Hi, my name is Leon Rowe, Covenancy Trader and Trading Coach at Trading180.com and welcome to this week's supply and demand forex technical analysis. If you're new welcome and if you're returning welcome back, I really do hope that you're finding my weekly analysis useful and implementing it, you know, my analysis into your own trading and finding some success. So we normally start off with a bit of fundamentals first. And if you want to know about fundamentals and really you can't trade or you can trade supply and demand without fundamentals, but my advice would be to try to implement fundamental analysis and determine value because supply and demand goes hand in hand with value and we determine a currency's strength or weakness on fundamentals. You can go to the fundamental analysis course. The link is in the description box below and I go over how I approach fundamental analysis trading and you can see the videos here and pretty much just my approach from a top-down perspective, right? So this week before we get into the technicals because fundamentals is what drives technicals. The week ahead is going to be, you know, the US will publish inflation data. That's very important because that will determine the Federal Reserve's policy on hike, hold or cut. If obviously inflation is growing, then they'll probably continue in their hike cycle, which means that dollar strength, if it's as expected than holding, if it's below, then you might start hearing, you know, potential, maybe rumors of a rate cut depending on how far below, you know, inflation rate is, but yeah, we've got retail sales, industrial production and the preliminary reading of Michigan consumer sentiment elsewhere, UK, Germany and Japan, fourth quarter GDP growth rates, that's going to be important for all of them. Obviously, four is the powerhouse for Europe. So you know, Germany leads, if Germany starts to slump, you know, then pretty much the rest of Europe is not going to do, you know, going to fare too well. Japan fourth quarter GDP growth in UK, obviously, you're going to see the effects of potential Brexit on UK growth and China foreign trade, inflation and producer prices. That's again, quite important. Investors will also react to US-China trade talks and we'll see if the impasse of border security funding can be solved in the US Congress to avoid a second, a second partial shutdown. So there's a lot of important news going on this week. So definitely something to keep your eye on when making your trading decision. So let's get on to the charts. So we always start off as we do with the Dow Jones dollar index. So this is last week's analysis. Last week's analysis, you know, I was expecting prices to, you know, at least come up to here, some dollar strength to come into the market.  When you think about the euro and you think about the pound in the yen and what they're going through at the moment, you know, the dollar isn't anywhere near as bad as them. So I was expecting some dollar strength. And of course, this happens in the dollar, basically Dow Jones dollar index is just a measure of dollar strength against the major currencies like the pound, the euro and the yen. So you can see, obviously, you know, dollar strength and it's something to keep your eye on when trading any dollar crosses. So we did come down into this level of of fresh demand. You can see there was a fresh level of demand that led to a new high.  And that's pretty much what happened. So let's go to the charts now to see what we can see. And sorry, one second. Here we go. So dollar, Dow Jones dollar index. So what have we got now? We've taken out that level of supply, which was right here. There was a level of supply here on the chart, but we've taken it out. So obviously gets deleted. We've come up into this level of supply. Now I'm going to keep this here for now. I'm going to keep this level of supply here for now. And the reason why is because we haven't touched the level above yet. Right. And this could potentially be and it wouldn't necessarily happen on what could happen on Dow Jones index. But obviously we don't trade it, but this could still see a reversal. This could just be, you know, some sort of stop hunt above that level. I want to see it really kind of clear and go into this higher level of supply. So I'm going to keep this supply here. And I think the demand zone is pretty much going to stay where it is. You could potentially just move it further down. In fact, I think I will. So demand starting from here and then basically encompassing the low right here. So supply and demand, if prices do come up to this level of supply, then I'll just, you know, take that off for next week. And again, if you want to be a buyer of the dollar, what you're looking for is demand zones. And at the moment, we haven't, you know, you're waiting for prices to really come all the way back down to here before looking at buying an opportunity from a sale from a selling opportunity. You could still see prices from here start to sell off. So if you do start to see maybe some negative candles coming back into this supply zone, then we could obviously, you know, look for sell trades on any of the other dollar crosses. If prices do come up again, you're looking at that as your first pretty opportunity to get short and there will be probably another level of some support and resistance within this supply zone here. So I think probably if we're just looking at all the levels, resistance, resistance, resistance, bit of choppiness, but then resistance, resistance, resistance. So within this supply, you've got an area of resistance, which is what we look for. And you have these wide zones of supply or demand. And just look to get short because it adds to the supply and demand equation. So who is likely to be taking profit? Who's likely to be selling at this area here, right? So that's going to be the Dow Jones dollar index for this week. And again, keeping keep an eye on the fundamentals. Inflation, inflation comes out worse than expected. Then definitely, you know, this could be a short in opportunity on the