 And good morning, it's Friday the 18th of August and welcome to another one-hour's live webinar. Just checking that everything is working in both Discord. Yes, I think it is. You can see the microphone responding. And in YouTube, I'm just waiting. No, I think that's all working as well. Okay. Right, let's get on with it. Okay. I'm just waiting for the YouTube slide to change. Just signifying it is capturing everything. Should change any second. Yep. Okay. That's a quick bio of me. It's the same as all the previous webinars and we'll quickly go through the disclaimers. Trading futures, equities and digital currencies involve substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. All bookmap limited materials, information and presentations are for educational purposes only and should not be considered specific advice nor recommendations. Okay. We'll just get the main screen up and running so we can see exactly where we are now. And as you can see, both in NQ and ES, we do actually zoom out. We've come down a long way. You can see it better in the three minute trading view charts. So basically we have come a long way from yesterday's low, which is just the red lines on the right hand side of the chart. Okay. Let's have a quick look at what we're going to do today. Okay. The main focus of this hour and I'll be spending most of this hour on it is trading NQ at the London Open. That's NASDAQ. I'll go into why we'll do it. And we'll be looking at on quite a micro basis. So we're going to look at the first 90 minutes. We're going to do a quick recap of the prep that we discussed about a week and a half ago before we ever get into any form of trading. And then we're actually looking forward by way of one setup which we're going to focus on for this trading analysis. I don't think it's worth looking at multiple setups. There's just one setup. It's a fairly simple setup, a generic setup where we are using the benefit of Bookmap to enhance the probability or enhance the ability to see the setup in real time. Okay. Let me just go through. For the purposes, I'm still quite early, so I'll go slowly. By the way, I have got both the Discord channel and the YouTube channel up on the screen. So if anybody has any comments, I'm just saying we do have a few people watching live. If you've got any comments at all, please feel free to put them in and I will respond when I see them. Okay. This webinar, I've actually adjusted the settings in Bookmap for a visual presentation purposes so that we can actually see what I'm talking about. Since this webinar, I'll just move the microphone a bit further away from my mouth, since this webinar does relate specifically to EDH, I've set it up a little bit more to be practically useful in the London session. So the change I've made from the previous webinar, the biggest change, and I was talking about it or hinting at it in the last webinar, was that we've got volume dots in the heat map display and you can see here the size of those volume dots and if you actually get your cursor in the middle of them, you can see the size of volume exactly. So when you're looking at the delta, it's not the true volume. Since we are looking at a fairly thin instrument, both in terms of liquidity and traded volume, the actual volume traded rather than the delta difference traded is more relevant and it will certainly help when we are looking at supply and demand. So that's the first and fundamental change I've made to this one. We've got the market pulse price change. I'll go visible because it'll help us historically with the timing during the 90 minutes at the London Open and these three columns here, the delta, the sellers and the buyers. I've made some visual changes as well for, again, this presentation purpose. For the delta, I've removed the numbers and I've widened the column so you can see potential trapped or overly aggressive or just even plain aggressive buyers and sellers in terms of the delta and quite clearly without having to focus in and try and read the numbers. And for the volume profile of the sellers column and the buyers column, I've made both those wider so that you can see the shape of the profiles as we look at them. And the point of that is, again, as I explained in the last session, in this webinar, we look at profiles from a high level perspective. That's the TPO, the VPs over several days. And we also look at profile on a very, very micro basis, which is where we relate that profile to our potential setups to take a trade. So that's the only real changes that we've made to bookmap here. And at the bottom, you've got the dials for the price change and the volume coming in. I'm pretty sure the volume coming in is just live so that will not be reflected when we go and dial back to the London Open. And I've also hopefully made a little bit clearer the outside liquidity. So, again, this is 30 levels up and 30 levels down. So it's not outside liquidity beyond the heat map. It's the 30 price levels above in the order book, and 30 price levels below. So the below is the green at the bottom and the top is the red, the sellers sitting in the order book. Okay, okay, right. Let's go back to what we were talking about. Okay, so a quick recap of our prep. I'm not going to go through the whole version of the prep that I did a couple of webinars ago. And I welcome you to go back to that video and look at it where I did talk about it in detail. But just recapping