 All right, good morning traders and welcome to the book map pro-traitor webinar series today's last day of the series We do this every quarter And today we have Moby futures trader. This is the first time we've had him should be excellent. We've actually had him They we have Moby futures a week ago for we've had a should be excellent. We actually had sorry They we have Moby futures Okay, so yeah, we had him last week. I think or a couple weeks ago for a test And during the extended trading hours to see if there was any kind of demand or you know, how people like that They loved it. So we're gonna do more of that and some really interesting stuff. Moby is an expert at trading these Sessions here. So lots of great insight here. Moby has quite a background here interesting background And in general, I'm just gonna kind of paraphrase here a bit instead of read the whole thing out But yeah, he's worked as a commercial lawyer Investment banker, but he's been trading since 2013. He trades stocks futures options forex across all timeframes and has been with book map since early on 2015 And he's often found in the book map discord channel. So you can always reach out to him there he's a keen programmer and Is ultimately a mathematician and technologist at heart You have Moby's contact information here. He's very prolific on Twitter and also in our discord Channel so you can reach out to mobster 16 on each of those Let's go through some disclosures and then we'll turn it right over to Moby General disclosure all book map limited materials information and presentations are for educational purposes only and should not be considered specific investment advice nor Recommendations risk disclosure 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 Okay, the purpose is to cover three frameworks that I use which is a high-level overarching frameworks and How I apply one tool which is book map So what we're covering is those three frameworks a very quick overview what is required for individual to actually day trade futures within those frameworks and just a Very brief overview on what's changed in the last couple of years and why book map is really useful Okay The three frameworks. I'm just quickly gonna Cover which table table is 60 seconds Partly in deference or reverence to two of my teachers who have sadly deceased last year Wike off Elliot waves and auction market theory Part of my coffin elite ways. I was taught by the the late David Weiss who died last year I'm part of auction market theory. There's a couple of people who I know in this channel The who learned with me a few years ago in depth auction markets from JPJ trading Who was a great bloke, but sadly and sadly died last year quite a character right very briefly Wike off. This is something that you could spend days on but essentially It's a way to describe or identify how people with lots of money move prices from The low price to the high price and back again So effectively that there are four phases cause markup cause markdown Otherwise names accumulation trending distribution and trending down If you want to learn much more about that and we will see it when we get into book map anyway Because I'll draw it on the book map with a freehand pencil And if you want to learn anything more about it, there's a free course run by Adam Grimes on his website and Gary Dayton is also a very good teacher of Wike off logic And Very yeah, and a quick recap. It's worked for a hundred years. You get clearly identifiable structures It's fractal on every time frame it repeats over and over it gives you very high level setups a couple of which We're going to see and you can partly map it out by using other things like pivots or V-waps Second context that we're going to use and this is more or most important for the for the trending Section to mark up and mark down is the way theory. I might just draw very quickly here Moby if you don't mind can there's just a in the kind of this bottom center of your chart Just hide the discord is sharing your screen. Yeah, sure. Sorry. Thank you. Thank you Okay Actually, I've got some fangirls in it. I'll just turn that up as well would use for that We're going through About the seventh heatwave of the summer and I've had the air con on again today But tomorrow is autumn, thankfully So Elliott wave fight just draw these three waves here. So basically one to the three big waves up That goes with the As essentially the same as this part of the white off diagram so it's a way of describing the trend up section and You'd be incredibly lucky to take a trade from Right down here up to there But if you understand the wave theory, there's a good chance you might catch part of this wave and part of this wave Again Elliott wave theory is written in lots of books and There's loads and loads of websites all over the web and I'm not going to dwell on it here But it in summary and I'll just remove that ice When trending often moves in five discrete waves three big ones two little I'm sorry five big waves up It gets tired after the third or fourth wave and And the highest probability of a move is from the second big work Sorry from the first big wave to the second big wave And so in other words, I mean, there's a lot of them a lot of research about it But the probability if you have a first big wave out of a balance area or in a reversal probability is over 80% That you're going to get a continuation from a first wave to a second wave after a correction And finally auction market theory and I apologize for anybody that wanted a bit more context on this but this recently I discussed this Presentation and the main purpose is to talk about book map and seeing the action within these frameworks So I won't spend too long, but the final one is just Auction market theory and if I summarize here The market moves from balance in balance to balance It spends far more time in balance than it does in any directional movement and it repeats over and over and over again and As we're going to see in one of these Book map sessions when it leaves balance It's going to continue in that direction until it meets strong rejection or finds a new balance we're going to see that in In some of the book map setups and we're going to see it in a couple of very very strong rejections Okay, and this is really my disclaimer disclaimer and slide Firstly the more money you have when you when you get into trading It's directly correlated with whether or how successful you're going to be in other words the deeper pockets You have more likely are you to survive and prosper? Every single individual trade and the ones that I discussed here even in this thing where I think it's a very high likelihood of actually Being a winner every individual trade is a total coin toss. It does not matter what anybody says to you It's only when you have a sequence of trades add up to that they add up beyond 50 percent every individual trader is 50 percent Risk is the only thing that anybody who does this for a living actually gives a damn about We care about it much more than anything else The markets are always changing so you always always have to learn and adapt because things will come along Certain edges certain techniques will stop working and you have to find different ways And the next point is from my algorithmic friends. They've proven to me over and over again The biggest probability of success is by trading multiple assets And the only way you can do that is with some of these big data tools have come come along or you're willing to Invest your time in some of the algorithmic automated trading and accept the drawdowns that go with them And finally and this one applies particularly to book that and as Bruce well knows from my frustrations Things will go wrong. These are feeds have a habit of breaking down you are your own IT support a heck of a lot of the time and an awful lot of the time the trades that should work out Don't work out or your stock just gets taken before a massive move in your direction So you have to be totally willing to accept every frustration of this game Okay What has changed since I started trading because I've been trading since 2013. I've been using book map since 2015 The biggest change I've seen in the last couple of years are some of the tools that are beginning to utilize Massive data sets I big data tools and I do still classify book map as one of them That's what we're going to get into But there are