 The broadcast is now starting. All attendees are in listen-only mode. Good morning, traders. Welcome to the Bookmap ProTrader webinar series. Today we have Jason Love. Jason's actually a long-time Bookmap user, one of the early adopters years ago, four or five years ago. He's been using it for quite a while. He is the founding member here of Oil Trading Group back in 2010. And the head trader there, prior to that, he ran a 300-seat call center, vice president of operations, a veteran of the United States Navy. And Jason understands the value that structure and discipline have in day trading and volatile markets. I've heard him talk about it and repeat it so many times, really very nice advice, looking at the way that he trades to cut your losers and let your winners run. Anyway, let me go through this risk disclaimer and then his contact information and I'll turn it right over to Jason. Risk disclaimer, 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. And here's all of Jason's contact information. Don't worry if you don't need to copy this down now. I'm going to paste it into the chat window for you throughout the webinar here. So if you're interested in his Oil Trading Group website here, his email, his YouTube channel, his Twitter channel, or special offers from Bookmap, from Jason only, you can use this link here. Like I said, I'll put them all into the chat. There's also another link for his training that I'll put in there as well. Other than that, let me turn this over to Jason. Thanks, Bruce. Appreciate that. Let's see if I can get the screen share working here really quickly. I always have nine monitors here. So I always have to kind of fish around for the right one. All right. So that looks to be the right one. Can you see that? Okay. Yeah, looks good. Cool. And you can hear me fine. Yeah, you sound great. Awesome. Very good. Well, thanks everyone for joining us here today. I'll try to keep this as succinct and brief as possible. My process here that I go through and I've done this presentation a couple of times, the process I'm going to go through is I'm going to talk to you about what my kind of thought process is and the structured kind of approach that we go through. And then I am going to go through and show you some chart examples of how we take the Bookmap and fold it into our overall process. So again, thanks again to Bruce and Bookmap for inviting me to participate here today. I am, as Bruce said, been a longtime user of Bookmap and the number of enhancements and features that they've added, it's really awesome considering where it was when we first started. It was kind of black and white and I thought it was really cool then. And then as they've gone through over the years, they've enhanced it in so many different ways that it's a really spectacular tool to use here. And we use it, like I said, every day in our trading sessions. All right. So let's take a look here. So just as by way of quick introduction, that's me graduating from high school in 1987. If I could take off the graduation cap there, you would see a very handsome mullet on my head as I was graduating from high school in 1987. That was quickly changed, however, when I got into the United States Navy. And that's a picture of me graduating from Bootcamp. I am a combat veteran of Operation Desert Storm held the top secret security clearance while in the Navy and was designated the recruit chief petty officers. We went through our bootcamp process. That's me a few years ago and boy, like with all of us, do we get better with age? Well, maybe. But I'm not sure that that could be said here for me there on the right. Like Bruce mentioned, I was a vice president of a 300 seat call center founded the old trading group in 2010. I've participated in twice weekly radio squawk radio shows at top step trader. And we have 200 plus active trade room members as we speak. What am I going to show you today? Does it actually work? So if you go to our website and Bruce to the link in their old trading group.com. And you would happen to go over to the top step trader website. I pulled this graphic here to the left from the top step trader website in 2000. In 2018, top step trader funded 1000 and 20 traders. Me, our lead trader completed the process in the fastest time. Now we do a number of these trading combines throughout the year. And I've been funded. I was originally funded a top step trader back in 2012. We, in fact, I was one of the first 50 people, I think that was funded at top step trader. Anyway, we go through these, we go through these funding processes periodically in the trade room. Because we feel like that that's a really good indicator of how our process works. And that's something that you can kind of verify through the reporting and things like that that top step trader uses. But if you look here, it says there are 15, the number of the fastest number of days to funded trader was 15. That's the minimum, by the way. Step one is a minimum of five days. Step two is a minimum of 10 days. And that was us that completed that in 2018 in the fastest number of days. If you look to the right, there is one of our most popular YouTube videos. And I'm going to show you the YouTube channel here at some point this afternoon or this morning rather. And again, we show how we passed step one and step two. We did a complete webinar on this, how we step past step one and step two of the $50,000 trading combined 15 trading days. And again, that was all based on what you're going to be talking what we're going to be talking to you about here today, what you're going to be seeing here today. Also, again, this is just as way of verification. See if I can get zoomed in here. This might be a little bit. Well, I won't be able to zoom in. So we'll come back here. Well, maybe I can get this thing to work. All right. Well, let's see here. Did we just lock everything up by trying to zoom in? Give me one second here. Well, heck. All right. One more time here. We'll try this. Sorry about this, guys. This is so much better. Hang on a second. All right. Let me do this. I'm going to have to close PowerPoint here for a moment. I have my charts running. All right. Give me one second. All right. We'll try this one more time. I won't try to zoom in here. I have my charts running and the market's fairly active here right now. So that could be causing me a little bit of grief here. All right. So we're back and we'll come back here. So what you see on the left is the Top Step Trader Trading Combined Step 2, 3180 in 10 trading days. This was actually the most recent one that we just completed. We started August 26. We finished on September 6. And again, they send out the auto letter. And I would zoom in on it normally for you. But at this point, as we know, my zoom feature is being interrupted right now by the speed of the tape. And at this point, again, that was the funded trading letter that auto gets sent out that we just recently completed. All right. So there are two types of traders. There is the rule-based mechanical trader or there is the discretionary trader. For me, I am a discretionary trader, but let's talk about what the rules-based mechanical trader does. They make their trading decisions based on, again, it's rules-based and the decision to trade is based entirely upon the trading system. These decisions are absolute and do not offer the opportunity to decline the trade. If the rules are met, the trade is taken. Discretionary traders like myself base their trading decisions upon information available at the time. There are still rules to be followed, but we'll use discretion to filter out trades based upon current market conditions. All right. So why do I prefer discretionary trading over the rules-based type trading? Most people that arrive here and by here, I mean