the essentials of what we are going to be doing. I'm going to be missing out some bits. We are going to look at ourselves. So are we prepared mentally to trade this session? Are we prepared physically? Are we overly tired? Or are we ready? Have we done a little bit of prep before we sit down or stand up at our desks to trade the session? So is your mind calm? Is your body alert? Okay, in terms of the prior context, this is one thing that we always look at, and you've got today's... I might have to shrink this one down so we can see what happened. Okay, you have yesterday's extended session down, and if we break this one out, we have in the Asian session where it actually went up, which wasn't surprising after several extended sessions down to have some kind of bounce in Asia. So basically, a significant downtrend has emerged after a multi-multi-week or multi-month uptrend. If I switch to the slides, I'm still looking to see if there are any comments, and we just go back onto the slides. Let me just move on to the slides. Yep, that slide there. So again, this is the context before you trade the session. This is the daily for ES and the daily for NQ. And you can see that the longer-term multi-month uptrend has clearly been broken both in ES and NQ. That's the shallower line, not the steeper line, but the shallower lines. That's over several months. Now, that has gone so the uptrend by one definition, which is a very, very basic, but I find quite objective definition of daily trend lines, that has been broken. Why is that objective, you may ask? Because there are several different ways of drawing it. Well, essentially, it's a proxy for liquidity, and we've fallen below the demand of that liquidity. It's also in any other terms of has the uptrend been broken. We can look at the other definition, which is have we taken out a lower low, and we have now. So if you see a lower low there, and we have taken that out. Anyway, that's by the by. Do we know what we're actually looking for? And that's one thing I will get into. Yeah, we're going to talk about supply and demand, but before we do that, let's just have a quick look at the Japan session during this time. The Japan session was kind of mixed. We just need to bring that up so we can actually see the time slots on it. So it went down and it bounced into London. So you can see that there was a turnaround about one o'clock or just after one o'clock, 120, and it was bouncing straight into London with the German open around about two. So that was some of the context. Okay, now let us talk about supply and demand, and let's go back to the previous image. Again, a bit like Wycoff when I found an image a couple of weeks ago. I have gone with a completely generic image and you can find multiple versions of this. They will look very, very similar on the internet. I have not customized that in any way, and the purpose of this is just to talk about what supply and demand is generally, is basically where suppliers come in previously, i.e. there's been a turn and a push down, and then there's a retest of that. So here's the supply zone, and that is a test of that supply zone, and that brings us down. Don't worry, we're going to get into this in a little bit more granular detail in book map and what I'm actually looking at. And the same with, actually, it's clearer in this image on the demand. So you've got this demand zone drawn across here. You've got potential buying here. It drives up price, returns back down to that price zone, and they buy it again. That's the demand zone. That's much, much clearer than the supply zone up above for our purposes. So it's essentially an objective swing point, clear directional movement away from that zone, and then a retest, whether it's the first, second, third, we'll get into that. Let us get rid of the slide show for the timing. The only other thing to cover, we should actually mention the calendar since we always look at the calendar early in our session. Let's have a look. There is nothing major. There's no red on the screen for this session being between 8 and 9 a.m. eastern, so we can ignore the calendar as and when we keep looking at the live action. Anyway, let's get rid of the slide and get back to the screens. Okay. All right. Let us draw. I haven't done this for a couple of webinars, so bear with me while we try this out again. Okay. Let's see. Right. I'm going to try and do two. Okay. And then I'm going to switch colors. Okay. So, we have... We're first talking about supply, so let's just make that clear, supply. So, we've got swing high. We've got directional movement away, and then price is coming back towards that zone. The zone in my eyes is something above that swing and down. There is nothing concrete or objective about exactly where that zone starts or ends. And that is why I think a lot of the teaching on supply and demand is a little bit false and idealistic, because that's not quite how the markets work, and we'll get into that when we look at NQ in a second. So, we have a zone. So, we'll call that the supply zone. And we have three points, or three, sorry, three miniature or mini zones within it. We have the X. Come on, Pen. We have Y. And we have Z. Y is not really very good. Okay. The idea with the way that I trade the supply and demand, and by the way, for demand, it's just a perfectly symmetrical reciprocal of that. So, in other words, I can draw it. Hold on again. So, for demand, let