 Morning Dan. It looks like YouTube is streaming, so that is good. We will start. Good morning everybody. It is 8 a.m. We are on Friday the 12th of January. It's been quite a volatile week. Without any further ado, we should do our disclaimers. So let's move ahead. All book map 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 involve substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. With that said, these are the markets as we speak. We've got NASDAQ on the left and ES on the right. I've just put NASDAQ in black and white for the sake of it. One of the things I think you may have noticed if you attend these webinars is we like to mix it up. So I don't want you set in any particular pattern just because, for example, the heat map is showing bright orange there. I don't want you to read too much significance into that. That's why on this occasion we'll have some black and white on NASDAQ. Remember, in terms of magnetism, the big guys are trying to draw players to where they want them to transact with their liquidity. And it doesn't really matter to those big players whether these sectors are orange or gray. Anyway, with that said as well, let us move on to the slideshow because we've got a lot to do tonight. I'm going to be away for a little while, so this is the last one I'll be doing for a couple of weeks or so. And we have a news release. We have not had one of those for about three sessions now. If we'd had one yesterday, all hell broke loose when the CPI came out. I don't think we'll quite get that, but let's move on to the slideshow. Let's have a look. I'll keep the heat maps in the background so we can see them if there's any crazy action. OK, so the main economic release is the PPI. It's at 8.30. It doesn't really matter what the expected numbers are. All we are interested in seeing is the market reaction to those numbers. That is what we are trading. And I apologize on any sound issues that I may have during this one. We are having a severe thunderstorm, lightning and thunderstorm. We're in the middle of the Perth summer. Tomorrow is 41 Celsius, which is 105 Fahrenheit. And we've got our first rain for 41 days today. So when it rains, it really rains, and it is quite an electrical show out there at the moment. So I'm hoping that we are not going to have any trouble during this broadcast in terms of losing transmission. OK, so that's the PPI at 8.30. Keep moving along. Make sure I've got control over that. All right, let's look at the daily bars. I put them in candlesticks just for some of the tails of rejection this time around. What I was saying on Wednesday was that we'd have this big bar up. And now it looks as if the picture has changed a little bit. It now looks like we're balancing in this zone. Basically in this zone from the pink dashed line to the recent high. And when we get to the DPAs, we'll see that with a little bit more clarity. And NASDAQ pretty much the same again. So what I was saying is that we will get to those TPAs and we'll have a look at yesterday's action and why I'm saying we're more balancing now than pure bullish from a few days ago. And this is the overnight session on a three minute chart. And you can see that we've had a good range. If the shaded gray area is a proxy or an approximation of the developing value, you can see that we have traded on both sides of that. And we've traded quite far. So there was lots of opportunity. In fact, there's been a lot of opportunity in the ETH all week. But as I say always, you have to be very risk averse here. Trades can go your way, but when they don't go your way, you do not want to break your account just because you got to stubborn when the market is this thin. That is quite dangerous. So let's move on again. Okay, this is a weekly snapshot from TradingView of all the stocks. The thing I wanted to point out here was Nvidia. I know we're in the middle of CES and for the folks that aren't aware of that, that's the consumer electronics show in Vegas, which happens in January every year. And AI is the centerpiece of that. A lot of the new releases this year have an AI theme. And if anybody goes back to the AI rally of last year, Nvidia is the darling of all AI rallies because Nvidia's graphics chips are powering them to a large degree. So that is not too much of a coincidence that that is up 15% on the week. And that's certainly a strong driver behind the big bullish move we've had over the last seven days. You can see Amazon's right up there as well at 6.6%. And quickly just to the pre-market, you can see there's a little bit of heat coming off Nvidia. As I showed you on the three-minute, we've got a very balanced choppy profile or choppy three-minute session. So maybe there's some profit taking it at the end of the week going into this PPI. But who knows, we can only speculate. We do not know are for certain. And to emphasize the ranges and the relative volume, if you look at the relative volume, which is at the bottom here, it's been about 160% for most of the day. That's huge. Anything over 100% really is very, very tradable. And if you look at the ranges across, I mean, I know we're now under the 10-day average for NASDAQ, but anything over 100 is pretty darn good. That's exceptional 111 so far in ETH. And ES has had 30. I mean, remember a few days ago when we were talking about the RTH session average in ES being about the 40, 44, 37 mark? And to get that in ETH is basically saying that ES has been quite tradable. I have traded both today, different kinds of trades, but they really are quite tradable today. And I'm grateful that the CPI happened to instill some heavy, heavy volatility into the markets. Okay, let us move on to the TPO. And I have got my tablet slated with me today, so I can draw and write all over this screen over here, which is split in half between NASDAQ on the left and ES on the right. But let's quickly do the TPO. Okay, I've got ES and I've got it broken out by 30-minute bars. This is the time profile opportunity. The TPO, that's the bar chart and the black line or very dark gray line is the volume profile. I have them superimposed on each other because this way I can break them out