 Good morning and welcome to another week Wednesday. I'll just move my microphone slightly away. So it's not Interfering I will just remind people that I am Watching YouTube and the discord channel so that I Can see both Morning welcome to another week Wednesday. I'll just move my mind. I'll just mute the YouTube zone We don't get an echo there Right, okay on to the disclaimer All bookmap limited materials information and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations Trading futures equities and digital currencies involve substantial risk of loss and is not suitable for all investors Past performance is not necrop necessarily indicative of future results Then as always a little snapshot on me So I am very much focused on intraday trading. I trade both discretionary and algorithmic okay, let us get that one off and Put the screens up just so that we have those in the background Okay, we have a few people on YouTube feel free to say hi and feel free to ask questions. I can see the YouTube chat, okay Let us click on the Where is it? Yeah, sorry? I should Just have a look at that. Okay By the way, this is my obsidian install where I keep my own journals and I'm happy to Go through the concept of timestamp journaling in a future session I think I've mentioned it a couple of times, but I'm happy to talk about the whole process of journaling in a little bit more detail Anyway, we are talking about liquidity today, so we will get to that in a little bit But I think sorry microphone again, but before that I think I'll just do a recap of where we are generally So put that back up Let us move on to the slide show Okay All right We I like doing this at the beginning of the webinar so it's just really a recap from a high-level perspective of where we are and To recap we were in an uptrend which became more aggressive and this is shown by the two trend lines on this picture This is the ES There's no price there because I don't tend to put price on this chart just for space saving purposes The Shallower trend line was the older trend line the steeper one was the more aggressive more recent one We've now broken clearly through both of those trend lines So the uptrend that was a multi-month uptrend in the ES is not currently in play And so we are in something else we're in a transition phase or maybe we're in a downtrend Let us move on to the next slide which I think is the NQ Same position really You can see both those trend lines clearly broken and we have not gone back yet to test the upper trend the longer-term trend line What else can we do? I've actually got this slide here for a couple of purposes But the first purpose I will use today is To talk about value and where we are so this again is just a high level view of where we are As always the shaded gray profiles are the evening or the ETH session and the Non-shaded profiles are the RTH ones I don't tend to show the previous ETH H sessions after those sessions have gone Anyway, we are in this ETH session in the middle of value or we're just Traversing value on ES and if we move across to NQ It was it was the same same view again quite a large value area and We'll have a look at the three-minute chart and see where we are in relation to that So the value went all the way down to 14.940 and we basically if you look at if I get rid of this and we go back to the trading view three-minute chart and the bottom right You can see we've We've gone all the way down to the bottom of yesterday's value and we've just tagged settlement Which is this magenta or purple line at the bottom and the ES hasn't quite got to Settlement which is just down below at four three nine nine twenty five So in other words all we're doing is playing inside yesterday's range or more specifically inside yesterday's value Okay, and if we quickly have a look at book map Double-check this And see where liquidity is we had that massive band or quite a large band of liquidity up above at the 4425 level and we're approaching several smaller bands of liquidity at the moment Which it is likely to get to and they may have a little bounce So we're slowly going down to that liquidity down at 4402 Nothing travels in a straight line. So we'll see how we're going I am not putting up the economic calendar for this ETH session or for the RTH session There's nothing happening in ETH. I nothing happening before 9 30 Eastern. So for the purposes of my one hour We're not expecting any major news. So if we suddenly get a huge amount of volatility That's something new that's coming in but there's nothing currently planned by way of economic releases Looking across at the NQ liquidity there's some liquidity up above again We tend to ignore the round number liquidity at 15,000 But we've got and Q by 53 stop. We are going towards that that liquidity up at 96 just gone decent-sized trade there 165 just taking out this bit of liquidity and there's not much else by the way of resting there There's some new liquidity that's come in but that's only just come in Yeah, just come in the last few minutes so we can ignore that unless that sticks around until the RTH open We're gonna leave that on e s and we're gonna go back to the agenda Okay gender agenda gender, okay All right Liquidity so I feel I've got some bullet points here. I've got a typo in that one as well just correct that and We are going to talk about it generally also in terms of technical analysis, which I don't tend to do much of and then we're going to go into the specifics inside book map of How we might see it and how we might use it, okay Right, so if we Tackle the first book point of what is liquidity here, okay, and if we go back to book map liquidity In my mind or again, this is a personal view So take everything that I say with a pinch of salt and please do your own factual research, etc And any of the ideas that I come with I hope I fully I will come up with a couple of ideas In this session, you know Just take those as starting points