 All right, good afternoon traders and welcome to the pro trader webinar with Carmine Rosado We've had Carmine once before Excellent trader really happy. He's back Let's go through the trader biography if you don't know who mine mine is Excellent trader Carmine has been trading for almost seven years His main focus is trading supply and demand price and balances while using order flow tools such as bookmap and price volume Analysis to successfully confirm each trade I have Carmine's contact information here if you want to reach out to Carmine He has a course and mentorship through Investitrade.net slash course his YouTube channel his Instagram channel and Bookmap specials from Carmine. Don't worry. I'll have all these links Pasted into the chat if you're interested. I so you can click directly on them Gotta go through the disclosures and then we'll turn it right over to Carmine and let him take it away general disclosure all bookmap 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 is not suitable for all investors Past performance is not necessarily indicative of future results. All right Carmine once you go ahead and take it from there Yeah, thank you Going on everybody Everybody can hear me pretty good. I'm reading the YouTube comments. So if you want to comment something I'll go through the questions after But just before I begin let me know if you could hear me pretty good. You could see my screen everybody sees bookmap We're all good Sounds good. Yeah, I did a webinar with bookmap on their YouTube I would say about this time maybe last year and if you haven't seen that video yet I recommend going back and typing my name with bookmap and Watching that because that's kind of more of the basics and other little strategies that I implement with bookmap And I don't want to get too much in detail with today's Webinar with the lessons that I went in that webinar So if you haven't seen that after this webinar, definitely go back just type my name in I think I did it last May of 2022 and it's just a really good webinar, but Just to briefly go into this because I know some people are probably new some people have no clue What bookmap is some people see this and they think it's like a solar system chart or just you know completely Information that's difficult to read and it's very very simple once you understand the basic concepts behind this and Really what bookmap is going to tell me is it offers a heat map? Which is basically a visual or a current historical order book or level 2 and on this heat map You're going to see liquidity at specific levels The darker colors that we're going to see on the screens equals more liquidity and more passive orders So if I were to zoom into my bookmap and I were to look at any dark line of my chart I could actually highlight over that and that's going to tell me the size of the bid if it's below price And if I go to above price, it's going to tell me the size of the offer or the ask Depending on you know the depth and the size So that's what the heat map is basically going to show me and pulling the slides back up Lighter colors are less liquidity or less passive orders Everything above price on the heat map is a passive seller and everything below price is a passive buyer And what it's also going to tell me is the volume the volume dots We can look at this as a time in sales a volume profile Cumulative volume etc. There are many different ways to look at it But every volume bubble you're going to see is a market order Which is essentially a completed transaction in the market at a specific price And you can even filter it by a specific size if you really want to get into detail with what it is I could zoom into a specific bubble and see somebody bought because it's a green bubble They aggressively hit the offer or they aggressively bought 20 lots of the S&P 500 at 3959 and three quarters So you could go really in depth and see exactly the size if it's a buy if it's a sell and exactly what price that we're talking about So pulling this back up over here The colors represent the Order and then I want to break down the columns. So I get a lot of questions about this on a daily basis I keep my book map very very simple. They offer tons of other indicators, but honestly, I keep mine simple as possible I focus truly on just price and volume and many other Different strategies to implement base offer that because how I view the market is it's an auction And if you can read the auction via the sell and the buy orders it's going to give you key insight to buy and sell in the market and they true trading decisions that offer high probability with small risk to reward so My RTH column is a session volume profile I renamed it to RTH because it shows the RTH session Regular trading hours that this is a volume profile from 9 30 a.m. Eastern time to when the market closes It's a regular trading hours session of volume profile a CVP is a chart volume profile Meaning if I zoom in it's only going to show me a volume profile For exactly what I'm looking at zoomed in on my chart and the SVP to the right is a global and a RTH session It's the full session It's going to show me the extended hours the pre-market session along with the regular trading hours So that's pretty much what I have on my screen. I keep it very very simple And I said this in the last webinar again if you haven't seen that go watch it. I've used this example before How I view book map and how I view how I trade is supply and demand is like a tree Supply and demand is the core to my trading strategy And it's essential for a majority of my trading decisions I put it at the bottom of the tree because without the core or without the roots Nothing above it is going to grow and nothing above it is going to make sense We're not going to have any life above it book map volume market context order flow tools volume profile stem because of Supply and demand so supply and demand bleeds and I use these other tools In combination with supply and demand to get a valid trade in play And again, this offers higher probability Everybody's saying that we need to increase the vet resolution in the video Everybody's saying Think it looks good to me Doesn't look bad quality Yeah, try refreshing your youtube Or try resetting your internet. There's no problems for other people So this is the core and everything else stems because of this. This is vital for my strategy So the main ways that I use book map to make this as simple as possible Is I use it to confirm each trade if I'm looking to be a buyer in the market I want to make sure other people are going to buy after that after I buy In fact, if I buy a position and I see a lack of buying After I'm long and I'm expecting the market to go up I kind of view that as a red flag and the probability of my setup working out Based on how I trade is pretty slim So a lack of buying after I buy is a concerning factor And a lack of selling after I sell where I'm a bear is also a very concerning factor Now how we can use book map in this example is if we're long a position We want to make sure other people are going to be buying after us And if we're short something we want to make sure people are also going to be selling after us What else do we have here so I use it to confirm each trade I need to look at the tape And one thing that I do want to say is book map illustrates the tape But the tape is not book map So everybody's saying can you teach me how to how to Read book map or how do I read book map or how do I use book map? And honestly, that's the wrong question to ask It's how do you read the tape because book map is going to show you the tape and the concepts of understanding how the market auctions And how we facilitate trade and how to read the tape Can be displayed via book map. So it's not so much learning book map It's so much of learning the tape because the concepts that I'm going to show you And the examples of the trades that we've taken so far that I'm going to show in this webinar Is based off of tape reading. It's not strictly based off of book map Book map is just a tool which shows the tape. I want to make that very clear So why I like book map point number two is it shows historical data in case I miss information Let's say I'm sitting in front of the market. I got to go to the bathroom I walk