 good morning welcome to this week's Wednesday webinar it's Wednesday the 6th of September and we're into probably into the month of September with a bit of volatility most likely so let us do the disclaimers as usual good morning welcome to this week's Wednesday webinar sorry I'm just having to mute my YouTube so I don't get an echo of myself in my ear all bookmap limited materials information and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations trading futures equities and digital currencies involves substantial risk of loss and is not suitable for all investors past performance is not necessarily indicative of future results okay let us check everything is good yep I'm just waiting for the YouTube screen to change I think it's going to change now looks like ES is breaking down towards some liquidity but I'm going to restructure the the format of these webinars I've just got it on some bullet points here just so that we make the best use of this hour together so if I quickly move across to my slide for today I'm gonna I'm gonna break this down so that in the first 15 minutes we talk about education and ideas I think I've spent a lot if not too much time in the first month and a half of these webinars just really focusing on education education especially the supply and demand scenarios that I'll be commenting on live as we have trades that set up anyway so I'm going to limit my education and new ideas to the first 15 minutes only sometimes it might even be shorter the second 15 minutes we're going to talk about some really clear ETH setups that appeared in today's ETH session that's the overnight session third 15 minutes we're going to do the prep and context for today's RTH session and the for 15 minutes or maybe longer if we're lucky we will just have live order flow analysis and commentary of this breakfast session as we move towards the RTH okay I'm aware before I go into the first point that we do have some market moving information coming up so if we go along there at 8 30 today we have the the trade balance so that's a two out of three in terms of importance medium to medium high so we should get some volatility during our second 30 minutes if not before okay right let us move on okay the first thing I'm going to talk about today is ideas right okay this is just something that that comes into my brain and I just like feeding anybody out there some ideas to help with your own trading I mean trading is a business as I keep saying but one of the things that I may even spend a whole webinar whether it's on the book channel bookmap channel whether I ever do it on my own channel about journaling journaling is critically important both in terms of the live timestamp journaling you do during a session and also the review you do afterwards one of the problems with journaling is that you may end up taking a heck of a lot of notes I dozens and dozens and dozens hundreds of them and you may cover the same thing again and again so a question that I have and maybe it's a question that you've had yourselves is how do I how do I best connect all the the notes the journals everything else I've been taken so that I can find that information again and one thing I'd like to draw your attention to that is available these days is artificial intelligence or generative AI and there are a couple of ways that I have come across recently to do it so this is basically where you're learning from yourself which is the best tuition you can possibly get or you're learning from documents that have been provided by others you can use an app like quiver which is entirely free and has its GitHub page it can be linked from quiver app to feed it all the documents that you have and then ask the AI questions and get answers about those documents and the other alternative depending on what you use for your journaling I use a program called obsidian again it's free I've got all my notes journals etc it's like a second brain I won't delve too long into that subject here but one of the ways in which you can query that entire database of your notes inside obsidian if you do use something like that is through the use of plugins there are a couple of plugins that are particularly useful ones a chat gpt plugin and the other one is a plugin called smart connections so again you can have like hundreds or thousands of notes there might be journals there might be trade plan items there might be commentary on things that you're learning about the markets and you can use something like this smart connections to ask where where have you come across this before within your own notes and also to have it digest and summarize other things that you feed into that database so it's just a quick pointer on something that does pique my interest a lot I mean I've used AI quite a bit in the last few months partly on on graphics but also on on learning it's it's a very very very useful tool when you are programming anyway let us stop digressing on ideas and let us get back into into book map right okay education or quasi education as I call it there's a couple of things that I've been drawing your attention to in terms of things inside book map that can help with with the supply and demand type trades that I've been describing the AB and C type trade setups and today we're going to look at something else as well inside book map that I haven't used much I mean we've talked about