me just get it down then. X, Y, and Z. So, you've got one area, two areas, and three areas. Okay. This is sometimes known as a test. This is sometimes known as a double. Here's a double bottom. And this is sometimes known as a breakout failure or spring. All right. They're all valid in terms of what we are looking for in our trading session of the London Open Today and NQ. What we keep saying, or what I keep saying in this session is that we cannot ever, ever, ever predict the future. So, predictions. Let's go to pink again. No. No. We can't predict it. So, as we come down here, or we go up there, we don't know whether, if this market was to bounce, we don't know for starters whether this market will bounce or it will keep going that way, or it will go that way. We do not know that, and we cannot know that. But for our purposes, in terms of determining a valid setup, it can be any of those three. It can be one, two, or three. It does not matter. And that's why when you see these courses or these articles saying something like this, that you've got at this candle here, which caused the original up move, and it's this part of the wick or something like that, that I completely disagree with. Let's just get rid of that. So, it does not say on the screen very long. They're trying to create something precise out of something which by the very way that markets explore, auction, move, et cetera, is imprecise and cannot be predicted. NQSL 90 to stop. And let me get rid of this so we can have a very quick look at the market. The market's making a new low. It's just taken out the previous low, so you may well have had a spring just now if we were doing a live analysis of this time right here and now. Anyway, let's go back to our little picture. Okay, so we cannot predict which of those it's going to be if any of those is going to apply. So we're looking for all of those. And we also, if, for example, we were taking... If we were taking Y and we were shorting it there, we cannot know that just exactly why with one tick is our perfect exit point or stop location because we're wrong there. That is not how a thin market... Sorry, excuse me. A thin market like NASDAQ works. It's thin, so it can slip past a couple of price levels. For example, if a seller wanted to fill, say, 50 orders, it might take four, five price levels, four price levels to fill that 50 order. It might take 10 price levels, 10 levels. We don't know, okay? And that's why having a clear, clear stop that is exactly above the previous high is, again, something that I can't in all honesty say is something that I believe in. It's just not... There may be really, really thick markets, and if we start talking about the bond markets where you have a one tick stop just above a high, maybe, but not for a thin market, and that's what we're looking at today, a thin market, NASDAQ. Okay, just get rid of all of that. And, yeah, why are we doing it? Why NASDAQ? It's the repetitions. Sorry for my handwriting. Repetitions, reps, right? If we want to get good at anything, we usually use the word reps with lifts or repetitions of doing a sprint exercise and that kind of training, it applies equally to trading. The more reps you get in, the more you can identify roughly what it is you're looking for, or rather, if I put it better, the variations quicker to see the various ways this sets up. So that's one reason why you trade at NASDAQ or a thinner instrument at this time of the day. You might trade DAX futures. That is also a very good market, and that's an open market, and by open, I mean that the underlying stocks, being the German stocks, are actually open at that time. During ETH, obviously, the NASDAQ stocks or the stocks that comprise the NQ100 are not open. There is a pre-open session, and that does open about an hour and a bit after the London Open, but they're not open at the London Open. Okay, the other reason is that it's all about edge, all right? To prove you've got an edge or to prove to yourself you've got an edge or to have a business model that might be sustainable, you need multiple trades. Multiple trades. You might be a patient person that has three or four trades per week, or you might be a person that has a small type of trade that repeats often, that can get you to a set number or a decent number of trades per week. Statistically speaking, you can always have a look at statistics. The more trades you have, the more your edge is likely to play out. In other words, and we'll go over here and we're now going to move on to NASDAQ, you can have a run of, I mean we've got there, seven losers in a row, right? If you only take seven trades in an entire week, or you take one under bit trades per day, your edge may never play out in your favor. So, one of the, I mean, and the other reason, if you only take one trade per day and you're looking for that home run every day, you will find that leads to frustration, especially if you don't happen to be at your desk at the precise moment that that trade actually eventuated and you got the trigger that was in your trading plan. So, some repetitions, let's see how the thing, the last thing I'll write, less frustration. So, you go stick to your plan. Okay, and enough of me scribbling and we are now going to move on to our bar-by-bar analysis or book map second-by-second analysis. Let's get rid of all of that and trash it. Okay, let us now move on to NASDAQ. Okay. Right, we are going