trick to my style is simplicity and it drives a lot of people crazy But I just keep it very simple Where does the market go and what happens when it gets there? We went to the overnight high. So now there's two things that can happen Either we hold the support here and then we head up to test friday's high or we fail to hold the support We pull back into the range and we start going sideways Looking to test the low So I don't know if it's going to go to the overnight high or not, but now that we're here I'll know what comes next based on what happens I would consider this high weak Because there is an iceberg that created the high And it is terrible taper So even if we pull back into the overnight range, I suspect we're coming back for this high unfinished business That iceberg is Unfinished business Okay, so they did not hold the overnight high That increases the odds. We're going to chop inside the overnight range here So I would expect we're going to pull back through the opening price and then find support beneath it But like I said that iceberg up there increases the odds. We will find support and come back and test it again Deborah good morning to you Walfer What is the name of the tpo? Pro platform it is called window trader window spelled without a w at the end Good morning, mike. Who thinks? curl and shashank nor auto trader in the house good Good nor auto trader Let's pop over take a quick look at the queue and see what that's doing Uh, let me actually zoom out and look at the daily on the queue To get some perspective Yeah, so their read is not as clean on the previous balance as the es Their previous balance area was a channel And that's like much harder when you re-enter the channel to figure out, you know How will you move up and down to retest levels? So I would stay just say solely focused on momentum on the daytime frame And as long as they hold that assume that they can keep heading up towards Like 15 500 So looking at the nq. Oh, yeah, I mean you're you're fine right now um So you got Right out the gate. You got a new high. So it's bullish On the daytime frame. Let me zoom this out. So you tested Both the overnight high and yesterday's high. That's bullish to see You left behind a weak high. So that is a magnet to come back and give it one more try Um And you've got the support of the 45 degree angle on the overnight low So I would describe the nq as more bullish than the es If they can hold this overnight low 15 163 I would look for a continuation higher today Uh, they do they did leave behind a week low So they got a week high and a week low, which means they're probably going to chop for a bit first But uh, this is bullish to see If they break that overnight low and they start to pull back next major support is going to be around 15 110 Okay, if that fails you look for further downside continuation But honestly, this looks bullish to me like the q still has some uh some momentum More fomo more short covering So I have a feeling we're in for a little bit of sideways move here both markets while they look for good strong support Remember both markets have a week low So the best thing to happen for the bulls now would be a liquidation To squeeze all these weak buyers and give some stronger hand buyers that step in at support a chance Let's see what happens Sonic hello from singapore Hello to you from new york who bought shenanigans Stops on both sides of the market who it looks choppy Chop chop choppy Any questions for me from the chat Anything you've been dying to know Ships says wow, you're really good at explaining Well, thank you. I appreciate that Gotta be good at something in life Good at explaining stuff. That's a thing Andrew says I need to move to the east coast Waking up early is not ideal. I swear to you. I miss living in los angeles I really do see i'm a morning person. So getting up at like 6 a.m. Is no problem for me Um, and what I used to love about living there was at 1 p.m. I'd be done for the day I'd be done And I'd have the rest of the day to run errands and relax and do everything Um, so I actually miss getting up early Busta move says how did I get so smart? It's an act I'm just pretending don't tell anyone uh tape reader says how long you've been trading um about Seven or eight years a little over three years full time Okay, so we're coming back to test the opening price now remember this isn't necessarily bearish Right because anybody who bought exactly at the opening this morning was a weekend buyer The buyers who are buying right now on the test of this level again. You can see they're bouncing it exactly at that opening price Because they're convincing more people to go long right now Well, what are those people who are going long right now doing they're putting their stops right below that opening price so That further increases the odds we need to come down and liquidate these buyers Giving some stronger buyers a chance, but that's not bearish squeezing the weekends who cares That's just business as usual says are you wearing pants? I am in fact wearing pants today Gino Okay, so they're bringing in more buyers every time it bounces They're creating that pool of liquidity right below the opening price just bigger and bigger more and more stops And then one little poke and they all get taken out Oops, they're even using an iceberg. They are really trying to get you to go long here Oh, they're trying to convince you. No, they're not done yet. They can still convince a few more folks There's the liquidation Finally, so now if this support holds Anywhere above 43 74 and it passes back above the overnight high That is bullish to continue up to yesterday's high So where do they find support in here for that bounce? Jay says, what's my drink of choice coffee or tea coffee? Thank you very much. I like tea, too But just coffee is my thing So he says, how can I how I can start? Uh, I assume you're asking how you can start learning to trade the way I do That's a great question. Let me help you out. Um Yeah, so basically I trade the two-way auction process So my mentor was Jim Dalton. I always suggest people check Jim Dalton out and learn from him Also, Peter Resnicek is great He's got a youtube channel called shadow trader And then of course, I do as well. So if you head to pirate traders.io I got two ways to help you figure this stuff out And I designed both of these programs