market pulse but here on the lower panel we've got another market pulse our go and if I bring up the menu here is it the one that I'm using here is called volume pressure imbalance and if we blow this up I've got the absolute default settings on this and effectively it's doing a percentile based on how strong the delta is from its average say over the last x minutes so basically how strong is this move in terms of delta relative to how Delta's been tracking for the last little while so if we just have a quick look at ES in terms of how this comes up again it's exactly the same graphical settings as as the market pulse price I'll go but this one relates to Delta not price so that once it's crossed the 70 percentile threshold it goes green once it crosses the minus 70 percent threshold it goes red so in other words a strong down move it goes red so it's just another way of alerting yourself to mean reversion type trades I'd call them or maybe strength of one side coming in and backing that that up by putting Delta buying at market or selling at market as they as they push the market along so I mean if we just scan back and again I mean this is partly looking at it from a scalping perspective as we came up to liquidity here in in in ES up at their 4495 as we came back up there you can see very thin liquidity resistances it's okay and you get a clear green Delta signal there it's it's something I'm not going to comment it an awful lot on I'm just testing it out and again I'm since I do tend to reverse engineer and program these things I've also built one inside Sierra to analyze it so in Sierra I'm again having a look at it on a sustained basis of how much Delta is being added over X seconds and using a half life I mean if I go back to the settings on this one one of the things that does interest me on the way it's being coded is that it has a high half life period so that the Delta every 10 seconds is basically divided by two or halved so it becomes less relevant and for the purposes of the graph again it's just something that is worth having a look at or I like having a look at new ideas to see how best I can use a tool it it may be something that I don't end up using permanently but it's just something that is on my mind at the moment to see whether it provides more relevant information to the types of trades I take than the market pulse price change I'll go price change I'll go is very similar to any other oscillator and I mentioned this previously as well so for example if we were going to go through an RSI oscillator or a MACD oscillator the price change I'll go is pretty pretty similar to that in terms of extremes and using them to to fade a move or to give yourself a signal that strength is coming into that side so anyway that is my first 15 minutes I managed to go through in about 11 minutes so I will I will move on to next topic which is let's find some good setups in in in ETH I think I've got over 15 minutes which will be great because there was a fabulous setup I'm going to look at this one primarily for NQ and to describe how not to do it and how to do it and fortunately my trading view chart here I can draw as well but I'll hold off drawing for a second if you look in the bottom right of the screen and we have the trading view chart and you've got yesterday's low that is not correct that red line there in trading view that is not actually correct at all so yesterday's low and I'm just looking in Sierra yesterday's low was if NQ is 15 442 75 so basically 15 443 so if I draw a line let me time to draw again great just draw a line so 15 443 so effectively that was yesterday's low and you can see just looking in trading view that we came down smashed through it or smashed through it and then immediately rejected and that since then we've been grinding our way back up back up through the developing value area to the other side of the developing value so let's have a look at how this appeared and let's talk about different ways in which to to get this in terms of it this being a valid setup or not it is a valid setup because it is effectively a spring on yesterday's low so it falls into category C of the ABC trade setups that we've been talking about for the last couple of weeks but let's go back in time and have a look and see what we could have seen here bear with me because this is always a little bit tedious getting back to the the 3 a.m. London open in ES okay and NQ rather actually it's pretty best to bring it up in ES first even though I took the trade I actually took a couple of trades within the move back up and it is better to look at it in ES one perspective as we came down and and there's the German open about 2 a.m. and then the London open about 3 a.m. and if we zoom out vertically you can quite clearly see all I hope you can I was in a little bit better you can quite clearly see that the main liquidity was below so there was resting liquidity below and if we zoom right back into where this this came in effectively this came in at this kind of time which is around about the China open about half past nine half past nine to 10 a.m. 10 p.m. New York time Eastern time that they they flagged that they might want to transact at the liquidity below and then if you have a look so you take step one ES flagging clear resting liquidity below potential magnetism magnet down there and say you want to trade NQ and Q had that lovely