to do your own research and investigations Just checking discord yeah, okay Just checking to make sure that is Additional question. No, okay. So what do I mean by way of liquidity? I mean I'm talking about the order book the resting order book which is shown in book map here in this column the Cob of cusp current order book And I'm talking about a relatively large amount of orders sitting there as opposed to other price levels So in this instance relative, you know 177 down at 4402 That might be minuscule or relatively small in rth later today But for this purpose if we zoom back out and have a look at the last couple of hours That it relatively large compared to the liquidity that has been there if we just go and look at the liquidity shaded up above that's a hundred and six and this is a hundred and eighty odd and You've got a band of liquidity there So all I mean from a pure sentence perspective as in what is liquidity it means that there are more orders Sitting in the book in this price zone. So ordinarily, we are not talking about one price level We're talking about a couple of price levels, although it might be an individual price level That resting liquidity does not have to be filled It is just an advert or a flag by a larger participant some of you sitting in the book saying hey I have this liquidity down here. I might like to transact there What you'll hear or what you may hear when people are trying to knock book map is that Liquidity is purely advertising and that it is not the same or it does not have the same strength as transacted volume And my perspective on that is that liquidity is market-generated information You can go back to the webinar I gave last week on that topic It is something that has been put out there. It is a numeric value rather than something Artistic I'm not talking about the actual keep map shading. I'm talking about the the Volume in the volume of orders in the order book and it is something that can potentially be used in your trading The the the theory of why it goes hand-in-hand with supply and demand or you know white-off supply and demand as I've been talking about it or Volume profile is that markets Most often or often seek liquidity in order to transact so that that goes Hand-in-hand with the auction theory concept of markets exploring price in a certain direction Because they believe that liquidity will continue to be provided in that direction in other words If the market is seeking prices up with dyke isn't an uptrend It will continue going in an uptrend as long as it believes it can do business higher and higher and In order to do that business you need liquidity And the clearest way to see the liquidity is if they provide more orders in the order book at those price levels above And that's one of the reasons why in ETH we're often looking at resting liquidity as Some information as to where direction may be headed It may not be right now But it may be a little bit later or it may be in the RTH session but that's one of the reasons why we look at the arresting liquidity because price will often move towards it and in ETH that is a more likely concept than it is In RTH they tend to play more games or slightly different nastier games than they do in ETH Nastier is a subjective term so take that with a pinch of salt, but the games are different And in ETH the resting liquidity in the book may have more weight in terms of the probability of transactions occurring at or near where that liquidity is and the word near is very important in that sentence Very often the advertising of liquidity at a very very high level say for example If they'd advertise here at 4410 in ES they may not actually want to transact at 4410 Provided they had got enough business done before they got there they might then flip the market and push it downwards So it's just an indication of the areas in which they're likely to transact Okay Right, um, I will just quickly flip to the slideshow because I just wanted to Kick off an idea for people to go and investigate on their own So if I turn that one off and we go back to The slideshow and we move on to a couple of slides which are a little bit later in this deck Okay, it's these two slides here Right, um, this is from yesterday's ETH session It's the ES and the previous slide is the NQ. I've chosen an Arbitrary time frame here of 30 seconds That's every bar is 30 seconds on both these charts and this is just to give an idea Of why I am talking about liquidity in this webinar. So if I go back to the To the ES chart, okay, and again, I say 30 seconds is arbitrary The question is what is on this chart and why am I showing it to you in In the context of the subject of liquidity. Okay This uh, again, let me stress again the time frame is arbitrary Choose whatever you want. I've chosen a short time frame for what I'm trying to demonstrate Up above with this is you've got the same as our normal trading view chart You've got price bars or candles, whatever you want to call them And you've got the VWAP bands and with VWAP With a black line there that's kind of irrelevant for it for this purpose Below it in this sub panel here. You've got a liquidity calculation This is just something I didn't see here It's just you can do this in any charting platform which has Level two data and I better stop and explain what I mean by level two data in case There is anybody who is Watching this webinar who uses book map and does not use level two data So level two data is the data on the resting orders beyond the nearest price level So if the if the price was currently at 440775 and they well, this is now historical because it's just changed and there was There were bids at 4408 and for sorry 440775 and and ask at 4408 Only level one would only show you the amount of orders at those two levels Whereas level two will show you Basically as much as your data provider is willing to give you for the price that you paid them So for example on the rhythmic one if