other dollar pairs. So now looking at the dollar yen and the dollar yen right from last week, just zoom in a little bit. From last week, this is what we saw and. Into this week, come on, loading new bars. Here we go. Finally, we did have prices come up here and this supply zone really kind of hold as well. So again, I was looking at probably a buying opportunity, but didn't manage to get in on the dollar yen for this week. So let's look at the dollar yen chart. So again, we just touched the top end of this. This demand zone, right? And looking for a bit of a pullback, but obviously prices haven't done. So we have taken out what's taken out, but we have made a new high. So this is where we'd be drawing some demand as well right here. Right. So what you want to see is if you look down, maybe on an intraday timeframe, you'll see some sort of support and resistance within that zone. Let's go down to something like the four hour. Let's take that maybe able to see some sort of support and resistance. You've got support, resistance, resistance, resistance, bit of support, just a bit of a breakthrough there. I'm not necessarily the clearest level on a lower timeframe, but you may want to look for any kind of buying opportunities if prices do come back down into this zone on a lower timeframe before looking to get long, be careful. Again, if risk off comes into the market and the yen is a beneficiary of risk, sorry, risk off sentiment, right? Then you would probably be continuing. If you do get in short here, you're looking for any continuation to the downside. This level is OK. Or if that level, basically that demand level fails, then looking for that area to look for any long trade. Same thing for looking for a short trade. You've got this supply zone here to look for any shorts if you're not sure already right here. So moving on to the Swiss franc dollar Swiss and I didn't have an update since the 27th of January because we really haven't had any movement. Nothing really changed until this week. So this week, we did create a new demand zone and we've, I would say, probably the supply zone. You know, it was probably just about gone. If we zoom in a little bit, right, we did, you know, clear it one, two and then we come back down into it. But I'm going to, I will get rid of this supply zone here. Let's go to the charts, dollar Swiss. So what I'm going to do is that's gone. And now we want to do is zoom in a little bit and our supply zone is going to be so our demand zone is going to be right from from here to here. Now, could you get short right now yet? But personally, I'd put it rather wait for this level of supply a lot higher, right? In order to get short, if you want to get long on this currency pair, then you're looking for a pullback, which I am going to be looking for any kind of demand trades. And again, just depending on fundamentals, you know, and risk sentiment. But all in all, I want to be more bullish on the dollar, but I wait for price action to obviously prove that and assess when prices do come down here. So those are pretty much your options for this week. If prices break down here, I like this level here, where you've got the confluence of horizontal and diagonal support and resistance. This is a nice one, right? In a level of demand as well. So definitely good level. Let's add a level right here. You can see where there is. Confluence of support and resistance within this area. You can see resistance, support, support, support, kind of resistance and support around here, support. So again, nice, nice setup. If you want to be long, the dollar, I like this. Again, doesn't mean I'm going to take this. You know, there's other things I'm looking for as well within this area. And again, it depends on what happens this week from a fundamental perspective. So that is the Swiss Franc. Now moving on to the dollar CAD. The dollar CAD, this was a decent, very good, say very good setup, but from a technical perspective, good setup. You had some diagonal support in this area here. You also had the confluence of horizontal support. First and foremost, demand, which is value in this area. And anyone who did get long would have been rewarded from last week. Come on, come on, come on, load new bars. Here we go. Right, you can see where price is pretty much reversed from here. So great setup. We've taken at this level of supply. So on the chart, I will take that off. Let's have a look and go to dollar CAD. So dollar CAD, again, taking at this level of supply. That was positive, obviously bullish dollar, right? So if you are looking to potentially get long, or as you have started off with the shorts, if you're looking to get short on this pair, then just a bit higher before looking for some bearish price action. Again, if you're looking for buying opportunity, you'd be looking for prices to come down here. Or you'd be looking for higher highs to get made. If higher highs do get made, then come back down into what would be created as a demand zone. So you've pretty much got that. Again, with the Canadian dollar, keep your eye on oil. If oil is bullish, then very bullish, then you may see, obviously, prices start to come down in the dollar, sorry, the Canadian dollar, strengthen. But again, just keep your eye on oil, and obviously the dollar index and what's going on. So those are your options. Let's go to the New Zealand dollar, US dollar. And this week, what we had was a bit of a sell-off. So I was expecting prices to just come a bit higher. I thought it was going to stop hunt some people. But obviously, if you did get in on this pinball, well done to your top of the supply zone. I didn't want to get short on this, but it just didn't come up to the area that I was expecting. And plus, I was in a few other dollar trades as well. So I didn't want to overload. But if I did see some sort of stop hunt, then I probably would have entered another small position on this currency pair. We've taken out this demand zone here, even with the Confluence. And again, there was something in the New Zealand news which wasn't fantastic. So we've taken out a