other things that were not around a hundred years ago when Richard Wycoff talked about his map and Those are tools that you can use now to to find out what the big players are doing with dark pools block trades options exposure, etc And I do encourage everybody to To go down those rabbit holes What we're what we are as retail traders are doing is Has always and is still forever hanging off the coattails of bigger players because we cannot move a market Bruce I didn't do a mic check. I hope everything is okay Yeah, you sound great. Everything's going well Okay, now we now we go on to the heart of the end the talk So we don't have to fame as we talked about our context. Now. Let's talk about book map Okay, I had some questions today And I'm going to make sure that I cover them in this part of the talk about From fairly new book map user Especially in light of the So the components of book map we're going to talk about today and hopefully we'll see them in action in detail Heatmap, which is you know the core part of book map Delta and volume profiles which relate directly to the auction market theory that I talked about a brand new tool which is still in beta And even one that Bruce haven't really focused on too much They've got release about a week and a half ago the liquidity change marker Unfortunately, that will only be in the last two videos as there was some licensing Licensing issues on Monday and Tuesday, but it's we do still get to see it in action MBO stops and MBO icebergs Thursday's video is especially good for seeing how The ES can be seen through the lens of icebergs Absorptions and sweeps and the sweeps are those are essentially the same tool within book map I got book map to reconfigure the absorption tool to show sweeps because they were specifically useful or especially useful Or seeing thinner type action in both ES and NQ in extended trading hours, and we'll see that and Resting liquidity if anybody's read any of my tweets Especially my early tweets you will see Plenty of reference to magnets to bloods to the magnetic attraction and eventually repulsion Of these resting liquidity levels that hang around in ES and NQ and lots of other products Okay, and this one. Sorry. This one is for a Couple of people in today's Book map discord forum How on earth do you do you set up book map if you want to if you want to trade it within those three frameworks? Okay, so We've got NQ live here obviously and Depending on the type of market that you're running You'll see a massive change in the intensity level that I apply to a thinner market Where I black out nearly all the liquidity. This is a slider from left to right And a thicker market like ES where I will have that showing a lot more of liquidity that directly relates to the nature of the beast In NQ nearly all the liquidity is irrelevant But the I'd say the 10 percentile is very very important and can help you in executing your edges Okay the three parts of the Sorry, I'll just go back to the map a lot of people use book map and they use a setting called Delta dots so in the in the volume dots they have it set to Delta and I Come from a very different school I come from the Wycoff school where I want to do everything I can to see bigger players and If I switch that from volume to Delta in NQ You don't see the larger players anywhere near as well And that's also equally applicable to ES in Globex I know a lot of people think it's clearer in terms of just having the Delta side of things, but I'm more about volume than I am Delta in terms of the heat map and The three columns that I use consistently The Delta profile the volume profile and the volume numbers Going back to what I was talking about with auction market theory and price Moving along until it rejects With a volume profile and I'm doing just that so I'm using book map and I'm zooming in and out all the time Which I won't be able to do on the videos because obviously they're recorded to see how the volume profile is tracking The Delta profile I find I need because I cannot The life of me tell what the Delta is on this volume profile. It's it's one of the things I've wished I thought there was a deficiency in me not being able to tell that This was clearly a red part Trapped sellers and this was a buy side Delta, but that's that's the reason why I use it It's essentially defined where people are trapped or in NQs case To almost predict where they are likely to become trapped When we're near in the end of what may be at the end of a very very big extended move So in other words on an extended move if on an extended move down if this all starts to go red and This profile starts getting wider and wider towards that bottom I know that we're in for a potential good trap and we could get a massive squeeze off those shorts and The volume here is identical to that volume. I'm just just adding up numbers in my head to work out For example, if I see this which is the absorption Roughly what the size of the the trade might have been so I'll often use the absorption in globe X as a cheat Do you find what the rough size of the trade might have been? Okay checking on time Let's I have some questions on that if you want if you don't mind It's it's late at night my kids are in bed I'm happy to go for the full 90 minutes if we need to so yeah far away bridge Yeah, if you can go back to the live chart And and just I love the way that you have it set up and and you know You can just see like the the flexibility here with the columns that they you know a lot of people I mean boy you can just do anything you want really and you've got a really interesting kind of Configuration here. So the volume columns is that session or chart range? Oh, yeah, sorry. Yeah, it's just chart ranges. I mean and the idea is because I've got one of those very fast mouse wheels or mice wheels And I am if I'm actually training it live and I'm not recording it I will be zooming in and out to see to see specific action And as you do zoom in and out both horizontally and vertically These columns will change dramatically. Yeah, yeah, no Yeah, sorry, I was saying if you have it on the session it would not change right So, I mean if Bruce and I have had some arguments over debates over the years about the usage of footprints I think I'm finally coming around to Bruce's point of view I mean, I do love footprints from a mini volume profile mini auction theory perspective But when you're trading to markets and in in Globet's correlation is king And you do need to look at lots and lots of different markets at the same time You can't look at footprints. So this is a proxy for a footprint And because I've used footprints for such a long time when I see that and that together those two columns I can see the footprint in my mind together with You know the volume dots on the chart Does that answer your question, Bruce? Yeah, and more and more so um the um, I Mean, it's it's why I was kind of I'm shocked to hear that they're coming around from footprint charts but I love I've used them for so many years. I mean, I think so I think one of my teachers once said to me I mean, you can see a lot of these things you can see I mean, you don't need indicators Even though I've just about reverse engineered every indicator I've come across you don't need them I mean because after you've looked at them so many times you can see them in your head. Yeah, yeah, yeah exactly and You know, we're just doing we are not showing or Footprint charts are showing aggregated data So it does not give you the details whereas like you can see the details in the structure here the I'm I love the way you're using these that the the Delta column there And I thought it always thought it has tremendous value and I really don't see too many people using it And you're heavily using it which is which is excellent. Yeah Well, I'd love to put in a request with the volume column. You just give us an option to change that colors I just color it purple or blue or something else because I cannot tell when here, for example, you got some trap sellers On the NQ and you got lots of it. I can't tell What the Delta is by looking at that column? Yeah, yeah, exactly Yeah, it's it's almost impossible So I'm saying it's a bit of a furfie. It's it's a distraction. So on that column it's just better being a different color Yeah, yeah, okay The the other thing too like I'm just a question on your kind of school of thought on volume displaying