 Okay, and it says it is streaming. Hold on. Let's give it a minute here. Yeah, because you remember Kamal said he did not want to give me a different key because of the confusion. Okay, it's streaming now. Yeah, you're good. All right, great. I'll mute that site so that I can't hear the YouTube one, which would be a bit... That's correct, yeah. And then you'll see the questions on the right-hand side. There you go. There's Tom. Tom's in there, and he's helping out with questions. Do you see his questions there, or is it good morning and live? Yeah, I can, yeah. Okay, great. Great, Moby. We're all set to go then. Okay, well, welcome, everybody. We're just here for 53 minutes. And if you haven't seen any of my webinars before, I've done two with bookmarks and a pro trader, and I've done a live impromptu stream of the London Open with Bruce pretty about a year ago now. I will move across to my bio. Yep, apologies. It tends to magnify every time I do that. Okay, so I've been trading futures for 10 years. Before that, I've done a variety of careers. I've worked in law, merchant banking, telecommunications. I've got an avid love of technology. I've used just about every software trading platform there is. I've used investor RT like Tom, I've used multi-charts. I currently use Sierra for my detailed analysis and coding, and I have used bookmarks since the day it was launched, and I was one of the very first people to take up the introductory offer of the lifetime license. So I've been around with bookmarks for about nine years. I live in Australia, actually live in Western Australia, so my time focus has to be from a practical perspective, the ETH session. I'm actually awake, not necessarily at my desk, but I am awakened around during the Asian Open. That's the Japan Open and China Open. I consider them together because they're within an hour of each other. And the London Open, and I'm usually around for the first two to three, maybe four hours of the New York Open. Okay, I need to just read a couple of disclaimers. So let's just get this down to 33%. Okay, the first one's a general disclosure. All book map limited materials, information, and presentations are for educational purposes only, and should not be considered specific investment advice nor recommendations. There's also a risk disclosure. Trading futures, equities, and digital currencies involve substantial risk of loss and is not suitable for all investors. Path performance is not necessarily indicative of future results. Okay, let us go to having a live stream, and that is the point of this, and basically what we are doing here, and it'll establish itself over the next few weeks. I'm actually awake for part of July, but when I'm around, the idea that I had with Bruce was to set this up as a breakfast radio show. You're driving in your car on the way to work, and you're listening to information and hopefully being a little bit entertained on the market before the very, very serious business of the volatility of the New York Open happens at 9.30. So what I wanted to do was to quickly recap what's happened overnight in the Asian and European sessions and help people prep for the RTH Open. Because some of the people who are watching this, whether it's live or recorded, will not have seen anything I've done, I was going to start this session with a very quick recap of my basic strategy and also a quick explanation of my book map screens today which are pretty much identical for ES and NQ. Okay, I will just... I will try to keep the stream going on the left-hand side so that we can watch what ES is doing, bearing in mind that we're in the bottom half of yesterday's range and we're not far off yesterday's low. Right, so my basic strategy is... it's linked to Wycoff, which has been around about 100 years, but essentially it is the big players, for whatever reason, moving the market from A to B, whether it's A above and B below or A below and B above. I don't particularly care why they move it, but we see the same things again and again and we just want to get a section of a move. I also equate it these days, especially with stop runs and things like that, of fuel. So a modern way of looking at Wycoff is that you need the fuel to get from London to New York and you're playing. So where book map comes in is... book map helps us tremendously with showing us where that fuel might be and on this slide I've got here a couple of the sources of the fuel might be stop runs and retests of where big players came in, both of which book map can help enormously with. This is something I've got in common with Tom and I highly recommend you watch his webinars when you get a chance. I believe that we are not here to predict the future. I also believe, and this is on the basis of 10 years' worth of experience and getting as many things wrong as you possibly can, that each and every trade, simply because we cannot predict the future, is better off as an equal trade and by equal I mean that you have an equal dollar value risk. I built a tool in Sierra, you can build it on any platform, so that every single trade I take, regardless of whether I've got a stop of one point in the AS or 10 points in the AS or the equivalent in the NQ, is the same dollar value including commissions. The idea there is simply that I cannot tell, before I tell a trade, whether it is going to be one of the, is going to have the result of one of the better trades that I've done before, so I don't know whether this trade is going to work or not. In other words, I have to accept, and I've had to accept over the last 10 years, every single trade that you enter at the time you enter it is a 50-50 casino bet and it only counts as one of your high probability trades after the event, i.e. after