couple of levels. So what we can do is just go to the charts and clean it up a bit. Now we'll get rid of that. Get rid of that. Get rid of that. And we're taking out that level of demand. And I'm going to delete that as well. So we're right into this overall daily level of demand here, which has been used as support, support, resistance, support. And all support and resistance is is past supply and demand zones that have been projected into the future. This is a demand zone. This would be a supply zone. This is a demand zone. This is a demand zone, right? So it's just been past supply and demands that have been projected into the future. So if we do see some witness on the dollar, right now is a decent, definitely a decent buy. If you're looking to buy the New Zealand dollar, if you're looking to buy the US dollar, then that's going to be your next supply zone and less prices make lower highs and lower lows. So you might see a bit of a bullish candle and then you see a bearish move that continues lower. Then this would be the area of supply. Also a decent area where we've got some horizontal support and resistance. And in fact, I don't know why I'm going to draw it from here. Yeah, that's where, that's really where the other level is. I don't know why it was like that before, but you want to join the lows, et cetera. So putting me, maybe the better area to maybe get along with is if you see prices chop around and the price come down into this area here. But either way, if you think that the New Zealand dollar is going to strengthen, then now is your opportunity to potentially get long. Moving on to the pound dollar. And the pound dollar, let's have a look at the charts, zoom in a little bit. And this is, I mean, I'm actually in this trade short and loading new bars. Here we go, all right. So again, traders last week, there was a buying opportunity around here. But again, why the question I was asked is, why are you buying the pound when there's so much uncertainty around Brexit? So taking out that demand zone, right. There was no value around here. And now we've come down into this demand zone here, right. And we're putting in, we don't know whether this is profit taking or reversal, I would probably say, depending on what happens this week, it might be probably just a profit taking going on into the end of the week. So let's go to the charts and let's have a look at the pound. And so what we want to do is get rid of that, get rid of this and this. What we've actually done as well is we've touched this lower area of demand. So what I'm going to do is just clean up the charts a little bit. Yeah, and get rid of that as well. And then what we want to do, it's going to be the area of supply that if prices do come into, I do want to look to get long, sorry, look to get long dollar. Anyway, short the British pound. As far as a level of confluence with support and resistance in that area, you do have a little bit. It's not fantastic, but it is there. It is there. Got support, support, bit of support here, bit of support here, there, there. So around this area, decent level to try and potentially get short. If you're looking to get long, these are pretty much going to be your areas right now to get long either there or there. We also have this wider demand zone right here. Again, when you get wide demand zones, you just look for some confluences within those areas of demand. So you're going to have support there, support there. And if you don't see anything, maybe on the higher timeframe, just zoom down into the lower timeframe, like the four hour to look to see if you see some four hour support resistances within these areas. These daily areas of demand or supply, right? So that's pretty much your analysis for the pound dollar. Moving on to Euro dollar. Euro dollar. I took profit this week on this trade. I managed to get in around here. I think I showed you the entry in the trade last week. Took profit on Friday. And I'll show you exactly why I took profit. In fact, I have to tell you pretty much from here is that you've had one, two, three, four, five days of selling right into a level of what is known as, you know, obviously demand, but you've also got support, support, support there. And I'm expecting pretty much just a pullback before prices start to move lower. So when you see that, before I just take profit, my overall target was actually at the lows, but I'm expecting a pullback. And then hopefully I can get, you know, an entry at some point and then just re-enter on the trade. So let's go to the Euro dollar. So we took out this level of demand as there was no demand there. That gets deleted. And I'll go down to the four hour timeframe just to show you. You can check last week's weekly video as well. That was the entry right here. Nice risk reward and about a four to one on the trade. Stopped just above the high, few pips above the high. And profit was around the lows right here on the Friday. So worked out to be a nice four to one trade. Again, why was because if you look at Europe and you look at the dollar, which one is faring better? And that's again, it's a question for you to answer. But again, looking at you've had one, two, three, four, five, six, seven, eight, nine, 10, 11, 12 bearish candles into a level. For me, I have to expect some sort of pullback. Whether I get it or not, I might be wrong, it's fine. But when you get so many bearish consecutive bearish candles or in a certain, in a direction, you have to expect something to kind of pull back and then maybe continue lower than what you would do is just look for trading opportunities within that level of created supply. If you do get it, nope, definitely don't want to do that. So let me just go back a bit. Go back to the daily timeframe chart. So I am expected a bit of a pullback if prices do continue lower, so be it. But if you do want to be a buyer of the Euro, just be aware that this is not the freshest area of demand you've been, it's been touched once, twice, three times, four times. I do expect this to break to be fair. But again, I was expecting maybe a bit of a