to move this to a one-minute chart because we've only got 90 minutes. By the way, it's already 25 past eight, so I have been rattling on for a little bit of time. Okay, we've come up to two o'clock, three o'clock, and let's drag this one back to roughly the same time. I'm just trying to show what the market actually looked like going into the session. That's 3.30. They're both roughly around about the same. Okay, right, we're in NASDAQ and let us scroll backwards. So, we're going to start looking at before any giant drop in the market to where we currently are at the moment. Okay, bear with me. Well, 2.45, three o'clock. Right, coming into the London session and we've got here, we're basically 12, 13 minutes before the London Open. So, if you look at what we always tend to do is zoom out to look at where the liquidity is before the session. We tend to do that with ES as well, which means you have to bear with me while I zoom right in again Hopefully I can do it a little bit more quickly this time. Yep. Three o'clock. So, what you have to do, or one of the things that I would suggest if it was me doing before you get into a trading session at the London Open, apart from look where the context of the market is in terms of the daily, where the other markets are, what the sentiment is, and part of the sentiment, by the way, which I will briefly cover, is continued disappointment in some of the economic news that was emanating from China. So, you've got sentiment that's a bit negative. You've got the daily turning into a downtrend. So, overall, we're beginning to move into a downtrend or potential downtrend. So, you've got some downside potential that short may work. You've also got a probability of going into these London Opens if the market has been down or relatively neutral during the Asian session. It is slightly more likely than not that the market will go up into the London Open, and that's based on what DAX tends to do. So, DAX was, that's the German futures market, was below its home point, which is yesterday's close. So, there was always the potential that it might want to go and tag home the NQ and ES with them. Okay, and just checking to make sure there are no questions. Nope, no questions. All right, okay. Having a quick look at that liquidity. Okay. So, you've got a thick band of liquidity. So, we actually zoom in. The numbers aren't that important or that significant, but they are significant for that time of the day. If you've got 300, 400 orders to eat through to get beyond it, there is a resistance wall. I won't draw on it, but that, so there was a wall there just above and below we had a liquidity at 4,350 around number, but we take that with a pinch of salt. We had some liquidity which had been resting up above at 4,425, and that was really the only other clue than some smallish liquidity below. So, nothing greatly helping by way of resting liquidity from ES going into that open Nasdaq. So, what happens if you switch markets then scroll straight back to where you were. So, we have to drag ourselves all the way back to 3 o'clock and we'll zoom out. So, going into the 3 a.m., we had a thick liquidity band at 4,800 which we tend to ignore it being around number, heavy liquidity resistance just above another liquidity potential target, but that was only 28. So, I tended to scout resting liquidity under 30 so if we actually zoom in and double check what it was, it was 27. So, that was not huge. We zoom back out again. The most significant liquidity of either market was this NQ liquidity which was at 14,731-ish and this had been around since I rebooted my PC. So, it had definitely been around well into the, well, very early in the Asian session. Sometimes it can be a little bit of a pain dragging this around in hindsight but that is what it is. Okay. So, now we're going to start looking at bookmap in conjunction with we'll have to start using my pen here with the one minute chart. So, as we came up here this dark shaded area which I've mentioned previously is a proxy for value. So, we're in value as we approach the London Open. I think I'll have to draw otherwise you won't be able to see it. Just bear with me. Okay. You've got a high at the top of liquidity and that is potential to be considered as a supply zone. So, you've got this little area here. So, this little box here which covers above it for a breakout failure or upthrust, a double or blow it being an area where sellers would be interested to get extra volume. Just get rid of that. Okay. So, that was at 247. So, this is where we have to be quite careful. Okay. On a one minute chart you could say potentially that that was a test of that area it's harder to see which is this bar here at 253 but the clearest one is this breakout failure which doesn't occur until 308. So, with the one minute chart you're always going to miss out on some of the action that is a lot clearer when you get into that's okay. I'll just ignore that. It's just something in Discord that popped up. Okay. You're always going to get more action that is actionable if you zoom in into book map and you do not go specifically on one minute but you actually zoom in on more detailed action than that. So, one of the reasons that I said that we'd switch to volume dots rather than the rather than the delta dots here was that we can actually see the volume and see where it's hitting. So, as we have this as it approached that 247 mark is this a trade? I