the in the dots So what the school you're coming from like is That you're looking for all transactions. So even if it You know, you don't you're not necessarily interested in and the buyers over sellers or sellers over buyers You're interested in just volume in general So that's why you want to look at total volume. Yeah, I mean, I think you'll find that some of the audience are More focused on NQ than ES Or they may trade both but they may trade NQ more than they trade ES and if you do trade NQ I Don't think those Delta dots are the biggest of them If there's suddenly a big trade and I can see it on my reconstructed tape In Globics of 30 or 40. I want to stand up and take notice and the problem with those Delta dots is and the way that NQ works is Delta might be zero on that on those trades group the way that they have constructed them as lots of sequences of buys and sells And so you won't see us. You won't see it at all on the Delta. This isn't a good time because this is RTH What I'm talking about later is ETH But that's the reason It's also, I mean, you know one of your other speakers that's spoken a few times Scott Paltine I mean, he loves talking about the blocks and I kind of see blocks as a mini version of auction theory I see Yeah But that's why okay anyway, we can continue. Yeah, okay right Liquidity change my I'm just going to go through each of the components that we're going to see in the videos liquidity change mark as I said, it's been around two weeks And it's a simple text display. I've tried to make this transparent spot. It's a 40% transparency on this one But that will only be in the videos for Wednesday and Thursday Here for example, and I have done a dodgy screenshot here giving you a perfect A perfect representation of this indicator There is an addition of 50 To the order book at this price from roughly 13352 and then the market magically goes down I'll call myself out of a bullshit there because I just chose something Which would make that liquidity change marker look good so that we could talk about the indicator That is much better represented in the videos on Wednesday and Thursday where we see it in action But that's just to give you the idea of partly what we are looking at In thinner markets and one of my teachers was an absolute expert at crude oil There is a view a strong view that the market is manipulated from far away And I mentioned this to Bruce when we were doing our stream Two weeks ago. So in NQ it might be from about 25 points to 50 points away from the current price So if I'd zoomed out on this column, you would see some interesting action with this indicator Way out and you'd see how they pushed the market in one direction And they might be pushing it down, but this wouldn't be here. This would be much higher And it would probably be even more useful in crude oil But it's something that's very exciting that book map have introduced because There's a lot of difference in my mind between seeing a big fat number And you know plus 50 or plus 100 or whatever the number is From seeing a slight color intensity change because the color intensity is relative So it's not absolute whereas these change numbers are absolute So if somebody piles on 100 trying to push the market down You know they piled on 100 rather than the color just having become a little bit more orange than dark blue Um Anyway, let's move on The nbo stops. So this is this is the indicator that I think you released this last year, didn't you bruce? I think there's a couple years ago now couple years ago, okay Right, I use this And I use it in conjunction with another indicator the sweeps that I'll talk about in a second and You'll often see At big turns A really really big number of stops. So the number here represents The total number of stops and the number of stops on the last trade So the total number there's 10 and the last one was three Um, but in nq for the session that we're looking at 29 is a big number. So this this slide is Sorry, I've got a new feature on my mouse that highlights it when I lose it. Um So that number there would interest me for a scalp in another in a fading direction um And yeah, we'll see on es in a slightly different respect as well One of the more interesting features is when It doesn't find stops where you expect it to find stops Or it does find stops and you don't get the reaction that you think you should get Both of those are pieces of market information, which is still very useful to you Okay, um The next one are icebergs the the video I've got for thursday is specifically on icebergs Because of the action that happened in the es yesterday Um, but the book map representation here We can see an iceberg in lime green of 915 which is accumulated since before this screenshot Um, and it's a total so far of 915 and the number in brackets is the last Part of the iceberg that they took so, uh It's probably one it could be 10 I could have cut off that screenshot Um, but let's wait till we get to the video on thursday to see how we can really use that one because that Because when we get very large icebergs and they happen much more often in es than nq There are particular types of things that we are expecting will take place And there are particular types of ways you can use them to execute and hopefully make money There's option tweets. I've got these together because as I said before they are exactly the same indicator But I have um asked bruce's developers to tweak it. So if I drag back the live um The live um book map settings for these add-ons one's called absorption one's called sweeps um The the the numbers to to um to bear in mind. I think I've got this one set to automatic um nes and nq for a thicker market you put that onto a higher number For a thinner market like nq you put that onto a lower number. So I think I put it arbitrarily at 0.5 seconds But it does not really matter. You could put it at 0.4 0.3 nq just trades quickly because it's so thin and then the sweeps It's a short amount of time but the big difference between the two indicators is the number of price levels that it goes through Uh, and what we'll find when we look at nq in clobex is they'll often Um do sweeps for two purposes. They'll do a dip for fuel where they go down a few price levels So so they get a cheaper price to reload or a more expensive price to reload if they're going down um and uh the other um The other aspect is where at the end of the move they're smashing it through and getting stop sweeps What I call stop sweep they'll go as far as they can So it might be a down sweep to get as cheaper price as possible for their reversals Or to take as many possible stops out as they can possibly hit. Yeah, that that's a really interesting Configuration you have there. So you're looking for something very specific Multiple price levels really looking for a stop run there in nq. Yeah, that one. I haven't got on automatic I have tested it on automatic. I just prefer to see more rather than less with the sweeps Um, there you are I'd rather not miss them. It's probably a better way of putting it. All right. Okay And the absorption here as I said earlier This is a proxy for large trade size So if I see something like 42 you can see that off the pink line is going to that big pink dot there It's giving me an idea. I've got the columns over here with the volume in but it's giving me an idea that There may have been a block or a block of trades plural totaling about 42 Something in that region. So that interests me because Because of the relative size again, as you can see on this screenshot, that's clearly the biggest In the screen. So it it has importance okay, and The the final one which is not an add-on, but it's just something that's in the heat map But because it's essentially a tool that I do use and I tweet about And my friend David calls bloods Because they they go orange red this is resting liquidity and and briefly What I'm looking for what up when I will pay more attention to these resting liquidities and by resting I mean preferably hours So the longer that it has been in the book I rested the more attention I might pay it but If it's at a level of 50 or 100 I call them round numbers I treat them with a little bit of disdain and and Not much reverence And it's exactly the same for stocks. So if you if you're looking at apple You you often see large resting liquidity at the round number and the point fives And the same for