we switch back to That for a second and then come back to this chart the rhythmic one Here you've got the full book Level two depth. So you've got orders in the book that go Probably about 800 orders or so probably maybe even more if you scrolled that far That's the same in Sierra. They've got their own feed and it's essentially the same The same data but in a different data feed. So we go back to that slide Love the way that this moves slides when you don't want it to Okay, let's get back to Make sure we stop there press pause so that that it does not move off this slide So I've done an arbitrary calculation in the subpanel which is basically adding up The orders The I think is actually adding up the average orders in the 10 closest levels to price again 10 is completely arbitrary It's not meant to lead you down any path of using it It is just a demonstration Of how important liquidity can be Or potentially can be and how price can follow it So you can often see that As price moves in the direction of liquidity increases and Basically as it reaches a peak liquidity here in this example up at 4 4 11 You need to add a 4 000 on I've just only got the last three digits of price just to make my Price column a little bit narrower Liquidity increases in book map terms and if we flip across to book map that would be represented by price going up to an area of high liquidity on an up move, okay So if I go back to that slide again, and yes, it's done it again We have to keep moving Back to the slide to see it again. Let me Okay, all right, um, and maybe we can see it a little bit better in the in the nasdaq one that quite often price will stall at low liquidity and move Continuously with high liquidity as liquidity is increasing again. This is just a Starting point for people to research the concept of liquidity Okay, there are lots and lots of different ways of looking at liquidity in these webinars We are focusing on what we can see in book map and I'd also like to stress that I am The seared instance the the chart that I just showed you Which was just for the purposes of this webinar is not something I use in my intraday trading But it's one of the many many many things I do as part of my research process Um, a lot of this trading is is about working Um on your game working on yourself and it's not about actually trading. So, uh, I do an awful lot of research I do a lot of programming which includes lots of ideas to go off and test on things and this is just Um, an idea of how to demonstrate how price and liquidity Um, I won't say that we're correlated, but are related to each other Okay, um, all right, let's go back to Our main screen let's get off that one All right and back to our little agenda. Okay okay right, so the the rationale or the Theorem that I that I've I've espoused as to you know, whether it's Whether whether it has validity or not is up to you to determine for yourself is that With supply and demand and with auction theory price Does pay attention to liquidity in order to transact and that is part of the self-fulfilling process of How auction theory and supply and demand work so to put it to put it in a much shorter sentence Um liquidity is important if you are Or liquidity can be important in my opinion if you are a supply and demand or volume profile auction theory type of trader Okay, right now we're going to move it to just go back to that webinar for a second Okay, yep With the ways to see it. I just want to quickly talk about technical analysis and how this relates to it Um, and why you might want to use bookmap instead. This is not an advert bookmark This is just me talking about how to see liquidity. Okay, so Um, let me get my pen out because I haven't got it out yet today All right, okay Let's get the pen Let's see if the pen works today. It does work. Okay, trend line. So the first thing on Is something you may hear about and this is a trend line. I'm going to try and draw one just here There and it's the same trend line in nq just there Um trend lines are often seen or Trend lines used by people that do also look at liquidity Trend lines are seen as a proxy for liquidity. In other words price moves along that along that direction Shown approximately by the trend line because liquidity is there So every time it falls back there, there is liquidity for transactions I buy as in this instance to keep buying and pushing it up and sticking to that trend line or or the trend line Incapsulating or bounding price Okay, so one of the technical analysis proxies for seeing liquidity is a trend line. Okay That's just one theory. That's that's one approach and again all these are These ideas on this particular bullet point other than that Chart that I drew up of the liquidity calculation are other people's that are just generally in the public domain I do encourage people to go off and research it. So one One proxy is a trend line another which you will not see on my charts Is a short-term moving average. I think I've heard of eight ma 9 ma 11 ma again being a proxy for liquidity because price will tend to not break those Those ma's and continue in the trend when a trend is in place So those are known technical analysis kind of proxies for liquidity I personally Do use trend lines on my high level charts and you've seen them drawn on my daily And also on my very very short time frame charts So I do hold that That validity that trend lines are interesting to me from that liquidity perspective And I'm also very interested as to when they're broken. As you can see if I switch colors You know when the trend line is broken there and there That interests me we can talk about that in relation to supply and demand at some other time But um, yeah, so I just want to say that I do use them And they are a proxy for liquidity, but I don't use them in the sense that they are Of um of them being a proxy instead. I do use book map But that's just something that I thought people might be interested in