you've either been stopped out or you've reached your target or targets. And for that reason I highly recommend, since you don't know whether this trade is going to be one of the winners or losers or even get you up to your third or fourth scale, that you put the same risk on and you let the market show you whether it is going to be or not. So when we start talking about streaming, to me, I mean, at the moment we've got, if we flick over to ES Live here, you've got a couple of pink icebergs. I think I've got the icebergs in pink, which I think is the default colour for everybody. And if I was to take a trade here and if we have a nice big fat band of liquidity protecting us here and I was trying to get a couple of points, that to me would be worth as much as a 10-point trade because I'm risking the same amount. So for the purposes of this streaming, let's just talk about it as a $100 risk. So I honestly do not care when I'm looking at the markets whether I'm going to get a big swing or a small swing. I've been known to scalp. In scalping terms, in NQ, in the ETH session, you can have a tighter stop as four points, five points, six points. And ES, it can be as low as one point. And if you do have such a tight stop, then it is much easier to hit your 3R target or your 2R target or even your 1R target because you just have to match the distance to that stop. Anyway, since I started looking at my screens, let's have a look at what is on my screen today. Okay, right. The heat map is pretty much default. I think I've tuned it down an absolute fraction and I've tuned down the size of the volume dots a fraction. But apart from that, it is bog standard straight out of the box. Again, I've learned the hard way. You can waste too much time messing around, getting settings to be perfect, whereas part of the magic of this tool is the aggregation and the intelligence of the tool itself in changing all the colors to reflect the current liquidity. So in other words, you just leave it alone and let it show you what to do. But that being said, one of the things that I absolutely love is to zoom in and out. So we're talking zooming in horizontally on time and zooming in vertically. There's quite a few streamers out there and they have a YouTube channel and they just show you a stream of a static book map or one where you can't actually control it yourself. I highly recommend that most of the value comes from actually physically dragging your mouse inside book map and seeing what is going on. So if we went back and we drag back and we saw what happened at this moment, which was 07.15 and we saw the big stop run and then an ice being placed, we can only do that with our own instance or installation of book map. Anyway, back to what is on my book map screen, which might not be on everybody else's. Okay, I have the liquidity marker. So I want to know, both in ES and NQ, which should have, yep, it's got lots of them, exactly where people are taking or placing large amounts of liquidity. In NQ, especially in the ETH, especially these markers are normally the boundaries of the market makers. So you'll often see them moving it from A to B and you'll get clear indication with these liquidity markers that that's roughly where they're transacting from. So you also, in ES, you get big changes when things are about to happen. So here, another instance of where it's useful is this little play of taking, adding liquidity, removing it, adding or removing it right before we have the next move down. Okay, the other thing that I have from a liquidity perspective, I have the outside liquidity, which is a relatively new tool inside book map. I've only been using it for the last month or so. Prior to that, I had to do that manually in Sierra. So I've got this one, let me just show you. Where is outside liquidity? I've basically just got it to show me the 30 closest levels to the best buy, the best bidder and ask. So I'm basically looking for what is happening by way of a push-pull seesaw mechanism right now. At the moment, you've got 2.5 below and 2 above. If there's a great big disparity, and I don't think at this time of the day, that is a huge disparity, but I can't show you any other examples. By the way, I might just pause and quickly read the chat. That can give you an indication of the overall direction. So I'm not talking about the instantaneous direction of the next minute or so, but just the overall direction of the next hour or so. And if I flick to NQ and have a quick look at that. NQ is being a little bit more helpful because it's a thinner market. These two numbers here are a little bit more reliable. In AES, it's so thick that it would have to be a big, big difference, say about 4,000 versus 2,000 for me to really pay attention to the outside liquidity marker. Apart from that, I've got, as I said, the volume dots, the volume bars, bog standard. And when I look across at the columns, I have a notes column. This is, again, something that you need to do yourself. What I did was I built a very short code in Sierra so that I can mark something on my chart in Sierra and instantaneously and by instantaneous, I mean about 75 seconds, it appears in this column here. I just find that an incredibly quick and convenient way of monitoring the key levels. One of the things that I'm always looking for, and again, I think this is something I have in common with Tom, is a look above and fail or a look below and fail. So I'll often mark a key swing high in this column with a certain color just so that I'm aware, as and when we pop up there, that it was there in case we've, for example, scrolled off the screen and book map and I'd forgotten that was the last reasonable swing high. Okay, what else have I got? I've got the current