pullback before it starts to break lower, right? But just keep in mind that this is going to be a problem area for potentially for the dollar, right? To really break through straight away. Again, if the Euro is in positive sentiment or positive fundamental news, then this could be a decent trade to the upside. Again, if you're looking to trade this to the downside, you've got another bit of another supply zone right there. But again, just look for fresh areas of supply. So even though there is a supply zone here and price is blatantly supplied there, is that the freshest area of supply? I'd probably say higher up would be the best, better area or higher still, right? So those are pretty much your options for the Euro dollar. Looking at the Euro yen, let's zoom in a little bit, this pair I haven't really been looking at. Technically it's not necessarily the greatest, but fundamentally and sentiment wise, I do expect the closer we get to break it, the yen to strengthen because of the risk that is associated with it. We did have prices kind of come up and then come down into this demand zone. Now is there demand for the Euro at this exchange rate? Again, that's something that you'll have to decide for yourselves, but from a technical perspective there is a decent buy trade where prices do come down and you've got the confluence of some support in this area. We do also have supply right here as we've kind of gone below this previous higher low. We've actually got the swing here and then you've got prices have gone closed below that low. So I'd put this as an area of supply. So from a buying perspective right now, anywhere right now if you go down a lower timeframe would be decent buy. And again, if you're looking at a sell trade, your first area to try and look for a short trade would be there. You also have the confluence of support turned to resistance. So this little areas of support term resistance into an area of potential value as well. So that's your Euro yen trade. And again, if one of those levels breaks, it's just looking for the higher level if you're convinced that the Japanese yen is gonna get stronger against the Euro. So moving on to the Australian dollar, US dollar. Again, with low bars, we've created now. I did want prices to come up into this area of supply which it didn't, but it created a new area of supply. Took out this demand here. So on the charts we've got an area of supply right here and we've kind of put in a little pin bar at this area of demand. So go into the charts, all we can do is take that out, take that out. And then again, if you believe in dollar weakness or Aussie strength, US weakness, Aussie strength, then this is a potential buying opportunity in this area of demand. If you're looking at a short trade, which I will be, then waiting for maybe a pullback into this area of supply here before looking to get short. If that level of demand fails, then you've got another level right here to look for demand, right? And again, same thing would be up here. This level of supply doesn't actually work out. So those are your areas of supply and demand that we also have a level of, here we've got a bit of a level of support and resistance within that supply and demand zone. You can see it on the underside, yeah. Right there, support, resistance, resistance, support, bit of resistance and support there. So just on the underside of this, just move it up a little bit more, something like that. Again, decent area with some confluence here, adding to the supply and demand equation. So yeah, I think that's it for the Aussie dollar. And finally, we have the Australian dollar, Japanese yen. So again, looking forward from last week, we did get a bit of a set off at this 0 point, so 0, 80 point even number, round number. So we have come down into this level of demand. So let's actually go to the charts and zoom in a little bit more. So what we've got, level of demand, come down to the lower area. So we could be looking at a buy trade. Right now, on the lower timeframe chart, we have created a bit of a supply zone right here. So prices again, come up to this area of supply. Then this is where you wanna look to get short. The next level of supply is gonna be further up here. Again, Japanese yen benefits from risk off sentiment. So again, if you start to see China going back to the fundamentals, right? If China investors will also look to react to China as well, China trade talks, but also China foreign trade, inflation and producer prices. That pretty much is like the global engine, right? It keeps GDP of other nations up. China being the biggest economy in the world at the moment. Now if that starts to slow down and the global economy starts to slow down, if the global economy starts to slow down, then there's gonna be a flight to safe haven. Money will flow into safe haven, plays an asset like gold, Japanese yen, being a safe haven currency. So again, this is the reason why you look for fundamentals and risk sentiment, right? When looking at taking certain trades, it's not just good enough to look at a technical pattern and say, oh, that's a level of supply, that's a level of demand. If you're trading like that, you're really at disadvantage in my opinion, but I could be wrong. But yeah, that's it for this week. Please don't forget to like, subscribe, share if you find the analysis useful. The pairs, I should have said toys at the beginning, but it is time stamped in case you wanna go back through your favorite pairs. And again, if you have any questions, just email me at info at trading180.com or you can leave a comment in the section box below. I hope you guys have a great week thinking of the next video to make. I've got a couple of ideas, but if anyone wants to send anything over, then be my guest. And if I know anything about it and I will make a video on it. Thank you for again. I wouldn't say appreciate the guys that have been commenting and supporting as well. Thank you very much. It really does go a long way to getting these videos out there. So thank you again. And guys, have a great trading week and take care.