out of the office, you know, I'm sitting on the toilet for 10 15 minutes And I miss key information that the market displayed to me because I was not watching the charts What this platform is going to show is it's going to show Historical data that okay right now it's 10 45 eastern time at the time of this replay Let's say I was in the bathroom or I walked out of my office or I was on the phone 10 minutes ago And I don't know what happened at 10 30. I cannot go back to a normal time in sales On certain platforms And see what happened 20 minutes ago or I can't go on the level two and see okay At 10 o'clock eastern were there large bids where there are large offers What was the speed of the tape? I cannot see that from a traditional time in sales in level two I could offer this I get this advantage because I could see historical data By going back and reviewing what happened how I view this is like a uh it's almost like a canvas and The canvas is being painted in real time And I could basically try to read the story or understand the picture that's getting painted Before it gets painted by going back and reading this data that I see on my screens So you're going to see examples of what I want to mean about looking at past data That's going to influence the present data But I'm more of a present moment type of trader and I don't really care so much about the past However, it will give us key information. So that's very key and how I want everybody to view the market is It's an auction. It's as simple as that. There's no big difference between a stock market between real estate cars, etc The stock market and how we trade has to be viewed as an auction and why I use book map and again This is relates to the tape is I like watching the profile. So this is why I have the volume profiles up here I like watching this develop in real time because you kind of see where the market may head Where could we gravitate towards where there's unfair value? Where there's fair value and just key reference points is in the market that will give us insight That could potentially be you know a target. It could potentially lead to an entry point It just gives us information By watching the profile develop in real time. I'm actually going to show you an example of a trade that I actually took today By watching the profile develop in real time So this is you know A brief overview of how I use book map again. I could spend five hours discussing the tape And discussing exactly what I'm looking for but For this I also want to say that resting orders. I do not put much emphasis on any resting orders Or any limit orders meaning a lot of people will see You know a large order come here on the heat map And I actually use this 3945 level today But resting orders or any limit orders from myself at least again The whole point of this webinar is going over how I trade Because there's no right way to trade There are so many different strategies and there's no correct way to do it You have to really find what works out for you So if you don't agree with anything that I say I don't take any offense at it because i'm basically going over what works for me and what I have the most success with And other people might feel the same way or other people might not agree that it goes against how they treat So it's very important to understand you have to figure out what works for you the best Because what works for me might not work for you. There's no right way to trade And for me, I don't put much emphasis on any level two resting orders specifically talking about the e-mini the s and p 500 um Because anybody could go onto the market and go throw I could go throw a thousand lot sell order at 3970 This is technically illegal and it's technically considered spoofing But there are ways definitely around it, but I could go throw an order at 3970 And you'll see a huge red line up there and as soon as we come close I could remove it But if people see this information, they'll be like, oh I think the market's gonna head to 3970 because there's a you know, 2000 lot sell order up there But as soon as we start coming up, I could remove it. It happened the other day I even took a losing trade off of it. And again, that's why I don't put much emphasis on resting orders um, okay So the first the first uh thing I want to explain And kind of go in more detail about how I view the market as an auction I'm going to get into the trade that I took today But I you need to understand this a little bit better. So How I view the market is it's an auction all markets auction They move higher or lower in price To facilitate trade and to advertise price. That's the market's main objective Is to facilitate trade and to advertise price So again, if you're looking at book map, you got to think about that and not put so much emphasis on let's just say a candlestick chart Because the market's not going to move because your trend line was there And just because they broke the trend line the market's going to move up 100 points The main objective with the market is to facilitate trade and advertise price If we start coming up, you have to look at as that as an advertising opportunity If the market's moving up, are we advertising price? Who is accepting this price and who is not accepting this price? And that information in itself is going to give us key information That's going to possibly lead to a trading decision Um Let me see this real fast. I don't want to Okay, yeah So that's his main objective to facilitate trade and to advertise price in any auction Price does not move randomly because your trend line is because of an indicator Price moves to fulfill the purpose of an auction and that's the facilitate trade So next time you think to open up a position Think about it in that perspective Don't think about it in the perspective that I see a lot of people do saying, oh The market just broke my trend line Let me play the market short For no other reason just because the trend broke Think about it as an auction Because the auction will give us key insight and we'll get into an example with that I don't want to get too far ahead of myself. I just want to explain the key concepts Now This is vital, especially if you're a short-term scalper Bookmap is going to show us market generated information along with the tape the tape itself is a Generator that the market's going to present new information to us A trader should not predict the future in an auction of uncertainty. It's impossible If you want to go buy a car right now and let's just say the car cost 10 000 right now Don't say, okay I want to wait for let's just say to come down to 5000 because you're trying to predict the future Where the future may not ever happen You want to read the information that the market's presenting you in that auction at that present moment To not predict the future but to gain insight about the present moment We can monitor the auction and the present moment on how it relates to the market to logically assess behavior of participants Through new information. The market presents This is vital and a lot of new traders cannot accept this because a lot of new traders are so rigid and They have monolithic technical analysis where they're very uniform or concrete And they're not prone to changing with the market The market's constantly changing on a higher time frame perspective And also an intraday perspective where it's presenting new information that we may never have For example, I took a trade today that I did not plan for prior To the prior to the market being open, but I planned for it as the new information when the market was opening and developing Market generated information. I got important signs about the auction that led to a very high quality trading decision So this was the trade that I took today. I want to break it down now that we understand the key concepts Now this was posted at 1048 that I said at my intraday level on the s&p 500 um Is 3945 bears need to take this out for a move to play short And a failure to take this out in the near future is going to bring a rally Into 3980 to about 4000 this highlighted point is what happened and this is what's very key to keep an eye on So at 1103 The near future is the next 15 minutes. So where I got this 3945 level what from was number one It was not from this