at the oil trading group, they are looking for a rules-based trading system that will take all of the uncertainty out of trading. Rules-based systems are appealing psychologically because of the reduced emotional stress, the lure of sure profits, and a lack of personal responsibility. In other words, if the rules don't make money or the moderator on the other end of the microphone doesn't make money, then the system is broken and is the problem, not the trader. Rules without context seldom work because without context, the original rule may serve to do the opposite of its original intent. And one of the examples that I use is you have a mechanical system and it's the holidays, right? Well, you know that if the volume is down during the holiday, that mechanical system that fires off a trade signal may or may not work based on the reduced volume that's going on at the particular time. So again, you have to take everything into context and we're going to spend time talking about that today. Rules-based systems, again, sorry, we just said that, again, do not account for market context and are not adaptive to the constantly evolving market conditions. And it is possible, it is impossible, rather, to have a rule for every conceivable market condition. And again, if you were to ask that question, the obvious answer is no and trading requires context for rules to be effective. Again, you cannot make a rule for every market permutation that goes on on an everyday basis. So again, rules-based mechanical systems like that, again, may work fine for you. But for me, I prefer the discretionary trading model so that I can have the ability to filter trades in and out. So again, the bottom line, I'm a discretionary trader because I understand that the market is ever changing and fluid in nature. To maximize the opportunities, I need to understand the context that is occurring in the market. There are no rules to account for every possible scenario and I can balance my approach based upon the continually evolving information that I'm receiving. As we've done this now for over 10 years and I have talked to many traders across all skill levels and across all arenas. In fact, I've spent a number, quite a bit of time talking to the folks over at Top Step Trader. I was fortunate enough to have a professional floor trader kind of show me the ropes. In fact, the tools that we use in our trade room were originally designed by this person. So I've had the opportunity to talk to some professional successful floor traders. And I've talked to just our regular folks that join us in our trade room session every day. And the bottom line is that we've identified seven skills of the professional trader and professional traders think and act differently. And what I mean by that is all these traders that have found success over the time that we've been able to track and talk to these folks is they are process oriented. And being consistent in trading is about the process, not the results. And I know that that is kind of a shocking, that is kind of a shocking statement. But at the end of the day, if you follow the process and you have a sound process, the results will come. So again, you're not trading for results on a day to day basis, but rather following your process. Embrace uncertainty. Pro traders are comfortable being uncomfortable. And so we know that once we enter a trade that there's really only two things that can happen to that trade. It's either going to work or it isn't. And so there is an amount of uncertainty, even if you have a trading system that is successful 70% of the time, 75% of the time out of 100 trades, it's going to lose 25 times. Also, based upon random distribution and statistical analysis, what if those 10 of those 25 are front loaded? Meaning that you get in and you lose 10 times in a row. Well, there's a tremendous amount of uncertainty that develops. And if you're disciplined enough not to tweak your system, which most people aren't at that point, if you lost 10 trades in a row, and that was part of the, you know, you're still in that 75% win rate, but you lost 10 of those 25 trades in a row. You're going to still want to tweak and even if you don't tweak that system, there's a lot of uncertainty that goes on. So the professional traders embrace the uncertainty. Also, professional traders know their edge. And again, if any of you have followed us or know what we're any length of time and know what we are very clear about, it is about reward to risk ratio. We consider our edge to be our ability to achieve a two and a half to one minimum reward to risk ratio when we're winning. Traders think and see objectively. Pro traders avoid thinking in terms of what should be and instead think in terms of what is. And again, as we begin to tie this into the book map, the book map gives you a really unique opportunity to be able to say, okay, I feel like, you know, the probabilities of this setup are XYZ. But if the market is telling you different and you see things going on in the print on the book map that are telling you that it could be different, then you need to be able to see that objectively and think about that from an objective standpoint versus saying this should be happening and being stubborn with that approach. Rank and filter. Information comes to you in an unlimited quantity and you need to be able to effectively prioritize and distill the information into trading tactics. We're going to talk about how we go about that process here in just a moment. And then once you've decided what the context and all of these things that you've been able to rank and distill the information, then your tactics are applied based upon the current context and structure of the market. And that's where this is really where book map will shine for you is when you start talking about applying your tactics and then finally evaluate analyze and adapt and understand performance metrics, understanding performance metrics and objectively evaluate the trading performance, implementing changes is necessary. And if you are analyzing and evaluating your objectives must be must be quantifiable. And so what we what I simply mean by that is you need to be journaling, you need to be tracking what you're doing. I could tell you in pretty much detail all of the different components that are important to me. How long is my average winning trade versus my average losing trade? What is my winning percentage? What are my average winning trades versus my average losing trades? How are they being affected in current market conditions? What is my maximum favorable excursion? What is my maximum adverse excursion? All of these things are very important as we go through and analyze what we are doing. So again, we've identified these seven skills as being important for the professional trader. Again, traits and things that the professional traders all have in common, especially the successful ones. All right. So trading framework. Here's our methodology in five steps. It's all about the process. What is the context of the market? Okay. What is the story the market is trying to tell you today? The structure. Where are we in that story? All right. Once we decided what the context is, what the structure of the market is, then what are our strategies? What are our scenarios for the trading day? And by the way, we're not right all of the time, but one of the things that is important for us is bullet point number five, which will come back and talk about that here in just a moment. But again, once you have the structure, the context rather, what is the story the market is trying to tell you? Where are we in that story? And then you develop your strategy. What are the scenarios for the trading day? Then you have your tactics, entries and exits based on the context, structure and