every single big stock That you pull up in book map. I don't really consider those resting liquidities But you will see when we get a double take on some of that action around those numbers like a 50 later on That they can then on a second visit Draw more attention and I I do focus upon them Okay, I think we're ready to um To go into globe x trading Very quickly, why would you bother trading a lobex? Okay last year or since the covet bottom in march 2020 or whenever it was the The indices have been on an uptrend and during that uptrend The moves during eth have been consistently bigger than the moves in real-time hours And that's despite the slightly lower volatility in eth over rth So in other words, there were the possibility of making bigger gains With smaller drawdowns possibility. I say not necessary probability You've got characteristics that do repeat and by characteristics. I mean you've got time periods, particularly you've got opens You've got the japan open. There's two or three parts of the china open pre opens and then the main open You've got the german open and you've got the london open You've got so you've got certain time periods where there'll be volatility And the best one in my opinion is the time when there's an overlap in the open between the dApps the german market and the london footsie market So in new york time, we're talking about From two o'clock a.m So after the london open which starts at three a.m for the next 30 minutes to an hour after that So we're talking about one to two hours and And the final reason why you might trade here is you've got a different species of algeas I'm not saying they're any nicer or kinder. I'm sure they'll take your money if they get half a chance But they are a different species from the rth pieces The the predatory algeas that are in the rth for certainly for the first 30 minutes or so Are loathsome creatures And I know plenty of professional traders that will not trade Those periods partly because of that activity and the ridiculous level of volatility as well in that time frame Finally the final Important point about glowbecks is that the underlying market the ones that we're looking at nq and es the underlying market Either the triple q etf and all the stocks underneath it or the sqy one and all the stocks underneath that are closed So they closed at settlement So that is the one data point that will always be the most important data point Whilst those markets are closed. It's yesterday's close Okay I'm going to go through four videos and we've got roughly half left You're going time brisk. So let's move on. So we've got four videos of this week Monday the world was ending. We had a massive well, I got a massive gap down on Sunday evening Monday morning And a bearish market into the German open Tuesday, we've got a great bounce of liquidity resting liquidity support Wednesday was squeeze day squeeze every single short and if you trade a long time You'll know or trade at any length of time. You'll know that the most explosive moves are up moves and they are where Shorts are trapped and they start covering That's when price really begins to rock it and that did happen on Wednesday in glowbecks And I think it continued on into a trend certainly until well into rth And first day is particularly fun because we have massive glowbecks icebergs Going underneath the market In es So they they led to a few particular setups and What I figured was happening for much later in the day was they were positioning themselves for longer term moves Because mark because um, we're well above of those prices Okay, Monday All I've got here is a trading view chart five-minute chart of es and enqueue and the only Indicator on it is a simple open high low close of the previous day Purple is the closed settlement Red is the low Green is the high but um, you can't see that obviously um So to recap Friday settlement was way above where price was We gap down which is this big gap down on sunday night asia continued week, which is that's asia Uh and the market opened so let us Get out of the presentation And into a video Double checking where we are. Okay, just making sure we have the right video Uh, you're still with me, aren't you bruce? Yep. Yep looks good Okay, all right So we um on the time frame where 30 minutes before the london open Well, the one thing that we are expecting when we've got a massive gap down on an open Is for there to be some attempt at three o'clock here to close that gap So at three o'clock we're expecting some form of attempted push higher But the context is very very bearish. So we're just watching As the markets go down. So the first thing that we can notice, uh, and this This is almost why coffee in is it in es um, if I draw as well What I'm trying to draw is a zigzag range Basically just a range of that price there We've got some we've got some big Brakes there. We can see across there some big numbers Uh, and they look mostly green and you can see on the delt's profile, they're green. So On a on a bearish market on a move down and we haven't and we still had a liquidity down here Which could be the potential support one of the things I'm asking to myself with my wycoff hat is this area Disribution or are the buyers getting ready for a pounce and a move up Right here. We've got the buyers potentially Positioned or trapped at that level which is 407 9 and it looks like distribution Remember, there's no wrong or right in trading. So it could easily be both But this video is recorded at 15 times speed so the entire video is about four minutes And we're covering an hour of the market's action, but it's just good. Certainly. I mean I hope he's willing to check as well as we talk about some of the the add-ons And what we see I pause again here We've got two levels here, which I'd call resting liquidity because they're at non-standard levels or non-round levels. We've got 70 and 62 So uh on a in a bearish scenario, I'd expect both of those to get taken out but I would not have minded seeing some action of a small bounce before we did To to get to get a trade to get into them. That did not happen here Or it happened in a very small context. We had a very very tiny bounce off resting liquidity So you could potentially try to get the trade down through those two liquidity levels You've got 10 15 18 points there That are available to hang on how quickly you can assess your risk and get in and out So Moby do you um Frequently uh Look at this correlation Oh, yeah, sorry. Yeah, I was going to mention that. Yeah, I just got a bit absorbed with going through the videos Yeah, that's one other point that I did not mention. I think I mentioned earlier, but I didn't stress As to why I said this video the way I did Correlation is king in Glovex. I think I mentioned that um I wanted to and I this is how I do actually run Bookmap in Glovex. I wanted to run es and nq side by side um Both from the correlation perspective so you can see how the markets Are working in tandem or the Argos are working in tandem. So they literally are Almost the same market as they go down And also because you might get some action On one that you can then trade on the other um I mean, this is one potential example You've got you've got this, um Big trade here It's a sweep of 113 It's about 207 there Um, and that happens at the same time that we hit two liquidity levels and we've got a big move down here that's 620 down to 560 that's 60 points in nq, which is big by anybody's measure. So you've got one there So you you you've got you've got an action You've got some 22 stops in es and you've got some slightly better action in nq that you could use the es large trade as your risk point So if it cannot stay Beneath that and um that trade whilst you're taking a longer fade off An exhaustion reaction type fade off this action Um a corrective wave and the in the old and elliott wave theory That's how you can use the two together Is that what you mean bruce? Yeah, precisely Okay, yeah, yeah, but that's how I use them together um And certainly in the last few weeks I've started training the es more than I was training before I used to be exclusively es In globe x, you know a couple of years ago um these days nq is uh flavor of the day um And you you have great moves, but with the level of volatility that we've seen and you know, we've been in negative gamma um for a long time now then You know, we're talking about ridiculous globe x