large passive buyer down here that a lot of people think it was Did this play an important role in my analysis today? Not really to be honest with you guys It was more of that. We had a low over here around 3947 3946 Also was this little consolidation area from when the market Just opened up that I knew a lot of buyers on this rally over here They would have placed their stop loss a little bit, you know directly below this low And also if I were to look at the volume profile, remember what I said earlier I'm watching the profile develop in real time this 395 3945 level 3946 if you really want to get technical with it was essentially where there was like a little bit I don't want to call it a volume ledge But I want to call it like where the volume began to decrease where we were consistently seeing four digit um Profiles meaning there were 1,100 lots 1,200 lots 1,400 lots On the directly below that there were three digits under a thousand. There were 700 800 So we're to zoom out, you know We kind of see higher volume here and then a little bit of a tail of lower volume So that's kind of where I got 3945 from and I don't want to get too far ahead of myself Um with how I got Gained these levels other than what I see on bookbath because I do use other tools And as I've been telling the members of the community of the investor community Um, I will be adding videos to the course about more specific to like levels And other order flow tools in combination with bookmap So if you have any questions about that the best answer I could give is Um, other than what I'm explaining in this webinar will be explained in the new course videos That I will be working on hopefully pretty soon and we'll be adding to the course but That's where I got 3945 from and that's why I said that's my line in the sand For today bears need to take this out And failure to take it out is going to bring a move into 3980 So i'm going to fast forward this and the best feature with bookmap or and I wouldn't say the best feature But I would say probably for a beginner trader and honestly, I still use this myself It helps me out a lot is their replay feature You got to record your data and if you can go back on the weekends and replay the data from that week Maybe trades that you've taken maybe trades you didn't take and just review what's going on It will tremendously help you And I can guarantee you'll have confidence In the next couple trading days trading the market by reviewing the data So now the market sells off right into my 3945 level And at 1025 I want to show you what it looked like on the on the bookmap try to fast forward to this Just like this the market sold off into this 3945 level I could even zoom in a little bit for you aggressive selling into this level It automatically held the market came back up, right? We found aggressive buyers offer this 3945 level pulled back into 3945 held this level and now we're basing or consolidating if you've been following me for a while You know, I love consolidation. I love basing and I love value being built into the market Especially at the bottom of this profile at my 3945 level So at this point at 1125 before the move for anybody that you know wants to say this is all in hindsight And every example that I'm going to go over in this video I've done on purpose because none of them are in hindsight and everything that we've talked about or I've posted about Can be here But so I'm trying some longs at 3948 when the market looked like this I am targeting 3965 first and then 3980. This is maker break for the es at 3945 I'm going to replay this and I'm going to speed up the replay So the tape is going to go pretty fast and I'm in long now at this point at 3948 Pull back again to 3948 And pretty much minimal drawdown. I'm going to speed this up even more And you'll love to see that aggressive buying at this level and I actually want to go over something that happened at around 11 Right here. So I'm in this long. I'm up about 10 points at this point. My entry if I would have drawn this Is down here Very minimal drawdown. I think at one point I was just break even my stop loss was below this low So I was risking about four points to make a potential 20 points to the upside It's about a five to one risk of reward um At this point what we're going to do is now now that I'm in this trade long over here, right? I'm constantly monitoring the market. It's not so much of just letting it, you know, do its thing. I'm constantly Reviewing the auction and and reviewing the profile. I'm reviewing what happened in the in the Earlier in the session to see okay Where could potential resistance be where are their sellers and one thing that stood out to me was This little 3958 3960 Very large seller that removed a ton of liquidity in the market and actually sold it off About three points. So this whole like 3958 3960 level was important to me And in the interday commentary tab, I said we're up about 10 points. There's a large seller sitting here at 3960 3958 We have to take them out next time it's tested or it's a red flag and I will exit my position So if you are a scalper like I said, we have information that gets developed while the market is trading so You have to always be able to read new information as it gets presented and if you're sitting there like Not reacting and not perceiving new information and you're scalping short-term momentum. It's very hard to In my opinion trade efficiently So this was a little concerning to me and I'm going to speed this up Luckily, we we completely destroyed this guy aggressive buying and you just love to see this my position exploded here And then I'm selling into my target into strength 3965 is my first target I wait for the market to come up slow down see weakness. I scale out some of my position If you want to see the timestamps, I don't want to take too much time with this Scaled out there. Then I said, I'm really going for the 3980 level And eventually we got that 3980 level perfectly. We hit 3980 and then and then stalled out from there And that's going to get me into my next example um But that was a really good trade just understanding How the profile is building understanding the psychology that a lot of stops were going to be placed to the low Understanding that this was also an area that the market bounced earlier in the day with aggressive buying And just more confirmations the market sold off into it consolidated and aggressive buying out of that I'm taking that trade and I'm putting my stop loss below the low I have to put risk on the table there. It was super small for my reward. So that's the first example um And now we're going to get to the second example so I kind of meet this slideshow. I'm not going to lie probably two hours before I did this webinar so a lot of these examples are going to be impromptu but There's a setup that has been working very well right now at least for myself I would say in the past definitely this week Definitely the past two weeks and I don't really have a name for it I just consider it buying drying up or sellers are stepping in and a lot of people are asking me like how do I get my levels I'm just looking at areas where buying is drying up or sellers are stepping into the market and just a quick little uh inside about the auction is The auction advertises opportunity in the market in an effort to facilitate trade as I said earlier If the market has little or no trade activity when price moves too high or price moves too low In a supplier demand zone or at a key level This is a concerning factor and the market has a high odd of reversing If there is little or no trade activity and something basically stops the market from moving higher Or stops the market from moving lower The market has a higher odd of reversing and if you're a trader You can capitalize on these little what I call basically like sweeps Or like breaks in the market where your risk is maybe like a point or two points or three points For your reward to be 10 points or 15 points where it offers high risk to reward The market will move up until the last buyer buys and the market will move down until the last seller sells You go back and review your data and every single reversal that has ever happened in the market It's happened to the upside where we sold off and reversed lower