into segments. And the point which I will now get to again that I've said a few times is what I like to do is see what happened in the afternoon. And essentially what happened in the afternoon here is that we're all the way in here. And it looks like it's got the timer on me again. It seems to start this every single time. Do not do that. Okay, so I'll try again. So essentially we are in that range and that has been respected to a degree by the ETH session. The ETH session is in shaded gray and we have more severe lightning. So again, I hope I do not lose this transmission. There was a little fail breakout just there of that afternoon range and that we have travelled basically to an LVN on the afternoon session. So as I say, you cannot predict the future but what happens in the afternoon of the RTH is a good guide to the range kind of game that we might be playing in the ETH session. The ETH session is not an open market for these underlying stocks. There are lots of correlations between things like the Nikai, the DAX, FTSE, but this market is closed. There is some pre-market activity from about an hour after London opens, but the activity is nowhere near the volume level that you get in RTH. So that this guide you get from the RTH from the previous afternoon, especially when it's a completely different shape to this one, which is when it's that kind of shape in that afternoon session, a nice bell curve, that can often give you a tiny bit of edge in terms of mean reversion trades from the edges of such a range. Again, cannot predict the future. It's just a guide to what might be available in the next ETH session. Let's get rid of all of that. If we then go to NASDAQ, same again, I've broken it out, and if I squash it just a little bit and we look at... I mean, there are two things really to look at here. So I'll just draw it again. So you've got the entire afternoon range, which is that, and you've got this LVN here as well. So part of you might be expecting us to have this kind of range in the ETH session, and the fact that it's got three quarters of that, that is still pretty excellent. So again, useful across the two markets, not just ES. Remember, there is a lot of overlap between the underlying stocks in the S&P 500 and the NASDAQ 100. So it's not surprising that some of the volume profile, time profile type techniques that we use and discuss here in this channel do apply to both markets. In other words, do not discount the benefits of having some volume profile analysis for your NASDAQ type trading as well as your ES type trading. Okay, back to that heat map. All right, and I'm doing a time check as well. We're only 11 minutes into this. I have double checked that the financial juice stream is operating through my computer, so that when we get to 8.29 and a half, I will play that financial juice stream live from my friends, and that should play both to Discord and to YouTube. But we'll see. The other thing, which I keep forgetting to say at the beginning of these ones, and good morning, the demo trader, good morning to you in YouTube, is that if you do have any questions, especially since I'm not going to be around for the next couple of weeks, this is a good time to ask them. I know we're going to be busy. I'm going to try and do some live order flow analysis for a slightly longer duration than I did on the technique session on Wednesday. Hopefully, there'll be some really good action after 8.30. I'm just having to think about as well. One other thing to re-say that I was having a look on this map, and I can't really illustrate it, but this has been an ETH session in, hey, Tom, welcome from Costa Rica. I was just saying that I'm not going to be here for a couple of weeks. This is my last one, but I'm going to try and do some live order flow analysis at 8.30. One thing that's a little bit unusual about this particular GlobeX session is that we've had some huge trades that have given us quite a bit of edge during the overnight session. For example, it's a bit of a shame that I can't really show them. I did try and get into replay and have a look to see whether they were as apparent as when I first saw them. Let me just describe the theory. As and when you see them, you see them in a future session, and in terms of the kind of edge that might play out. What I'm trying to do is get to this little level here, which is about the 9.54 mark, so 16.954. Let me just write that down. I was talking about the China Open. There were a stream of huge, huge, huge trades at the bid, in other words, cells. When you see that, and you'll see that a lot more often than you might think, and it might crop up in the Asian session, it might crop up in the European session, but what will ordinarily happen, if you are going to get an edge from that, is that they'll, by the way, this is applied both to NASDA and to ES, that they were probably applied to the YM futures as well. I just don't trade those as often as I do these two instruments, but I saw it in ES live at the same time. But what you normally get is that you'll get this massive amount of cells in both NQ and ES and some really big trades involved, and then price will go up just a little bit. Two, three, four, five, maybe 10 points in NASDA and maybe one or one and a half points in ES, and then it'll come down hard, and that'll be the initial edge. Then we might get this kind of choppy balancing session for the rest of the ETH session that we've essentially got today, but I found that it often is worth noting where this is for future reference during this little breakfast news session. We're going to get 8.30 and maybe the RTH session as well, just knowing that some large players got in at that particular level because that comes, say, two o'clock in the afternoon in New York time. That might be quite pertinent because they may well be well into the green. Again, we cannot predict the future. They may just be exiting trades for all we know, but it's just an interesting observation of something that happened in the Asian China Open, and it certainly led to some good short trades in NASDAQ and ES for that session, and also for some retests of that, and both shorthand