order book. I have it in number format only because I have such a simple layout that it is the way of showing me the spread. So if we go to enqueue and we zoom in a little bit and we can see that the spread is actually not too bad. Two ticks spread, but in the ETH in the wee Asian hours that can be a four tick spread or sometimes even a five tick spread. So it's just something to note. It's also something that really helps your eye with watching price action where you can see the bid and ask move a little bit better. Okay, and the only other thing that I have over here in the columns is Delta. So this is just the volume profile and I'm only showing Delta. And again, it resonates or it's aligned with my view on how fuel moves the market. So if we have a really, really big move down and we have really big red numbers there, to me, as long as we're not in a pure trend situation, that's fuel to have a nasty, sharp shock upwards. So I'm just watching that and especially in enqueue if that goes really, really red and we're really in the middle of action now so this is not a very good example. That is normally a really good guide that we might get a stop run in the other direction or a quick reversal in the other direction. Okay, the other thing that I have on my charts here is one of the market pulse add-ons. This is, again, something new that book maps introduced this year. I'm finding it very useful. Again, I often trade in the ETH hours where it can be very, very dull unless we have relative volume, which is something that most people talked about over the last 10 years. Unless we have a high relative volume, we can get really, really dull action and nothing is happening and we should be doing absolutely nothing. I've turned the volume off on these meters but the beauty about this is with this one which is just the volume pressure, if that changes out and we suddenly do have a spurt of action and by a spurt of action I mean real action so we might have an ETH, something like the last three minutes of action being about 20 or 30 in ES and then suddenly it jumps to 100 and you get the corresponding sound notification. That's just an indication that it might be worth considering a trade right about now or in the next few minutes when a setup occurs. The other market pulse one here is just the price change. It's a little bit like any other form of extreme rotation oscillator and again it's just an objective measure of how far price has moved from its average over the last X minutes. In my case it's about three minutes. So that is my book map screen for today. I will now stop and have a quick look at the questions. Yeah, Captain Price, I agree with your observation about market pulse. What I'm also hoping because I've seen it mentioned in Discord is that the market pulse API will be opened up to us especially the DOM so that we'll be able to for example code our own pulling and stacking version of market pulse and that would be really really good. I mean I'm a visual person. I have used Jigsaw amongst every other platform I've used but I do not like just watching numbers in columns. It's just not my cup of tea. I'm much better with color shading and yeah just having a market pulse version of how the book is being tugged from one side to another would be really really good. Okay, any other questions? Let's have a look at the chat. Just opening up the Discord chat. That's just you Thomas and it's saying hello. I don't think there are any other questions. So let's have a quick look at some action from today. So my recommendation for my general recommendation for ETH is NASDAQ over ES simply because you get better rotations. By the way for the purposes of this stream now that I'm switching off my little presentation notes I've got Bruce's permission to show ES and NQ. It's on trading view. This is a very very basic trading view chart. If you're going to trade ES or NQ in ETH my strongest recommendation is that you have some way of watching them in tandem. Here's a one minute chart but you can do it on a five minute or whatever basis. They move together. You'll often hear people say oh it's NQ that leads it's NQ, absolute rubbish. It's never that simple. We do not know from one second to the next simply because we don't know what the future will bring which one is leading. The magic seven that have been driving the markets all year are represented to my knowledge very heavily in both the ES and NQ. I'm just simply saying that it might be ES one moment it might be NQ one moment. What I tend to do, I haven't got it on this screen because we've got book map in tabs but I'll have book map ES to the right and book map NQ to the left not just the actual price action of a one minute chart but also where the liquidity is where the stop runs are where the icebergs are having both of those side by side is absolutely critical. You'll get so much clarification so many times over where one is guiding you and it can be liquidity something as simple as pulling and stacking just pressure down through the book but just having them work together is critical. Going back to what I said about equal value risk what we want here as well this again this is my personal opinion I believe you should have as many reps as possible I don't mean over trading I mean as many reps of valid setups as you have repetitions that is for reps during the course of your trading week you might have absolutely no trades today you might have 30 yesterday but they've all got to be valid vetted setups even though you know that when you take an individual trade it's a complete lottery and it is 50-50 the very moment that you enter. The other I mean I wonder if I can scribble on me I thought I had epic pen pulled up but I don't so I might just