believe that one in the book map terms is why is it a trade? Where are we wrong and where would we target? Okay. All right. We have sizable volume. That's 63. If we zoomed in, it's still, yeah, it's still over 60. That is a sizable amount of volume. You can go back to lots and lots of days of NQ. By the way, one thing I forgot to mention was the relative volume which was good going into this session so that meant that we were able to look at our full spectrum of timeframes, whether they were scalps, microswings or swings, we can look at them all because there was really good relative volume over 100% at this time. Okay. So, you've got this swing point and if we zoom in on the axis so you can actually see the price level is a bit better. I mean, if I was going to actually, that's maybe a little bit easier to see what I mean by trading these microswings. So, you've got 62. You can't see properly that. Anyway, we saw that that was a level of about 62. That gets taken out straight into a liquidity wall and then it comes back down. So, what can you do? I mean, if you were going to trade that, sure, why would you trade it? Why would you consider that to be a reverse spring or upthrust or a breakout failure or a test of supply and demand? Okay. In the way the book map actually enhances what we're looking at here, we have a liquidity wall. Is my pen? So, approaching this, let's hope we can see this, this is a liquidity wall which equals resistance. Here, you have two really, really sizable trades into that resistance. That is a trigger in itself. That is reflected by this profile or the micro profile on the delta showing that you have a potential for a large number of buyers to be trapped at the high. And with something as thick as this and a clear enough trigger and by clear, I mean a big sell, you can see on the volume bars themselves as well, this was quite a lot of volume compared to what else is to the left in this chart. If you entered by market or however you entered and you enter there or you enter there on this occasion, because of the nature of the wall and the size of the potential trapped, you have to or I would take a really tight stop, so I would be looking at something in that order. So, if you'd got in at 71, for example, 71, you'd be looking at something like a five point stop. Where would you be targeting? In other words, is this a valid setup, because again, one of the things that we mentioned previously that we do not do is we never take a trade where we do not have an initial or first target that isn't at least one R. And I should also mention that since we're talking about micro trades here or micro swings, you do need a setup and this is a technology setup where you can put equal dollar value risk on each trade. So, if for example you manage to enter in at 71-ish and you've got a five point stop, you need to have a number of contracts that gives you your amount of risk. With N-Cubing 0.5 or 50 cents per tick and you've got five points, 20 ticks then you can multiply that by however many contracts to give you your risk value per trade. Is your risk value 100? Is it 500? Is it 200? Is it 1000? You have to determine that from the balance of your trading account and there are plenty of guides out there on the percentage of your capital that you have on each individual trade. That's just a point for me that I would personally have a tool so I could quickly change the number of contracts and you'd also have a tool whether it's a spreadsheet or an automated tool that adjusts the number of contracts whether you're doing manually based on the spreadsheet or automated by just setting a dollar value of risk so that you are taking the same dollar value of risk with each trade. You've got a five point risk there so you need or you would hope to get down to 66 so you draw across there and see what is that and looking at this profile you have some potential buyers there and you have some potential trap sellers there, not huge, if you look at the delta profile there's not an awful lot of trap at the bottom and you can see the numbers of sellers and if we zoom out you'd get the exact number if you do that let us ditch that and see what happens I'm just saying that would have been the very very first trade and provided that you could determine from whatever other analysis you did that a target basically targeting this micro swing low was a valid first target in your analysis because if you haven't got that then you really aren't trading for at least one hour and you've also got this overall context I mean I know it panned out but you've got the overall context that we have broken this multi month uptrend and that you've got potential down trades working in this session and you've also got early into this session and whether you count these ten minutes going to the session as part of the session or not is up to you you have statistics on range size for the session and so early in the session if I glance across on my average for NQ on this session at the moment it's gone up because of what's happened for the last couple of days but we're talking about 150 points so even if you thought that was that average was a little bit too high to be realistic you're still talking well over 100 points just saying that if we were going to have a down move early in this session then a target of you know you had your initial target of about 8 points but something bigger than that so you know you're