level which we've drawn on trading view which was yesterday's low and it's just something I want to show you before we actually drill right into this if we and I put these into their own columns these are effectively 30-minute bars on NQ so every one of these vertical bars on this TPO chart in NQ is a 30-minute chart so as we were coming up we were up we were up here right one of the things that is interesting and it's something you learn with experience with NQ in particular and that is the one that I trade more of in the London Open session time that even though you know if we were about here coming into the German open London open and the and yesterday's low was so look about 70 points lower it is still incredibly easy or relatively easy for them to get it down there so you know you you might you know you might have been fortunate to get a short roundabout here and you would then have had an overall target you know a final runner scale type target of down here because of the the behavior of this particular market loving flushing out stops and one of the best places to find stops is at yesterday's RTH low there's often a bunch of stops just there and this was the scenario in this circumstance so it's just something that does play out a lot I mean we can talk a bit later about how we can examine these profiles for other other examples of where they might have found stops as well it's also interesting to have to have one quick look at this profile before we dig into that spring of yesterday's low if we have a quick look at the high which was formed pretty early at the at the Japan open at 8 8 p.m. Eastern time you'll note that it did not quite take out this pink line which was settlement and also yesterday's volume point of control in NQ so the so you had a confluence of two key zones there which are which often do happen to coincide just because an awful lot of volume is traded at settlement and it could not get up to and tag it so this was a failed kind of auction for NQ right at the Asian open and then it's basically been moving away with a yes towards that liquidity which was much much lower so it's just interesting that you have this clear area here you've also got a break in the profile just there which you could argue was a delineation of a value area and another value area and it basically had a fail breakup over that value area and then back down so it's just interesting that there was a clear failure there so we moved into trending action and it was a question of how far could they explore lower and we were given guidance by the resting liquidity in ES lower down okay right so let's have a look at some of the nasty games that they played and what you could have done right so the first thing to say is that NQ coming into the we have the M3 AM maybe I'll start using the pen now let's start drawing so bear with me while I try and get this right okay so we've got the London open here we have breakdown there we also have some nice resting liquidity here and we'll we then move into an iceberg but what's apparent here is that there is a lot of Delta and it smashes through the resting liquidity right at the London open so if we zoomed right out I've got to get back on cursor to be able to do it you can see it was quite an emphatic breakdown of liquidity right into the London open regardless of whether that was at 259 30 or 3 a.m. exactly that was a clear breakdown you've got a stop an MBO stop 131 a huge number for NQ at this time the day so clearly interested selling intent you can see the size of the buys by the way I've amalgamated these two into one column so I can get it wider for you but essentially this is the same as the three columns I had before I had the sellers and the buyers separated out in two columns but I've just done it one here so we can clearly see where value starts and ends so you've got a value delineation point there for example which did play a key role later so if I just flag in your minds 15 493 50 as a as a delineation in the value so yeah you could well have been brave enough to be looking for shorts or just correct in this scenario let me get rid of that so the first thing to the first setup would have been a test back to that large trade which is 269 that transacted with that liquidity that was the breakdown and we got very very close there so that there would have been trade number one right on 306 and the first target would have been this little retest of this trade here which is a hundred into resting liquidity which also has a by iceberg and at the time they already had about 60 on that by iceberg so it was a strong probability I'd call it that they would retag it so they did some so I'm saying that the first trade would have been a retest of that you could say I mean is this an ABC supply demand yes it is because if we zoom right into this trade and we have a nice little swing high there and we watch the microstructure it is a type C category it takes out that little swing high it also has strong confluence of the breakdown from the the extreme of the previous value coming into the London so that would have been like the best possible trade at that time to take and right here so you mean you tried to get in around about the 86 87 mark with a clear target of 78 so a nine point target very a six point stop six or seven point stop when we have this iceberg here and they were filling more and more and