Because the last buyer bought and the market will move down and reverse up until the last seller sells That's how any auction will facilitate its trade. It'll move up until the last buyer buys And I'll move down to the last seller sells To prevent the market from moving too much in one direction Buying or selling is going to dry up or we'll just see decrease in volume near high or low Or we're going to see aggressive sellers or aggressive buyers that are just going to step in and reverse the market And this is what I consider activity being shut off at a certain price Higher prices and not so much activity Usually means the market needs to move lower. Just think about it as an auction again Every single trade you take from now on Look at it as an auction if the market is moving up and I'm going to show you an example actually from today That you could have capitalized on the market short by 390 If the market moves up right and there's less activity as the market's moving higher It's a concerning factor if you're a buyer, right? Because if you're a buyer and you want the market to keep moving higher You want to see buyers Buy after you buy as I said earlier It's a concerning factor if I'm long something and no one's buying after I buy and there's not so much activity Because what's going to happen the market's going to have to move lower Why do we move lower? Remember what I said earlier the market's main objective is to advertise price It's going to move lower to advertise price To other buyers at lower prices if you're a seller and this could even relate to any market Let's say we have a car right we own a car dealership And we have all the inventory from let's just say are like a rare Lamborghini right like maybe 10 One of 10 we have all 10 of them We can basically set the market to whatever price we want to sell them at Let's just say it starts at a million. Now we go up to a million and a half now 2 million, right? Now the market comes up to 2 million, but we don't see buyers buying these lambos for 2 million bucks Well as a car dealership, what are we going to have to do? We're going to have to lower the price from 2 million To an area that we see a lot of buyers Being okay with buying the car at that price So if the market moves up with nice activity and then the activity shuts down or slows up The market's going to move lower to advertise price to buyers at lower prices to see where they're buying and where they're seeing that value is high enough Um So high prices and lower activity price is going to need to move lower And it's the same exact thing for the downside everything that i'm going over in this video can be related to bulls or bears But i'm basically just going over recent examples Okay, so here's an example of today I'm going to go over the pre-market plan Pull this up over here Uh, I post these every single day in the discord if you're a member, you know exactly what i'm talking about And my two-inch a day levels that we are watching for today was 3955 3965 and then 3980 supply to 4000 I want to remain a bear and play short today as long as we can rally and fail at this level There's minimal demand or minimal uh support below Market opens up. This is where I took the market long Down here Then we got that rally became up into 3980 and where I exited my long position was at the supply zone If I was not in long This couldn't offered an opportunity to take the market short by watching buying dry up Inside of this 3980 supply zone now what this is going to look like on book map Is this happened around 12 o'clock if you want me to go back And uh replay this data you're going to see the market come up and like I said earlier This has been happening the past two weeks. I don't know if it's just like current market condition type of thing I don't know what it is, but what I've been noticing and I'm going to show you another example Is the market sweeps up or we see a lot of activity to the upside And I'm sure if you had like the iceberg feature on this probably would have been like an iceberg Um, but the market moves up aggressively with large Let's just say buying volume and then it's not met with extra and additional buying Maybe there's a large offer that steps in but buying happens here There's a lot of activity and then directly after that the next minute the next two minutes Next even 30 seconds. It's not met with other strong buying. It's met with buying drying up And some examples we're going to see selling step into the market So uh going back over here If activity is being shut off at a certain price And we're seeing lower activity and the price is going to have to move lower to facilitate trade And advertise at lower prices. It's basically drying up And some examples we're going to see sellers step in so I'm going to replay this You're going to see the buying dry up. That's way too fast Market moves up impulses higher aggressively buying dries up We don't get met with strong buying aggressive sellers step in and depending on how you trade or, you know I didn't take this trade so I can't speak on my entry Uh, but seeing this is where I exited my long position by buying drying up directly before this right buying Consolidation buying now it's met with aggressive selling and to be honest this area right here Looks pretty identical to this right here But if you're trying to catch a reversal Your risk is going to be maybe a point or two points where Your reward might be 10 or 20 or 30 points. So with Trading this way and again, this is just what I've noticed recently in the recent conditions I've been taking a lot of losing trades by doing this But my losing trades have been two points or three points or five points and my rewards have been 40 points or 50 points and Any member in the discord could even attest to this that When i'm taking my trades I make sure my risk is super super small That when i'm trading when buying's drying up or seller step in I might take a one two three point loss But my one winner when i'm correct on the analysis Is going to take care of itself whereas this is an example where the market sold off 20 points to the downside and if you took two losing trades before that for three points A 20-point law a 20-point win is going to outweigh You know those losers. So this is just something that I've noticed Recently in the market move higher buying dries up selling steps into the market and you could capitalize on a downside move Here's another example Market opens up. We rally into this supply zone 398 up I took the market short. I don't know if I could get a um, let me see your laser pointer I took the market short one day. This was on the I think it's yeah the 20th I took the market short right here where I'm hovering my cursor over And I stopped out of this position when we came up right here For uh, I want to say a two or three point loss Then the market came back up stopped me out And this is another entry for me to take the market short at 3986 By watching buying dry up. I'm going to show you the example on the book map Uh back in short 3986 again five point stop loss Scalping for a move back into 3960 and exactly what I showed you earlier. This example looks pretty similar Market moves higher on aggressiveness than we consolidate and we form structures So you want to see structure form? This is what I find to be the highest quality or the highest reliability is when structure forms the market consolidates And then it's met with aggressive selling Even this structure right here Around 3981 would have been an offered, you know, another good opportunity that once 3980 Where I'm hovering my cursor over here support here support here support here Once it finally broke look to maybe take the market short there putting your stop loss above this high or Which is going to have a lower odd of working out, but your risk is smaller Maybe getting it over here with your stop loss above the high and here your risk is only about two points But it's going to be lower odd and you're going to take more losing trades doing that Again, this is just how I've been trading recently And then here's the reaction after that market moved up buying dried up Aggressive selling directly after that and the market sold off pretty aggressively directly after that And then this is I think another example Yeah, same