talking 2R3 or whatever could be valid again it depends on your own personal analysis okay on this occasion I mean we can also look at the volume that hit there at this swing load to see would that likely be a retest again I've espoused my view that the larger the trade or the individual trade or a little cluster of trades there is at a significant turning point in the market the slightly higher the probability above 50 that it will be retested so you've got that as a factor for giving that as a potential first target and the other thing to bear in mind I really should draw this one again because this is absolutely key to how well you can trade in this kind of kind of market if we draw this so we've said that 50% probability on individual trades and that means that we have accepted that this is pretty much random what will happen after this point here will it go down, will it eat through all that liquidity we've accepted in our minds it can go against us and this can be one of our series of losses which may not ruin our edge but it's just part of our business case for our trading plan so we've accepted that we've also accepted that if our percentage probability over 20 trades or 50 trades whatever it is that you're using to compile your statistics if we're at least getting one R then and here the first target was actually 1.3, 1.4, 1.5 R then that is mathematically going to give you an edge for your trading plan so even if it is only 50% there's a good probability that that will actually work out for you in terms of a trading plan if that is the type of trade that you are going to repeat time and time again for this session okay I really do want to talk about some more of these okay I will speed up some of this analysis okay but the very next thing that you can see here that we've going back to the drawing that we made previously is that we have a demand zone it goes up and we have a retest of this and then we have so let me just write on this so you've got a potential demand zone here you've got this as a liquidity target we've mentioned before when you get up to a great big bank of liquidity quite often on the first touch and a probability a reasonable probability that it will reject on first touch but if it cannot reject too far it will then re-approach and get even closer on a second touch or maybe even eat all that liquidity through so you've got a demand zone you've got a clear target above in fact you've got clear target you've got this swing point here and you've got this liquidity so you've got one target one and target two that's before we even zoom out and have a look at anything above or even start talking about where the home level was I where was settlement for NQ from the previous day so I'm just saying that just having a very very quick micro look at this you've got two targets there when you work out where are you actually wrong on this trade say you get in here because you're never going to get in there so say you get in around here because you've got nothing else really to hide behind I would be using a volatility based stop a tight volatility based stop so an volatility based stop is something that is linked either to an ATR or a volume based ATR to be an objective measurement of volatility that you are happy with so does this give you does your ATR for this period does that give you around five points or four or six points so you get in there which is sixty sevenish and you might have a volatility based stop of sixty two what I'm saying in other words is that a stop and a tick below this low or below that low would not be valid in my mind so it is one basis for putting a stop there but it's just one basis and I'm not convinced that the statistics will favor you because it's too nice a target for them to come back and take a spring which is that let me just get rid of all of that so we've got trade one which was a breakout failure or an upthrust and then you've got trade two which is a double bottom or test of the demand zone we're not going to be able to get through all the trades that could have occurred in this ninety minutes but I thought by going through some detail on what you're thinking might be when you look at each of these and the fact that it is not so perfect or precise may help people so I'm saying that I think I need to keep the pen on I'm saying that that over there was the main target for this long here but it never got there right and you've also got this which is large trades and again if we click the arrow and we have a look at what they were there's 49 there's 35 there's 35 70 so we're talking about 120 there at least so you've got one you can basically come on there's my crown again apologies you've got one large trade of 120 V there right where is the bottom of that that is just above the next micro swing high or the swing high so you could since we talked about X, Y and Z in terms of demand zone double tops and breakout failures or upthrusts this could be considered a supply zone here and again you've got a valid trade where they're because we've essentially have this we're getting closer to this liquidity target you require bigger stops so you might need a stop that takes us up there and whether that would then negate the validity of a 1R minimum trade here is a good question but I'm just saying that there's a potential for a supply zone short just there let's get rid of that again and let's move back to the cursor and see what