Okay, welcome to the Bookmap Platform Details webinar. This is Bruce at Bookmap. First things first, risk disclaimer, trading equities and futures involves substantial risk of loss and is not suitable for all investors. Past performance is not indicative of future results. For more information, go to bookmap.com and there is a free trial that is available for 14 days. Once you sign up for that free trial, you have access to a lot of the free resources at Bookmap. For example, the Advanced Order Flow webinar that starts in about 30 minutes and there's a lot of other resources as well. So you've got nothing to lose with the free trial. It's 14 days. See if you like it. If not, let us know and we'll cancel it. Any questions that you have, you can reach out to us at support at bookmap.com. Okay, let's see here. Let me show you where you can find it. Okay, so if you go to bookmap.com here, click on explore. Okay, this is where you signed up, I imagine for the free webinar here that you are already attending. Once you're a member, you can click here. Let's click on explore, we'll come down. There's some intro videos here. So if you're brand new to Bookmap, then I would recommend watching some of these intro videos so you get a feel for what Bookmap is. And then let's scroll down here.  So these are some of the broker partners that we have and you can connect Bookmap via a lot of these broker partners here, okay? You will need to have a data provider. Bookmap is a platform, we're not a data provider. So you can see the ways that you can connect Bookmap here through stage five, for example. They offer a stage five Bookmap, but they also offer many different connectivity or ways of connecting Bookmap here through gain capital, CQG, rhythmic, et cetera, okay? So for example, if you also use Ninja Trader, well, you can connect Bookmap via the API of Ninja Trader, but just note that Bookmap is a platform on its own just like Ninja. So if you are connecting your Ninja through rhythmic or CQG, well, you can just use your credentials for rhythmic or CQG and plug it right into Bookmap and bypass the API of Ninja, okay? This is the same with trading technologies, a TT XTrader Pro, it goes through the API, and then that's also the same for the Interactive Brokers, it goes through the API of the Trader Workstation platform from Interactive Brokers. Now, other data feeds, as you can see here, we've got CQG, rhythmic, gain, EQ feed, transact, and then dev experts here is for the Bookmap for equities, US equities, and I can answer any questions there that you have about US equities, I have some markets that we can take a look at as well. So let me know if you have any questions on that, and then also through Tradeivate. Tradeivate is web-based, but we also offer the connectivity through Tradeivate. So here's where you find Bookmap, all right? So under the pricing tab here, there's two, well, there's three versions, or there's different features for Bookmap. There's the basic advance and the quant, okay? So the basic version, you can see here, 14-day trial period is 49 per month, it is billed quarterly though, okay? So it's basically 147 for three months. And then there's the Bookmap advance, that's 99 per month. Now the difference between the two are the add-ons and the ability to trade right from the chart in Bookmap, which is a nice advantage. And then you can see all these add-on indicators that you get, there are some other differences as well, but these add-on indicators are more geared for the order flow and not your typical moving average or stochastics or RSI. It's much more geared toward order flow, there are things that we've developed over the years here, like the iceberg detector, order book and balance, volume and balance, large lot tracker, looking for larger players, et cetera. And then there's Bookmap for Quants, and you can click here to learn more about that and look into some of the quant features. Okay, so that's Bookmap, let's see here, other resources or you can follow us here on Twitter, as you can see, and then there's the Bookmap YouTube page, you can subscribe and when new videos are uploaded, you can get alerted for that. Just wanna show you a few different things. First is the, there's an intro video here, as you can see, and then there's features and components, there's a playlist, this is a playlist here. So you can click on this playlist or you can watch each one individually and continue to scroll here, as you can see. It just goes through all the different features and components in Bookmap, okay? Order flow video snippets here, they're very short and concise, but they go through order flow phenomena that Bookmap visualizes. This gets more into how to trade using Bookmap, okay? What Bookmap is showing you and how to utilize it. This is what we go through in the advanced order flow live webinars that start at 11 Eastern, okay? You have to be in trial or a current customer to have access to those. And then you can see down here, this is all of the, these are all of the webinars from last week that were recorded from our ProTrader webinar series. We have a list of professional traders here that use Bookmap and you can see how they use it, okay? And for those of you who are not in trial yet and you wanna get a feel for what those live order flow advanced webinars look like, you can access some of these here, okay? And then we have a professional trader here as well, a futures trader, 71, if you wanna watch some of these and see how he uses Bookmap. All right, that's it. So let's get into Bookmap here, all right? And just seeing a lot of activity here due to some of the fundamentals in Europe and the dollar strength coming into the market. I wasn't sure really what to cover here. Let's take a look at the ES, I think, or oil market is pretty active too due to that dollar strength coming into the market. But what we're gonna do here is we're just gonna go through the basics in Bookmap. I see a lot of new faces in here in the webinar. So we're just gonna start with what is this stuff? What is Bookmap showing you, okay? Because there's a lot of components here. Now, that said, it's actually really, really straightforward stuff. This is not some sort of derivative of time, price or volume, it is truly a very objective view of the market, all right? And I'll get into that here. So I'm gonna close down some of the, there's an indicator panel that we have there for cumulative volume delta, I'm gonna close that. And yeah, we'll stick with oil, all right? So let's