to help people get through the process the way I had to get through it So the first is an e-course That's like an educational course. It's got uh, like something like 12 videos about five and a half hours worth of content And you basically sit and watch through all of that again and again until you understand all the concepts until you know what How the two-way auction process works? What are the important levels? How do you read all the tools? How do you develop a strategy? How do you manage risk? All of these types of things right once you've got the framework and you understand all of that Then you can join the brigade the brigade is a membership group that I run It costs 10 bucks a month. We keep it super cheap on purpose so that there's no risk really joining I promise you within a month. I will say something that will make you 10 dollars or stop you from losing 10 dollars Okay, so you start with the e-course you get the framework then you join the The community and you get to hang out every day. I talk about the things I'm seeing I explain them you can ask questions and then you guys can talk to each other in the chat and share ideas So if you are looking to explore trading the two-way auction process, you have come to the right place Uh jack says how far back in time Do you look at levels for weak highs and lows support and resistance levels forever? Okay, so this is the thing weak references matter Based on momentum So let's say the market has momentum up as it has the last, you know, couple or all last week, you know It had tons of momentum up So while there is momentum up You don't worry about the weak references, right? So for example We made an extremely poor low down here an extremely weak low on this particular day Because we pulled back down to fill a gap and we missed it by half a point Okay, so that was extremely weak And so all day that day I was keeping that in mind that we had this very very weak low that needed to be retested So the next morning we open with a gap up, right? The market moves higher And the market continues to go higher. Well at this point, this doesn't matter anymore Right because we have momentum the gap up is the sign of momentum Right spike up then gap up sign of momentum Okay, so I'm not worried about the weakness while I have the momentum on this day I'm thinking about this gap as the weakness But when we gapped up the next day, guess what? This doesn't matter anymore None of this weakness matters now because we still have the momentum and the momentum is still there And so we're not worried about these weak references, right now We're worried about this one and so on and so forth But we don't ever get rid of these weak references below Because whenever we fill this first gap If we don't find support and keep going guess what what's next testing these weak references If these weak references don't give us enough buyers to turn around and head up Guess what's happening? We're filling the gap if filling the gap wasn't enough. Guess what's happening Next week references next gap next week references so on and so forth and that works both directions So yeah, I never get rid of them They always matter and it was even true when we came back to ones from years before They still will magically hit a previous weak reference turn around and reverse. It's like crazy how well it works even years later so yeah Above us look at all these weak references Now that we're starting the momentum up these will be targets If we can get above friday's high today and find support my first target to the upside is back filling Are getting back to the bottom of that gap 40 44 25 if we get inside of it. It's filling that gap I would expect resistance there if not. It's to test the resistance at 64 If that doesn't work to test the resistance at 76 and so on and so forth So was I worried about all these weak references on the way down? No, but now they're coming back into play Yeah, baby Chop inside the overnight range continues If the bulls can get the ticks above the zero line and hold it They should head back up to test that overnight high once again If not more chop All right. Well, we got bot shenanigans and the ticks can't get back above the zero line So i'm thinking the market needs another dip We have not found those buyers yet So i'm now looking to test the overnight low at uh, we'll call it 43 74 For a look below and fail. So i'm looking for the market to just barely dip below it And then pull back up and start to bring in those buyers back inside the overnight range If that happens i'll remain bullish to head up and test that weak high that iceberg That's still sitting up there untested at the high If we get below the overnight low and we get new selling Well, then I change gears and I look to target friday's low But for now, I assume it's going to just look below that overnight range and pull right back up We just don't have the buyers yet Uh john says what did you do before trading? Uh, I worked in film and television I was a editor at a tv network for about five years Uh tape reader five says okay. What is your favorite or most profitable? Uh setup that you look to trade Um That's a great question. What's my most profitable strategy? Um Generally it's repair of poor highs probably even though they're usually pretty small trades They're just they're they make money so often I would say repair of poor highs So essentially the market pushes up to a a level From that same day. So let's say like in in 10 minutes right in five minutes we print to be a period So let's say in 10 minutes the market were to work its way up And it were to be grinding right at that a period high I will very commonly just look at where the nearby support are so like support support Support and I'll just like layer in buy orders there And then you know, obviously with a stop wherever I would be wrong And so the market will push away from that poor reference It'll come down usually fill one or two of my my orders and then boop straight back into it And I take almost no risk. It's so quick So I would have to say if if I'm talking about my most frequent trade the repair of the poor high is probably the one but I don't really trade specific setups. I trade a market understanding. So basically what that means is I'm asking myself two simple questions all day every day What is the market trying to do? And how good of a