happens next okay now if we're getting into real scalping here and you've got to be mentally prepared to exit trades and to reverse and take a valid trade in the opposite direction if you have set yourself in line for taking a 90 minutes worth of trades in other words you're totally prepared to take any valid setup that comes along in those 90 minutes then you've got one here let me just draw it again this is more of a scalp than anything else so you've got one here that is a traditional spring it's a Wycos spring it's into some micro liquidity it's not much there if you look at that shading compared to the orange liquidity above and it only gets about 5 points but that is not the point we do not know if you were to take a spring there you have no idea whether that is going to go there or going to eat through all the liquidity or at least take out this high there in other words that would have been a valid setup based on a few of the things we were talking about previously the fact that the DAX especially wanted to go up above to its home level and you have a lovely liquidity target above there in other words this could easily be seen as a valid long spring so if you take it and you say you had a volatility based stop of 6 points and you didn't quite get to there that's either a break even or more likely a 1R loss so that is a loss of 1R but then we get some market generated information on the next swing and just get rid of all that what market generated information do we get there we had we'll have to draw again we had a break of a demand zone and as I pointed out in the room the other day the immediate bias on that break is short so I'm not saying that there's any trade there I'm just saying that at that point because it's a fairly significant swing down and you've got pretty large trades involved in that and you can get back on the area you can see how large some of those trades were 85 big trades involved in that then your bias is going to be short but if you're going to trade at NQ you have to anticipate or even expect that they will mess people around so what they will often do and this is a really, really good example of this is that they'll have a big move down and they'll get everybody short and we can see quite clearly that was the case here see if my little pin will here we go you look at the number of shorts it got at this swing point here and then it will ramp them up and it will milk all those players that they've just off-sided and take it as high as they possibly can okay so if you're going to go into micro and micro time frequencies you've got a potential gosh where's that crayon again we'll make sure my shortcuts work next time so we can just switch between crayon and cursor you've got a demand or sorry supply zone there and that technically is in a supply zone but that is a very, very hard trade to take in real time if we go back on the cursor and we get rid of all of this in real time when that came up before it came down I was actually trading this 90 minutes and I traded the first 60 minutes I think that would be very, very hard to take I certainly didn't see it but if you are aware of how nasty this particular market can be I'm just having a quick look in the rooms again no comments if you're aware of how nasty this room can be sorry this product can be you have a very good trade possibility setting up just here so you've got you've got some interest from the the algos with this tiddly iceberg you've got importantly we are just into the London open session one thing that you don't often get is a directional move to the downside that just goes absolutely straight down for the first 30 minutes it does happen, anything can happen but it is quite rare so after you have a big move down it's quite often that they will squeeze the shorts and ride them as high as possible so I'm just saying here you have a lovely, lovely spring here and you've got some great factors to help you take this trade even though it would have looked scary and it did look scary in real time you've got some factors here, you've got liquidity so let me just you've got one liquidity, two you've got stops three you've got a clear spring when it gets back above here it just crosses there and you've got a target here being this oops, I will get rid of that because that's looking a little bit messy the last one you've got a target here, if you go across to the delta column and this shows why this column can get really useful and I might just scroll back a little bit just going into that you've got that as a big target just to go and squeeze and the algos do love to go and do things like that so why might you want to take this trade because the Rs involved are huge if you can get yourself a 5 or 6 point stop and say you get in and even with a market order you're likely to be in it 54, 55 at the worst and you have a 5 point stop and this one rallies 20 points that is a potential 3 maybe potential 4R trade depending on how you played it so even though you may have formed a bias saying we're in a downtrend I'm only looking for shorts you should be aware that NASDAQ will play games they're just as good at playing games in the ETH session even though the price action is cleaner and clearer and you have certain things like liquidity which is cleaner as well they still love to play games they still love to get fuel in other words they tend to have to go higher to go down and tend to have to go lower to go