volatility in nq and some of the trades in es less volatility And the risk is easier to define You know here and if you're trading es, it's quite clear you're using this as your wall And as soon as we go below it you're out of that trade if you're going along Okay, I'll I'll keep going. Um I want to get to the to the London Open because I I didn't mention But the first thing we're expecting when we get to three o'clock is some attempt at a move higher And if you're getting action and it keeps keeps keeps going down Into the London Open That's even more reason why you might believe that we're going to get some kind of attempt up And here it does that it's doing a very good job Now we've got a big resting liquidity, which I tend to ignore because it's an around number in es But it's a very very big number So that actually might just put me off it completely because I struggle to believe that number, especially at a round number But the beauty about trading is We're often very very wrong yet. That's not what loses us money Um What loses us money is being stubbornly wrong Okay, I could have paused here. So three o'clock on both the markets there. That's the London Open Right before three o'clock. We have a big stop 168. That's um That's probably the biggest we've seen in this little recap video so far So you've got something that you can push higher if you if you're as bearish as I was You're not necessarily looking for a long trade You're looking to see how strong this bounce would be to maybe Have another go short, but certainly there was some opportunity to go along there Um, and what I was talking about earlier about the delta profile being useful to see potential traps on the way down Maybe you're watching the video And you're noticing how that was getting more and more red at the bottom And and reasonably wide as well. Certainly there before we hit three o'clock so the first thing we're looking for On the London Open is how strong This reaction in the push to towards settlement is going to be And the first thing we come across And I didn't highlight the fact that I have this in book map. It's the built-in VWAP indicator, which is the silver white line And and the first reaction on approaching it is NQ completely falls over And ES doesn't quite get there Um, we've got some VWAP craters around That would potentially be a signal to them in terms of how book map might have assisted a short there You've got you've got a level of interest. You've got Quite a bit of by side delta towards the top and you have a Smallish wall of resistance at the top So, you know, that would be the very first opportunity for taking any form of short But then we go straight through The next thing to notice is that in ES you're now getting three orange levels. So they're building some resistance Yeah at points 75 76 and 78 I think they're roughly at 1.25 points apart just looking at that. So you're seeing some resistance there Uh, but you're watching how it's going. It's it's broken the first level that you thought it might hold And you're watching that actually continue higher so We're curious to see whether we'll reach this resistance and you can see it thickening up there And you're also looking at the sweeps in NQ and you're working out The levels of bias that they caught towards the top It's up there that foot 1450 has stayed. I think it stayed pretty much Or increased its level On the move down because it's a second visit. I am going to pay more attention to it so I'm seeing that down there. I Would be zooming in and out on the on the NASDAQ scale looking for resting liquidity below as a potential target And I'd be looking at my other charts And structure from my volume profiles to see if there are any levels of interest down there So I might well have missed a short there But it doesn't matter on this actual day I did take a couple of very very small trades in ES on the way down, but I can't remember exactly where they were But what I'm saying is if you missed that term there, it does not matter I think we're almost at the end of this one Okay, this is something worth talking about right if this was Not as bearish if this was a more neutral market And we'd smashed through resting liquidity And we had a contract size that big a sweep that big and stocks Of that size and that is huge for ES in globe x. I'm taking note I'm drawing a level across that on my charts or wherever I'm drawing that level And I'm taking note of that as a potential over underline Whether it's now or later in the session Something that I may not explain about when we're looking at Wycoff Wycoff They're in the accumulation phase. They're not looking at one price That they may have lots of buys. So they might have a buy there. They might have a buy there. They might have a buy there So The fact that we might go lower and I think we did go lower is neither here nor there It's it's the most interesting Action that we've seen during the entire one hour And I want to know what that level is and what happens later on during that session So here now in NQ. We've got some resting liquidity again. It's not a round number. It's 40 And it's it was actually there a long time So The likelihood was it was going to get tagged So we've gone through that I'm still Noting where that was later in the session because there was a tag of settlement way above much later And that later did become the over underline I think we're about to run out of runway on this particular video So it was essentially it was a bearish opening And we had a good run up at the London Open and then we turned back down again and we looked for more fuel down The rest of this 30 minutes. There's also one thing worth noting about London Open which I may stress in the other videos that we do here is that if it picks a direction a clear direction And within the first few minutes after three o'clock, you don't fade that you let that play out and generally We're going to the second video now. We'll just scroll back generally it will take 25 30 35 minutes for that directional Move train set of waves, whatever you want to call it to play out And one of the worst things you can do, especially if that move is an up move is to fade it With up moves, they can go hundreds of points and you can find you you can find yourself in an enormous hole So I can't stress that enough About um, london trading, you know, I did say earlier on the volatility can be lower But that does not mean that the nq range can't be 500 points Yeah, it is just brutal when it does that. I've been caught on the other side of that And and the side of it and it's just glorious but I'm wondering um Moby how you Maybe relate that with the settlement Which part is from the the like some of these directional moves maybe in london, um, when you start to see like really they're coming in Like yeah, I prefer people back to david's webinar Um, you know david's a friend of mine, uh, and he talked about the walk the dog theory I mean one of the parts of walk the dog is that that if asia has been choppy and moved below settlement and They're not in a massive trending down market, which we kind of have been in the last week or not this week but previous week then The highest probability move in london will be to go and tag settlement So, um, you know, it's one of the things that you're looking for What you must not be be is inflexible. So you can say Yeah, one of my strategies is that we're going to play for a move back up to settlement But if that's not happening you don't put yourself in a hole Especially with mq. It's a heck of a lot cheaper to flatten your position and to have two three four goes at it Unvalued setups and and take the smallish stops and wait for The ones that work out because they will pay you handsomely and they will cover all your small losses or smallish losses um And and the other thing Bruce is that you know when you do have one of those walk the dog moves to settlement and I think this is where your friends at spot gamma coming to play and you've got some nice gamma exposure levels Above it certainly in the es then the move up to settlement is often just the starting point So you think oh, it's just going to go up and tag settlement, but that's not the scenario that plays out Uh, they'll they'll often go three times as far So, you know, it might be a 70 point move in nq or a 20 point move in es up to settlement And then in nq it'll go up another 200 points And so you