more you can see with the absorption indicator roughly how much was being filled you know you've got 60 80 50 so 170 what once you have one two three touches the probability it goes away from this being a demand zone to jumping straight up to being likely that it's the hammering at a brick wall and the more they hammered a brick wall the more likely it's going to burst through so after those three touches you know you could have been very very aggressive and said this is a micro swing high this is the current little value congestion zone and taking it there as well so you could have done that with a very tight stop so getting in about the 83 84 level and then going straight down to that that resting iceberg and on this scenario you might have been conservative and had that as your first scale that point or you may have been a slightly more aggressive and and so maybe at least a point or a couple of ticks below that because it will break it then it comes back retests this big trade or cumulative iceberg and then breaks down okay the danger at this point as it breaks down and the low as I said was down at yesterday's lowest at 15443 the danger of of this scenario is that you see this big move and you might be tempted to fade it too soon right and I've done that trap before I've certainly done that trap more than once you know in relative terms to the action that preceded it this was an enormous move down so you know even back here from 15485 down to about 15460 say at this point if you're thinking about fading it that's essentially a 25 point straight down vertical movement or as close to vertical as you're going to get in any market but you know one thing that I've learned with this beast the NQ is that you give it a chance that when it's moving when they're showing real intent and give it a chance to get to the most likely scenario of exploration and in this case it was the stops under yesterday's low so it was it was quite likely that we would get at least close to this 15443 area okay in terms of MBO stops and triggers I mean you've got one right here at the 4546 so if you were going to be early and try this as a higher time frame ABC supply demand trade effectively a type A that if the demand if type B the double bottom was down at 43 type A would be this trigger here hitting through resting liquidity now you've got some very big trades there hundred hundred so you've got about through to 300 in that zone and you've got a 63 MBO stop on the volume on the volume pressure imbalance you've got a nice red zone so that would have been a valid a category depending on how wide your stop was you know if it was a five or six point stop you'd have clearly been stopped out but we're you know if you've had a had a wider stop especially taking into account the fact that we there was a strong likelihood it would get to fight 15443 and look for the stops underneath it you might have had a wider stop there but definitely when we then have a second MBO sizable trigger of 34 MBO stops and we're right at this 15443 level so if we draw that back in so we're talking about right about here and we see the rejection there and we can go into the microstructure as well at this point let's get back to the cursor so you've got you've got them looking for stops in this area that they found 34 MBO stops they did how many they've probably got about a hundred in terms of volume underneath that yesterday low but then you begin to watch that microstructure straight afterwards I have to get rid of that because it's moved so they said they found their stops there could they then go any further no what kind of transaction did we have at this low and then what happened next what often happens you know when we've had what is essentially a climactic spring below yesterday's low is that they'll move away not be able to get back down and then they will congest or form a new zone which later turned out to be accumulation here and what you're trying to do in your profile terms is to see where where that accumulation is and to get in long at the south side of it I as far down in this zone here so if I drew it if I draw it again see I'm aware that we're coming up to some news at 8 30s I will have to stop in about a minute so you're essentially noticing the congestion zone there and you've got a swing low in terms of a micro swing low so that is a category C and then if we move across I mean this is hard to do in real time by the way it takes having to experience this and losing as well a few times to really really you know try and master this this whole process but effectively you are trying to get into a long around the edge of this new accumulation trading zone so you know you're either taking that as a category C or this as a category a type long and what are you going to be targeting you can be targeting the breakdown at that 93 level so in other words if you can get long here even though we've had this dire move down and it looks for all the money in the world that it just wants to keep going lower and lower there's a really really good target up at that 93 and if we look what happened I'm gonna have to go live now and we go off to ETS it went effectively straight up to that 93 I'm going to move on because we've got we have the 830 release coming up right about 30 seconds time make sure that we are live on this okay now scale that correctly so we're gonna just deviate