up I really have been rocketing on now after the micro scalping we're going back to more swing trading here that's probably the last one that I'm going to have time to look at in detail and this one again is really early on in the session so we really have not covered the first 90 minutes we've only covered the first 10 minutes or maybe 15 minutes 10 minutes before the open and 5-10 minutes afterwards one of the beauties about trading a thinner instrument like the DAX or NASDAQ in this session is you are likely to get multiple opportunities often both long and both short so even if you missed this spring here which rocketed up there the last thing that you should do is deviate from your trading plan and start chasing the money and say it must take out all this liquidity up above and go to some level much much higher now that's the last thing you should do you should stick to your trading plan for the purposes of this analysis all we're looking at is one retest of supply demand which is 3 sub-trades and this one again is another valid setup which is an upthrust so it breaks the previous swing high this one you would have been able to get a fairly tight stop as well you've got you've got a liquidity wall there you've got clear take out and failure to stay above the previous swing high you this one's at 308 so you can see this on this bar here and you have a target you have a liquidity target below and you also have previous swing point low so again this is the when it first sets up this is in the order of the 3 or 4R trade we need to get rid of all that so that's why you take that trade because it's a clear upthrust that comes down and we're saying that you know if you had your 5 points or 6 points you've got this liquidity wall here which would by virtue of bookmap been a very good hiding place for your stops so I'm saying on this occasion you've got this wall here so you're going to be able to hide your stops here so if you get in around here maybe you've determined because the volatility or maybe your volatility indicator has told you that 6 points is a good stop or 7 points again it really is your decision on what level of stop I'm just saying that if it is 6 or 7 points at least you have this liquidity wall between you and your stop or between your entry and your stop so they come up come up let me just get rid of that as well this is the last thing I can redo one thing that you can't see which is not really as good in real time you cannot see the book pressure there's a column in bookmap which shows the adding or subtracting of orders and I'm sure there'll be a market pulse algo that some people develop or I will develop it that shows you that by way of a gauge but what I'm trying to say is that the book pressure shown through the heat map here shows that they increased the orders or at least held firm on those orders at this resistance wall as price approached so if you were in a trade you know maybe you felt nervous and you flattened and you took a small loss or maybe you let that resistance wall work for you and then when you saw the stops at 24 you held that trade and then the trade of the day that was the trade there's the first target on that one and it continued down to the liquidity wall and the second target which would have been that swing low I am sorry that I have run out of time I hope that my micro analysis was useful to people we've got 30 seconds left I've got a question so let me answer the question Joe78 are there any indications from real time to differentiate between the likelihood of a test double bottom top and bottom spring but yeah you mean bottom sometimes it's a resistance wall sometimes there is such a thick layer of liquidity that it means that the test zone i.e. not the double will be reached that wall is between price and getting to a double bottom top there is no indication and you have to accept that you do not know the future sometimes you have a lovely stop run which gives you that spring or up thrust and that's what gets you in you get in right of that moment rather than wait for it to go back below the previous swing point there is no perfect I'm afraid and that's why when we talk about your win probability and having a viable trading plan that does have edge there is absolutely nothing wrong with a lower probability provided you're taking trades that will make money in the long run in other words you do not trade to make a .2R or .3R gain that you are taking trades that can get you 1, 2, 3, 4, 5R maybe even more depending on how the Nasdaq can move a very very long way as I said the average range can be 100-150 points in the ETH session and even in the European session the current average is 128 points over the last 10 days so as long as you accept one that you cannot predict the future two that this trade can go wrong or it can go right and three you have followed a process then you just accept that some of those trades will work and some of those trades will not work and they will go and take your stop out straight away but the wonderful thing if they do take your stop out straight away is that it is part of your trading plan and it is part of your expectations nobody here should be or certainly in my opinion nobody here should be trying to get what it is it is not the way that the markets play out and it will not get you the best trading results but that is my personal opinion anyway thank you very much for coming and I hope that was