 All right, we should be Streaming Good morning book map How's everyone doing in the community this morning? There it is All right, so what are we looking at here today? Well first and foremost quick disclaimer. My name is Charles I run something called the pirate traders community and And I'm here to talk about the ES the NQ and what is going to happen intraday today It's important to note that these are just my own personal opinions and not the opinions of book map and Don't ever trade based on anything that I say I'm here just to give you insights as to how I see the market and what I think is coming next Taking trades is your business do with it. What you will All right, well, let's start off by just getting a little bit of perspective Let's zoom out here and let's take a look at the daily chart Okay, so I know this is a mess. There's a lot of stuff on my daily chart and it can be a little bit distracting So let's just start with the basics here. What are we looking at? Well first and foremost? There is a channel that is these blue lines that you see coming from down here That channel is a form of balance balance is one thing we look at When studying the two-way auction process in order to know what's going to come next, okay? So The fact is the market tried to break out of that balance It tried to go to a new location and it couldn't do it. It just didn't have enough buyers How do we know that? Well, we figured it out last week when they pulled back down inside that Balance area once again Increasing the odds that they don't have the buyers up here that they need to pull the market back further looking for those buyers So now the question becomes we think the market is going to keep going down Because we haven't found the buyers yet. How far do we think it's going to go down? Where do we think it's going to stop and reverse? Right? That's what becomes important And of course, how do we know if we're wrong? I've been having a bunch of errors with my data this morning So we may get some some little technical glitches with the internet here. I apologize if that happens Anyway, okay. So first things first. What am I paying attention to? Well, we have a trend On the daily. So what does that mean? It means the market has been continually moving lower every day Making lower highs and lower lows again and again all week last week That is a sign of momentum So first things first as long as the market continues to make lower highs and lower lows I'm going to assume it's going to keep going down. I'm not going to become a bull I'm not going to start guessing that the market's going to randomly reverse and go up or play any of those games Until I have seen information from the market Telling me that that's what comes next I promise you this market cannot turn around and go higher without first getting above yesterday's high Okay, so there's no reason to position yourself as a bull psychologically mentally this morning When everything is telling you the market wants to go lower. There's no reason to tell yourself to be a bull because If the market is going to go higher It will first have to break yesterday's high and the opportunity will be way better from there So the idea is basically Let's zoom out and look at the daily once again If the market was going to find support magically right here And it was going to turn around and it was going to head higher Okay There would be no reason to get into the trade right here to go long right here That would be a gamble. That would be a guess. It would be silly Right the higher probability right now is that the market's going to keep going lower and look for those buyers At a lower price so before I can let myself start to think about this scenario which makes less sense Which has less probability of happening Before I even let myself Start to be confused by this potential. I will stay focused on yesterday's high As long as we're below yesterday's high the market is going to keep going lower It's that simple guys. Don't make it more complicated than it has to be The market-generated information is telling you what's happening We tried to take the market higher could not do it need to take the market back. We are doing it Don't assume we're done until the market tells you we're done Getting above the previous days high. Okay, that is my advice Too many traders want to call the reverse too early Let the market tell you when it's done. So what would that look like? Well, first it would have to push above this big node of cumulative volume that we created on Friday Right here around 43 90 Then it would have to work its way through this big node of cumulative volume Or sorry There's a big note of time and volume from the overnight that it created over the weekend in here So it would have to work its way through all of this and then work its way through all of this Then get above the overnight high, which is that we'll just call it 4400. Okay, it's at 4402, but we'll just call it 4400. So Then after all of that so I'd first have to see it work its way through This resistance then this resistance then get above the high then come back down and find support And only then could I think it's even possible that we're testing yesterday's high Up at 4408 and only if we found support there got above the previous days high and found support up there Would I become a bull and there's a reason why I'm emphasizing this so hard first thing in the morning Because I've been in this location before I have re-entered a previous balance area before And what I know happens to members of the brigade again and again and again Is all day long the market will