from the schedule just to have a very quick watch of the US trade balance released by the way please feel free to fire in any comments you've got either in the discord channel or on YouTube but we're just going to watch what happens with the US trade balance release on the trading view calendar this is not a high importance once a medium importance but let's just see if we get any decent action and bearing in mind the liquidity is still mostly below okay we've just had 830 and the trade balance actual was 60 minus 65 billion against a forecast of minus 68 billion so a tiny beat a tiny beat of that level and I wouldn't say there was tremendous activity for tilty straight afterwards and if we zoom right into NQ no it's it's not like the M crazy non-farm payrolls type activity so as we've often said with these news releases the first move is often a fake move so if this had a little move up and then we gradually made our way down towards that liquidity the resting liquidity below that would not be that surprising it's having a look at this level here the 4488 level which has been there it's been there since the European session so it hasn't been there all night but it has been there for a good while anyway that's relatively slow which is good we'll come back to that live trade analysis in about in about 15 minutes okay next the the third quarter of our hour here we are we are beginning to move down the third quarter of our hour I want to talk about this being a breakfast session being preparation to assist you with what might be coming up in the RTH session that was one of the purposes of my setting up this webinar which was partly to help people to see the type of action that had been taking place in ETH and to see what was resting by way of liquidity in the market and also relate that to yesterday's action yesterday's profile so yeah let's start talking context okay let me just drag into this my little trading view indicator that I've told people about before okay so this is just a very quick overview of where we have been in in ETH so VIX would have started about 4 30 a.m. so that is relevant even though the main VIX doesn't open till RTH okay it's a mixed bag the German markets and Bitcoin have both been down they both got a fairly good correlation with NQ especially Asia Japan was up China was down the dollars even though it is fractionally down it's still up over the last few days and that's at a strong 104.72 that's a DXY I'm just using for this table just because it's an easy symbol to get hold of in trading view and looking across the currencies the weakest one appears to be the British pound which often has direct correlation with the NQ in the European session and the ES NQ YM and RTY you can see the the confluence of the correlation between the first three they're all down roughly 0.25 to 0.3 percent RTY not down as badly so just just putting that into context in the in the overnight session we're down a little bit okay let us have a look at let's have a look at the dailies etc I'm actually dragging bet on rather than screenshots here I'm doing my live chart so I can zoom in and out for you so you on the ES daily we've got this up trend all these two up trends that I've been talking about for the last couple of weeks they are still intact even though we now looks like we are coming back down towards the most recent uptrend line that is for ES this is just to show you that I do have a 15 minute as well I find the 15 minute really quite good to contrast with yesterday's range but I am a strong believer in multiple timeframe analysis but I probably don't use it in quite the way that some people do NQ which has been stronger than ES and you can see that it's still even though it's come down a bit it's not looking as weak on the daily as the ES and the 15 minute yes it's coming down a bit and we are let me just have a look where we are now come on off the screen okay that's one way of getting rivet okay let's have a look at where NQ is yeah so we saw a little way off yesterday's low but we've had a good move after that fake little up move on the trade balance release we are now in a little trend down exploring downwards on the microstructure okay let's have a look at some TPO kind of action and work out where we are in relation to value okay on the ES had quite a nice skinny profile here setting that high that's taken us on to this on to this down move over the last couple of days just for everybody's memory the white shaded profiles at RTH and the grey shaded profile is ETH and I'm not showing every ETH one because that I find because the ES market is not really open during ETH I the underlying market the stocks are not open one can tend to ignore the the previous ETH sessions other than today when you start working out what you want to look at for the upcoming RTH session but if we just zoom along here and ETH we've got a nice profile of some value that has essentially delineated from 4495 and yeah it looks like you know if we are going down towards that resting liquidity we're exploring lower and if we zoom back in what is below we've got a couple of singles on the profile side that may get tagged we've got some the bars here are all liquidity i.e. the order book so you can see the the heavy resting liquidity around about the 4481 and 4485 levels so yeah it looks like they they may be able to get down there perhaps I'll be able