longs later. Anyway, let me get rid of all of that. The only other thing I'd say about that is that when you see that, do not be surprised if they get off-sided. I mean, they're on the wrong side of the fence for a couple of points or a good few minutes or maybe even half an hour. This is an observation also that I've seen for years and years. I used to see it more in ES than I did in NASDAQ, but now I see it just as much in NASDAQ futures. Don't be surprised because we're probably talking about the longer-term players, people that aren't trading small swings for a couple of minutes, two minutes, five minutes, an hour or two hours. People that are probably here for a few days make trades of that size, so they don't care if they're off-sided for a little while. It's often interesting to come back the next day and see where the market is in relation to those large trades. Another time check, 8.16. Let's just have a look. By the way, while we've got this NASDAQ SilverGrey, because I haven't done this one. I haven't done it in SilverGrey for a good few months. I don't think I've done it at all since I've been doing these streams since June, July or whenever I started doing these recent streams. I used to use this former shading. Again, this is just a quick bit of technique in terms of the choice of what you can do in bookmap in case you've got any beginners here. You have some default templates set in here with this drop-down. You can swap between this gray one. You can go to a scale where gold is your brightest color. You can go to the one where it's demonstrated the most often in the streams that my colleagues do and other people do on YouTube, which is more of a rainbow heatmap. There is no right and there is no wrong because this is trading. If you are more comfortable because of the way your screens are set up, having that as gray do it. If you're more comfortable having lots of volume dots do it. Anything that I do on this stream is a guide to how I use bookmap in my own trading. Remember, I am a trader. I trade every single day that the markets open, obviously not on weekends. I do mix things up and I'm constantly researching. Why am I constantly researching? Not necessarily on bookmap, but constantly researching on the markets in general is because the markets do change and our edges do get eroded or new edges do emerge. We've also got to be aware of the overall state of the market because as you develop your skills, you're going to have a bunch of edges. Some of those edges are going to be more technical in nature and some of them are going to be a little bit broader in nature. The technical ones, for example, I've described small unfinished auctions or small poor lows or poor highs. Let me see if I can drag one back from here. Let me just imagine for example that this here, let me just draw it here, so I'm just doing some technique. Imagine that was a poor low and that there were significant buy and sell trades, or reasonably poor low, some buy and sell trades. I'll qualify what I'm saying, not a huge amount of buy and sell trades, but some buy and sell trades at the low. That's like a technical edge that I've described that will likely get taken out and it will go further at some point. That gets thrown out of the window when we have these huge trending moves where the market is going somewhere, where it's clear that the bigger guys are going, so say they've just hopped on board and they're going 100 points or 50 points in the S in a certain direction. If you've got these little technical edges, that is not the time to apply them. You might have a tremendous probability statistic that these little edges play out in ordinary times when these big players are not present. They're often called, I mean, future traders 71 call them other timeframe players, OTPs or something like that. But when they're in the market, one thing that you've really, really got to be aware of is that some of those technical edges that you've developed, you've researched, you've back tested, et cetera, et cetera, can have zero edge because they're simply going from A to B. They'll have some pauses for fuel along the way, but it's a determined move and anybody standing in their way or taking these little technical trades in the other direction will absolutely get swamped and smashed and you'll find yourself like 50 points down or 100 points or 330 points in NASDAQ. If it was Monday, for example, when such a scenario did arise, that the big players were there and they just trended up all day. I think I said something to that effect on Wednesday, but just wanted to hammer home because I am one of those people that does develop some of these little technical edges. You kind of have to, if you do a bit of ETH trading in Asia and some parts of a dull European session, it's a good set of weapons to have in your armory to have some of these technical trades, but it's also very, very important to know when not to use them, the kind of market conditions that they do not work in or they work in with a very, very low degree of probability. Okay. Let us start talking about the market now in terms of the live market and where we are in relation to what's going to happen in the next few minutes. Again, I do not think on this PPI release, we are going to have the level of volatility that we had yesterday. And remember the type of action that we had yesterday, and I just draw it, what they did was they went down first. It's quite a huge down move. This is on the 830 release. Then by the time the open came back, they were about there, then they went much, much higher than when it got to 10 a.m. They went and took out the previous days lows, and then in the afternoon they had that rally. So it was a huge day, but anybody that got trapped could have got well and truly trapped. So if you are looking for a really, really, really good volatile breakfast session or breakfast post 830 session and resulting RTH session, what happened yesterday is a really, really good template. Hey, Tepesh, good morning. So I was just saying that my views on yesterday, that is all we can do as traders is hope for a good degree of volatility. And what we got