slowly be working its way to that opposite end And all day long Traders will assume it's going to reverse So it will be slowly but surely melting lower all day and all day everyone's going to think it's about to go up It's about to go up. It's about to go up It's about to go up and it'll just keep melting lower and all the sudden they find themselves You know won't happen in a day because this is such a large balance area But you know two or three days later you find yourself down here at the opposite end of balance and the whole time You were going long the whole time you were saying it's going to find support It's going to bounce it's going to find support it's going to bounce So I would beg you to just delete that from your brain Do not assume it's going to bounce do not assume it's going to go up Just assume it's going to go down Only ask yourself. Where's the resistance? Where's it going to go down? Until it gets above that previous day's high if it gets above friday's high then everything changes Then i'm a bull then Lots of money to be made on the way up Not making this tiny little bit which is a guess to me is a good way to play it So stay focused on momentum to the downside as long as it lasts There is no advice better than that going into this week All right. Well, if you guys have not yet, please smash that thumbs up button Hit 36 people hanging out only 11. Actually, that's pretty good. That's one in three likes. That's not bad But we can do better Come on book map. Give it to me. Give me them likes Doug says good morning first time here Well, good morning, Doug. We're happy to have you If it's your first time here and you've no clue what you're looking at on the screen the screen over on the left That is a market profile screen The software is called window trader. It doesn't matter what software you use It's just market profile tpo charts and then over here on the right is book map That is an order flow software and it does matter what software you use Because book map offers, you know, exclusive technology that isn't available through anyone else Including these stops and icebergs indicator Which we're not showing any yet, but we will soon So you got price action over here on the left showing you where the market is price wise How much time it's spending there and how much volume it's bringing in And then we're seeing that order flow over here on the right Which is telling us where the orders are waiting in the order books compared to what happens when we get there Is it a spoof or is it real? Is it somebody with size or is it just a trick to get short term traders into a position? That's what we look at the book map for All right. Well, we've got 15 minutes until the market opens Anything you guys want to talk about? I've just basically said everything there is to say I'm a bear Plain and simple as long as we're below yesterday's high Friday's high. I'm a bear Good morning to Maya to Jay to novice Jay says it's just another day in paradise You got it An opportunity to make some money No questions. So we're all just going to sit here in silence Cool. Cool Jay says could you talk about downside targets? I see the overnight low bounced off of previous weekly low I see the balance area between 43 63 and 43 46 yeah, let me open it up and look um, okay Bounce area between 43 63 and 46 63 and 46. Um that so that would be a much tighter sort of balance area Then I would be looking at So everything is always a matter of momentum, right Who's in charge and how good of a job are they doing? To me if this was what we were dealing with this little area in here Then we like How do I explain this? So the probability of going down to Um 46 is very high right the idea that we go down to there But that's not the a balance area, right? It's it's the balance area is the much larger range that I showed on the daily chart This is the balance area Okay, make no mistake. That's the way the market is balancing right now is with this channel So could you see a little move from here to here? As like, you know a little potential move as as a balance area. Yeah. Yeah, you could But it's not really the way that I look at it, right? I look at it like this is the balance area low Or at the very least halfway, which is about where that gap fill is Like that's going to be you're going to have to come back that far In order to find the buyers to get back up to here. We didn't have them here So why would we suddenly randomly have them here? You know what? I mean, you really need that larger pullback to bring in those buyers it's like um When a store puts something on sale, right like they've got all this merchandise That they want to um, I want to go to my auto So weird, um, there we go All right, sorry, I lost track of my train of thought But basically the idea is that if the market does all this work to get all the way up to here And it doesn't have the buyers up here. It's going to need a larger pullback Okay, so you have to kind of put yourself into two different timeframes You have to put yourself in the time frame of the swing trader The person who's looking at the market over a longer period of time and what they expect the market to do there And then your your framework as a day trader and what you expect the market to do throughout the day So when it comes to downside targets, it's very difficult for me to just randomly throw out Downside targets. Okay, um, because I don't know how far it's going to go. I also don't know how fast it's going to go there That's not really how I trade. I don't trade by predicting the market is going to get here Or predicting that the market is