strategy. And by the way, tactics is where everybody wants to immediately focus in on. Everybody wants to start talking about how do I get in, right? You'll notice here that that's not number one on the list. Number one on the list for us is not how do I get into the trade? Number one for us is what the context of the market is, the big picture perspective, the tactics. And again, there are as many tactics out there as there are people trading them. So for us, the tactics, while important, is not the end all be all. Really where you become and you have your most successes when bullet point number five in your risk management. And that is to cut the losing trade short and let the winning trades run. Now we didn't invent that quote or that idea. That idea has been out there for as long as trading has been around, right? And it's a very applicable idea, not just in trading, but again, if you are investing in anything, you want to win more when you win than lose when you lose, right? So again, it's all about this process for us here. And this is our framework in five steps. All right, so the context, the story that the market... What is the story the market is trying to tell us and are you being misdirected? The market is telling a continuous story and our job is to determine where we are in that story. So the questions that we ask, where is... By the way, I look at the profile and so again, we talked about what is the story the market is trying to tell us and how successful is it in accomplishing that story. One of the things that we look at on the profile is the rotation factor. And if you're not familiar with the rotation factor, a rotation factor is simply... The best example or the best way to talk about it is if you're familiar with Blackjack. There is a basic strategy to Blackjack and that is hit 10s and stay on face cards, et cetera. Do different... Let me say it this way. When the dealer has a certain card, you have to assume that their whole card is a 10. And then that forces you into performing an action. If you are below 17 or lower, then your job is to hit based upon what the Blackjack dealer is showing you. Now, the rotation factor is a little bit like card counting in Blackjack. If there is a 10, then the deck is supposed to be... If a 10 comes out, you count that as a plus one. If a face card... Another face card comes out, then that is a plus two. If you have something other than a face card, then it's minus one and there's some neutral cards in there as well. But at the end of the day, if there is a... The count will give you an idea of where you are in the deck. Now, this is a little bit skewed because today they have six deck shoes that are designed... Random shuffle or continuous shuffle, six deck shoes. So it's not as effective as it used to be, but the rotation factor is basically that same kind of idea. So again, if you look here today, this is a CL, the rotation factor here is zero. And so the story that the market is trying to tell you here today is that we are in some choppy conditions. And one of the things that we looked at here this morning is this is a chart here where we've identified the choppy range. So this yellow band is the choppy conditions. So the story that the market is trying to tell you today is that it's in the chop. And if you look again here at this rotation factor on the CL, it's a zero. So if the rotation factor was positive, then that number would be plus one, plus two, plus three, plus four. If the market was trying to rotate lower, then that number would be minus one, minus two, minus three, etc. The bigger the number, the more success it was having in trying to do something. So today the rotation factor is zero. That is a story that the market is trying to tell you. We also look at relative volume on the day. You've all heard that discussion that volume precedes price. Well, we look at a relative volume ratio. And today the relative volume here has been at about 102% of the previous four Tuesdays. But a lot of that was driven on the China news that came out around 730. If you look here at this blue line, you'll see that most of the volume subsequent to this China news was lower. And so again, you've got a rotation factor of zero. You have relative volume has been pretty like the story that the CL today is telling you is that it's going to be a little bit difficult. And again, we also look at volume on the daily chart. Where will the market find support and resistance? We have a series of proprietary levels that we look at known as our market maker levels. That is our support and resistance idea. We have higher timeframe reference charts like previous points of control, the overnight higher low, major inflection points. Where has the market turned in the past? And then of course, we also look at the ETH and RTH, extended trading hours and regular trading hours, volume-weighted average price. Also, and when you start looking at context and story, what is the long-term, intermediate and short-term chart tell you? And these are the values that we use for those particular long, intermediate and short-term charts. All right. Once we have determined what the story of the market is trying to tell us, then we got to put the story into perspective, right? What is the structure? Where are we in that story? So the questions we ask, what are the major structure points for the day? Again, we use our highs and lows, market maker levels, settlement, value area highs and lows. And again, we also, again, as being part of the market profile kind of school of thought, we look to see, is the inventory long or short? Meaning, where is settlement in relationship to what is happening with price? The other thing that we look at is where is the market opening? Is the market, again, we start talking about stories that the market is trying to tell. Here is where the CL opened today. The CL opened within the overnight range, typically giving you an idea that the market is likely to be a little bit choppy, et cetera. And again, we opened there within the overnight value area. We come back here into the RTA session from Friday. We're back in that area. And you can see here that the profile is fairly flat here today. So again, the market is trying to tell us something there on the CL. That is the story. All right. So once you get into the idea of where we are in the story, then you have to come up with your strategy and your tactics. So the questions we ask based on strategy is, what are our trading strategies today? We then again begin to look to identify long scenarios and short scenarios based upon our structure and context. Once we've done that, we build our daily trade plan based upon those opportunities. Finally, you have tactics. Your tactics are applied based upon the overall context and structure. So tactics, they go something like this. There are people like me who like to fade into levels. So if the market is rallying, then I am looking for some confirmation to be able to fade into an area short. This is where Bookmap comes in. We're going to talk about that. So let me give you an example here. Actually, let me give you an example right now that's occurring on the CL. If you look right here, we have a level here, what we call our market structure signal right here at 15. If I bring the Bookmap in front of you here right now, we have a big band of liquidity right here at 15. Also, if you look here and Bruce, I think I'm saying this properly, you have 265 limit orders long right here at 15. But if you look at this white line, anything to the left of that white line, the way the Bookmap is accumulating that, that is a single player accommodating that long order. So again, as the market is trying to come down into 15, this is how we know that we are validating our support slash resistance idea. So if you