pull up my little drawing tool here as well and I'll use the trading view as a whiteboard so we can keep watching the market I'm hoping it's there come on epic pen there we go okay so if we've got a risk and say we're risking one dollar this is hypothetical and this is part of the psychology of repetitions if we are trading that that is potentially what we're losing so in fact it's better if I just write this down so minus one, minus one, minus one you'll often hear I've seen it so many times on Twitter or wherever when you've got a setup that is your favorite setup or it's this fabulous setup you should bet the house you should press and press and press and I'm saying that is very very much the exception in my view if you have made about 10R in ETH one of your favorite setups in your very first setup in RTH and you press 5R on that one fine but otherwise if you take say three times the risk you would on a setup and it is your first trade of the day and you go down minus 3R or minus 300 dollars or minus whatever it is that you're betting per trade that is a psychological hammer blow and it's really something that is harder and harder to recover from it also encourages two behaviors which I feel are a tremendous detriment to retail traders and we're all retail traders the first behavior is that you are going to start ignoring your stops because you're not going to want to take that R or that minus 3R with your first trade or your second trade and the other thing is you're going to start veering towards percentage probability of wins neither of those are contrary to what people are about helpful to your overall trading if you have 20 repetitions and you lose 10 and you think oh I'm only going to break even for the day because I've only won 10 that's not likely to be the case because if you took your 20 value setups it is likely that 1 or 2 or 3 or even 4 or 5 of those are going to run much further than 1R and if you have set up your scales properly or you just trail a winner past your 1R you could have a 2, 3, 4, 5R winner on one of those trades and that completely changes the outlook of your balance sheet at the end of the day so just one of those things that I just want to stress about that applies just as much as it does to anything else please don't bet the house on one trade and please, please, please accept your stops right, let's talk about what's actually happening right now so this is similar to yesterday I'm not expecting this to be a repeat scenario I'm now moving over to watching ES live let me get rid of epic pen so I can control my cursor okay, yeah right, I've got a highlighted cursor from epic pen what happened yesterday in ETH before we got to the open knives chain to Bruce when this actually happened was that we had quite a few icebergs both in ES and NQ let's have a look if NQ's got any, we haven't got any in NQ at the moment where they collected and collected and collected before 9.30 and they basically aggregated their positions and then just rode the market upwards certainly in NQ for about a good 30 minutes, an hour after the open so it's interesting that we've got the situation here where we've got two tiny icebergs so far when they've collected next to nothing but it's the same kind of behaviour my suspicions are that it's not going to be what happened yesterday in terms of looking and where we might go it's something that I use other things I think Tom uses profile, I use profile, I use options and I look to marquee levels in book mat before the market opens and I strongly encourage other people to do that so I might just stop and have a look at the questions again do you use market pulse NQ ES together to get an additional insight okay, yes I do I've got one example here, this is not exactly how I have it set up on my screen but I've got it here so we can actually get some information from where either of these two markets are really, really busy and they're not at the moment yes, I have the price change and the volume pressure hour goes side by side so if this was my ES chart I'd have the volume pressure here and the market pulse one which just looks like that one right next to it okay, and I'd have the same for NQ okay and any other questions yeah, Moby I'd just jump in wondering if you, so you're using price change and volume pressure I looked at both, having both volume pressure and volume pressure and balance and what it did for me and especially the audible alerts and again I won't turn those on because they will just annoy everybody listening to this webinar the real gain from ETH as I mentioned earlier is when we get something happening when the algos turn on a lot of the time in ETH when those algos turn on are fairly predictable times the opens that I mentioned they're also half hour or on the half hour or on the hour time blocks so for example a late Asian reversal might be at 1am Eastern time, New York time so just you can have an idea that the algos may get switched on around that time but if you have something flashing big big bars and it's not just the bars it's the actual number in the volume pulse thing at the moment you can see the ES says 400 there and NQ says 117 now if it said 400 in Asia I would stop what I was doing and pay attention because that's a huge number and that is such an advantage because a lot of the time we started talking about the type of action we get in NQ and maybe this is just really an introductory webinar today and a lot of the time you're going to get a lot of chop and the reason why you get so much chop is because you've got less fuel you've got less participants in those sessions so unless you get some big third party player that's decided to use that overnight session to drive the ES 50 points up or the NQ 100 points