going to get here I have found I'm just not good at that when I try to guess those things ahead of time I will be wrong most of the time My skill in trading is in recognizing that the momentum up is over And so the highest probability is that we're going from here to here One of these two levels. Okay, so when I'm when I'm stepping into my Day trading framework with my swing trading understanding that the market's going down You know, I think over the next week it's going down. I don't know how far it's going to go I don't know what day it's going to go. I don't know if we're going to go sideways and then followed the last hour of the day I don't know if we're like, I don't know any of how it's going to get there I just know it's done going up. It tried to go up and it couldn't do it And if it can't go up, it's going to go down. That's what I know So how do I think about it in terms of targets intraday? Well, I think about it in terms of momentum So where are the levels where the market can test momentum? So the first important level is obviously yesterday's low Can the market get below yesterday's low once it gets down there? Can it get resistance? So the first target if we get resistance at yesterday's low is to head down and test the overnight low Okay, but that was also the base of a spike up So there's a very good chance the market could get down there to that base of that spike And that's where it finds the buyers and it reverses and it heads back up How far it goes up? How long it goes? I don't know. That's not my thing. I don't predict that I would merely recognize When we found support at the base of the spike and pushed back up above the previous low that that momentum down is over Does that make sense? So if it doesn't happen if we get down to the overnight low and we get more selling Well, then I target the next level the next set of single prints I assume we're going down to there if we get down to there and we turn around I'll know because I'll see that we got back above previous resistance right If we don't if we get down to that level and we don't find support and we keep going I'll assume we need to repair the next week reference and the next and the next and then test the Untested volume point of control then fill the gap then test the balance area high. This is how I trade Right. I don't think about it like I need to get short And ride the whole huge move down And I don't think about it like I need to get short right now And and stay in the trade unless we get all the way above the previous days high I'm instead just using the knowledge I have that the highest probability is that we're going lower That if we're going to find buyers, it'll be here or it'll be here or it'll be here to monitor what happens Right when we get there what happens then I know what to do If I'm short I stay in the short if I'm long I take profits If it keeps going if I'm if I'm flat I get short if I'm short I stay in the short Right if it comes down here and it finds support if I'm short I take profits If it doesn't find support if I'm short I stay short if I'm flat I get short If it's here and it bounces and it uh find support I take profits if I'm short if I'm flat I sorry if I'm short I take profits if I'm not short I uh stay flat looking for support like that's the point. It doesn't matter what trade you're in, it matters what the market is doing. So that's how I think about it. It's like, can we get below yesterday's low? If so, can we get below the overnight low? If so, can we test 69? If so, can we repair this week reference? If so, can we repair this? And I just monitor those trades. If I'm in a short, I stay in. If I'm not, I get in. If it's reversing and I'm in a short, I get out. If I'm not, I look to get long. That's it. What's the market doing right now? How do I make money off of that? What's the next likely target? Because what will happen is the market will not move in a straight line. It will not go boom, boom direct. Okay, it'll do it like it did from here to here, right? It went up, it came back down, it went up, it went sideways, sideways, sideways, and then out of nowhere, it bounced to the other end. So all I want to know on the way up is that I should be long. That I should be looking for those long trades that we tested one end of balance and we're likely heading to the other. I don't want to have to overthink. Where's it going to find support? Where's it going to find resistance? What does that mean? Is it going to break lower? Is it doing this? I don't want to play all those games. I want to keep it very simple for myself. If it's heading from one end of balance to the other, I am a buyer. Where can I buy? Where are those opportunities? And that is all. Same thing on the way down. Ding, ding. Ebenflow. Ebenflow is a great name for a trader. Ebenflow. Ebenflow, are the single prints on 612 a magnet today? Are the single prints from 612 a magnet today? Yeah, absolutely. Those are the first targets. So it's, if we get below yesterday's low, you're targeting the first set of single prints. Looking for support there. If they don't get it, you're targeting the second set of single prints. Looking for support there. If they don't get that, well, you've got, potentially they could just need to test the volume point of control. That might be all they need. But if you don't get support at 69, you're probably heading all the way down to fill that gap at 4325. Again, not in a straight line. I just, this is why I keep, I'm going to just shove it down your throats. It's not going to go straight. It's going to grind and grind and grind and look like it's