look there at the market, there is 15. You look right here is one of our levels at 15. This is going to be a decent area to be able to look at what the market is doing. That would be an opportunity here for us to consider looking potentially long. And then you start getting into confirmation factors here in your RTH session. The first standard deviation off the RTH VWAP is right here at 14. That would be your first standard deviation off of the band here on the RTH volume weighted average price. And so what are we talking about? We're talking about the market structure. We're talking about the context, right? The context is the market has been choppy to sideways, but we are value area higher, right? So this was the overnight session value area. This is the RTH session value area. That value area is getting higher. You also have a point of control right here at 18, the volume point of control at 18, a line of liquidity at 15. The first standard deviation off the RTH session VWAP, all of those things together are giving you information that then allows you to say, you know what, there's a really a decent opportunity there that I can look to get long. For me, then you start talking about tactics. The market sells off down into that zone. I'm going to fade that area on a first time touch short or long rather on a first time touch into that zone. I am likely to get long there when it touches it. For you, your tactic might be I wanted to touch. I wanted to rally. I wanted to pull back. That's great. That's your tactic. Another tactic might be I'm waiting for, I have a moving average cross. I'm waiting for it to cross and pull back into the first moving average or back into the cloud. I'm waiting for divergence on my cumulative volume delta. I want to see divergence before I get in. This is my point when it comes to tactics. Tactics are as prevalent as there are people telling them that they're out there. Here's what I'm looking for on the print here. I'm going to show you some chart examples here. Here's what I would be looking at. As we look at the book map here, 15 is a line of liquidity. That's not volume and we don't know if that's real or not until we get down into that zone. Right here to the right is the tape in ones and twos. I start to judge the speed of the tape based on what's going on in this right hand column. Directly to the left of that, I have filtered out the CL by 20 lots or greater. If you look here, down here at 28, 25, the market was selling down to this 28, 30, 28, 26. This is where everybody was trying to get long. Well, that's information. That was back up in this zone right here. If you look here, the market sold off into this liquidity. You had a big delta dot here, market rallies, lots of delta coming up. Look what happened here. This liquidity moved from 04 settlement, by the way, is it 02? Here was settlement. Here was the ticks right moving up as the market was climbing. The liquidity was moving up behind it. Market sells off in there, couldn't get through this liquidity providing support, and this big band or this big area of liquidity has now moved up here to 15. Now, again, this was in the context of what the story is today. The market's a little bit choppy, a little bit sideways, and now you have a big band of liquidity underneath you, which also is supported by the first standard deviation of the volume weighted average price, which is also supported by the volume point of control for the RTH session and is also supported by one of our decision making points that we trust, which are called our market maker levels, right? So now you have context and confluence in that area to be able to make a decision. And what the book map is allowing you to do is allowing you to see what is happening as you're getting into it. Now, if the speed of the tape is such that it's coming down super aggressively and that liquidity begins to move out of the way, right? And you're seeing a bit of that here. This is 15 has now moved down to 11. As the market rolled up into it and came down to 19, the liquidity began to back away. Well, that's telling you something, right? That is something that it's trying to tell you. And so again, you're assimilating this information into the context of what's happening. So again, we talked about being a mechanical trader, or a rules-based trader, or a discretionary trader. And this is why I like to use the discretion, because I want to know what's happening as the market is pulling down into our levels. All right, so let's keep going here. So again, this is the most critical aspect of what we are looking at. The only thing you can do, once you decide to pull the trigger, okay, once you decide to pull the trigger, and let's say the market sells off down into that 15 zone, and we decided to get long, the only thing that you can control is how much you're willing to lose, right? Also, if we were to get down into that 15, then I need this to be an opportunity where I could get at least two and a half to one reward to risk ratio. So if you come here and you measure 15 up to the high, that is 26 ticks. And if your stop here is below this swing as an example, that right there is 05. So that would be an 11 tick stop. Well, two and a half to one on 11 ticks, okay, 2.5 times 11 ticks is 28 ticks. That's just about enough to get you the opportunity to go to two and a half to one. Our actual target here on this would be this level up here, right? So our targeting location would be up to here at 41. So an 11 tick stop and a 41 tick target, that gives you the opportunity and space for four to one, basically a three and a half to four to one reward to risk ratio, right? But we also know that there's a previous high there today. So the likelihood of us getting through that on the first cut might not be there, okay? So that's context. But what the book map is trying to do for you here, it's allowing us to look and say, okay, where are we? We have liquidity here. We had it at 15. It's moved down to 12. Maybe we can get a better entry. So our stop is below this liquidity here. And if you look up, we said that that structure area, that structure point up here was at 56. This high was 41. Well, what do we have here at 41? We have a line of liquidity short at 40 and a line of liquidity short at 50. Well, that's our two locations on the chart. There's 41 is the high and the zone of influence around this level here is 56 to 50, right? So that's just telling you the story. And the way our tactics work is we have a place on the chart where we're looking to identify trade and we have the book map is trying to tell us what to expect as we move down into that zone. So I'm hopeful that that's making sense. Once we're in the trade, then we're looking for a two and a half to one reward to risk minimum. And by the way, I am an all in and all out or I may scale in and all out type of trader, right? So I am not taking one off at 10 ticks and letting the other one run as an example on the CL. I am an all in and all out type trader. So again, I'm not mitigating my winning trades by taking one off at a particular level, right? I am cutting the loser short, not the winner short and letting those winners run, right? So that is the idea that we're looking at on a trade to trade type basis. Again, always looking for a stop always looking for two and a half to one. Again, you never want to lose more than 2% of your trading account in a particular session. And so I have this conversation all the time. If you've got a $5,000 trading account that you are trading and you can't lose more than 2%, that's $100, right? So you have to trade small and you have to be able to get in and get out. And sometimes what that means is that if you take a trade and then you take your first stop and it's $100, you got to be done for the day. But then