up or whatever the typical action you've got is just smallish market mayors playing market makers playing tennis with each other or ping pong with each other and so they have to go chop chop chop backwards and forwards backwards and forwards to get 20 point moves or 10 point moves in NQ so when you suddenly see the volume pressure go from say 50 to 400 you know that something else has happened or is happening and it might be the move of the day or the move of the night does that answer your question on that one? on the price change algo is just I use that in two different ways obviously when markets are trending I'll call this a trend because it's a decent swing down just like a mini trend you'll see that the price change will hit its bottom extremities but when you're trying to get in and say we were trying to short this market here we'd be looking at the top extremities and it does a really really good job if I turn the cursor on properly so you can find out where the price extremities on the price change algo were you can find out that they were very very useful three of those would have been winning so you were only going for two points or two and a half points they would have all been winning trades on the basis that a win is one R so it serves that purpose of an extreme pullback it also serves the purpose where it is chopping in table tennis fashion because you're looking at help from shorting at the top of the range and longing at the bottom of the range I'm not saying it's any more useful than something like RSI or whatever but it's just right in your face and the way the book map does things it's calculated down to the micro micro seconds so you can really really zoom in so I do find it useful from that perspective when the API is opened we can code one based on pulling maybe I'd prefer to use that if I managed to code a good one but no I do find it useful I mean I know you Bruce for example you have your stops your SI subchart there or you have your CVT I've seen that on quite a few people I just like seeing the stops there I've made the ones that are not aggregated semi-transparent and that's like 50% transparency and the ones that are aggregated and I've got a pre-layer aggregation I think it's only about 50 on ES but I just like seeing them because it's information to me that can be of use even though it may not be a trigger if it's not in the right location it's just good information to have okay yep yep thanks Moby I was just curious I know that you've kind of embraced the market pulse and found some nice setups for your market pulse volume pressure and balance volume pressure and balance as well maybe if I'd been focused on just talking about live streaming I'd already marked up a zone I know yesterday's low was just one level I like marking up zones wider than one level we're quite clearly let me just explain what's on this trading view chart so people can see why the shading is there the dark shading which is that's a dark color for me it's just a representation it's just a very very approximate representation of developing values so basically as it leaves this we are forming a new value below so we the Anki rejected it or sort of broke out a value underneath test it and so I'd be looking at shorts on the basis that we're looking for value below and again ES is pretty much identical because that's how they move in ETH so I would have been looking for shorts so then we move along here I mean we've got yesterday's low so we think we're looking for shorts what's the most obvious place they're going to go to it's yesterday's low you know there are reasons there are always reasons why the market wants to move so what do we have on our chart and you know this is the beauty about having control of a book map instance yourself you can zoom out so we can go and we missed that so you know what do we do when we miss something we just say oh well that looks like a valid setup but we missed it and there will be other opportunities that come along so we decided in our minds that we're looking for shorts and then we zoom in and we drag this along a bit and we have a lovely SI I tend to ignore the icebergs unless they're either resting or they're huge so by resting I mean this green iceberg below remained valid and in existence so in other words it forms a potential and I use the word potential quite lightly target below so we're looking for any pops up to short and what gives us pop up that gives us pop up and that's the market pulse price change okay and that is set to 3 minutes I think it just if I just find what the setting is because I can't remember just right click on it there yeah I don't have to drag it in I suppose I could right click there as well so yeah pretty much default other than the training period the training period is 3 minutes why is it 3 minutes I love 3 minute charts there is no more science than that it can be anything you want it to be if you have a lower value at 3 minutes I think the default is 5 minutes you're going to get more instances of green and red extremities I don't mind those because I'm partly using it as a trigger guideline so that is not the same as saying I'm using it as a trigger I'm using it as a guide to help me objectively find areas which may be good pullback locations on this downtrend so yeah so in other words that's bog standard with a 3 minute training period and it has given us 1 entry there 2 entries 3 entries and we had a clear first target of yesterday's lows around there and you know there are two ways of doing a stop and determining your R here again I'm saying that in my mind say my R today is $100 it's going to be a percentage of my account balance or whatever it is so I'm saying that the way of determining what that R is in