yesterday was quite exceptional. And that often leads to really, really good volatility the next day. Dell markets eventually lead to volatility, and volatility leads to more volatility. Good morning, Stephen, as well. So we should get some continued volatility, but I'm not expecting anything quite as wild as the CPI session. And also remember that CPI is more directly related to this interest rate cut expectation, three, four, six rate cuts, whatever they think they're going to get this year, CPI inflation, then PPI, even though they're sort of related. So that one's more directly related to those interest rate rises or cuts. So again, I'm trying to damp down expectations that it's going to be really, really wild. But what we will do, obviously, is we will mark the scenes of the crime and we will play the financial juice feed so that we hear it live. And I'm hoping that does go through the feed so everybody hears it smack bang at 830, although obviously some of that action will happen beforehand because often people are aware of what the news is about to be. And that's just the fact of some of these releases. And some of the best trades are after the first move. With the FOMC, often that first move is a complete fake move. So it's a false move and the real move will be in the opposite direction. But the other statistic that I do mention with the big news releases, and again we haven't had a decent one in this breakfast hour for a while, is that if we were to get a trending session, the probability or the statistic is that the low or high for the upcoming RTH session will be made within 15 minutes of this 830 release, if it was to be one of those trending sessions. And again I have no idea whether it will be or not. Where are we? Let's have a look. So I'm just going to drag some stuff in. So this is just, I've turned it on SIM. As you can see, I am not trading this session. Let me state that categorically. I put it in SIM to discourage myself to trade during this session. If you see that on red, that means I'm trading live, but I'm not for this one and I'm not actually trading at all. I'm just going to talk and I'm going to observe. I find I actually see a lot of stuff a lot better. We're all a lot cooler and calmer when we're not trading and observing goes very well hand in hand with doing this kind of commentary and live order flow analysis. So I'm just pointing that out. But why have I dragged this one across? It's just to show that we are currently right around yesterday's mid. And this dashed line is VWAP. The shaded area is a proxy for the developing value. So we're right just in the lower part of that value. So we're basically in the middle, the middle of nowhere. In terms of where NASDAQ is, it's about 50 points south of those really, really big trades that occurred at the China Open. So if I was to hedge any bets at all on which direction we may end up in, it's short, but that's just a bet. It's just a speculation and there is no money behind it. Okay, time check again, 8.26 and a half. I'm just going to turn the feed on to make sure I can hear it just in case Tony is now speaking. So this is Tony from Financial Juice. So I'm just launching it. It's always best to double check before, you know, when I promise that we'll get the live commentary into the announcement that I can actually deliver upon that. Okay, I think he's very quiet at the moment. I'm just checking my volume levels going into the stream. Yep, they're all absolutely fine. Okay, what else do we normally do going into these? We said that, you know, if I was to speculate on anything, I would speculate short in NASDAQ, but what should we be doing? We should be looking at where all these magnetic liquidity levels are going into that release to see where they might be. And what we might notice, this is the unfiltered heat map in ES. And you can always go to the filtered one. And remember, it's only filtered by static orders. That's the only filter that's applied to it. But the thing that we would notice, obviously we are below settlement and we're under VWAP, but close-ish to VWAP that I just showed on that one-minute chart. But the thing to notice is that we have some heavy liquidity levels, 369 and 584 below. So it will be interesting to see if and when they get tagged. Again, they are advertising. It is big players usually suggesting that they'd like to transact, doesn't mean that they'll get down there. They often fulfill their transactions beforehand. But that's what they're advertising going into this news release. And you can see, as we get just before that release, 8.28, I'm just going to turn my volume up again. Again, I can't hear anything. 8.28, I'm just going to refresh financial juice and play it again because I cannot hear anything. It's often because he's not speaking, so I'm just going to relaunch that. There's always the danger of doing something live that you get a technical glitch. I can say thankfully the lightning and thunderstorm has now stopped, so I am no longer getting great white flashes in my left eye, which is good. Right, so you can see that the book is thinning out, but what we pay attention to is where are these heavy liquidity levels and are they staying in put? And importantly, the ones at 4.7.8.2 and 4.7.7.5 are. One minute remaining now. I'll be leading with the USPPI year over year. Okay, I think I heard Tony that time. Hopefully people also heard Tony. Comments from Hooties. They say a response of Yemen is imminent. Right, some Yemen news, so it's more political type news, geopolitical. And you can see the NQ, they've thinned out that liquidity. They've kept some of the liquidity at 16.8.90, but there's no heavy levels. There's nothing above 30. And remember, I'm looking for something above 30, and to get there, I've got to go to a round number, which I'm going to kind of ignore because it's too far away and there's a round number or there's a decent liquidity settlement. But most of the book is thinned out in NQ, and the only decent amount of book left is in ES. And we've got 10 seconds. So let's see what happens and we'll try and do the scene of the crime. 