take a look here. Okay, so I'm gonna take off a lot of the information here. Okay, no indicators, no heat map, okay? And we're just gonna put on candlesticks, okay? And I'm gonna change the candlestick to not one minute, but let's look at five minutes. Okay, good. All right, so most of us are very familiar looking at this view here, okay? We have five minute candlestick chart of crude oil. And you can see the wicks, you can see the bodies. Now, the problem with the candlestick chart is when we look at this, we're only looking at four data points per every five minute period, open, high, low and close. Okay, candlesticks are pretty good. And you can start to read some of the bind pressure down here with the wicks, okay? And you start to see some of the candles here. That's not bad, but there is just loads of data here, very insightful data that is missing in this candlestick chart. And we have no access to it whatsoever. For example, we have no idea what kind of volume took place down here, where it took place, and how much. Okay, we have a volume sub chart here, as you can see. But still, it doesn't make those distinctions in the volume. We wanna understand that, and it's gonna lead to much more insightful trading decisions, okay? So what I'm gonna do is I'm gonna turn on first off this just the historical best bid and offer, okay? This alone is already quite helpful, because now the candlestick chart is going to show that five minute period, but there's all sorts of trading activity that took place within that five minute period. And I can show you exactly what I mean here. So let's take a look. Right in this little microstructural area here, there's some insight. And the candlestick chart is not showing it, all right? So let's zoom into this area here. What I'm gonna do is I'm gonna click on the move tool here, the hand. I'm gonna hover over this area and I'm gonna zoom in. Instead of using the zoom tools up here, I can just very quickly use my center mouse wheel and scroll in, okay? So now you can see I've zoomed in here and between each vertical dotted line, we're looking at one minute of data, okay? Here's our last five minute candle, and then all of this data here comprises this candle. In the historical best bid and offer. Historical best bid is the green line, historical best offer is the red, all right? So what I see here already in this little microstructural area here that is completely lacking in the candlestick is I see some activity in this area here, okay? And then I can see that we accepted above this little microstructural area and we continue to the upside. This is where we're gonna see the buyers, I imagine, okay? We're gonna turn on the volume here in just a minute, but we're probably gonna see in this area here the aggressive buyers stepping into the market, okay? And that's where we're gonna get the insight in book map, okay? We can see here, okay? You can look at this microstructure as I zoom out a little bit and now you're starting to see clearer picture of that and we're gonna see a shift probably in the volume up in this area, okay? So let's do that. Let's turn on the volume dots and here we go, all right? So we can see the move to the downside, some sideways action here, real quick move to the downside and then right back up and actually this area here, we can see it. We can see the aggressor come in here in this area and pull price up, but look at this cluster up here. There's a lot of buying up in this area. There's a lot of activity up in this area, okay? And we can zoom in here and get a real feel for it and know exactly if we have more buyers than sellers and we can just look at the volume dots, okay? What are these volume dots telling me, okay? Well, let's go over that. The volume dot is showing you here the aggressor, okay? So there are so many trades that took place in these areas here that we actually have to divide it up and show you the overall delta using this pie display dot here and it shows you that for example, in this little dot here, you can see that there is more buying than there is selling. Okay, not a whole lot more, but there is more buying. Okay, the pie display shows that, all right? So now I can continue to zoom into this area and this is an important distinction in book map. Let's hold, left click, hold and drag and let me continue to zoom in here. Note how I'm pulling apart all of that trading activity and I'm showing you exactly what occurred here, okay? We'll continue to zoom in here and I'll continue to zoom into this dot here, this flurry of activity and what we're gonna see is exactly what occurred here, okay? Now look at the timeline down here and we're at the microsecond level, okay? So what occurred here was an aggressive buyer. They came into the market and they lifted the offer very quickly, okay? 53 contracts traded in this area here, I know that. In our volume profile here, it shows me, okay? And let me get rid of the VWAP here just so you can see it without that white line and I'm also showing you exactly that it's all green here so we know that this is the aggressive buyer. Green Dot is an aggressive market buy order, okay? We use the aggressor classification of volume displayed here in Bookmap. Why is this considered aggressive? Because they cross the spread, they want it into the market and they hit the market buy button, okay? That is aggressive compared to limit orders waiting at specific price levels to deal, okay? So Green Dot always takes place on the historical best offer and it takes liquidity from the best offer. It took 53 contracts out of these 131 here, okay? We'll get into the dome here in just a minute, okay? Now let's zoom out here and note how when I zoom out, I consolidate all of that volume into one big dot, okay? Now we can use this rollover tool, hover over it and it shows me exactly what occurred here. We already verified it was 53 but if I hover over this dot, what we get is the date, the time, what was on the ask here, which we already knew as well, which was 131 contracts at 51, 26, okay? The price level and the volume at this price level which was 53 contracts, okay? Now 92 here showing you a lot more trading activity but we'll continue to zoom out here and here's what the aggressive sell looks like, okay? Hitting the bid, okay? Let's zoom into this area. So this is for 14 contracts here but most likely it's gonna be broken into several contracts and it is or several orders, okay? This was actually for, looks like a volume of nine contracts but it looks like that was