Okay, let me get rid of all of that Okay, and let's get back to book map Okay, so we're now back in book map and we're talking about how we see liquidity so I want to talk again about some of the things that I have in my book map because I strongly believe in liquidity and I strongly believe in being able to See liquidity in as objective a fashion as you can Um before I get into this and we start talking about individual Bits of book map or parts of the book map screens that I've got and how they relate to directly to liquidity In case people aren't aware of them Just checking to see if there are any questions No, we've got about 18 people watching and youtube and We have a few we've got a few in discord as well. Okay all right, okay the um Liquidity you've got the the essential part of book map being the heat map which shows you liquidity And if we turn off everything else inside book map and we just had the heat map So we had none of the stop ice Stop some icebergs and none of the other stuff the absorption which I'll get into a little bit later And none of these liquidity markers That would be a very very good representation of liquidity So it's just basically the heat map on its own is a map of liquidity and the Current order book is just a numerical representation of that. I always have the Um The order book numbers there so that I am not Or I take The the colors that I see in an in an objective fashion In other words, I try and not let myself get hoodwinked just because a price zone is red For example, you know, we can always change all these colors up So, you know, we could go back the gray one just because it was gray there that That is one piece of the puzzle to me But I'm always going to look over here and see what that value actually is and I'm going to Assess it in context with the other liquidity that is around at this very moment In other words living in the present tense the here and now and also in relation to what I have observed at this time of the day In this type of session Over the course of many many trading sessions. So that's how I use the general book map heat map and the order book column Okay In terms of seeing how that changes one of the columns that I am not showing so if I wanted to I One of the things that the book map when it first got released I quite interesting going down there nice little breakdown again towards that o2 level we were talking about earlier Um is the quotes delta. So you see the changes in the in the order book flashing up When they're pulling and stacking I don't use that because I don't find the numbers in themselves the way they're represented to provide additional information to me beyond The shading in the heat map in other words if I actually Turned the heat map all the way up And I don't do this very often Um and I watched the shading change in the heat map that is more useful to me Than the the quotes delta or the pulling and stacking a column So I personally do not choose to have that there and nor do I choose to have the heat map in that sense I'm actually more interested in larger changes to the liquidity position Or liquidity positioning and I'm interested in In seeing more clearly where the resting liquidity is and I can see that more clearly by Fading out that heat map as I just showed with the slider on the screen So again, I just want to to explain how that relates and then we go into the nitty gritty of some of the other Little add-ons that we've got here to help us And again, they are to illustrate or to clearly illustrate to the best that they can The liquidity to to a picture to us as it is and as it has changed and is changing all right, so um The uh, one of the next things that that I look at and this would have been really quite useful in the european open today So we may have a look at that as well If you look at the european open here, and I just drag back Es and nq so you can see that again We had one of those bullish opens where we we drove up through the london open I'm just talking about in a high level sense and we went up and up and up here in nq to 150 80 and in es We went up and up to 4 4 2 5. Okay, um, and q by 55 stop And if I go back to the london open I just want to explain one of the components on my heat map. So again people will understand Why it's there and why it relates to the question of what is liquidity and where is liquidity? So if we go back Always fun zooming this one backwards to get What we want to see, okay, what we want to see is Is this picture here? This is an add-on called outside liquidity um When it was developed I did not use it because I did not look at the settings And I did not see how I could use it for how I view liquidity It's only after I noticed other people using it that I actually got into the nitty gritty of what those settings were And to see whether It would have some relevance to what I do. Okay, so if I actually look at the settings that we've got in the outside liquidity here And I'll show you what I've got. So it's showing the bid and ask liquidity It's showing only the 30 levels closest to price It's including all the visible levels in case I've zoomed in Or zoomed out So it's basically just the 30 levels above and 30 30 levels below the price and it includes the liquidity on the price now So that's the same example that we were talking about before if price was out for 440775 Slash 4408 it would include those two price levels. Okay, I'm not using any of this half-life distance stuff So what essentially is it showing me when I when I've When I've customized it or configured it like this And I have two numbers. I have a number above and a number below So this 2000 at this time which was coming up to Just go you're just seeing the numbers change as I as I drag it Okay As we approach liquidity, maybe we should drag it back before it gets too close to that liquidity So it's close enough but not that close What it's showing me is are there many many more Orders above i.e liquidity