reversing. Oh my god, it's reversing and then go lower and then, oh my god, it's reversing. Look, it's going to go up and then it'll go lower. It's going to drive you nuts all day long, making you think it's about to turn around. So stay focused on that momentum. If the sellers are in control, let them stay in control and don't fight it. Don't do it. Good morning to NAP. Medina, if we close above 388, will you buy it? If we close above 388, no, not even a little bit. So let's say, for example, the market just kind of went a little bit lower today and came back up and let's say it closed right at 88. That to me would be a continuation of the momentum lower and a further confirmation that we need to head to that opposite end of balance. So once we've re-entered previous balance, which is re-entering this previous channel, every day that we spend inside of it, inside the channel, further increases the odds we're heading to the opposite end. So the only thing I'll repeat it once again that would turn me into a buyer is if we pushed above yesterday's high and found support up there. Otherwise, the more time and the more volume we bring in inside this channel, the more the odds favor us heading to the opposite end. Travis says, how much weight do you give the overnight poor low versus the regular trading hours? So I don't pay attention to poor lows in the overnight at all. If you wanted to note it to be like, yeah, there's some stops waiting down there. That's okay, but I have not found any sort of consistency. Like if a low is poor in the overnight, it has higher odds of being repaired in the regular trading hours. I've never really seen it that way. So overnight, I'm generally focused on the overnight inventory. So was it net long or net short where there are more buyers or sellers? And then where were the areas of interest? Where did the market spend the most time? Where did it bring in the most volume? That's really all I'm paying attention to in the overnight market. We can poor references. They don't matter that much to me. But talking about overnight highs and overnight lows, there is an extremely high statistical probability that the market will test either the overnight high or the overnight low at some point during the day. So almost every day, I mean, it's like 95% of the time it's ridiculous how often it happens. We either head up and test one or the other. So that can be useful as well. Like if the market is starting to head lower and it finds support and comes back up without testing the overnight low, it slightly increases the odds you're going to test the overnight high. And vice versa, if it pushes its way all the way up and it can't test the overnight high, it's then higher odds you'll test the overnight low because you're very high probability you're going to test one of them. So if they can't test that one, it'll be that one. If they can't test that one, it'll be that one. And they'll just play tug of war. So one side wins. Will says good morning and good luck to everyone. Good luck to you. Market opens in Huno momento. Is everyone excited? Everyone ready to make some money? Everyone ready to get this party started? Here we go. So we're opening right near yesterday's low. And we're opening right in this node where the overnight spent all this time and brought in all this volume. So giving the sellers a chance to take control here. Can they get the market below 43 81? And what happens when we get there? Do they just poke below and pull back up? Or do we poke below and get new sellers and continuation lower? Okay. So for those of you that are new to the program, we have something we call a chop zone, which is when the market opens inside the previous days range, the probabilities favor at least for the first hour or so that the market will grind up and down and up and down until it can break out of said chop range. Okay. And I would say that that range is pretty much below, which is called 4400 and above yesterday's low 43 81. So as long as the market continues to push up and down and up and down inside of this range, it's just a market for me to sit back and watch and relax. I don't need to jump into a trade right away. But I could get insights as to what to expect next from how it moves. So I've marked these levels that I expect to be potential resistance based on previous nodes of volume. So we're looking at around 8892 and 95 those are not exact levels, but just that general area. And so I'll be asking myself what happens when the market gets there. If it touches the first one and comes back down, what happens when it gets to half back? Does it find support? If so, I'll assume it can test the second and so on. If they pass through that half back, I'll assume they're heading down to try to test yesterday's low Friday's low and so on and so forth. They'll just keep chopping up and chopping down and chopping up until they either break higher or break lower. And so I will use the chop as an opportunity to prepare myself for what comes next rather than trying to jump into trades first thing in the morning when there's uncertainty and no one knows and burn up all my mental capital and probably my real capital and then have to stop for the day 20 minutes. You know, just let them chop it up. We got 95 people hanging out only 38 likes. Give me that thumbs up, please. Sure would appreciate it. It's not just for me. It's not just for my ego. It's for you guys too. So that YouTube knows what you like. It can send you more cool stuff like this. Okay, so what's happening as we're pushing up into this resistance? Do you see this giant green dot that book map is showing