thing market rallies up over here hit supply. So again supply demand is the core to my strategy supply demand key level support resistance Market moves up until the last buyer buys There's a lack of activity here. Look where all the volume got facilitated out of this range The market moved up and if we were to look at a profile, there's a there's a tallop here There's aggressive buying immediately shut down by sellers structure forms We rally back into this level where the higher volume is over here and fail and sell off Again, these are trades that I have not taken but I have analyzed um just for these examples Now these are trades that I have taken right here This has been a setup that has been working for me very very well spotting bids at or near low a day so let me um Let me just get the replay going. So again the best part or the best feature I have tons of replays saved And I can go back and replay any day and any data with book map to replay this action And see what happened see my mistakes. Maybe I took a losing tree And on the weekends I want to go back and review that losing tree I can go back on book map Play this replay and see exactly what happened Why it happened and look at what the market looked like an exact reason or why I was thinking that way So I'm going to let this replay play Build its data and let's get into this next setup that I've been taking so um spotting bids at or near low a day and A a big part about reading the the market and and reading the tape It has to do at least How I view it with a big feel factor, you know, you have to feel the market and I I can't really define it. I can't say any other way than that a lot of people try to ask me You know, how do I improve or how do I get better? The best advice I could give is just just just watch the market every day Because when you watch it you gain Subconscious knowledge your brain is like the muscle And if you're watching the market on a daily basis Seeing how things happen, you know seeing how things play out Your brain subconsciously gets stronger. It's like going to the gym, right? You might go to the gym for a week, but you might not see improvement But if you do it consistently your muscles are going to get stronger and you're going to get bigger The same thing with the brain and it's the same thing with the market Getting better and being able to read it and feel it better um So how you get better at it and and a big portion of how I treat has to do with feel or instinct and I can't really say what that is because it's Subconscious and it's unique to myself so You have to develop a what I consider like a deep relationship with the market And the only way you can do that is if you're with it every single day Or you know studying it and watching it so spotting bids at or near lower day If the market moves lower but can't move much lower on aggressive selling Where is price going to go? So think about it the market's heading lower And there's aggressive selling As we move lower yet the market cannot move lower Think about that. Where is price going to go? It comes down to effort versus reward Yeah, the replay feature is not on the tos version. It is only on the standalone. That's why uh, the standalone is also You know good because it has the replay feature, but It comes down to effort versus reward If you're a seller and the market's moving lower and you want to capitalize on a downside move And you see a ton of effort in the market meaning effort that sellers are in the market Yet they're not getting rewarded. What's going to happen? I'm going to cover that position. I'm going to get out And that might fuel a reversal to the upside Do bids step in is selling weak where our buyer's aggressive Is selling heavy What is the context? What I mean about the context is what is the story? Uh of the market So these are all pieces you have to ask yourself And you need to think about this before you put a trade on you know the examples i'm showing you right now is you know Not showing the context and the other aspects that go into the theory behind the setup And where on the chart has it happened? um But you need to ask yourself these questions because it's very very important so Here's an example, uh of bid supporting the market What we're going to see here is we have a support level around four thousand eight four thousand six It was an ex previous level from I want to say two days prior to this That was spotted on the tape Any level that plays an important part of my analysis will always be kept until The market does not respect it anymore. So I want to say two or three days before this I think this was on the 20th through the 21st uh Or maybe even the pre-market session whatever the case may be four thousand eight four thousand six was a very important level That acted as resistance at one point and now that we're above it. We wanted to act as support It's so much more than drawing a lower day and people calling it support We're drawing a higher day and people calling it resistance How I draw my support and resistance is levels off of the tape that show the market is interested at them that respects it and the market Shows that it's important flinching point. It's not so much drawing it off a candlestick chart and calling it resistance Or calling it support and everybody thinking it's going to hold and the market's going to you know bounce off it So pulling a book map here Let's slow down this replay What we're going to see is the market sells off into four thousand and eight now. I didn't take the market long Around 10 30 10 o'clock 11 o'clock in this area. I missed this first bounce It wasn't until the market came up sold back off and broke low a day Remember the example that i'm explaining to you spotting bids at or near low a day So the market's going to break the low here And what everybody does or every retail trader does is they mark up a low a day a high day And they short the low and they buy the high when in reality, honestly, the best strategies come from You know fading that we're going against where the majority is trading at So we're going to see here is the market breaks the low And we immediately rebound and bounce now you're not going to really be able to see much from a chart here This is why I have a love hate relationship with candlestick charts I do not use them much in my confirmations When i'm looking to enter the market, I don't look at a one-minute chart and say, oh, there's a bullish engulfing I'm going to take it long or I don't go to a 15-minute chart and say, oh, there's a nice Uh, you know hanging man, whatever they want to call it Let me take it short I'm watching the market structure and i'm watching the orders coming to the market via order flow How are you going to be able to read the auction and understand how the market is advertising its price And facilitating trade by a candlestick chart You're just not going to be able to because the only thing you're going to see right here And those that do use strictly technical analysis They'll see like a double bottom on a one-minute chart And for some people that's their valid confirmation, you know to take the market long and bounce higher But if you're watching the tape I took the market long around 1150. I want to call it. Uh, let me see. I should have a time stamp here Again, not hindsight 1150 four thousand and six is a key level of support into debt Failure to break this within the next five to ten minutes. You can see four zero two one again very shortly four zero two one is the upper um red lion And then at 1154 four minutes after I posted this When the market looked like this I said I'm trying some loans down here at 4008 my stop losses below 4004 I'm risking about four points To make a potential 13 points to the upside of over three to one Risk is small and I'm betting on these bids at low a day to support price Again, this is not hindsight for those that are watching this and saying, oh, you know He's talking to hindsight this happens in real time and that is the best part about the tape Is it gives you signs before the move happens in real time and present time talking? So go into what book map looks like I want to go to 1154 Or we'll go a little bit before that actually I'm going to play this replay. So When the market bounced earlier and I like