just have to be aware of that Yeah Excellent stuff Yeah, it's just one of those things that you know because you're going to kick yourself afterwards You're going to say oh great. I tagged I tagged settlement that you did not leave a runner on even though Statistically you can go back day after day after day and you can find Huge moves that just keep going through um, so it's just one of those ones where it pays to do the research and and It doesn't matter, you know, again, it doesn't matter there if the probability is not 50% It's just there will be ones where it just keeps going so it doesn't always pay to close your position at settlement Hmm Okay, um onto the second video. I know we've already covered an hour. I hope we haven't lost too many people The specific I'll get on with this video. Um, the specific purpose of this one is a bounce of sport on tuesday So Monday and tuesday were both still essentially bearish. So we were still Towards the lows. I don't think we were quite at the week's low at this time on the london oak None on tuesday. Here. We are at the germinating two o'clock, right? There is a beautiful resting liquidity here um, and that was just one tag that um It was that the market was crying out for that tag um If I just actually pause there and I read the level it's 170 orders That 110 level had been in play hours I think it was You'll often find with some of these resting liquidities that do come into play That they've either been there the day before that's in, you know The liquidity will have been there during the rth session or they'll be placed within an hour of the asian open And if they've been resting there that long, you know that they want to try and play there Um, regardless of whether they're doing it again, there's no there's no right or wrong. There's no Fixed probabilities in this market. It's all relative. Um, but anyway, that that was just Point on on these bloods and you've also got this level down here Which again is not around number that es was moving towards um In my auction market theory slide. I said that price will auction down It was auctioning down here in asia. In fact, if I am I quickly dig out the slide which I forgot to do Um and show you the context certainly for the es going into that liquidity area We just had it in the video. You can see it was going down and down and down That was the context that it was quite an extended move um All right in my auction market theory slide I mentioned that Once we move into imbalance we will continue to explore until we get either to a balance a new balance Or we get strong rejection i.e prices too cheap if it's going down and it will Strongly reject it. Okay. And one of the reasons why I wanted to Play this video from as early as I did which is Very early in the in the german session Was that strong strong rejection So, um, if you if you look at the reaction in both es and nq I could draw a line. Let's see if we can draw a line if my little tool will play with me No, it won't play with me never mind. Um That line is almost vertical and it's the same on both es and nq. That's what I call a real rejection Uh, and then after we have that line, um, this is this is sort of using bookmark without any charts Obviously, I do have charts and yeah, I do I do look indicators and I've written indicators which are Really available on trading view. Um Excuse me. I've now got to get control of my cursor again. Um After that vertical rejection, you can see price both in es and nq going through orderly progression And in wake of terms, that's a strong move Sorry, I was looking at why my liquidity market wasn't working That was the moment where I worked out that the add-on had a licensing issue But it's still in beta mode. So we forgive it So that is as good a rejection of resting liquidity acting as support as you can see in Glovex So that's um, that's useful out of the four videos for that particular demonstration that behavior Right, so as soon as you have that rejection you go back into Elliott wave theory So we've had a first wave on on this fractal time frame this very short time frame So what we are continuing to look for here alongs So We'll look for any opportunity after you see that action not to fade and go short again, but you look for a long And this is again, we're you know, you know, I'm having that discussion about volume dots versus delta dots and also Um, we should have just come back a fraction here um And also the delta profile and volume profile Okay, here you've got the volume profile element in es and you've also got You've got the delta it shows huge buying interest Uh, and what I was trying to actually pause on was it was something known as a poor high It serves a dual purpose and that's that's one of the reasons why I have a volume profile there I mean you could have it much wider, which I can't do now Um to show how poor the high is It effectively means we haven't finished exploring up all the the probability is we're going to keep going higher And that's the that's the biggest reason why you'd have this column there Uh I'm just wondering um, uh on your use of Elliott wave Um, typically do you really embrace Elliott wave when you see strong directional moves that initiate? No, I believe in why in wave theory, right a wave wave theory is part of white cloth I think I think robert pretzer or whoever it was came up with elite wave after I'm not an expert on elite wave. Uh, I'm far from it. I'm just somebody that use it as part of my analysis Um, but I see it as like a subset within the markup or markdown part of the white off framework So what I do look at as I said earlier is Is this um second trade? I mean in white off terms is often known as new momentum high Um, you know first higher high that's another name for it. Um This is this is probably the second one and the first one's probably the first one You know the rejection of that resting liquidity below, but this is the second one There's still a very high probability from the second way to the third way And I mentioned earlier that the length of the waves, which I do I mean again, this is sort of It's something I measure in my head. It's not something where I apply it rigorously or Uh, I'm one of those firm believers Um, I'm somebody that takes everything I read with a pinch of salt Um, so I'm thinking, you know We're likely to get that second wave moving into a third wave and that the third wave Is going to be as big maybe or as big or even than the second wave or certainly in that order of size So I'm thinking there's another big trade setting up here. That's how I'm thinking bruce. I see. Thank you Yeah, I'm seeing big dots there, right? Uh, and I know you you can add temporarily At this poor high service dual purpose. I mentioned you've got a very temporary trap Um, sometimes it's not temporary. Sometimes it can be a massive dip But you've got a temporary trap Of the the buyers that the join here. So essentially that part of that that blob volume dot there And and you're going to get an opportunity to get a trade to go through there and to get into another wave Which will be probably at least the same length as I said earlier. So you're looking for a trade there Let's keep going Over here. I mean on the delta profile here I mean, this is another one of those magic instances and I hate magic instances where things work out perfectly But you've got a delta profile there Um, which is really quite wide showing trap sellers. You can see plenty of cells there You can see there was a there was a block around 39 there And you know, if you're going to be aggressive and the time frame Is 230 we're in the we're in an aggressive market period, which is Uh, the germans can go absolutely nuts. So, you know, some of these dax moves If you look through the last 12 months, they just go on and on when the dax was making new highs every day So, you know that they can be aggressively long in this period So if you wanted to be aggressive and I'm not saying that it's a it's a good strategy or a bad strategy You've got this delta profile a potentially trap traders in nq To lean on so at least you know that your risk point is very close. You know, it's not far beyond there Not far under there So we do actually come back to those delta traders and to bring me wrong here They do go a little bit lower and there's a there's another white off But you know, if you go back if you watch this again for whatever reason