just one trade event. We can find out exactly if I make a new column here and I'm gonna turn this into a different data type, a trades counter, okay? Now it's showing me exactly what occurred here. Trades counter is showing me one trade took place within this viewable range for volume of nine, okay? So why I'm going through this detail because we don't trade at these levels, you know, millisecond or microsecond level but we want to see what exactly occurred in some of these areas. Maybe you wanna see in debrief your trading, you have every single event here recorded. It's all here, okay? Now as I zoom out, you're gonna start to notice the pie display, okay? And it gives you the overall delta and understanding of what occurred at these areas. Why is this important, okay? This is important because if you're looking at like a footprint chart or volume profile, this is gonna be aggregated, okay? And you're gonna miss a lot of detail that is insightful, microstructural areas being broken and accepting above those areas, okay? And that's where Bookmap is helpful and gives you a leg up here because we can see for example, in this little area right here, well, we can see that the aggressor came in, they lifted the offer and look at the retests right here in this little area. Where did it retest? Right where they found these buyers, okay? These buyers come back in and support it. Well, they did up here, okay? And they lifted the offer further and we get price discovery to the upside, okay? Down here, the sellers really kind of dried up. What exactly occurred here? Well, we have volume of five, one, and one, okay? So, very few contracts traded here. They were not interested in taking on these buyers and the buyers stepped right back in and lifted the offer further, okay? That's what occurred here, all right? And we have all of that detail. Now, we've just gone through just the traded volume, okay? There is a whole nother side to the order flow here that we haven't covered, okay? And that is the limit order book, okay? So, let's go to the current market now and take a look, okay? Let me get out of the data tip tool. In the current market, and let me close one of these columns here. All right, there we go. Okay, so the COB column right here, this is the current order book. All right, now I've got it, you can just right-click in this area here and you can format it different ways and you can see the different data types here as well. So, I've got current order book selected. This is the dome and book map, okay? To understand the limit order book, usually we just, we go to the dome and we have that data here. What's going on in the dome here? Well, these are traders lined up to deal at these specific price levels, okay? We can see the numbers here. 210 contracts up here at 5140, all right? These numbers change all day long, okay? Here's your best bid and offer current market right now, okay? It's also reflected in this window here, okay? This is your best bid and offer right now and this is the last traded volume, okay? So, we see bullish activity still coming into this market, right? And they're trying to lift the offer and maybe get up here above the swing when we'll see. We want to understand and consume this data here in the dome just to understand where they're providing liquidity, okay? Where the seller's lined up. It gives a lot of insight and the buyer's lined up to where they want to deal and it gives you that insight that if, for example, you see there's a wall of liquidity here, okay? A lot of sellers and they're staying in the book. That's giving you insight. You've identified the sellers, okay? Usually we see that here in the dome. Now, the problem with the dome is that the data here, once it refreshes and that data is gone, okay? It's great for understanding the current order book but if you want to understand what those areas were like previously, you'd have to memorize it, okay? That's where Bookmap solves this issue, okay? Because we record the limit order book, okay? And how we do that, okay? It's in this window here, okay? Here's our best bid and offer, last traded volume and it's with the heat map, okay? The gray scale. So right away, looking at the gray scale heat map, I know where there's high liquidity, 5140 and we just tested through this area here at 36, okay? So it looks like they want to come up here and test these guys up here at 5140. And we'll get into a little bit of analysis here. We don't have much time left but what occurs here is the high numbers here in the limit order book are given a bright area, right? That's the way the heat map operates. Now you can adjust for it over here with the contrast configurations, okay? And there's also a quick little slider here that will do it for you as well. And what we want it to do is get an overall feeling of some of these areas of high liquidity and how they're behaving at these areas, okay? So that's done with the heat map, okay? Now you can see how the heat map and the numbers change all the time, okay? So where this gets really interesting is the, and now we're coming up in just one take away from 5140, it looks like we're gonna test it, okay? So was that magical? No, it was just understanding the order flow and understanding the liquidity, okay? And it looks like it wanted to test it here, okay? Now they didn't even come into it right now. So interesting stuff there. I thought for sure we'd take them on but we'll see if we get another rotation here. And anyway, where this gets really interesting and insightful is that we record this data, okay? Historically. So areas of high liquidity or any liquidity here, when you see the heat map change and these numbers change, that's recorded, okay? So what does that recording look like? Well, it's these striations here, like in the heat map. Okay, so for example, coming down to a quick sell-off from 39 down to 5130, all right? So the buyers didn't take these guys on it at 5140. But look at the, they're starting to get interested here at 5130, they're coming back into the book. So these striations here using the data tip tool, you can see we had liquidity here on the bid, 169 contracts, okay? And then it got a little darker here, very quickly, just down to 164. And then it got brighter again, 169, 162. And then look at this little bright area here, it went up to 176, okay? Now, as price is coming down, these guys jump back into the book with 215 contracts, okay? That gives you the insight. You can start to understand the behavior of these guys providing liquidity at 5130. They're showing buying interest here, okay? And that's where Bookmap can help you, because you can start to understand the behavior of these traders here and their interest and their intent to trade, okay? So we're putting all of those pieces together now with the intent to trade from the limit order book and the historical limit order book and the traded volume, okay?  