terms of ticks or points you know there are lots of different ways one that I've done it might be a pure volatility base so you can have it as some kind of formula based on a short term ATR so you can do it on that basis because you're willing to accept the stop and because your target is not huge the other one you know you look inside book map and find out the most likely locations or you look in your little 1 minute chart and you take a fairly obvious stop location of just above the previous swing high but there may be something better in book map I mean that's why we use this tool because it helps us microscopically enhance our own trading plan but yeah I'm just saying so I'm just saying provided these pullbacks are your vetted valid setups it gave you a guide to three separate entries so if you were taking short smallish wins which is still the same as a big win then you would have had three wins okay let's have a look sorry let me have a look at the chat again ah yes sure yeah again this is more of my first webinar I'm just looking at the question from T and I can't really I can't tell whether it's Tom or somebody else yeah somebody's saying that FDAX is used yeah sure I've got I mean I think it's quite clear I've got trading view on my screen I've got lots of screens there's a screenshot in the in the shared workstation channel where you can see my screen setup so I've got two giant 4k monitors which are not being displayed here so I have a few trading view charts up so yes I agree with you that the DAX is always very useful in the European session what goes with it changes from time to time sometimes I have the euro stocks sometimes I have one of the currencies sometimes I have an inverse calculation of DXY yeah and in the Asian session I'll always have a form of Nikai whether it's a CFD version or the real thing and I'll have a form of the China 50 up there so I can see what both Japan and China are doing and you know it will change from day to day sometimes they'll both be useful sometimes one will be useful neither of them will be useful and ES and NQ just want to do their own thing but it is information that is definitely worth having if you are going to be trading Asia yeah some of the other things I like looking at gold you know gold is very very interesting in Asia for two reasons one it has a correlation with currencies and secondly it is heavily traded in that session so it is good information to have one source of information that it gives you is that if gold is dull then and your relative volume statistic for today for ES is low then do not trade this Asian session go out on your bicycle and go and cycle 50Ks just do not waste your money and your time trying to trade this session yeah so that was just answering your question of how I use correlations or confluences in the Asian market the other thing about the European session we are breaking down we are well below yesterday's like this was a lovely trend down wasn't it yeah so when briefs that market belts if you had a trailing stop so after you had hit your 1R and you just trailed onwards you would still be in that trade so if you had a two point stop you should have got 4R on the very first trade there anyway yeah in the European session we don't just have the DAX we also have the US pre open markets which open I forget the hour now if I have a look it gets 4 o'clock 4am sorry Bruce yeah sorry I'm just Prius on your like you're showing these great entries on the pulse tool yeah yeah and I'm wondering maybe you can kind of detail just a bit of like you know how are you using app to look for slicing into that entry yeah sure let's look at the first one here because that's the one that you really want to get into rather than the second or the third one so yeah when we look at the first one let's go back to what really happened here okay and we've got the delta dots here so when it says the volume of 2, 3, 7 you've got to take that with a pinch of salt I like knowing the exact volume it's one of those things that I do I go around in my prep for the RTH open looking at the ONH session to see where the biggest trades were let's assume this was an absolutely huge trade anyway we've got a big pop up here you've got a big run up or in my terms that's a big run up we've been at the liquidity below and we've run up and we've run up 8, 9 points okay and you can see from the delta column that at this stage if I drag it further over you have a lot of fuel to go down you've got 800 or so maybe more than 800 potentially trapped buyers so I'm thinking in Wycoff terms I'm not going to bring that picture up again but I'm thinking that if we have a good move down off this where we have this trap fuel that you can have a second move as well so in other words there's lots of names for it Elliot's second wave, new momentum low whatever you want to call it so I'm looking for a move with a bit of drama to it showing some real intent of the sellers and then I want to get in on the pullback so I'm just waiting for the market pulse to catch up here okay so I'm saying that through this move here which was through to about 743, 744 that yeah so basically that move there if we zoom in and drag that down whether it's that one there or that one there they both had the probability that it would have a second continuation move so at that stage I'm looking for another pop up or I'm looking for a zone which has like a double top or a retest zone so you have a move down then you have a pop up you might have got that, you didn't get a market pulse but you've got somewhere where they're rejecting off so you're looking in, you're zooming in here and you're seeing what is happening and whether we can get in assuming they're going to take out this low and at