you come back tomorrow and you do the same thing. You're down $100 and you're okay. And then you move to the simulator. And now day three, you've done the same thing. You're down $300 at the end of one trade. But then on day four, you catch that one trade that gives you that big winner. And now all of a sudden you made 50 ticks on one lot. You went from being down 300 to up 200, which is a paradigm shift for a lot of traders. A lot of traders do just the opposite. They'll take small winners, small winners, small winners and have one oh crap day that eliminates their entire three winning days, right? And I'm going to assume that most everybody here has done that as well. And if you've never done that, then good for you, you're ahead most. But we've all, I'm going to assume, done that kind of thing. So again, this is where it is the most difficult aspect of this is trying to battle the psychology of risk management. And that's something that I think that we do pretty well in our day to day trading. All right, so here's the five step methodology and then we're going to start looking at some opportunities that we had. The context, what is the story that the market is trying to tell you, right? The market's trying to tell you a story. What is it that it's trying to tell you? Bullish, bearish, choppy, what are we trying to, what is it trying to tell you here today? The structure, where are we in the story? We're in chapter one, are we in chapter 10? Where are we in the story? The strategy. What are your strategies? What are your scenarios for the trading day? So when you sit down and you say, okay, if this happens, then I want to do this. And if this happens, then I want to do that, right? You can have two or three scenarios. You can have, you can be developing them. You can say to yourself, okay, when my DS signal, one of our proprietary levels comes up and it does this and this that I'm going to get in, right? And so it doesn't have to be planned eight hours in advance, right? But you can certainly be understanding what's going to happen if and when you get into a certain location on your chart. Once you've decided that, then your tactics are your entries and exits based on the structure, context and strategy. Again, I can't reiterate this enough. There are as many tactics as there are people out there trading them, right? And so tactics is not the most important thing. Tactics is just the way that you're going to go take the hill. Okay. So if you want to look at it from the, from a military perspective, right? Our objective, right? Here's what we're, here's where we are. Here's what the overall picture of the battle is. Here's where we are in the battle. Here is our strategy. We want to take that hill because if we could take that hill, then we'll have a good covering look over all of the ground around it. Okay. So we have four commanders trying to take the hill. This, this commander is their tactic is to go straight up the hill. This tactic for this commander is to do a flanking maneuver. The point is that there are as many tactics to executing entries and exits as there are people doing it. And again, this is where book map becomes an invaluable tool in that process. And then once you're in, there are only two things that can happen on the trade. There's only two things. It's either going to work or it ain't. And if it doesn't work, then you get out. If it does begin to work, then you need to manage the tool like book map to help you stay in stops. I'm going to hide behind this level. They had the volumated average prices here and book map is telling us there's liquidity there. I'm going to hide my stop behind that level because that makes sense. Most traders, too many traders start taking trades off based on psychological reasons and not trading reasons. So in other words, they will make a trading decision to take one off at 10 ticks on every single trade, which is a random arbitrary idea. It is not based on a trading decision or structure on the chart or what's happening in the print or what's happening on book map. It's not inclusive of any of that. It's just simply I take one off at 10 ticks so that I can protect profit. Again, what we're talking about here is not an overnight get rich quick approach. There is no magic indicator or holy grail. But I assume by the fact that you're here today watching that you're ready to go to work to be a different type of trader. Here's a simple analogy. When you are learning a new language and that's what this is, you begin by memorizing words, verb tenses, sentence structure, etc. It then takes time to become conversational. You then make a major leap in your level of learning when you begin to have intuition in that language and have a deeper understanding of the language. And again, you know you're there when you start to dream in that particular language. It's the same thing here. Once you begin to think in this new language, you will transform your trading into a structured, methodical approach. The results while important are not the focus. Mastering the process is paramount. The results come when you develop the ability to think in the language of the market. Here's another reason why this approach is an important approach to me. Because there are so many red light, green light indicators out there. I was reviewing one a couple of days ago, maybe a week ago. And it had seven things on the chart that had to line up before you could actually take an opportunity. There were seven things. And that's fine. That's their idea. But you were looking at lines and colors and dots. You weren't really understanding what was going on in the market itself. What you were doing is you learned how to trade the indicator. You didn't learn how to trade the market. And so if that indicator vendor goes away, then your ability to trade goes away. And that's why when you learn how to understand the order flow and the context and what the market is telling you. And it is an indicator. Bookmap is an indicator. There's no question about that. But it is graphically displaying live information that's going on in the market. And you could look at a price ladder and see all of this stuff, right? You could see a price ladder and you could see that there was 152 short at 50. 142 short at 32. There's 252 long at 12. You could see all of that, but you wouldn't be able to see the historical aspect. You wouldn't be able to see that the market here, it was down here at 0203 where settlement is. Market rallies up, catches it. Sorry, sells off, catches it, rallies back up. Then this liquidity starts to move up here to try to provide support. We come right down, it gets a little spooked and now it's down here around 12. And the market's just kind of rotational in that area. That is market generated information. It's not a red light, blue light or green light or whatever kind of trading system. It is actually market generated. You are trading what the market is telling you as information as it goes. All right, so let's keep moving on here. So I am going to throw this link into your, into the chat window here. There are 400 plus trading videos where we show you kind of the methodology here that we go through. And I'm going to put this into the main chat window. Here's what I want you to understand about this. And actually Bruce, that went directly to you. So let me, I'm not sure how to put it into the entire window. If you'll send that into that's okay. I got it. So, okay. So here's, here's the YouTube channel and I'm going to, I'll bring it out here for you like this. Okay. Here's what I want to show you. This is not every single trade and every single day. And it's, you know, I'm not trying to show you. Here's what I'm trying to show you by this, right? What I'm trying to show you is that the hardest thing that I hear