1% to 1% lower than forecast, 1 spot, 3% lower than forecast, 1% lower than forecast, 0 spot, 1% lower than forecast, 0 spot, 1% lower than forecast, 0 spot, 1% lower than forecast, 1% lower than forecast, 2% and core PPI month over month at 0%, 0% lower than forecast, 0 spot, 2%. Noting some strength in the S&P 500 and weakness. Okay, I'll turn that off now. So unlike the CPI, it was a lower than forecast and the CPI was slightly higher, or the one that counted was slightly higher than forecast. Let me just draw a rough line of the scene of the crime in NASDAQ, roughly around about there. It's not going to be very accurate, but it's close enough for this purpose. And let's zoom right in horizontally on the news. So we're going to focus on live order flow analysis for a change here. And again, I was completely wrong about with my speculation about the initial direction, but it shows you again, you cannot predict what news is going to be or what. You can't really predict any kind of event like that with certainty. So NASDAQ is crunching into liquidity settlement. They've both gone straight up to settlement. So that is interesting. ES has rejected, I'm going to have to scrunch that up so it's going to flicker too much on NASDAQ. You've got this heavy, heavy band of liquidity in ES. It was always going to struggle to get through that. And you can see when it all began to build up as we approached it right after 8.31, it's always going to struggle to get through that the first time. So if you were there and you were really, really paying attention, that was a good opportunity at an initial scalp off that one. If you'd managed to get in, you'd probably had to get into a market order. So you probably got in at the best 8.1450. There were four points on offer. And there is always the chance that if you do have a rejection of this big block of liquidity, you might get a trade back towards that scene of the crime, which is all the way down at the 4803 level. But at the moment, it's still gravitating towards the block of liquidity up at settlement. And NASDAQ looks pretty strong. And this is in line with what one might expect with a lower than forecast PPI release. NASDAQ, you can see that we are way, way above, well, way, way above nothing compares with yesterday's CPI, but well above the scene of the crime. So NASDAQ is currently about 908, but over 50 points higher. With the sweep type action, and I might just, I'll just use a pen. So this is really that sweep that occurred. And it was a vertical, unfortunately, the vertical column is re-centering itself. But the point I'm trying to make is that it is likely that at some stage, probably in the next hour, that we'll get back into this vertical move. We may not retrace all of it back to the scene of the crime, but it's likely that we will get back into it at some point. Just get rid of it. And so ES is now approaching. Thanks, Stephen. Thanks for saying that you heard Tony that time. I did spend about 10 minutes earlier just checking and triple checking that that was going to work. So it's good to hear that it did work. Hey, Sandra. Welcome to the channel, by the way. Just a comment from Sandra on YouTube. It wasn't a question. So, right. So let's talk about this type of action in ES. So first touch, heavy block of liquidity. That's like with the orange bars of heavy liquidity. You've got one, two, three, you've got five or six, right? So you've got to effectively, you know, if you zoom out, you've got this great big block of liquidity. We can draw it there, right? The probability is that on the first touch, which is there, number one, you're going to get a rejection, right? On the fourth or fifth, which is the fourth one's there, and this essentially is the fifth, we normally begin to start eating into the liquidity if we can't have any clean rejections. And so far, only that first rejection was a proper rejection. And it wasn't that much of a rejection because we didn't get anywhere near the scene of the crime, which was about 12 points lower. So the fact that we didn't even test that scene of the crime showed how bullish the reaction to that news was. So the expectation is now that, let's just get rid of all of this, the expectation is that we're going to start eating through some of this or some or all of this. I've got a cloud note up here at 482050. And if I click on the TPO over here on the left, you can see what that cloud note is. It says LVLedge. So I'm basically saying that in yesterday's profile, let me just reset it. That is the low volume area, which was the peak of yesterday's afternoon distribution in ES. So that maybe once we get up there, we're going to struggle, we may reject there. And if we don't reject, it's likely that we'll go straight through and we'll go up to this peak up here at 4827 or something like that. So that's why I've got that as a cloud note just to explain myself. So yeah, if we zoom back in on NASDA, you can see they provide this liquidity. Let's just go back to the news. You can see when it all came in at about 831 onwards and the liquidity was provided then and they've got up to it and they've chewed through a bit of it. In terms of the Delta column, you can see that at the top so far there is a decent tail, a decent green tail, another re-centering, which is a bit of a pain, a decent green tail, it's going to be re-centered again, but you get the idea that is the fuel for some kind of pullback down. So you're looking for that. Ideally, I mean, if there is a setup there, let's have a look again and this re-centering is a bit annoying because it's very hard to commentate if it keeps changing on you. So you could say it was a reverse spring or a thrust into one last band of liquidity, so it is very similar to that type 3 supply and demand trade that we've talked about for the last few months. And the fact that you've also then got this confluence of likely late-trapped buyers gives you the confidence to take that trade. Now, if you did and because of what happened yesterday, you might take a fairly tight stop at this LV ledge, which is both there in ES and NQ. It's the same thing for the NQ one, and so you'd have your stop around about there. And your