above than liquidity below So we noticed here that it's it's one to one 1.9 thousand to 1.9 thousand And that actually changed at this point here where we had a 1.8 to 2.8 So it was One to 1.5 or 2 to 3 depending on that ratio What I am trying to see is is there a significant difference in the ratio? Have we moved a long way from one to one whether it's In favor of liquidity being above or in favor of liquidity being below So I'm just looking for a clue as to is it clear that liquidity is above and I'm limiting it in this instance to 30 levels because There's only so many levels you can look at in the present swing Let me put it that way rather than the next few hours. So I'm I'm confining it again. There's no definitive level That you'd use whether it's 30 40 50 20 10 choose your own But it's just a mechanism for seeing the ratio of liquidity above to liquidity below And it's just a snapshot so that you can see quickly because you've got these two levels which are Here and here and here and here You can see within this picture that this has changed dramatically as they approached liquidity above So this went from 1.8 to 2.8. Whereas that stayed the same just so that you can see The the price is transacting towards liquidity in this instance, and that's the purpose of that one Okay And then we'll talk about the other The other key add-on that I have which relates directly to liquidity. It's not the stops a nice book It's this one here the plus one two two the minus 100 Let's have a look at it. Okay So this is the liquidity marker again, I I pretty much haven't Played with the settings on this one. So they're very close to the default settings. I won't reset its default Because I haven't saved what my settings are if I did that But but again This is just to show liquidity changes. So I've got it on liquidity changes rather than max liquidity levels I don't need it on max liquidity levels because I can see visually bright colors Showing me what the max liquidity level is or zones are in the price range that I'm currently zoomed in and out of And the other reason I don't need it to use that setting is because You'll often see me zooming in out in out both on the horizontal axis and on the vertical price axis So to me it's liquidity changes that are more significant in the way that I use my book map. Okay So One thing we will talk about time and time again when we talk about resting liquidity in nq is This is something I've spoken about at length. So quite a few times in the webinars is There is resting liquidity that's been here for x hours or y hours And what this particular add-on does will show me At a glance What they've done to that resting liquidity either I I to start that resting liquidity or any change to it so here for example At the time of 802 they added 43 in nasdaq at 15 000 So they added to a resting liquidity, but again, we tend to we tend to disregard that because it's a round number If I can zoom back out in nasdaq and nasdaq I find this particular I in fact because it's such a thin market I find both the outside liquidity marker And the liquidity changes marker more useful in eth than I do For es I think it's a different scenario or a different story entirely For you know in rth, but um, it's taking forever to zoom. So we're just We'll just try and Get back. I'm just trying to get back to the london open again So you can see the difference in the in the liquidity marker for nq So we really want to get it into this session here 233 o'clock So, I mean at at that time there, which is about 145 or the the beginning of the pre-opening the german futures You can already see 154 to 216 if you look if you think of again think of that on a ratio basis There is liquidity much as much higher ratio of liquidity above than below And you know as we went through the session, you know, although obviously you have ebbs and flows The liquidity was clearly above and the ratio was significantly higher, but If you have access to that add-on I would recommend it for research For the eth session and seeing how they change the liquidity picture I mean, I think it's very useful in the sense that you can see how they manipulate Or change that liquidity at significant swing points or turn points in the eth session Again, it's something that you know each individual Should research in my opinion should research so you can get a better understanding and also More strength of conviction in how you personally would use it with your setups in your trading But again, it's just something that I just wanted to point out because we are talking about liquidity liquidity and liquidity in this in this particular webinar As to and that's why I have them there. Okay Let me go back. Let's go and have to a couple of minutes of live analysis while we are here Okay So we had a thick band of liquidity up at 4409 4 410 They came and tagged it or didn't actually interact with it and then they went down to the liquidity below So again, it's one of those eth liquidity discussions I also did another change again my book map here Even though this is exactly how I am using book map at the moment In my own trading I also try and make it as clear as possible for the purposes of learning or demonstrating During these webinars. So one other change I have made for this purpose is I have removed All price lines and or bid and ask lines from my heat maps So if you go back to the last webinar, you you'll have seen like a little gray line connecting All the price changes as price moved down and up and down on this section of es Okay In my personal tree. I don't have that. It was just um You often see that most people do they'll either have the bid ask lines or the price line I don't if you see a colleague and friend of mine urie is um His name in the futures discord channel is dov or dov you'll see that He has the same approach to me on the heat map dots Although I think he uses delta dots not volume dots and he does not have those price