from people is, geez, Jason, I don't know how to hold on. I don't think it's possible to hold on for those big reward to risk trades. I don't think it's possible. Well, I want to show you, and we have 400 plus videos here on this channel that does just that, right? Where it shows you exactly how we go about with to get big reward to risk trades. It's not every day. I don't post a, if I don't have something to show you, I may win on the day, but I may not have had that big eight to one reward to risk trade, right? I use this channel to show you that it's possible. By the way, this is that, this is that video that I was telling you about at the very beginning. It's one of my most popular videos as it's now North, almost 11,000 total views. But again, that's how we did that combat. Anyway, that's the YouTube channel. And that's an important component because that gives you an opportunity to see that you can hold on to high reward to risk trades. You can be able to get in to the opportunities based upon the discussion that we just had. All right, so let's put it all together here really quickly. I'm going to show you a few chart examples, and then we'll go through some Q&A. All right, so on the 29th of October, okay, this is a, this was a good example that I can go back and show. So if you go back here to the 29th of October, this video is right here, okay? So the $960 CL trade on two lots. The structure, the story that the market was telling us. When the market opens below the overnight session value area, which is this area right here, right? There's the value area low. There's the value area high. This red A right here is the RTH session open period, okay? When it opens below and gets back into the value area of the overnight session, then the likelihood is that it's going to come up. The probabilities are that it's going to come up into the value area high, okay? So what did that look like? We had a couple of different ideas, all right? So here is the market comes down into the low, opens right here. This is going to be the A period low comes right down into one of our market maker levels here at, I think that was like 59. Okay? You had, the market comes down, this blue line here is the RTH session volume weighted average price. It rallies up, market pulls back, can't make a new low. The cumulative delta is on the increase. So the market was selling off, right? Here was selling off, you had some divergence because the delta began to climb. Market pulls back, leaves a long tail, and then rallies. This comes up. This is our market maker level. We had a sweet spot idea that it got within a couple of ticks of. We teach you how to measure that. Market comes up, pulls back, and then breaks out over the top of one of your market maker levels, which is right here at 86. And then the market rallies. Here's what that same thing looked like on the book map. This is what the same thing that it looked like on book map. Market sells off into this big area of liquidity, right? Pulls back right into this liquidity zone. And you see, it's kind of hard to see in this image, but there's liquidity underneath it right here. Market rallies up, couldn't get through this band of liquidity above. That's telling you something. Okay. Hmm. What does that mean? Well, that means be careful because that could be just running right into the volume-weighted average price for the ETH session and not able to get through it. Pulls back. And then you have a big cumulative delta, negative delta here, right? So market pulls back, can't make a new low into this area here. Big, heavy selling dot here. And then all of a sudden the market begins to rally, right? Once it gets down through, can't make a new low, gets above and closes above our market maker level. I chose to get in right there at 96. And that's where the entry was. Our entry was 98 actually, broke down through, closed above our market maker level. Five-minute bar, 98 was the entry long. Market rallies up. And then once it started to pull back, 46 was my exit just below this liquidity here. So 98 up to 46 ended up being times two lots, $960 trade. And again, we couldn't get through here. We sold off in retrospect. Maybe I should have been a little deeper here at 41 to 39 just below this area of liquidity. But I was pretty comfortable with what we had achieved. And then the market comes up and cannot get through this band of liquidity above. And that could have been an opportunity, I don't remember, but we had a nice handsome trade. And again, if you go to the YouTube channel, you'll see that trade here as it happened in the room, right? And so this is what it looks like. This is what the trade looked like here, right? Is exactly where we got in. And then of course, what I'm just showing you here, and this is the price ladder that we were managing through that process. And I'm kind of going through that exact thing that we just talked about. All right. So that was a trade that we did on the 29th. Here is a $2,000 CL trade on the 22nd. Again, most of these trades start out with 10 to 12 tick stops. So we had the market was coming down. We had a market maker level right here. And you could see how the market was kind of rotational around this area. Again, we looked to get short here at 37. Again, the amount right up here. So that was the volume weighted average price. It's angled to the downside. You had aggressive cumulative volume or the relative volume rather was aggressive. Everything in green represents 120% of the previous four sessions. So if this, for example, was a Wednesday, it would be the previous four Wednesday. And it's 120% or greater on the volume. So again, lots of volume coming in here. You had a nice market maker level here. Market comes up, pulls back, comes up again. And then flushes out down to your market maker level down below. That's 37 down to that was 5761. So again, that was 60, 70 odd ticks right there. And again, here's what it looked like on the book map. So as the market, so I actually get in over here. And so as the market's kind of banging around, you can see the liquidity began to follow it down. We were in short at 37. Our stop was, I think on this particular trade. In fact, let's do this. We'll come back here to the 22nd. And let's take a look here on the 22nd. Let's just take a look. All right. So here it is. We got short at 37. Our stop was 48 on three lots. We actually had, we added a fourth lot to it. And so the initial stop here was 300 bucks. And by the time we added that fourth lot, we had a six to ended up being a six to one. But again, you can see right here, 48 was a stop 11 ticks. That was the entry. This was the market maker level area that we were looking at. And again, this is exactly how we used the book map to get us to kind of into that position to be able to show us. That there was liquidity. It was a valid place, right? Our decision making point was being validated here. The RTA session VWAP was being validated by the liquidity that was above us. Remember, we don't know if it's going to work or not. But what we do know is that if it does work, we want to let it run. If it doesn't work, then we get out as quickly as we possibly can, right? And that's kind of the way that we look at that. And so we'll take one more look here. This was an example on the 2nd of December. We had a $1575 E.S. trade. Again, we had our market maker level here. Extension one, the market sells off, pulls back into this level. Also happens to line up here. Again, this was right back into this area. It was the first stand, one half standard deviation from the volume weighted average price. You have confirmation. The story is the market's trying to sell off, pulls back into these levels. And then you had very good aggressive relative volume here is 125% of the previous four