first target back would have been the one that just got tagged settlement. Why? Because it's such a key level because there's an imbalance of orders there every single day. And also, if we're just going to start talking about options, Gamma, etc., you look at where some of that zero DTE has a lot of trade transactions. It's right around settlement because it's the end of the day. So you've got a zero DTE Gamma reason for why yesterday's settlement is also of importance. So I'm just saying that would be the first target if you were lucky enough to get on board with a NASDAQ short into that final bit of liquidity there. And then when it came back, so if we just zoom here, it's going to recent me again. But the idea is that when we came back, you get this reverse of that fuel. You get trap sellers on this last little bit here. And that then provides you with some fuel to go back up towards what was or has become this magnetic liquidity up above towards that low volume node ledge. And you can see we've got reasonably close when our chopping around and balancing. We were still watching the fuel there. And you're watching this over here, which is the volume profile to see whether it's balanced or we're getting a poor high at the top. And meanwhile, let's do exactly the same thing in ES. You can see how balanced this is. That is a perfect bell curve just here for what is within the screen at the moment. So in other words, this is a range. A range you can either define by pure price action, which is just between two levels or two zones rather. This is no real individual level, it's just zones. Or the other definition of range is this beautiful kind of bell curve. So we keep zooming in and out because we want to see where the importance of liquidity is. Remember, before we got in there and I was speculating, maybe we'd want to go down towards these and maybe they'll still come into play later on. But they are not in play at the moment until we cross that scene of the crime level, which is around about the 4803 level. The price is not currently interested in these high liquidity zones below. So price is, all it's done so far is balance inside this range that it's formed. And because it's a range, we know that some of our supply and demand trades, which are those mean reversion edge ranges, are now getting a little bit worried. I'm going to lose you because I am having some power flashes. This is all to do with this thunderstorm that we have been having as I entered into this webinar tonight. So I'm just a little bit concerned. But anyway, I've managed to get through 40 odd minutes without losing you. So let's hope we stay together for another 15 or so minutes. Because we're in this range, then the mean reversion type trades. So this one essentially is that type one or type two trade. This is the double top. So what am I talking about? Let me just draw it again. I'm talking about this essentially being a double top. One and two. And if you were to take it, you might want to scale out at the middle of this range. Because often they'll just form a balance in the top half of the range or one half of the range. And it may not get to the other range. So if you don't end of the range, if you don't scale at all, you may end up with nothing. That is one of the dangers of mean reversion trading of ranges. Okay. So we'll just zoom out again. Keep an eye on this balance. And we're watching both of these as well. I mean, one of the reasons why we're watching both of them is we do not know right this second if one of these two markets is leading the other. I've also got why I'm an RTY on my top left monitor. So I'm watching to see if there's any major, major directional move that's happened in the last couple of minutes or neither of those ones. Because if you go back to that trading view snapshot that I did of the week, and certainly when we were looking at it last week, the finance sector was a lot more bullish or the finance health sector does than the tech sector. Although now with NVIDIA and the AO rally, the tech sector has been more bullish than the others. So with that being said, because NVIDIA has been so in vogue, if NASDAQ suddenly breaks down, we would ordinarily pay attention because that is most likely to be the leader. So we've got to keep centering and watching, which is zooming in and out to see is there any change in this liquidity picture. And if the price slows down, then you might go back into how you might watch this scalping type picture where you've got about 12 or 13 vertical points and you've got a couple of minutes or so of action on the heat map. I mean, that might be the style that you prefer having it. So again, my view is it's nice to zoom in and out because you get a different perspective. And because some of this is discretionary trading, no matter what you say about having steadfast rules, etc., the market is not 100% like that. It requires you to have flexibility in those rules so that you can respond to what the market is actually doing at the moment. The market is not perfect, and it never will be, and the market is changing. I mean, a perfect example again is January is completely different from December. I'm talking about one month into the next month. In NASDAQ, we've got two heavy zones of liquidity, one just above settlement, and one at this round number of 9.50, which is close to where these big trades were at the Chinese Open. There's always possible as well that there's huge trades that I saw then could just be linked to the Chinese economic releases that came at that time. That's the other thing. It often pays to have a really good memory, and at the same time, it often pays to have really, really good amnesia. Maybe baseball and cricket are a good analogy for that. If you've had an absolutely dreadful swing at a ball, you've basically completely messed up your last trade. The people with amnesia, the Tiger Woods mentality, where you cannot remember how bad that last swing or shot was, and you just focus on this one and the current trade that you're stalking or that you're managing, you will do much better in trading. That's just the way that amnesia does play in this game. So