to even be able to do it before before the RTH open and then quickly come across so basically just a recap on ES that we've got a a delineation point or resistance point there at 449550 as to where the current value in ETH ends in the upward fashion so if we get back above there then we may explore the value up towards settlement in other words there is a good chance if we can break 449550 properly that we'll get up to settlement which is up at 4502 but being under that psychological level of 4500 is interesting too okay on NQ let's just reset that one okay and zoom out you've got a lovely distribution overnight there's no breakpoint in the in the value in the same way the ES had but there is a ledge up at the 15498 15500 region so if they get above that then there's good chance that they can tag the settlement which was up at 15535 and remember we've got that confluence also with yesterday's volume point of control so you've got those on the upside and below them we've got some heavy resting liquidity which is obviously been there a few days down at 15343 you've also got a naked you've got two things here you've got a 50 day moving average that's the 50 day moving average and you've got a naked volume point of control and they're both around the 15371 that's if we had a good down day a good in that sense of good in the sense of having a good range that there are things underneath 15400 for it to tag and even some liquidity around about the 15345 marker okay where are we on six minutes again feel free to ask any questions or if I also wouldn't mind any feedback on the revised structure of of how I am presenting the the one hour that I've got so if you prefer this new format yeah please tell me if you hate the new format and you prefer me doing more education and going through ETH setups in in minute detail please let me know as well okay right let's get back on to ES whilst I am more than happy to trade more in fact 18 90 percent of my setups on NQ in ETH RTH is a different matter entirely it is a scary beast you've got to have pretty wide stops in my personal opinion again it's your trading plan your trading setups you've got to decide what kind of stops you want should you trade NQ in RTH but I found that they can they can just whip it whip saw it in both directions and take out as many stops they possibly can before they get onto where they were going to in the first place so I find it if you're risk averse in any way you're not going to like NQ particularly in RTH okay so let us have a look so we've got about 20 minutes to start drilling down into what we can see in ES looking forward and we've got that profile as well okay so we've got some resting liquidity which is relatively obvious at the 4485 and if we then get through this zone here we haven't really got any value if we break through this area then there's a potential of you know having a decent run till we start forming some good value so we have sort of interacted with this resting liquidity at 4488 and we've got the next ones down at 4485 50 and 4485 nothing tends to go in a straight line so we are not expecting it to go straight from here straight down to 4485 but I would not be surprised if that is not tagged whether it's before 930 or relatively soon after 930 so let's look at what is on our screen so one of the things that we we have is the outside liquidity market by the way oh we've now got a little mini signal appearing on the volume pressure imbalance just showing strong delta buying on this little leg up since they put in that buy iceberg so if we zoom right in we can see quite clearly yeah it's strong buy delta on this move up I'm just looking across at my time chart to see what it is if we get into the analysis of the microstructure I think there is a zone above up from about 90 75 to about 93 25 that is a value or congestion area so if we can get into that then then there's a good chance that we'll be in where's the pen gone yeah there's a good chance that we'll get back into this previous area so if I scroll out and see if that stays there yeah you can probably see it a little better than I've drawn it so it's really around about here down to there so it's a question of they're going back up to tag the bottom of that congestion area which is about 1975 and then if they get into it can they can they explore to the other side of that little mini value or congestion area that little iceberg that was there has disappeared it would be nice to have a little signal there that they were intent on buying you know if they were clearly supportive you know if we had a bias perk around about here that stayed in place and that they added to it to help us drive to the other side of that little congestion area where that we've also got something else on the counter so if we quickly since we are since we are doing a preparation for for the rth session as well as this live commentary yeah just be aware that we have the red book year on year coming in at 855 a.m eastern and then you've got two pieces of news including the most significant news release at 10 so at 945 you've got the s and p global composite PMI and at 10 you've got the main piece of news being the ISM so expect significant volatility in that 945 through 10 to 1030 zone the only danger with live commentary becoming a little bit dull in this session is if there is not a lot of market movement in ES whilst we're