this stage let me zoom out again, yeah you've got the overarching target down here at the 4393 mark 4393.50 you've got an area where they may want to reject again and you've got market pulse here and you've also got 50 Exceated Iceberg there and 109 there and you've got a liquidity coming and a bit of pressure to push the price down a bit so I'm saying that this little entrance here was the ideal one if you were going to get in and you could have a very very tight stop here you could go ridiculously tight and just be beyond this so that might just be 3 ticks, 4 ticks that is too tight in my idea but you could go just the other side of this liquidity and so I'd say you could easily have a 2 point stop there and one recommendation I do make and this is nothing to do with RTH but in EDH the more that you're prepared to take small stops and the more successful overall you'll be because you won't get stuck in these trades which go against you forever and you'll get some reasonable scales on trades that do go your way so I'm saying that market pulse would have helped us here with the liquidity coming in to push the price down so you feel comfortable you could even move your stop directly behind there once it starts to move down you get your 1R at 2 points your stops just above here waiting for market pulse to catch up and then we get another market pulse sort of entry there which is a good sign if it cannot get any higher and the 1R stop again was just above this level which has gone yellow now and we're getting a bit of distribution here so in other words they're absorbing the buyers and you're still in hopefully you haven't moved your stop to break even and you're giving this thing a chance because one of the keys, I mean this is the big overlap I've got with Tom's auction market theory is they just love to test and test and test before they fail so this is like the extreme of that little mini profile where they're just collecting and collecting and then they're about to drop and create a new little V-Pok of this move and then move down towards the target which is 439350 does that answer your question Bruce? Yeah that was great Moby thank you and when we zoom in the way the liquidity is by having your own installation the way you get to see the increase in the pressure down just by the colouring getting redder and redder, yeah that's great that gives you a bit of comfort when you're in that trade just seeing whether we've got another entry on the market pulse, no we didn't although we have one there, I don't know I'd have to have something else before I was just going to jump in there I mean you've got the belief that we're heading towards yesterday's low and that it's been down towards it earlier in the ETH session so there may have been a way of scalping that one in but it's hindsight and it's probably best not to speculate too much on hindsight, it's better to do it at the right edge you've got this resting iceberg we've got six minutes left I like resting icebergs that are above as targets I'm not so au-fait about using resting icebergs below as targets I mean I'd like to see what happens when it gets down there and fills it up and I'm speaking about this early in case they take a huge amount and then they ramp it up at the open but I don't like using that as a target for a trade okay we haven't looked at NQ so we should have a quick look at NQ during all this move while ES was and what we can see from, let me just click that one we can see from the correlated charts that NQ had the same kind of move but it's interesting to see what kind of action we would have got there I think what time was the first ES move sorry my own book map's a little bit sluggish because it's been going for about two days I should have rebooted overnight I did not get up early instead I went for a run in the swim anyway let's have a quick look so the types of ways you get in this time of the day and the big caveat of me talking about shorts in ES and NQ at this time of the day is that this hour the power hour after people wake up in New York tends to be the most bullish hour at eight o'clock after they've been moving down potentially in Europe you'll often find a retrace or ramp between eight and nine in ES but this is the opposite today which is good so let me look I mean one thing we can see straight off the bat is how useful the SI is there I mean one of the things that you've got to look at you've got to look where the liquidity is the size of these SI stops and where they're moving with the liquidity marker but again that's hindsight it's pretty best if we just focus on what's happening right now let's have a look and with NQ I do not like zooming in too much because it moves about three times as far as ES whereas in ES you'll have the vertical scale virtually one tick or you might just zoom out a little bit so you've still got one tick but you've squashed it a bit in NQ I like having it at a point so I've just got to zoom out a little bit more about that level why just because I get to see the liquidity a little bit better the liquidity that's a bit further away NQ has got this absolute love of moving in in round handles I think Scott Puccini talks about it and by round handles I mean five and ten points especially the ten handles so being able to see the liquidity ten handles away is important to me even if I've only got a small book map window it also lets us see things like resting liquidity just a little bit further away will tend to happen in NQ and ETH and again this is just a very very rough guide rule whatever you want to call it but it's not something that applies every time and please don't ever treat it as such you often get this big band of liquidity where NQ loves to do this it will go almost