Mondays. And then of course you had the book map. So again, you had the stop was below, was two and a half points. You had what is interesting to note here is look at the liquidity up here. Big band, big band, following it down, following it down, followed it down, right? Big bands of liquidity, all of this that was below it began to melt away, right? All of this that was below here. So you had all of this liquidity moving out of the way while you had liquidity trailing it down. And if you look here at the price map here to the right of the time in sales, what you can't see is this was moving very quickly. But you could see all of the ones in two. So this is filtered out by one. This is everything that's coming through. So I like to use that to gauge the speed of the tape. And then here is filtered out by 75 lots or greater. And again, you could see that there was lots of red coming in here. So there was a lot of selling going on again. And as this was happening, print liquidity was beginning to migrate down. All of this heavy liquidity that was here begins to move out of the way. And again, that was on the 2nd of December, which, let's see, we come back here. That was on the 2nd of December, which that's the 22nd. This is the 2nd is up here. All right. So again, just into it, we talk about, you can talk about what we were looking at here. There's the profile information. And let's just find here so we can see this. Okay. So this is where we ended up getting in. I had a CL trade going on as well. But this shows you that I'm in this ES trade. Here's the stop. This is that same market maker level that we were just talking about. And there's a lot going on here. So you can't really see the speed of the tape. But this is where it got a little bit dicey up here as the longs were coming in. But you'll see that we had a stop. And the market then begins to break down through our entry location and off it goes. And you can watch that stuff on our YouTube channel. So with all that being said, that's kind of the way that we use book map. It's a very dynamic, exciting tool. We're huge, obviously fans of the book map. And let's just go back here before we do this one more time. Here is that 15 to 12 area. So again, in real time, we have a level here at 12 to 15. Right? We had this area at 15. We would have had a stop down below here. The market came down into that area. Actually came down to 17 and then rallied back up. And it's now trying to fight through it. So you can see that here the liquidity is beginning to kind of move out of the way. And you can see here that the selling is beginning to come in as well. So it's skin. It's just all information. Right? So if you're in this trade long from 15, which we were talking about, what is the context today? Well, the context is that it's choppy to sideways. The rotation factor is zero. You're in this kind of chop zone. It's not really doing what I would like to see it do, which is move away very quickly. So you start to start to think about tightening up a stop and doing stuff like that. All right. So we have a day trading chat room where we do this kind of thing every single day. We started 745 a.m. Monday through Friday. That's central time. Bruce is going to throw a link in there for the free trial. If you want to register and take the free trial with us, we'd certainly love to have you. And Bruce, if you have questions, I am up for it. Okay, excellent. Yeah, just put the link in there. A bunch of links for you guys or contact information for Jason. His bookmap special offers link as well as his OTG free trial link. Okay. And then I also put in his YouTube channel a few times there. So you guys have all the links and everything. Yeah. Some questions here. So in you is asking about why the two time in sales, what you're driving from that? Yeah. So the first time in sales is let me do this way. Because ESL will do it on the CL here. So what I'm getting from here is speed. How fast are the orders coming in? So again, we're in shopping conditions. It's a little bit sideways today. Difficulty moving. The tape isn't moving very quickly here. I mean, it's moving, but it's not very quickly. So all this is, is want anything greater than one. So basically everything that's coming in on the print is being showed up here is showing up here and everything to the left here is filtered out by 20 lots or greater. So I get to see how fast the tape is moving. And then I get to see at what increments, who's dominating the book on those bigger picture ideas, right? On the bigger lots. Okay. If that makes sense. Yep. Excellent. So also a cumulative volume Delta trader looking here at, you know, price pullbacks. In one of your examples, there are price pulled back. Well, cumulative volume Delta continued to increase, bullish sign. But in book map, there was a big red ball down, a ball of down Delta or, you know, selling. Why this negative Delta is not increasing cumulative volume Delta. Okay. So, you know, I'm going to bear with me here. I'm going to be just using screenshots. And I think this is the screenshot he's referring to is this one right here. Okay. I think this is what he's referring to. I think so. Yeah. And so the Delta began to increase here. Right. You did have a little bit of downturn in the Delta here, but it was beginning to increase. You had, of course you had, um, you had the, uh, volume was in greater con in quantities here. Right. So this is relative volume. So anything that's green means that it's 125% of the previous four periods would, in this case, let's say it's a Monday, the previous four Mondays. So the market comes down here. This is why I didn't get long initially off of my, um, first time touch off of my level. It's why I waited for it to pull back and then close above. And the book map really helped with that because the market comes down. My level is right in here. We made a higher low. We couldn't get through this area here. We closed above my market maker level. And then I got in, um, again, it's when you're discretionary, like I am, that I use the discretion. I know that if it doesn't work out, then I'm going to take a 10 tick stop and I'm going to move on. But I know that the signs are there. I'm at a decision point. The Delta's beginning to go in my favor. The volume, the relative volume is picked up. Volume proceeds price. By the way, that's a term that I never really understood until I finally started sitting. I mean, I could always look back on a chart and go, geez, of course it does. Look how big the spikes are. Of course that's that. But how do you use that in real time? So the way that I use that in real time is I begin, I use this relative volume, uh, idea, which so I can look at the few bars ahead of it to see is the volume picking up also the zigzag tool that I like to look at and some other things like that. But at the end of the day, when I came down into that cumulative volume was beginning to diverge at the bottom, you made a lower, a higher low. We got above and closed above my level and I got in. And I knew that if it was going to work out. Great. If not, then. You know, it was a stop and we move on. Okay. Um, let's see. Uh, let's see a question about previous advanced book map webinars link. Uh, Louisa, a quick note on that. So you can go to our YouTube channel and there's some selected webinars there. But the advanced webinars are for the current subscribers. Okay. And book map owners. Uh, let's see liquidity migrating down from a single trader. Uh, judging. Or yeah, from the single trader, you know, you can see the large, larger area of liquidity. And that was a large lot tracker caught that. Um, uh, judging from the overlapping in time. Um, so I guess, uh, I guess the question is here about, uh, you know, looking at the, uh, migration of the