talking about it so yeah just to recap we've explored down to this resting liquidity here we've had a little mini spring just one tick lower and now we're exploring back up to where the the next little congestion area is which is at 9075 to 93 so it's a question of can we get back into that and then traverse to the other side since it's a little bit slow we can have a look at NQ as well and see whether that is moving quickly what's happening so at around the same time that ES collided with that resting liquidity we had a lovely bounce on NQ so with NQ you often get a retest that's why I'm saying that the A and B categories can be you know just as useful as the spring type C categories by demand and since then we have been grinding back up a bit with this liquidity that they place in NQ I don't hold too much weight on it it's essentially just the market makers identifying the current bounds but since this will move every few minutes as price moves there isn't too much weight that I feel that I can attach to it so you can see here it's the same bounds I mean the distance between them is four four eight five down to yeah about 15 points and so it's just like a 15 point boundary that the market makes and you can see them they've just moved it up again so it's not the same evidential weight or market generates information as a resting large piece of liquidity that might have been there five six ten hours so on the microstructure in NQ if we zoom in vertically using Tom's words let's mimic Tom a little bit here once they reach this high they explored down they couldn't exploring lower so price was too cheap and now they are exploring higher and if we go back to ESC if we're back into that zone yet we're into the into the base of this congestion zone here but we haven't properly got into it yet so we haven't really got above 91 which would suggest that they might go to the 93s so the moment we we are rejecting the entry into that previous liquidity area even though NQ was quite strong going up there on NQ again I mean the exploration of this volume pressure imbalance it's interesting I mean I in my journal when I'm going back on this I will look back to see how useful this indication was like the green signal there you mean you can see that coincided perfectly with a good fade if you had used it partly because it was in a good area good setup whatever it was and you'd taken it as a trigger that would have got you I don't know I don't you say it's the range is too small to trade at this time of the day that that's maybe you could have got six points but that is a lot of risk so whether you'd even have got one hour is questionable even though we know that the the main racing liquidity is below so we're still trying to get back into that congestion zone above but we're currently exploring in this little area they've rejected this price so they're now going they've said it's too cheap there so they're now on the microstructure moving higher and we're getting back into that 91 to 93 zone so once they do that let us see if we can then go to the other side it's interesting that they haven't got into it yet so they've tagged the bottom of that congestion zone a couple of times they've got the liquidity which is very appealing below at this time I suppose I would still be looking at NQ for any quick shorts the NQ is stronger and leading ES it seems clear when you contrast the two types of action there which one is leading I'm just looking across and seeing some weakness current weakness in the US dollar and since there at the moment is an inverse correlation between the indices and that US dollar that's been helping the NQ on that push up so we had another little volume pressure imbalance signal but in terms of where we are I like to look one of the reasons I have my short-term candlestick chart as well is I like to look at areas of rejection and I find those particularly useful for when I'm looking for my ABC setups in conjunction with the X-ray vision that you get from bookmap to see what's inside those so you know you've got this swing high here it has gone up but I wouldn't really call this much for rejection yet and we also know that settlement is well above where we are settlement in NQ is at 5 3 4 50 15 5 3 4 50 which is quite a lot higher there so there is a decent possibility that the market will try and rally towards settlement or try and tag settlement at some stage before any directional move which might take place after the economic release at 10 a.m so when we're looking at this as well if we had a really really thick band of liquidity in ES and we were setting up in time in time terms of coming up to some major economic release you know for example if this band was going from 4 4 85 down to 4 4 80 so like five points of heavy heavy heavy liquidity which it is not then you you might form one theory hypothesis whatever you want to call it that it will not get through and that they are just absorbing the sellers for a good strong move up after the economic release here you've got some separation between the band so even though you've got the liquidity clearly below you've got some separation so it's not as clear in that scenario so you know quite often they can hear you know they've taken out one liquidity they bounce they might come back and take out the next one they bounce then they come out and take the third one rather than they hit a