lines I think the map speaks for itself and the purpose of the map for me Is liquidity. I mean if I want to look at Price bars, I'll go to trading view or I'll go to sierra and again I use sierra because I program there and because I execute my trades in there and I have done for quite some time So that's why I use it and it's it's um It goes with my little business and my business plan So that's why I don't currently execute in book map. I do have the ability to execute in book map um, but I I choose to do it in sierra and a lot of that is because some of my entries are semi discretionary in other words they are Executed partly by an algo using my discretionary rules Okay, um, right, so we've Come down tag the liquidity at 4402 gone further gone to our round number and we've reversed back towards the liquidity at 4 4 10 Okay, the other thing I've done since our last webinar is I have put on the absorption indicator And if I flick across to nq, maybe a better I know actually es is fine One of the reasons I've done it and against partly for this webinar's purpose um Is so that we can see the large trades so if you look at the settings of the absorption indicator And I can talk about this more on friday. I think I pretty much left this again at default within 0.01 seconds There'll be a marking if there is a volume of 100 or greater on the chart In other words, the only reason it's there is to mark or annotate automatically large trades um And one thing that I keep stressing As something that I believe is worth checking out and for your own trading is The propensity or the probability For large trades to be retested and one way of seeing a large trade And this nq one's a perfect example Is with this absorption indicator so you can see Here You've got a volume of 230. You've actually got an absorption marker of 117 I think it says 117. Maybe it says 217 It's hard to tell because it overlaps with another indicator So I can see regardless of what the actual number says that there was a large volume there I can always drag my cursor over here and see the exact volume 230 And um I then take it into the context of whatever is in the chart actions where where the liquidity picture is And I just know that there's a decent probability that that will get retested on on this occasion. It was before we Moved it down. Let's have a look what happened afterwards Yeah, it was there. I felt we had a little up thrust. So if we actually Zoom it so you have this probability theory that we're going to get a retest Actually has a a false breakout just above and that is the start of the drive down In fact, no, it's not this other drive down We actually go and try and touch the liquidity there and then we drive down surround I'm not really trading at the moment I'm just having a quick look in the light of liquidity and in light of that absorption indicator I might just stop right now because it's 41 minutes and just see if there are if there are any questions at all On the concept of liquidity or anything that I have said Yep, again, I've got no questions again. It's a little bit like friday. Right. I did promise that we were going to do some live um Order book and as live book map analysis, um, and this is in light of there being um No economic news. There's actually a couple of other things There was one thing I mentioned about one of the um slides that I said it had a dual purpose and I didn't go through the dual purpose So if I just switch over to the slides again, um Just get rid of that There was something else in the slides. It was in the tpo chart Okay Yep, um This is an example of Of how I use the two trading platforms together So I've shown you how I zoom in and out of the book map heat map To look at liquidity in es and and q especially resting liquidity What I've got in sierra on the right hand side is the order book as well. So these are just bars which are just um Orders resting in the book. So this is in other words This is another representation of the cop column in in book map. So I have that so I can put The liquidity that I'm seeing in book map into context. So at that time, you know, this was I'm coming into 3 a.m. Eastern or just coming into the london open when I took this picture here or the screenshot You've got this liquidity this the largest liquidity on this book Here was up at the four two four two five four four two six level which we now know In hindsight and hindsight is one of those dreadful words again Um, that that is where it got to and turned around. So that that is how you How you can use one example or one example of how you can use the same data on liquidity in two platforms together so that they work together and they don't Contradict or or get in the way of each other Okay, and I think I had the same slide on nq. So since we talk about both together, let's just move to the next slide So again, it's the same right hand column these little Dashers here showing where liquidity was. So you have this band of liquidity there and some decent liquidity just above I'm coming into the london open. Anyway, we'll get back off that There is a question Oh, yes, I'm sure you want to know the statistics today. Okay, um Right, let's have a quick look So the eth the average, um, just uh, I'm just responding to bellion. Um, who's just asked a question in the in the discord channel Oh, and there are some questions. Hold on. Sorry in you In youtube, so I'll get to the I've gone down my screen. So I apologize for that one Um, I will get to the youtube questions in a second. I'm just going to answer answer bellion first Bellion is asking about the statistics. So in eth the average over the last 10 days for es is 32 and we're at 26 so far today nq is 151 and we're at 126 Um, that is within the ballpark. Um with statistics Um, you you you get some people going on about statistics being magical, etc They're not their statistics They're numbers calculated as an average using some form of mathematical average