us here? Well, that dot is telling us that we are stopping out a bunch of shorts that people got short probably before the open expecting continuation lower. They're now getting squeezed out of those trades. So the buyers up here aren't necessarily new buyers trying to take the market higher. They're just shorts being forced to cover increasing the odds of more chop. Will says I'm getting an error message just like the one up right now. It must be a book map thing. A glitch this morning. It happens. Okay, Charles, shouldn't you be a bull? The market's going up. The market open is just going straight up. Shouldn't you be a bull right now? No, sir. Look at them shorts getting squeezed. These are not new buyers. So I'm looking at this thin volume in here. I'm looking at all these stops on book map. And it's telling me we're fixing to run out of buyers any moment here. If not at 92 at 95. And then we'll test that half back to see if we can find some new buyers. So you guys see all the spoofing that's happening below. They keep piling in volume in here to make it look like they're going to bounce. They're going to find support. But then as soon as the market comes to it, it disappears. Just like that. With that time it filled. See they're doing it again. As the market's going up, they're adding more and more volume in here. And as soon as it turns around and starts coming down, they start to disappear it. As soon as it starts to go back up, they start to add it. So this is still a giant spoof. But for now, they've got the support. They flipped the order book. All right, I know it sound like a broken record and I'm sure you guys are sick of hearing it but don't be a bull up here at the highs man. This is the last resistance we've got for this chop zone. So this is the area where they convince people who should not be getting long to get long. And then they rip it back down, rip your face off and pull it right back down. So this is that area where I'm suddenly starting to become a little less bearish but it's certainly not bullish. Not at all. This to me all just feels like short covering. And we're going to run out any second now. What will be important is what happens when we pull back to half back and whether or not that holds. It's also a low volume node. Oh, and another one. Okay, so there's the repair of the weak reference we left behind yesterday. All right, so looks like they're trying to grab that last set of stops up at 4400. They haven't quite got there yet. Do it. Just poke. Poke, poke and reverse. All right, there we go. All right, so that was presumably the last set of stops right there. The ones that are getting triggered right now. So if they don't pull back to the half back, if they continue and they get to the overnight high, I will then become bullish to test yesterday's high and monitor for continuation from there. I don't think that's what's going to happen. Obviously, I'm still for job zone pulling back down probably through the opening price, but for now they've done everything they have to do to test that overnight high. So let's see if they do it. We're also watching this big node when they flip those order books. Does this disappear? Once we start to come back down. There he goes. Scott says NQ looks like it wants to rip someone's face off. Shorts that get squeezed or laggard lungs. Oh god, yeah, I mean it's inside a balance area. That's why. So the difference, we talked about balance. The ES is in a channel that looks like this and it's right at the upper end of balance heading down towards the bottom. The NQ is a balance area that looks like this and it's at the bottom heading back up towards the top. So same thing I said on Friday. If I was an NQ trader, I'd be doing nothing because it's too uncertain. They could easily pull back up and head up there or they could crash and burn lower and in the middle here it's just too hard to predict. I would say intraday today if you're trading the Q, treat it the same as the ES. So you're assuming chop inside the overnight range. If it can get above the overnight high and find support, you look to test yesterday's high. If they get below the overnight low and find resistance, you look to test yesterday's low. As long as it's inside that range, you just assume they're going to keep chopping it up and drive you crazy. Man, these computers are working hard to try to test yesterday's high. They just don't have the real humans to back them up. I'm sorry, the overnight high. You guys see that? A bunch of volume. Oleg says good morning. What indicator is on the left side? So the chart that you're seeing on the left is a market profile chart. That is essentially the same thing as a candlestick chart. It's just showing you the price action. It just displays it in a three-dimensional format. So it shows you price and then how much time and how much volume you bring in at that level. So it's a little confusing right now because we're in the first hour of the day, so it's kind of messy to look at. But I've got two profiles next to each other, the one on the left and the one on the right. Later on in the day, you will see the one on the right is expanded out so we could see each individual time period and the one on the left is collapsed like this one here so we can see where the market spends the most time. Unfortunately, it's a little too early in the day for that to be of use just yet. For now, we just pay attention to chop. Choppity choppity chop chop. Who's going to win? Looks like both markets have broken through that 20 moving average on the 15-minute candles and are now, it is now acting as support. That