liquidity. Uh, and, uh, you, uh, you could also see that they're not only lowering it on the offer there, but, uh, uh, they're pulling it from the bid and adding it lower. So. Yeah. It was this example here, right? Which is this example here. Exactly. Come down and then all this was just moving out of the way. Okay. So I guess maybe a question is on, uh, in some of your tactics, uh, once you start to get to the tactics, um, you know, what do you read here on the book map chart? Okay. So again, I am very discretionary. So the way that I like to, the way that I like to describe this is my mom, 70 year old mother is a very good cook. Okay. And she is, if I say, Hey mom, can you give me the recipe for this thing? Right. That she cooks that I really like. I could bring that recipe home and I can make all the ingredients and I can put it all together, but it never tastes quite the same. Right. Because every single time she does it, she's just, she has, she's intuitive about it. Right. She doesn't follow recipes. She tastes it and does those kinds of things. Okay. So that's, this is going to be a little bit of my answer to that question about tactics. It's going to depend on what's going on around us here right now. So again, I'll come back to today. Okay. Here's today's example. We said that we had a level here at 15. Right. Here's your level at 15 and drops through to 13. Remember that's where the liquidity had moved from here down to 13. It comes down. Now it's up at 21. You have some liquidity down here at 0706 05. The rotation factor here today is still at zero. Oh no, sorry. The rotation factors actually increased to five. Now that we're sitting here, the rotation factors increased to five. That's important. So now that gives me more confidence to be able to say, okay, I feel really good about this. The market's trying to rotate higher. We came down into this liquidity and this has happened. This happened in real time. We started showing you this before 25 minutes ago before it started to come down to this level. And so the tactic here, if I would have been getting in, it would have been just the first time touched long on that area. One of the mitigating factors to this is the participation is very light. Right. So everything in red is 60% of that period four times ago. So that's just in context here, right? The liquidity is very low and very slow. So maybe you don't take anything there. The point is that these tactics are based upon your discretion, which is what we talked about in the beginning. And I don't know if I just answered that or not, Bruce. Yeah, yeah. Definitely. I mean, like really context is the key here. And I guess, you know, how much you're waiting some of these things in the context. Well, it just depends on the day. Some days this is going to have more weight than that. And some days that's going to have more weight than this. And that just depends on what's happening around you, right? If it's an inventory day, then that's going to have the most weight in context. If it's an, if it's an OPEC day and there's a meeting out there, that's going to have the most context. But if I know that we are at a multi-day or multi-week high, that's going to take priority over maybe one of my other levels. So it's just going to depend on what's happening. But here's where book map doesn't depend. Once you make the decision on what you're going to do, it's going to sharpen the pencil for you. Right? That's the best way I could say it. The book map by it's, and you could trade. I'm assuming you probably have traders that come in here and talk to you about just trading the book map alone. Right? But if you're not doing that, then the book map is the pencil sharpener. This is the area I want to get short. This is the place that I want to do it. And the way that what book map does is says, okay, let's put a fine point on it. Let's sharpen the pencil so that we can find exactly where we want to get in and exactly where we want to put the stop. Does that make more sense? Yeah, definitely, definitely. I mean, you're totally right. Like, you know, that's, that's the, and this is why we hold these pro trader webinars. That's the way you use book map. Right? You are correct in identifying. Those are traders that are using exclusively book map. Yeah. And they're looking at, you know, higher time liquidity and order flow and then lower time frame liquidity and order flow and, and putting the two together. So, and those are their, their strategies. So, so, yeah, it's, it really varies across the board. And yeah, it makes total sense, Jason. Okay. So, let's see here, a couple more questions. And then we've, we've got to go here. Some, some questions about your market maker levels. And I guess, do you provide them? How they calculated? Yeah, we do all that. We teach you how to, we teach you how to draw them. So we're different than, we're different than most in that, you know, most, most places just give you the level or give you the indicator. We're actually going to teach you how to draw it because we're big believers in teaching you how to trade versus just giving you an indicator and moving on. We want to teach you how to do it and apply it and those kinds of things. If we had more time, I would shut down book map and reopen it and replay. This is very interesting on the OPEC meeting on Friday. Let's see if I could find this here. This was a very interesting deal on Friday. Look at that. It stopped on the tick. And what I could show you is there was a big bunch of liquidity right up here, right at our market maker level. This is, look at this. This is a hundred tick move, 160 tick move that stopped on a dime up there and then pulled back to the V web. Right. And so, but I, you know, if we had more time, I would do the replay and go back and load it up and all that stuff. I just, I didn't do that for this and I probably could have, but so we were talking about just using price ladders. Right. So this is, this is, this is just a price ladder kind of idea that I've been tinkering around with, but I still can't do it without book map, right? I still need to have book map showing me the ideas that we're, that we're looking at. So anyway, I digress, but anyway, that's, yeah, that's hopefully that makes sense. Yeah, absolutely. So yeah, guys, if we didn't get to your questions in here, I mean, you can always contact Jason directly. I'll put it in here one more time, you know, the different links. You got his email in there. You can also read, if you have book map questions, book map specific questions, you can reach out to us at support at bookmap.com. But other than that, yeah, thank you very much, Jason. Just some really nice examples here. I love the way that you're looking at your higher timeframes and then, you know, drilling down into the order flow here to really refine the entries and exits. Yeah, well, it's, again, I couldn't do it without, I couldn't do it without the book map tool. You know, there are times where I've been away and I've been looking at some charts and I'm like, gosh, it's like when you don't have your right arm or something, right? That's, it feels like that, right? Because that is a very integral part of what I do every day. And so I try not to do anything trading-wise, unless I'm right there with the ability to use the book map. All right, yeah, thanks. Thanks, Jason. So guys, and Jason, we'll have the recording up on our YouTube page probably in a, it takes a little longer than I thought. So, you know, give me like two to three hours, but it'll be on there, you know, this afternoon so that you guys can re-watch this or, you know, whatever you want to do. Awesome. Okay. All right. Yeah, thanks again, Jason. Take care, everybody, and we'll catch up tomorrow. Thanks, Bruce. Okay. All right. Take care. Bye. All right. Take care.