You'll notice on the white off map. There's something like a double bottom spring Supply and demands and whatever you want to call it. Um, there's massive overlap between those three concepts Setting up here. So you've got You've got big buyers Shown there. You've got trap sellers A white off spring is essentially a failed breakout in this region Um, I'm of the view that it doesn't have to to just go down beneath it and then spring up It's good enough if it comes back down to this zone. That's good enough for what I'd call double bottom spring We know from our analysis that it's likely to take out that poor high earlier We're likely to get a bigger wave and we're looking for regions where We can take along so we may have taken one there We might have been stocked out or had a very tight stop there and we've got another opportunity here We might get another opportunity if it comes back down there Yeah, we're only halfway through this one. So we'll speed along The next video after this one's very short and then thursday is especially good for people that love looking at icebergs So you've got a 42 block there And that Would be an entry in itself. That's you know, one of the reasons why You have the absorption indicate there. I mean you could call that absorption. You could just call it a large cell trade Or whatever you'd like Um, it's an opportunity to get on board the long train So in elite terms, we've probably covered the first three waves there ES is now going back to a zone where we had some nice trapped Delta but it goes down again So this is the first really really good pullback So So you're either have got a decent paid out of the second one or you've had a couple of stops And this is the first action where we've seen where it's come all the way down Unfortunately, I can't go back and show where it bounced off the first Uh, the beginning of this video For that in itself is a supply and demand zone based on what type of action we saw there But if you're watching there, we have some beautiful trapped sellers and then What we saw there was some big big buy trades coming on board there Yeah, great order order book on the bid as well Yeah, and that was that was the london open Yeah, I forgot to mention we were coming right into the london open And again, we were on that chart that I showed the beginning. We were well under settlement So the same thing that I mentioned on the monday applied again the first move In probability terms when you when you're below settlement The probability is that they will have a go and try and tag it If it's above it doesn't apply in the same Same probability terms for where settlement is below they won't necessarily go and tag that below But the probability is much better if it's above Okay, now we're coming across all sorts of resting liquidity above And the thing about having the book as well and having you having your own scroll will zoom in and out Is that you could have done your homework Before we got anywhere near this level that that was a potential target As a potential target that one actually looks like much better resting liquidity Um, that one's actually a round number. So we just discount that one But that knows the es one there was not a round number. This is quite interesting here This is something this is icing spoof behavior. It's what I call it this lime cream ice bird line Where they don't actually want to fill much of their order. They just want to push es in a direction But they have executed some ice during the process. You you can be aware that they are not a complete spoofing Pot that they will take But they will take orders. I might just have a sip of water, Bruce. Forgive me Yeah, that that was really interesting iceberg activity on the es there. So like them them chasing up after it Yeah, no, you probably only see that really in global. So I don't think you see that one much In um In um in an rth. Okay, very quick background for wednesday, which is the much much shorter video than any others We are just squeezing the hell out of shorts So, um shorts were being squeezed in asia We've got clear resting liquidity levels. I've done some homework beforehand that were up above this action in both es and q And if we do manage to squeeze those shorts, I mentioned that's the most explosive move you can get Then you start looking at the whole of yesterday's range, which is from there all the way up to there the red line to the green line as I mentioned before We don't necessarily think the probability to go down and tag settlement is as high as to tag settlement above But you've got the room to yesterday's high and that's always a potential that it can get there And the and the other thing about elliot waves, you know, they give you a basis to measure distance from You know, there's lots of different ways of doing it with an archie extensions projections, whatever, but Um, you've got yesterday's range. So there's plenty of room within that to um to move up Okay, I might just Let this one play I'm trying to get rid of those dots that are there So this is different in terms of the dull profile because we can see how strong the buy side is We I don't think we saw that or I don't recall seeing that in as green an extended state on the previous previous two videos And the purpose of this one is to highlight how price behaves at the resting liquidity above So if we focus for these two minutes on what NASDAQ especially does as we approach the big levels So this is this is an interest level. It's not random at 73 74 This is absolutely typical behavior Um on a decent move into a resting liquidity level and decent. This is what I'd say would ordinarily happen So if I pause the video there, so you so you've got a clear directional move You've clearly buyers interested and you've got clear resting liquidity, which has been in there for hours By the way, the liquidity markers are now working on a wednesday video. Um And the the first time it approaches It will get there but here It um, we see that they thicken I increase the number of orders around that liquidity balls. They strengthen the wall and a few more bricks So the first time they touch it. They normally will not go through Uh, and if you get some form of retracement, especially if you get a decent retrace down That can be another really really good setup Hey, we've got a wycoff map. We've got we've got everybody's got their own versions of setups You know, you've got another potential spring down here where you've got trapped sellers um But we're we're looking for another long and we're we're looking to see what can possibly get us into a long because we've got That as a good resting liquidity target. You could say in nq terms That's also a poor hire from an auction period perspective And you you've also got a whole block of liquidity there and and part of that might be requesting might be resting But it's certainly of interest You've also got um 61 there. So, you know that That's some decent blocks in that area so that When I when I use the expression of decent blocks in the area, there is a there is a theory I think scott is um a proponent of it that when you get decent blocks There's a decent probability of revisiting those blocks just testing them once or twice or three times and so that block can um form both Align the sand over and under or just another chance to get in if you get the right kind of action So here we we get a revisit of those blocks in es We do get You actually get even better than classics spring behavior You you've got two Pivots there actually goes down below both the first and the second pivot and then it springs up and then we've got some We've got this nice resting liquidity at 27 To target and you've got this 75 74 level in nq and on the second Approach we normally smash straight through it But again from what I was saying earlier. I'm just pause before we get into the third video in the last video um That can form a first target, but you wouldn't necessarily want to take Or close all your position on it hitting that target, especially when it is uh A trend potential day squeezing every short under the book and that's again where We said we referred earlier to options exposure options positioning You know if you've got the tools available to you which you all do is retail traders to go and investigate where the options flow Is and where the options positioning is Then you can form your own theories as to whether that