I said, I didn't take it long Look at every single time we came into 4008 that support level He sold off into it couldn't break it sold off into it with aggressive selling Right. Look at that aggressive seller right there by zoom in It'll look a little different, but 507 lots hit the bid and market couldn't move down Remember what I said earlier the market moves lower into the last last seller sells Well, 507 lots hit the bid 507 lots aggressive selling at the low yet the market couldn't move any lower And there was not even a bid there to support that, you know, there wasn't a large red line down here to support that 500 lot Selling volume down here at the low So that's concerning right a couple times after that Look more aggressive selling right here 4008 4006 We're seeing all this selling Why can the market not Move any lower right immediately bounce back up Multiple different times in this area 4008 4006 the market could not move any lower Fast forward to when I made that post the 1150 1150 the market looks like this We come down again Into 4006 4008 All this aggressive selling Market cannot move any lower This was the breaking point for me Look at this large size Right here probably an iceberg Right and there's really no limit orders to support this move down So if you're a seller in the market comes down to effort versus reward If we're selling this market at the lows and the market is so aggressive or heavy to the downside yet We cannot move lower. That's a red flag if I'm a bear and that's a green flag if I'm a bull Now my job as a bull is to spot buyers Hopefully to start seeing aggression to the upside if I don't want to wait for that aggression If I don't want to wait for that aggression, maybe I want to get in before I see that aggression because my risk is three or four points I'll be glad to put risk on for three or four points to make a potential 15 16 points to the upside You know, just it just makes sense. I can lose three times And my one winner will take away those three losing trades and I'll have some profits in my pocket So 1150 is when I made that post and 1154 is when I entered When the market looks like this I'm going to replay this market looks just like this I enter in the market long my stop loss is below the low I'm risking four points and I'm targeting this high at four zero two one It's a pretty balanced profile And remember what I said earlier about watching the profile develop in real time When the market's balanced you want to fade the extremes and you want to be looking to buy the lows and selling the highs Inside of a balanced market So now i'm in long, uh, there was very very little drawdown in this again if you You hear me talking In my past webinars and stuff like that Watch what happens even more selling. So I was down here about three points and I was a tick away from stopping out I remember this correctly All this more aggressive selling and now I'm just having way more conviction in this The market sold off aggressively directly after my enter entry Even more selling now coming in and this just looks prime for a rip up Stop out these shorts to the downside And this is spotting buyers at low a day and a lot of people are going to say oh, where are the buyers? I don't really see green prints. Well, it's not you're going to see green prints You got to think about it as an auction and with context There's all this aggressive selling yet the market cannot move lower. That's a red flag So now i'm in long Uh, and then we just you know rally up I don't want to waste too much time with the rallies, but when we hit the four one two one target I got out this position And you know, this is a good example about buying drying up So you can either use it to open up a short or maybe just exit your lungs Aggressive buying buying dries up aggressive selling comes into the market. We pull back from that That first example on that first trade setup that I was explaining Right here again. So that was that trade um, let me see here I don't want to go into uh, took up too much time Okay, this was another one. This actually formulated new demand So this spotting buyers formulated new demand the market broke the low very very similar To this example at 105 here instead. I'm trying some longs at 3873 I'm seeing some buying on the tape. This is my last chance to be a bull today This day I had a 25 win rate and I was able to catch 60 points off the low My losses were a point three points seven points and like 10 points I was down. I don't know like 20 points on this day And then my last trade I took a 60 point winner to the upside After going 0 for 3 for the day So I tried longs down there 3873 right here before that rally up um, I thought I had an example this happened on uh, 3 15 so I could pull up Uh, this file Let this load um So it's just putting yourself in the position of other traders or other participants If you don't put risk on the table, you will never make money, right? I never know a setup that I'm taking will work out before I take it But what I do know is I'm trading at areas that the market can move up Buyers are going to buy after me or sellers are going to sell after me And I'm making sure that that's at an area That my risk is super super small that I could afford to lose if I am incorrect Um, so I'm not even going to play this replay, but if you want to go back and you have the replays This happened on the 15th of march Uh similar where there's aggressive selling yet the market could not move any lower The prime recipe for a reversal to the upside Uh, and then the market moved up from there. So now I'm going to go into the next example Pull up Uh, the 10th of march here, okay okay, so now This is very important to my to myself to how I trade is The speed of the tape is very important to me What the speed is going to show us is the the faster the speed the more transactions we're going to see The more transactions mean the higher the volume that we're going to see And if you see a fast moving tape and you're a breakout trader where you want the market to go up You want the market to go down For me, I need to see a fast tape Because I need to see more volume coming in my direction If I want to see continuation and I need to see acceptance in that direction so I also need to see the size of orders at important areas that that previous example that I showed you would all that aggressive selling At an area of support or at an area of demand The size of those orders 500 lots, you know 1100 lots Yet the market couldn't continue At an important area, you know, if this was at a random point in the chart It really wouldn't matter to me But because it's at an important area It matters so much more to me the size will show aggression And sometimes the size might not be shown Yet there's aggression and that's usually if the level gets tested and it holds for example that last trading example where You know, we moved lower. There was so much aggression, but there wasn't So much large size it was just continuous pressure if the market couldn't move any lower Okay, so this was on the 10th I am going to play this book map replay Again, if you're not studying your book map replays, you're at a severe disadvantage On the weekends, I go back and replay the data from the week And I try to get a feel of what I did right and what I did wrong Okay So this was a setup off of a 389 owed demand zone that My intraday line in the sand is 3913 if we can reclaim above this I will expect many shorts to cover and I want to play long targeting 3925 So my original thesis to play the market long Uh, I don't know the time of that post But whatever was if we can reclaim above 3913 because what we're going to see here is a low volume area Between 3913 to about 3925 that if with the context of this setup This was a 80 point or a 60 point sell-off Uh in an hour before the market open This was a 60 point sell-off to the downside So with the context and as I explained earlier the examples that I'm showing you right now is missing the context aspect of it Based off of supply and demand and other factors off of a chart I'm showing you the examples with book map and what I saw that made me perceive new information via the tape The market sold off here about 60 points from the high So it's safe to say there's going to be sellers