increases the odds. If the market pulls back to it again today, it will act as support once again for a bounce. Medina says, is that a iceberg? So the icebergs are the little, where you see the two little triangles, those are the icebergs. So this one here was a short iceberg with 31 contracts. This one here was a long iceberg with 139 contracts. And when you see the little dots, those are the stops. Okay, so there's the resistance holding. So now the question becomes what's support? Okay, so if we can find support anywhere above this halfback 43.91, we would assume that support is heading up to test the overnight high at 4202. If they pass back through the halfback once again, then we'll look for the market to pull back. But for now, they're spending time and they're bringing in volume up here. So any support above the halfback should get us to that overnight high. And then we find out if there's buyers there. If we look above the overnight high and fail and pull right back down, more chop. If we look above the overnight high and we turn it into support, we get bullish to test yesterday's high. Normally, I would call the stream to an end right now, but I'm going to keep it going just for a few minutes here because this is an important level. Where it breaks, one way or another here will tell us what's happening the rest of the day. If we can get above the overnight high and find support, we can test yesterday's high. If we can find support above there, we can have a bullish day. Anything else is likely to go sideways or lower. So how we break right here will give us some insights moving forward. I'll hang out with you guys until we know. Choppin' broccoli. Ch-ch-ch-choppin' broccoli. So we have now pulled today's value to overlapping to higher than yesterday's value. So again, that's not bullish to see. Bullish is the wrong word. It's just less bearish. If the market wanted to go lower today, generally it would not be able to get its value higher than the previous days. So that is not a bullish signal, but a less bearish at this point. Poor high. Jesus, they are really playing games here. They're trying to get everyone long and short. Whoever predicted a face ripper earlier, you got it. I just don't know if that face ripper is going to be up or down. But they're squeezing the market man. They're getting that rubber band real nice and tight. Okay, so that poor high increases the odds that they will find support somewhere here above the halfback. Lots of potential levels here. But the fact that they left behind that poor high, they perfectly created it and left it behind like that, means they wanted to leave that magnet there. So they got a bunch of people who are going short right now. They're putting their stops above that B period high. And so the market creates liquidity up there. It pulls back down, it finds support wherever it finds it. Then it comes back for that liquidity. Those stops that the sellers right now are placing. So that is actually a little bit bullish to see, believe it or not. Okay, there's the repair of the poor high and the test the overnight high. All right, so I am now bullish since we were able to get above the overnight high. And I will need to see them turn it into support. So it doesn't have to be the overnight high to the T. We'll just call it this general node right here, around 4400. If they can hold this, so if they can come back down once more, turn it into support. Again, I will assume they're heading up to test Friday's high. If they're able to get above Friday's high, I'll look to see is there support up there? Are there new buyers up there? If there isn't, if we just poke above Friday's high and pull right back down, I assume a sideways day going inside Friday's range all day. If we poke above and we find new buyers there, continuation higher. That would completely inverse everything I said this morning. If you guys will recall, I started out the morning talking about the larger momentum in the market and that our signal for that was this balance area right here in the form of a channel. So looking back into that channel, opening back inside that channel, increases the odds that we're heading to the opposite end. So if they were able to, this is not me making a prediction for this is what is going to happen, but if they were able to get back above Friday's high and find buyers up there, it would mean they looked into it and failed, which would be bullish. So right now, I am still bearish, bigger picture. I'm just saying for the moment, right now intraday, it's bullish, at least to test that previous day's high and then we'll see what happens from there. But we don't know yet, they could poke above there and come crashing right back down. So I'm not really bullish, bigger picture, I'm just bullish intraday as long as we can hold that support on the node we just created here at 4,400. Okay, so with that, I will say sayonara farewell and goodbye and head on over to the private stream. I do a stream for the first hour every day for brigade members. It only costs 10 bucks to join. As far as I'm concerned, $10 is risk free. It's really costing me a nothing because surely in an entire month, there'll be one single thing that I will say that will either save you $10 of losses or help you make $10 of gains. The question is really, do you find value in having a second voice in a second opinion on what's happening? If so, join the brigade. Link in the description. It's only 10 bucks. And we will see you in the live stream right friggin now. Goodbye book map. Hello brigade. Have a good one everyone and we'll see you back here Monday morning.