in NASDAQ, we have come and taken out this little bit of liquidity below that round number. A little bit of rejection off that, and we're watching this. We're watching to see if this delta over here is trapped or potentially in control. The more it balances around here, the more that this may become a control point. If it's a really, really big red delta and we end up going underneath it and it's recented and ruined it for me again, so I have to get rid of it. But essentially, one other way of looking at it is that you've got a small trap of buyers there, and is that the control point? Here I'm now talking about some kind of scalping strategies here of having control areas where one side is in very, very short-term control. That's what I'm saying that the sellers look like they're in control because we're bouncing. We've got another little move down. And remember what I also said was that there is always a reasonable probability after one of these big 830 economic releases that we'll get some form of test of that scene of the crime or get somewhere close to it, even if we didn't get to it itself. So that always remains a possibility. I know we're now 17 and a half minutes since that release, but it's still relatively early days in terms of the response. Sometimes you get action which is lightning fast. So you like the CPI one where you go up and down on both sides of it within a minute, but sometimes it plays out a lot more slowly and I was expecting or I did say that I was not expecting the level of volatility that we had in CPI today in PPI. So I was expecting it to be a lot duller. So now I've got a nice little bounce on NASDAQ. And if you're not getting a good picture of the distribution, you can always temporarily drag this column a little bit wider and then zoom in and out and have a look at the distribution. One suggestion I've got is that they get rid of the colors of this volume profile in book map. It makes it a little bit hard to see that you've got red and green. If it was just one color, you know, white or blue or black or whatever, then you wouldn't get distracted by red and green on this one. And what we're looking at here is distributions, high volume nodes, low volume nodes, etc. You know, when I make it a lot smaller, it's harder for you to see. I kind of know, I mean, I've got tools in Sierra, so I can see something, I can see that, that volume profile in Sierra anyway. Okay, and something here, let's talk about something technical here, because right now we're in quite a volatile trading and technical may not work. But this is a relatively poor low, just in terms of the way that that delta is working. It's a good trap for a nice bounce, but on a technical kind of day, that might just be a really, really good target to come through or a pullback if you're looking for a spring and type long. But that's just another example of that poor low that I was talking about. And it's better to see that on the volume profile than the delta columns. But I was just drawing on the volume profile on the delta column, as that was the one I was looking at. Anyway, I'm ignoring ES, so I better start looking at ES as well, which is moving a lot more slowly. This is nice and dull. So we can really zoom in and get the map here. So yeah, they're both now going back up towards liquidity. We've got our first little ice here. In ES during this, sorry, not the first one. I ignore that one completely, isn't I? Yeah, in fact, I take that back. We've had quite a few little bits of iceberg action since 8.30. Okay, so this is our second resting one. So we had a resting buy one, which actually did get tagged. If you go to the Discord channel, I was commenting about how this is not a trade I take, which is tagging a resting buy iceberg because the edge is not tremendously good. I know the probability is quite low, but I do quite like a single resting sale iceberg as a target. Sometimes you have to throw in context. Ordinarily, you do not have to throw in context. It's like a scalp target. Morning, Trader HG. Welcome to this Friday. Almost Friday the 13th, but not. Okay, and another time check. Where are we? I've got about nine minutes. So that's what I was saying here. Let me just draw this as a box. Let's hope it stays there. Okay, so you come down here, right? And if you zoom right into this heat map, you can see a little bit of liquidity that acts as support there. You've got a target. It's a scalp in this occasion, so you're taking something like a two or three tick stop only, and I'm being serious, only a two or three tick stop, and you're going for that. And if we're talking about the orders that I was talking about the other day, you might have a limit touch chase target order there. So that if it touches there and it trades a couple, and then it moves straight back off, you catch it. Let me just get my arrow back. Let me just describe what I was saying. So you might have a limit touch chase cell target there. So that it's sitting right there at this cell is for 81250. I'm ignoring the fact it's gone through. I'm just saying I'm talking about the theory here. So that, you know, if it suddenly rejected off that, then you're likely to get filled, say you've got a maximum chase of one tick, these likely with the ES that you would have got filled at 48 to 1225 as your cell target. On this occasion, as often happens, especially at this time of the day, the resting cell ispec has been traded through. So you would have been filled at that and, you know, you might be holding a trail off your scalp to go as high as it can possibly go because you never know what's like to happen. You might start off with a scalp with a trail and then you keep trailing and you keep trailing and you keep trailing and it works for hours. You just do not know that people that say that they do are lying. Okay. So we've had this little move back up. Let's go and scroll across. Why do we scroll across? Because we are looking at the recent swing highs before this moved down. So we're saying that it is no great surprise. I mean, this would be quite evident on a one-minute chart. It's a one-minute double top. So it's no great surprise that it