huge brick wall take as many cells as they can and then zoom upwards so it's a different scenario and that's you know when you're looking in eth coming up to the open that's why the the way that this liquidity is spread out can be useful to help you form views on what might happen you know so what you know what I'm trying to say that this stage is that you know quite a lot of me still thinks that they will get down to this level at some point but whether they decide to go up and take settlement first is another question so yeah we got into that into that little congestion zones we've got above this 91-25 and we said that it was quite likely that we'd get up to the other side of it then which is up at the 93 level so you know if you were going to go micro scalping you know once it looked like we were hammering on the door of that congestion zone value zone from 91 to 93 then you could have taken some of these little springs you know where it comes down and reverses straight up so if you had done that and we have hit that 93 now in fact we're going up to 93-25 if you were going to do that at this time of the day I personally would take very tight stops because the range is not huge your target's not huge I mean if your target had been 93 or 93-25 I think 93-25 was probably the most likely going looking back through it you want at least two points so you really you know you would not be taking more than a point's worth of risk that you shouldn't be or I'm not saying shouldn't I'm saying one approach would be that you do not want to take more than the point's worth of risk if you're only looking for two points worth of target because I mean even if you've taken where's this the last one here you've got if we just make this vertically zoomed in so it's easy to see so say this is a little spring and it just pops down there so and you get in at 91 or 91-25 and you're targeting 93-25 you do not want I mean you know if you can get away with three ticks but no more than four ticks to get that the other side of that little range that is you know that is what you might do if there was nothing better on offer in the last few hours and that met your trading plan that is something that you might want to do but again we're not talking about a huge trade just having a look at where we are so I'm also going to just check my room to see if there's any questions there no no questions there yeah so you had another repeat of this tiny little iceberg we had one about 10-15 minutes ago yeah it just seems like they're playing some games here in this back in this congestion zone one of the things that ES might do as well is to ride all the way back to yesterday's low so we're out of range going into the market open and this period I mean the 9-930 that's coming up is a time that they often close a gap so so that there is no gap when the RTH open happens it's something that I've noticed over the years that I've been watching it so the idea of a filled the gap can take place just before the market opens as well as during the market so the gap where is yesterday's low yeah it's the psychological 4500 is what I have as yesterday's glowbecks low again it depends exactly on what session times you use I'm essentially using 1800 new york time to 1600 so I'm kind of ignoring some of the action that takes place in that dead time between settlement close of the market and the two hours until the Asian open happens so that some of my levels may be different to some of the levels that you use or are quoted elsewhere so we've got a little bit of ping-pong going on here between these this sell iceberg and the buy iceberg I would not be trading this I will have a quick look down see if there's any changes to that resting liquidity and to actually note what the level is it's not huge 235 and the one below that at 458 4481 is 290 and then you've got one at 266 266 290 and 235 so those are the levels that they flagged so again um you know um you know the ideas in my head are the at the moment we've we've tracked back to VWAP or glowbecks VWAP and there's a possibility that they will track back up to yesterday's glowbecks low at 4500 and also yesterday's daily low which is up above um at 4501 50 and settlement 4502 50 so that that might be very interesting to them um but then we also have the resting liquidity below but should there be any significant um news or deviation in news on those releases at 10 a.m. and 9 55 you know some of this resting liquidity might just get thrown away completely it might just suddenly disappear because there's a totally different game of thought based on the content of those economic releases so you just have to be aware of that one too okay we're coming up to um yeah Darius you're right it's a bit of a yawn market isn't it weren't that many interesting games it's just that tiny two-point range that we could have traded in ES for a long but there wasn't really a lot to do anyway I think I'm coming right up so I've got 30 seconds left so the moment it looks like they're exploring upwards so um and you've got some resting liquidity up at 4496 which would be maybe their very first target and then you've got the areas up above and then I just mentioned the glowbecks low the daily low and settlement just up there so it'll be interesting to see if we grind our way up there for the next half hour anyway thank you for your company and I will end the stream