over some form or some form of dataset Or in this case some period of days in my case, it's 10 trading days A statistic is just a statistic. It is just one number. So it's something that's useful But when I say it's in the ballpark, it means that if we'd got to A range of 26 in eth for es that's pretty good. You know that that that's That's close enough to the average to the average to have been relatively fulfilled or fulfilled So, um, yeah, that that's what I mean If I extend those statistics asia Had 16 in the es against an average of 15 and in europe So far it's 26 as against 29 and a nq asia 77 against 70 so a good range in asia and in Europe 126 against 133 and so you can see that is very close to the average Right, let's go off to youtube and let's have a look Okay, um How am I utilizing liquidity and order flow to initiate trades? I'm looking at Cuba motos question on youtube. Okay Um, what I'm talking about when we talk about setups and we did look at that for a whole webinar on friday And we're going to do it again this friday last friday We looked at nq and this friday. We're going to look at es What I am talking about is supply and demand and i'm looking at three setups And if you go back to that webinar, you'll see what those are so From a high level sentence description. I'm talking about a test of a supplied demand zone The second ones are very close to a double top double bottom and the third one is A breakout failure which in wyckoff terms is either called a spring or an up thrust again You can google both those words spring and up thrust and you'll get pretty pictures and detailed descriptions So i'm using those in relation to them. I'm using the liquidity with the setups So I have In my process for how I execute those three setups and those the ones i'm focusing on for these webinars Certainly for the time being How we use liquidity and how we use book map on that and order flow again We defined that in a webinar as it last week of the week before order flow is just the The orders in that Yeah, the liquidity in the on the map or on that column As it currently is or as it currently changes and the flow of trades or volume um into that map That is order flow I think um, you know, I think when we zoom in to book map and we go down to the millisecond Let me check that. I am actually displaying as I am displaying Um, so if we zoomed right in to this down to the millisecond level And keep that on the screen that is order flow. So it So it's every single one of those trades and remember these are not deltas These are volume dots. So every one of these is some form of trade or trades plural That those trades are those dots combined with the liquidity map and The audible column and the changes there whether it's at the current price or anywhere else on Above or below that is my definition of what order flow Actually is you will see a lot of stuff written about this On the internet great tools about capturing order flow. Yeah, and The answer before you ask is I probably use nearly every single one of them Um, I've got so much stuff written on footprints. It's not funny. For example. So um, Yeah, I know about all those tools, but I am just using it in its most granular form for this discussion So I will look at that order flow, which is The changes to the map and the and the orders that come in particularly the larger orders that come in as They relate to where that resting liquidity is Okay Or large trades as they are and also, you know, we will talk about icebergs and stops Um in due course as well in in future webinars. So I hope Chewcube motor I've answered one of your questions Hello, Alois. Um, good morning Sean, uh, first time tuning into your stream. All right. Thank you. Thanks for the nice one um Okay, I think I've Just about covered that we're at 20 49 other words 11 minutes or 10 minutes to go in the session so um Just let's grab a live version of this. So Yeah, we'll just show all the eth sessions as well So we can see what again the gray shaded sessions are the eth sessions So just so that you get an idea that you can in eth you can have small sessions like that in es And you can have much larger ones as well Um Like this one was probably nearly twice as big as that one um This one is nice As a setup to the rth because you have these fat or poor lows and that gets taken out Anyway, I was just having a quick look as to where we are in relation to Yes days range Yes days eth and where the liquidity is so when I said I have these bars on the right hand side Which is another representation of the order book that we show in book map That is exactly what that is in other words the data in in these bars And the relative sizes are identical to To to the same data that's represented in in its book map fashion So basically we're within range we've got no nothing new going into the rth session So you've got no great information that's come from this eth session Suggesting to you for example, this may definitely be a trend update or a trend down there. There is none of that information it's Basically been a bunch of day traders or algos or large banks playing with the market during the eth session I'm probably getting their money's worth Uh and just trading from here to there and back again Okay, let's go back to book map. Let's go across to you know, um Yeah, there was a couple of questions on Price the price change algo Oh, maybe maybe we should turn this on as well. This is the sound for the For the volume pressure. So this is just buys and sells. That's always quite interesting having that on that's something that I do turn on in a In a volatile trading session by volatile. I'm talking about at the London open for that hour or In the rth morning This makes quite a racket a quite large noise when it gets going, but it's also a good indication Um of increased activity in there and therefore likely increased volatility Right, we have we've had some questions about you know about about the