to it it will convince you that it's going to hit that liquidity but it will then turn around just when people think it's going to hit it and then it will go a long long long way away and then when people think it's going to hit the next liquidity or the next key level below it will reverse and go straight to this liquidity it is the most common thing that NQ will do in ETH so if you can program your head to get that gut feel where you think oh my god this is definitely going to do it then you should turn that into a trigger in your own mind that that's a perfect time to go in the absolute opposite direction so in other words I'm saying that NQ is counterintuitive anything you think it is going to do it usually does the absolute opposite in ETH please I'm just aware that we're at 2059 so we are coming right up to the one hour of this okay Moby at your discretion here I wouldn't mind moving just to the last section of yeah I just let me yeah it was just really to help people part of this is the breakfast show so let's have a quick look at prep for today's open so one of the big things that we've had are Fed speakers so you've got Fed's Bostich which has already happened ECV's Panetta you've got one piece of read information today which is the S&P PMI at 9.45 and other than that we have Friday options expires so yeah so if we're doing a pre-market prep you've always always in these Fed speaker days got to check when they're speaking and when that might interact you've got to remember the times of day for reversals I mean I'm not going to harp on about this too much because we've got some great speakers in the book map live sessions and we've got Tom himself at 11 o'clock so you've always just got to be aware of the calendar you've got to be aware of the macro themes I just thought I'd do something fun I got if I can get this yeah I got mid-journey to do a logo for book map so this is an AI generated logo for book map I just used a fairly bland prompt and got that which I think is actually quite nice and the idea there is that we are still in this AI bubble so the market run-up has been driven by AI and until that bubble properly pops we are in it okay market structure marking the key levels use your cloud notes it is your friend remind yourself of your plan and your setups so that you do not need to see them when you're in the heat of battle during the session be wary of volatility at the open it's a double-edged sword you know if you were long in NQ yesterday great if not you would have been bankrupt if you hadn't been stopped out and make sure you do all the mental and physical prep before the session to make sure you're in peak condition because it is a war out there and the most important one that I can ever say to anybody before the training session is keep an open mind the worst thing you can do is have a closed mind where you've decided what the market will do and you will not accept the market telling you what it wants to do and yeah I'll probably wrap it up there because it's only supposed to be an hour and I don't really want to get in the way of anybody before the RTH breeze alright great that was excellent Moby looking forward to your stream so Wednesdays and Fridays but let's see you will be here next Wednesday and Friday correct but after that you will be away for some weeks yeah okay okay alright well yeah and future sessions I mean I might have a I might spend 15 minutes doing something you know like talking about strategy whatever but most of the time will be yes live streaming yeah yeah excellent yeah this was the first one and you know I just wanted to interject a few questions along the way but you will be you know front lines and looking for insights here in book map that and looking at the way that you use book map and read order flow yeah and we missed that little turnaround we had the the 100 iceberg at the low there and then they bounce just off it or just before it and then nice little move back up going right back to yesterday's low so that would have been a beautiful trade there you've got a stop run you've got two stop runs 261 and 181 and yeah that could have been a very useful hide behind so you set your stop just behind that iceberg except they can hit your stop easily and you've got two R straight there so again the beauty of ETH is that you can keep your stop small yeah yeah that's that's really really good advice and I like the way you mentioned the beauty of ETH as well is you can scale in I wouldn't necessarily say I scale in I'd say I scale out Bruce I'd rather take my stops so you know if the typical I mean an NQ stop in ETH assuming we're not having a crazy day a day like today would be something where between 4 and 10 points your stop I would not scale in on that one because of what NQ can do and it can do real damage it is far better to take that one R stop and get in again because otherwise you can get stuck in you suddenly find your 40, 50, 60, 80 points down before you know it it is a crazy crazy vehicle yeah yeah no I agree with you a point of discussion on that is probably the most important thing is to take the stop I mean don't worry about the profits just worry about the losses because when you get the move they move very nicely that's what I've seen at least that's right there's something that Tom's spoken about many times as well scaling out is so important because the idea is you're minus one R and you're going one R with your wins and then all of a sudden you have a 5R or a 6R with the NQ as you said it could just run you could get a 10R have absolutely no idea enter that trade and all of a sudden that's your day done or your day set up yeah exactly okay well great thank you Moby and we'll see you next Wednesday okay cheers thanks son