job is it doing of it, right? So for example right now the market is trying to go higher. It's got a strong trend on the daily. It's trying to keep that trend going So I'm a little bit bullish on that piece of information So then the next question is What information would tell me that we're going to keep doing that we're going to keep being bullish We're going to keep trending higher on the daily. Well, we've discussed it for me today. It would be finding support Inside this overnight range or with a very quick look below that fails And then coming up and testing Friday's high If we do that if we find support in here, we get to Friday's high I believe that the market is continuing to try to go higher and it's doing a good job So now I can be a buyer and I can buy support anywhere. There's no setup. It's just I'm bullish I think the market's going to keep going higher that information has been confirmed Let me look for entries to get long, right? Which is going to be to buy support So that's really it is just What is the market trying to do? How good of a job is it doing? Once I can answer both those questions It's easy to find a trade. There's no setups. It's not hard once I know I want to be long the market The highest probability is that the market is going to keep going up any support is viable generally speaking And you don't have to get too fixated on exact levels of where am I going to enter and where am I going to do this and da da da really fixate On understanding the market and just never taking trades unless you are certain you understand That alone will make most of your trades winners And that's all you need Tape reader says I like the look above and fail of the overnight high overnight low. I do too. It's a great trade it is unfortunately look above and fail of Overnight high overnight low Previous days high previous days low or a balance area All three of them are among the very best setups you can get in for a trade with one exception You often grind and grind and grind at that level. So it requires a lot of patience But I agree. That's a great one Astral avista Good morning to you. Welcome Thank you. Percy appreciate you brother Sonic says support is coming 43 83 um, I see 43 83 as a magnet right now So if you look at that area in the overnight That is where the overnight spent the most time and brought in the most volume So the market pushed its way up into it. It got rejected down It came back up into it. It tried to go higher It got rejected down. It came back down. It came back up. It came back down It came back up right and all weekend long It just kind of bounced around that area right Well, that doesn't surprise me because oh, look at that It was the fairest price to do business from Friday So that just meant the market was going nowhere And so I see any business that's happening there now as meaning the exact same thing Half the participants are long. Half the participants are short. We're playing tug of war right now One of the two will win Either the buyers will get back above the overnight high and then everyone who's been selling will get squeezed and will move up to um Friday's high Or the sellers will take it back down below the a period low all the buyers will get squeezed and will test the overnight low But right now this is just tug of war What we call chop Man, I really wish I had better insights to leave you with I'll hang out for a few more minutes and hopefully the b period will break the a higher low here Uh chili billy says where do you find the subscription details? If you look above at the top of the video, you'll see a link to pirate traders.io Just head there right on the homepage. You can Buy the e-course if you want to take the You know educational stuff or if you scroll down a little further, you'll see join the brigade That's the ten dollar a month subscription And I hang out every day for the first hour of the day Uh and give my insights just like I am right now So the question you should be asking yourself is In an entire month in 20 plus trading days. Is it possible this guy says one thing That's worth 10 bucks If so, I should I mean that's I'm a trader. That's a good trade Okay, so once again ticks rejected further increasing the odds they want to test that overnight low I will repeat. I am not bearish yet Just because we head down and test the overnight low isn't bearish But new sellers there would be new sellers Below um 43 74 would increase the odds that the market wants to test 43 58 New sellers there are attempting to fill the gap which becomes very very bearish But right now That's not the case yet because there is still a chance. They could just poke down and pull right back up So i'm looking for support and a bounce But i'm ready to change my mind quick If I don't get it Unfortunately, I got to leave you guys there Head on over and hanging out with bruce on his stream Um as far as what to expect for the rest of the day Today um Again right now. This is complete chop. I honestly don't know My guess if you put a gun to my head I think we're gonna look below the overnight low and fail pulling back up into the overnight range Probably go sideways for a little bit longer like we have been inside the overnight range and then we'll head up for friday's high Um, if we do not find support at the overnight low Look for it same thing near friday's low. If not there look for that gap fail. Okay The when you have tug of war like this in the first hour of the day in a tight range Just keep reminding yourself at some points Half these traders are going to get squeezed Half the people that have been buying are going to get squeezed in the market liquidates lower Or half the people that have been selling are going to get squeezed and the market gets a short covering rally higher I don't know how much tug of war there will be in between But it will break one way or to other And you can look for continuation once it does Poor low again further increases the odds that they want to test that overnight low With that I will say goodbye. Happy trading. Happy monday I hope you join the brigade and we see you there. If not, I'll see you here next week. Have a great one everyone. Goodbye Oh, we got a couple questions. Let me just crank these out real quick Uh, either makes me money. Oh, these are just people talking about how great my course is. Thank you Awesome. Thanks guys. Bye