price change. I'll go again I've got basically the default settings. I can show those In case people want to see them again. So if we go to the market pulse price change algo We look at the es1 the threshold 70 And that is bog standard default. I've got nothing Um nothing change effectively what this is and I've I've created an almost identical one for a set time frame in Sierra Is this just looks at the price change objectively in relation to the last x period whether it's minutes seconds or whatever and and Gives you an objective percentage change over that period so When it goes green in other words when it's above 70 percent that means that is a larger change upwards and because The theory is on theory that one of the theories that we believe in in auction theory is that price Can often not go in a straight line trying to make sure I don't say anything which can get misconstrued completely Because price does not usually go in a straight line There will normally be a reversal or at least a pause Once it gets to above that 70 percent or minus 70 level and that's the theory of the market pulse. Okay The api I believe for the market pulse which is A way to interact with all the trades that are occurring Inside book map. I believe that the api will be out there and released in the near future And I I certainly hope that That the language whether it's java or python that we code in will be Accessible i'm not a great java programmer, but I can I can program in python But I've got various ideas of the variations of this algo But for what it is, I think the price change algo is is very good and I think it is good. So otherwise I'd never have tried to replicate it for a time period in Sierra Okay And in terms of could we have used it in this choppy session? You can have a look for yourself On this es of where the greens and the and the reds came in and whether You could have got something out of this in terms of your setups um, as I mentioned previously I like supply and demand and one of the one of the trades I mean, this is kind of a heads and shoulders in in that sense. It's also a test of This supply zone here. So you could have said your market pulse green zone here was potentially part of your trigger to get short towards the Four three sorry the four four zero zero level. So that's one way you might have wanted to use That market pulse indicator in conjunction with the supply and demand setups that we talk about here Okay Right now we have quite a large Okay chance to talk about a live iceberg, which we don't often get a chance to talk about Okay, one of the reasons why I zoom in Um, that iceberg has just been broken. So there was a cell ice of about 479 You can see the final number just shown there if I get out of the way 479 and 83 mbo stops at the same level um I don't trust These icebergs unless they're huge to actually in other words, I don't trust them in the sense that I'm not going to lean on them to go short at that level um They'll often get taken out and then they may well go in the Direction that we thought they would you know a cell iceberg go down But they don't normally play out In in such a clean fashion. So here the fact that it got taken out They took some people piling on they took their stops 83 stops. Then they went down. That is often what they do And anybody using the icebergs indicator We'll probably see that and we'll have worked that out for themselves That's just something I wanted to point out sometimes you get a huge number. So instead of um a stop of 479 you might have a stop of 5000 in which case it's acting as the great wall of china and it will you cannot Break it and then you it is but It is possible to lean on it provided you are happy with the risk that you're taking So in in in that circumstance, you might take a very very tight risk behind that iceberg Are you stopped just behind it? And accept the fact that if it got breached then it takes you out In this circumstance if you had taken that you would have been stopped out All right, let's have a look at enki and how it's tracking as well So we'll just zoom out just to see this liquidity So we had a bank of liquidity. So you had a bank of liquidity. Well, you had three separate banks So I'm talking about a zone. So if I zoom up you can see it's a zone of liquidity there And I drag that down. There's a zone of liquidity there and there's an individual Price level of liquidity there Because nq is so thin I tend to I tend to Zoom out on that price axis so that I can see What would I call a band that may act as resistance? So if we were looking Um, it's not looking very thick though. Again, one of the things that I do look look at is a in nq at this time of the day is a Resting liquidity of at least 30 to take any notice of and if I even though if I Combine those levels and I zoom them in it was nowhere near 30 was 17 And as it turns out, they've just taken it away. So there's no real liquidity that you could actually lean on here either as a target or as a defense mechanism for a stop But but it is but it is interesting just watching it and also being aware of what it is and is not A decent amount of liquidity in nq at this time of the day Um, so again, I personally Don't look at anything less than 30 and again That is the reason why I've got this column here the cob column rather than just looking at the colors on a heat map Um So, you know, you've got a level there supposedly 40, but it's only been there for a few seconds Because you know, we are really really zoomed in on the time axis Um, but a level of 40 that had been there for hours and hours would garner my attention All right. Okay. So, yeah, we're just chopping around effectively and I'm guessing that's what es is now doing Yeah, we're just chopping around and we are Still inside yesterday's range on nq and inside es yesterday's range Okay, hopefully um that webinar was of value to people. I think I'll call it a day now. So, um, thank you very much for