increases the likelihood of a short covering day if a if a trend starts Okay, let's go back to the chart for This one the final one Okay, we've got 10 minutes. So I'm going to let this one play out very quickly We've got a triple short-term bottom. You could say that's like a four bottoms or five bottoms But you've got clearly three bottoms on the five minute chart You've got an iceberg down here at this very bottom and that has accumulated 1382 contracts so far and that asia has been choppy Okay, let's Get on with it. So you can see you've got this iceberg, which is again this lime green line You've got 1380 and we're focusing on es rather than q in this particular instance and we um and we Have got an iceberg that's partly filled but remaining in the book. That's what we mean by arresting iceberg Okay The one thing that you you do learn along the way is that Where something becomes obvious in the market and this resting iceberg or triple bottom Was very obvious for everybody, you know, you just look at that five minute chart and you can see the bottom Even though the the theory and the probability is the more times you batter as a door The lighter the likelihood you are to break through it into the words The strong probability was we're going to get underneath this The algos know that and the algos know that you all know that we all know that so the more they are going to game it In other words, they're going to make it harder and harder and harder for you to get in short to get through that level Okay, background over So we're 30 minutes before the London Open 230 We've got the very very obvious iceberg And i'm going to pay more attention to that than where settlement was for the purpose of this video So we're just going to watch how they gained this This little period before the London Open and The other thing to note is that the even though you get some great great directional moves before the London Open best directional moves overall Happen at the London Open or in that period the 30 minutes I'm starting at the London Open. Yeah, it might not be at three o'clock exactly But you know sometime in in that next 10 15 minute range That's when the directional move will generally kick off So that's the other background here. So um on the enqueue chart I had this in my slide back earlier. You've got some big trades here Lock trades, whatever you want to call them. You've got some mbo stops and for enqueue That's one of the biggest we've seen which is 29 It was 29 but because this is a chart session The numbers will change as we lose part of The picture as the m chart scrolls forward So you've got a line in the sand there You want to go down because you know these markets are highly correlated So that's a potential entry point if you want to try and enter if you want to scalp your way in You know, that's that's your line in the sand there so That's set in 20 And we're slowly approaching the London Open and you can see We're developing what you know the mic off called a range and The probability here is that this is a distribution phase before the markup So we're good chopping chopping chopping. We know that eventually that's very likely to be hit and then on London First thing they do is move it away. So they continue to gain this So You're wondering whether there's going to be a move up to start with or whether this is just A first out fake, you know often what you see on news events and kind of opens like news events That the the very first move might be a fake. It certainly happens on the china open a lot And we we break the web But we very very quickly reverse and here we we've got a 331 sweep So we don't see many really big quick sweeps in e s. You've got 68 stops And you also see that they took away liquidity 111 at that point and you see how quickly that reverses I'm not sure there's any easy way of getting in there. So, you know Maybe one way or one suggested way of getting in there is there's a range there And you consider that to be what's known in the wipe off terms as an up for us So we break above the range And and you take your short when it goes back into the range because Well, if that's a failed breakout and the likelihood is will traverse to the other side of that range or balance Uh, if you want to see that I'm better explained visit shadow traders website. He is great at explaining that Anyway, so we've had a failed breakout up And now we are going very very very close to that iceberg We touch it for the first time. You can see them adding contracts there We know we're going to get we're we're likely to get get through that. So It's a question of whether you position yourself in an aggressive fashion either in nq or es You go through that the other thing we know from balance for range theory is that If we break out of this zone and the zones about there Then we're going to move at at least the same size if not greater movement in From basically even if we're ranging from there to there then you can measure that distance and we're going to go at least that distance down Once we eventually break it if we break it again, it's a probability not an absolute But we're still increasing that iceberg increasing it bang and the first thing you note was the What you might expect With an iceberg of that size Massive amount of stocks. So we go straight through and tackle those stocks So you could say that if you've taken an aggressive position there, you're being paid immediately Right now we notice some resting liquidity in in q as well Which you would have realized was there beforehand if we'd been scrolling in and out. Okay, then we're coming up to He ended the 19 minutes. So I'll just let this one play out without me interrupting it But what's interesting here is that they do exactly the same behavior again. They build another massive iceberg So we get another repeat of this behavior. So you form a big iceberg In bookmark fractal terms on a very short time frame we've batted away at that and we know that Uh, the likelihood is we're eventually going to break it. It's both going to be a push away and Break so we know that the likelihoods we will push away and the likelihood again is we're going to break it down Then bang exactly the same behavior And find some more stocks immediately and that is the end of that video All right. Okay, briefs. I think we have we've concluded on I do apologize for running right to 90 minutes Oh, no, no worries. No worries at all. Um, so, uh, no excellent examples And uh nuances in in this very very tricky, um, You know trading session Yeah, uh, everybody we have a recording from uh mobis first as well I'll put it into the chat so you can take a look at this one as well. Some really good stuff in that one and Yeah You know, this is kind of new. I mean territory for us. We haven't really covered this in our education at all So it's uh, it's excellent stuff to have no no doubt about it Okay, I don't I'm glad you agree, but it's no I mean, it's just blowbacks 101 And you know all the stuff we talked about frameworks and stuff. That's just You can teach yourself. You don't you don't need to sign up to any courses or anything like that Yeah, google is your friend just go and read about it and then Um, watch things like book map without all your charts open And just see if you can't see the exactly the same things you saw in those frameworks without any charts And you you recognize those behaviors pretty quickly Um, I've joined up the dots with the current price line To approximate, you know those frameworks, but that's all I did Yeah Yeah, yeah, no, I I know it's late there. So, uh, thank you for going to full. Um, you know a full hour and a half here really good stuff and You know lost lost to learn from From your experiences. No question about it. Uh, so Yeah, we'll You know do more with you. Uh in the future mobi. Um, and uh, great great trading Thanks, brazen Okay, uh, thanks everybody. This uh, this is a conclusion for the for the week and uh With the with the pro-trailer webinar cap it off here with uh with mobi and you get you guys can take this forward into the, uh Extended trading hour sessions and look for mobi online. Uh in our discord chat room. Uh, he's there basically every day, uh and uh, yeah, if you like the video, please give it a like in youtube, uh, and Subscribe to our youtube channel that helps us out quite a bit. Uh, we'll catch up with you guys next week Thanks again mobi excellent webinar