factored into the market here Now we have a profile with a higher volume area at the highs And we have a larger sell-off that shows an area of illiquidity on the volume profile Doesn't matter if you're looking at a cvp or svp. I'm zoomed out here So my analysis and my thesis for this setup was if we can get 3913 and like I said earlier in this video Um, I'm not going to go much in detail about profiling. I'm going to save that for the course videos It's too broad that I can't answer it with a single question Or a single response. It's going to be more of videos will help with that So if you have any questions about profiling, I just ask if you could save them until the course videos get released I don't have an ETA on them either. So please don't ask when they are but they will be done very soon But my hd line to say 3913 forget above that. I want to play long targeting 3925 3925 came from this high volume 3913 came from the start of this lower volume. And if you get above that, we're going to play the market long So now my job as a trader Is to see what's going on With new generated information So we have an area of demand or buyers here where the market came up We held it. We held it. We held it and I took the market long at 10 50 at 3891 risking seven points to make 36 points to the upside 34 points to the upside So three and a half to one risk of reward At 10 50 I got long when the market looked Just like This so what we're going to see here Very similar to the example earlier Earlier in the day the market sold off immediately got blown up and we had a sort of a v-shaped reversal Now I zoom back out, right the market bounces off this little 38 Let me make a box here so you can see a little better. I'll put a line actually So I'm going to put a yellow line there where every single time the mark comes into what we bounce Market sells off we come into this line. We bounce market sells off. We come into this line and we bounce The market comes into this level Look at all the aggressive selling that we're seeing down here at the level at 3890 3888, right? Keep in mind It doesn't have to always be exact to the penny, but this also coincided with a demand zone at 3890 So now we have multiple factors that are making this level very important and that the market is respecting If I'm seeing this aggressive selling Why is the market not moving lower? What is holding it up? There's not a bid here To compensate for all this selling that the market just can't move any lower Right one more test into it aggressive selling an immediate move up Now we're in the market long And then immediate reversal up it comes down to effort versus reward for a seller And the market's not moving lower We're going to cover our position And the shorts are going to cover and fuel a move higher And also buyers are going to be buying on the way up and that's why it's important to read the auction Because it's going to give us important signs the market can't move up forever on shorts covering The market has to move up and it can only sustain value if new buying gets displayed in the market And then you know, we just kept rallying up And then we hit that 3925 target pretty well And reversed off 3925 3925 right here And we reversed off that well, but it's just spotting those buyers At the low And it you know, it worked out in my favor pretty much three or four minutes directly after I entered My stop loss never triggered and it was a stress-free type of trade All right, this is the last example Um, this is what I consider unusual activity or just something that doesn't look or feel right And I don't want to spend too much time with this because this has been an hour long already But I'm going to pull up FOMC So this happened and I'm going to use this example In the course videos that I will be adding about how I come up with certain levels Leaders and millimetres you bought the course a little over a week ago. No regrets appreciate that leaders and meters nice name, too Um So this happened and I wanted to make a video on this I never did but I will be adding this example to the the course videos On FOMC on the on the first of the 23rd We saw a very large rally and on this rally if I were to pull up an example on book map Where is it right here? Or we're going to see on the profile and again, you know, you don't need book map to see this This is why I was saying book map shows the tape, but the tape is not book map Book map shows the tape But the tape is not book map We're going to see a large amount of volume here at four one two five aggressive buying and this is kind of what you would maybe call like a ledge Of 9200 lots that's insane size hit the offer here At four one two five then five points higher at four one three oh same exact thing 5300 lots Five points higher right now five points even higher than that 5800 lots Hit the offer So at four one two five four one three oh four one three five There's do the math nine thousand five thousand five thousand almost 20 000 lots In a 10 point range at five point increments Hit the offer and the market moved up. So this four one three five to four one two five Level becomes key for me moving forward 100 this is just unusual. It's odd. It doesn't make sense. And it's not something a normal auction You would see in a normal auction at five point increments with this size. I mean 9 000 lots is huge size So this is unusual It's it's out of the ordinary and and you got to get creative with it You know, I don't know if this means it's a seller. I don't know if this means it's a buyer You know, maybe it's a short covering their other Opposition, maybe it's a new buyer getting into the market. We don't know that's why context is very very important and crucial Um, so I don't a lot of people always ask me, you know, what do I look for on the taper? You know, what am I looking at? I don't know what I'm looking at because what the tape is going to show me is new information And if I try to tell them what I'm looking at then I'm trying to predict what I'm, you know, looking at I'm just perceiving the information the market's giving me. So I don't know if this is a buyer I don't know if this is a seller. It could be a short covering his position It could be a new buyer, but it's just an important level four one three five four one two five Uh, here's another example just a little bit zoomed in Here's the little ledges four one three five four one three oh four one two five I'm going to pull up over here. Let me go to uh your market plan So what we're going to see here Is the market rallied up. We hit the supply zone and we sold off Uh, we formulated the man that we bounced off of and then here's that these green lines here are where those, uh Those buyers the unusual activity came in two days after the market sold off hit that four one three five level And rallied back into supply So when I see something like this it becomes important level of interest Now if you got below it, I would want it to act as resistance if we're above it You would want it to act as support You can't see this from a candlestick chart If you see my lines there you're going to be like, you know, why the heck do you Does he have lines there saying buyers? Well, it came from the tape not a candlestick chart and that's why the tape is so more so much more important If you're a short-term trader um Then candlestick charts, but this was a good setup. I'm not even gonna Pull it up in the discord, but we we we got the long off of this And we got the short off of this move And uh, let me actually pull this up here uh four one Yeah at the second of february the high is in get ready for the sell-off The market has not been up there since just simply reading the tape I cannot stress how important that is Yeah, and how yeah exactly because it was supporting it might mean and might lead that it was a buyer Yeah, for sure, but That's pretty much it. It's all I got if you have any questions. Let me know in the comments. I'll go through them But it's just this simply is Develop a deep relationship with the market think outside of the box Don't be so monolithic or don't be so concrete in uniform Be flexible be able to adapt and you got to use your brain. You have to use your brain get creative build an edge and follow that edge Your edge is what's going to make you