bounced or rejected a little bit off that last swing high. So that's a reason why you might want to keep horizontally scrolling in and out the heat map or you have something close to hand. So you can see, you know, maybe you're looking at 30-second bars at this time of the day or whatever it is, one-minute charts. So you can see that that might have been a little double high or a retest of it. And now we're getting back to the liquidity. Let's get rid of all of this. So that liquidity, which is lovely and bright orange here and over on NQ. It's lovely in silver. So they're moving back into that area. And you can see how static that is. This is the liquidity just above settlement. So essentially around about the 4, 8, 1, 6 level. We're also watching the stops. So there's nothing huge to re-grab our attention. So we've seen a 26 stop, a 33 and a 38. You know, if I'd set a filter of 50, you wouldn't even see them. So I like to see them, but I'm not really going to take much notice of them when they're that small after such a big release. Now we've got a little biasberg coming in. Again, I'm not using this one as a target. I know I'm aware we're only one tick away, but I wouldn't be using it as a target for a bit further away, although we did fill it. And you can see this little red line there that there was some liquidity that pushed price down. If this was a few years ago, I might have talked about an edge that existed a few years ago when you saw a really, really big piece of liquidity like that, push price down because that would be an edge to go long. They're deliberately manipulating the market down to here, the 4, 8, 1, 2, because they want to get long and they want to go towards this liquidity up here at 4, 8, 1, 6. That is from a couple years ago. It doesn't necessarily play out these days. So I will mention it with a strong caveat that it doesn't play out as it used to play out. And again, that is another example of talking about edges which get eroded. This little bit of action here with this liquidity in bookmap pushing it down, that was quite a strong edge a couple of years ago, maybe three or four years ago. And you could have got a little scalp of two, three, four ticks there long if you'd managed to get it at the right time, which would have been about the 4, 8, 12, 50. Maybe you got a 2, 4, 8, 1, 3, 75, maybe you got five ticks, maximum six ticks on that one. But previously, a few years ago, that might have been a good edge of three or four points. It's also one of those things as well that you never stand on your laurels when you're day trading. There's that old truism, you're only as good as your last trade, but then you need amnesia to forget your worst ever trade was your last trade. But both truisms are true, both you need to forget your last trade and you're only as good as your last trade. Three minutes ago, any more questions? Just double check, no more questions. Also, we've got plenty of people with us today, which is nice. Welcome anybody new that doesn't ordinarily come to these sessions. So, as we look at this liquidity picture, this one here at 4, 8, 1, 6 is of most interest because it's came in, stayed static is relatively close to price, and the one here at 4, 8, 20. The one up above at yesterday's high, I take with a pinch of salt. It's just too nice a key level, yesterday's high. But these two are of significant interest. And we've got some nice action after the iceberg. They obviously wanted to get as many as they could and they've driven price up here. Let's just drag this profile across a bit to see whether we're getting. Yeah, we are beginning to get more of a poor high now. So if you, it's still not the easiest thing to see in the world on this column here, but you may notice the shape here is changing. So the shape was like that. And now the shape is more like that. And that is the poor high, which has been taken out a little bit now. But that's that type of edge that I was talking about. Get rid of that again. So we're coming up nicely to that 4, 8, 1, 6 that we were talking about a minute ago. And NASDAQ came down close-ish to this resting liquidity. And you can see that 34. So it is of significance to me when it's over 30. It's not hugely resting because it was only there from 850. And you can see the liquidity that they're now providing. You can watch. One of the things I quite like about the silver-gray heat map is that I can pay attention to all of the levels rather than focusing on any individual one just because it's more orange or slightly less orange. And if we look at, if we do actually use this orange on this one, you can see that the intensity of this 4, 8, 1, 6 has increased. As price has come up. So it looks like they do want to transact or get close to it. They retry the track price up there. We've got this lovely green, if you're looking for a little scalp there, NASDAQ gave you a little scalp which was this going into liquidity with a nice green tail. So NASDAQ gave that to you. Not a huge number of points, but maybe you'd got in at 65, 25, and yeah, six points is not really definite. It is risky. It might be your cup of tea, but we might go quite a bit lower. Who knows? Remember that there's always the good probability that we are going to get down to the scene of the crime again, which is much, much lower, which is down there. We might get down to this nice liquidity, which is beginning to rest nicely at 42 as well. So you don't know. So you might say, oh, I got this nice little scalping opportunity here. I got in at 965, and you haven't got 10 points yet, but who knows? Maybe it will eventually get going down there. I think I've gone past my allotted hour. Hopefully I've covered a few different things today, and we've done some live order flow analysis. It's always interesting doing it the right edge. Remember, I'm not doing this by screenshots. I'm talking about what I am observing right this second, and that is completely different from looking at screenshots that may be in taken hours and hours ago. So thank you very, very much for coming. And yeah, I hope I will see you in a few weeks. So good trading, and thank you very much for coming.