money because it's something that's proven to work out for you And as long as you manage your risk and follow your edge, you're just one step closer to profitability POS offers free book map for yes. Can you use that for spire spx? Uh, yes, you can I recommend doing all analysis on es even if you trade spire spx Do all analysis On the king daddy and the king daddy is the e-mini Yes But yeah, that's pretty much it Think outside the box use your brain A lot of people can't use their brain and a lot of people are looking for concrete answers or concrete Examples when in the market It's very hard to structure it So you're not going to find it and you never will and if you're searching for that You can reinvest your time elsewhere. That's going to make you profitable or at least push you to be profitable So stop wasting your time on all this bs and nonsense and become one with the market and focus on the tape And read the market in a different way and view it as an option Like I said, I will be adding videos to the course There's a full tape reading section in there, but I will be adding more specific videos to other more in-depth and advanced order flow Examples trades lessons strategies, etc. That's going to be really good. It's going to be game changing for sure But I think that's it if you're still here bruce Yes Uh, that's all we got. Okay. Carmine. I had a quick question for you. Um, uh, when you were looking at on the way up Price is moving on the way up and starting to kind of dry out or you have any questions. Let me know in the comments. I mean Okay, um I'm I'm wondering like uh, are you um Waiting for the order flow to kind of turn around on the way up Or are you just buying at highs? Uh, when you start to see it dry up a bit Yeah, I'd rather wait for it to dry up and not get in on the dry up I'd rather wait to see like aggressive selling come in after that or some type of structure to break Right. Okay. So then and then you have it so you then you'll you'll place your stop It'll be like maybe uh at the high or maybe wherever I see higher volume I don't really use that setup much. It's just something that I've noticed in the past week or two Right right with these big ranges in here. Yeah, it's just something that I've noticed recently and And they've been offering quick little scouts. It's not like so much of a high day reversal. It's more of We're getting in front of the momentum when the buying dries up And if selling steps in we're going to be able to maybe capitalize on a very quick scalp Uh, but you just got to know that it it might lead to to more losses But I'm okay with losing more if my stops are two points or three points Okay, excellent. It's hard for a beginner to accept that Um, would you like me to read these questions out for you or um, I'm reading it. I'm reading it through Uh, can you add rth in to s book map? I believe you can you just need to right click the volume profile and you can uh Rth. I just renamed it Uh to art you could rename any column. So I just renamed it to rth. All it is is just a session volume profile and uh There's somewhere that you can uh Make it to to reset this session start Do I recommend charting es? No, if you're trading the nasdaq you could Only do analysis on the nasdaq. Uh, if you're trading es only do analysis on es Yeah, don't chart spy qqq. I don't recommend it Can I go over how to load recordings on the home screen or on the on the startup screen? It'll say I think like simulated trading Live trading and then replay mode hit that replay mode But you got to make sure that you're recording your data. It's not going to do it for you You got to make sure you select it That when the platform is open it will record it only when it's opening open and uh, you see that on your screen Yeah All right, that's pretty much it Yeah, you could trade spy options off of the es chart if you were to compare the charts I have plenty examples of this Um, if you trade spy options I'll go to add study compare with You could do spx. Uh es doesn't matter the charts are identical. I can make this overlay with spy I'll make it white another candle es and spy are identical I mean every single movement you're going to see is identical So it doesn't matter if you trade spy The price action will be identical To es So all you got to do is really if you're if you're short-term trader to trade out the money Or one out of the money spy directly off es chart. It's as simple as that No reason to convert levels. No reason to look at spy. Simply do all analysis on es Uh, what's the difference between digital and global? I would ask the book map support for that to be honest with you I'm not sure Um, they'll definitely get that for you Um, can I add a cvp svp even with the free book map? I Leave you could Yes, you can and the digital version is only for digital currencies global and global plus, uh Work for all market types There you go Um, yeah, I think you could edit it Yeah, you can you can add it in the free version Yeah, you could add it. Yeah, I customize it exactly how I do it. Yeah, you just got to customize it um What is the book map limited to on to us? Yeah, bruce could answer that. Uh, what's the difference between the book map platform versus to us and what features are there versus not? The the free version, um, you only have access to a few symbols and I believe they rotate, uh You can subscribe to it on thinkorswim You will get data from dx feed If you are looking for a higher quality data and some of the add-ons and like replay mode and and some of these other features you will need to subscribe to the desktop version Global or global plus for futures and stocks There you go Um So I'd use other tools to read the tape. Uh, yes Any other tool will show you the same amount of information Just visually in a different way like if I were to pull up book map, right and I would just to look at maybe let's just say Uh, I don't know a high day Uh, you know, I could really if I want to get in depth with it I could look at it and maybe I could go on a footprint chart And I could see the same information Just visually in a different way or I could look at the volume profile and I could Technically add up all the bubbles up here and it'll get 321 aggressive buy orders hit the offer here So all the tools will show you is the same information It just depends on how you want to read it and what you want to read Footprint volume profile market profile a market profile is a little different footprint delta time and sales level two They'll all show you the same information just visually in a different way Do I record every day's book map data? Uh, yeah, whenever I have my book map up, it's always recorded Like this weekend. I'm going to go back and look at the good trades that I took this week And I'm going to look at the bad ones and I'm going to review them So next week I'll be prepared and for some odd reason I trade a lot better the following week when I do that I don't know what it is, but I don't know if it's a confidence thing. I don't know if it's just A mental thing, but I trade a lot better when I review my data Yeah, I talked about cvp rth and svp in the beginning of this webinar If you missed it go back after this the replay will be available. I'm not going to say it again So if you're asking about rth cvp and svp go back to the beginning of the webinar Um, you recommend getting the course the free discord in itself is gold undervalued appreciate that Leonardo Definitely recommend the course just getting trading on your live account have already made enough profits in the market to cover the cost Appreciate that ej um Hands down the best course ever appreciate that what I recommend getting bookmap standalone or starting out Uh, I mean the best thing you could do is try it for free on to us if you trade just es and then if you like it It's definitely worth the investment Uh, it's definitely the try for free on to us. There's zero cost with it. You're gonna be limited, but Yeah, definitely try it. It's not gonna hurt, but I think that's pretty much it I'm gonna head out head out now Friday enjoy the weekend. Yep. Thank you so much uh, uh carmine and uh, excellent material here This recording will be up on the site by me on our youtube channel immediately Sounds good. Have a good weekend everybody