All right? Okay, so at this point, we can probably turn off the candlesticks and just look at and turn on the add-on indicators as well. Some of the add-on indicators what we're showing here gives insight as well, okay? And let me cover that. So for example, look at this little area up here, okay? We just came into this area, one tick away from this high liquidity. Well, we have a pretty big iceberg order that kicked off here, all right? I see 225 contracts up at this area here, a little bit below actually, maybe 38 or 30, yeah, it looks like 38. There was hidden liquidity here, okay? There was an iceberg order and we identified it with our add-on indicator, okay? That adds another layer of confluence and insight to these areas in the order flow, okay? Looked pretty aggressive. We saw we were looking for them to come up and test 5140. Well, now I have more insight. Right before that area, 225 contracts in oil, in the crude oil, this is pretty significant, all right? That's quite a few. So they're hiding their liquidity here, getting filled without providing it in the limit order book and we have a quick sell-off and rotation, 10 cents, okay? So now it's a good example of some of the insights that we're getting up at some of these levels here, okay? I thought we would test 5140. Well, now I understand why we didn't because they're getting filled beforehand. This is kind of a trick that you see a lot of times that they will front-run this area with their iceberg orders and you see the aggressive buyers trying to get up to that liquidity here but they're getting filled here at 38 instead, okay? You'll see tricks like this or insights like this all the time and that's just basically how the market operates, okay? All right, guys, well, yeah, thanks for coming and we'll call it a day here. If you are already subscribed to the product or in trial then I'll see you in just the next minute right over in the advanced order flow analysis, okay? All right, take care, bye-bye.


Land and land is on a roll here. Could it be that the decision erodes away the reverence for the law and the court? Or could this wake people up to our extreme things of God? No, I think it erodes. The whole process erodes the trust in the court. It is viewed now as them against us. It's no longer viewed as the subjective entity that's really trying to figure out what the truth is or what the Constitution says. It's viewed now as the conservative always wanted to get rid of Roe versus Wade. They found their chance. It has nothing to do with the Constitution. It has to do with subjectively who is there, happened to be there at this time. The leak didn't help. The fact that this document was leaked didn't help. The other decisions that surrounded, particularly the gun decision, didn't help. Because suddenly, they're overturning state laws when they're just advocating for so-called state rights. I think the court is now going to be viewed much more as a political entity than it has in the past. And look, I've said this before, and I still believe it, that generally the courts are still relatively speaking abastion of reason as compared to the legislatures and as compared to the executive branch. But this does definitely erode the quality of our courts generally, because remember, the Supreme Court kind of dictates to the federal court system. The whole system now plays to those principles. And even if there are judges in the system who don't agree with the Supreme Court, they don't have a choice. They have to abide by what the Supreme Court decides. Bonnie, rights can be enumerated because they're endless. Absolutely. They embody every human action that is not coercive. Yes. The right to life is the right to act. Our lives depend on reason and the freedom to use it. Absolutely. So you can enumerate the rights. It's meaningless. I mean, there's only one right in that sense. There's the right to life. Everything else that is required for your life in the fullest meaning of required for your life is you have a right to. That's it. And even the stuff that is not required for your life, even stuff that's required for your death, because we can't ban action, you have a right to. So poison and committing suicide and all that stuff, you have a right to, even though at least a death. Thank you for listening or watching The Iran Book Show. If you'd like to support the show, we make it as easy as possible for you to trade with me. You get value from listening. You get value from watching. Show your appreciation. You can do that by going to iranbrookshow.com or go to Patreon, subscribe star locals, and just making an appropriate contribution on any one of those channels. Also, if you'd like to see The Iran Book Show grow, please consider sharing our content and of course, subscribe. Press that little bell button right down there on YouTube so that you get an announcement when we go live. And for those of you who are already subscribers and those of you who are already supporters of the show, thank you. I very much appreciate it.


Live from San Jose, California in the heart of Silicon Valley, it's theCUBE covering QuickBooks Connect 2016, sponsored by Intuit QuickBooks. Now here are your hosts, Jeff Frick and John Walls. And welcome back here to San Jose, the convention center where on theCUBE we continue our coverage of QuickBooks Connect 2016. We're here for the rest of today and on to tomorrow for two days of this great event, third year event that it's now going on with 5,000 attendees. So record attendance, great keynotes this morning, another keynote session coming up by the way in just about a half hour or so. We'll have some guests after that and continue our coverage here tomorrow on theCUBE. Along with Jeff Frick, I am John Walls we're joined by Yumi Clark who is the SPP of product development at Capital One. And Yumi, thank you for being with us here on theCUBE. Thank you very much. First time, right? Yes. On theCUBE. Yes, first time. Capital One, what are you doing here? In a good way of course. But what do you find of interest from a professional standpoint with the small business crowd? Yes. So Capital One is here because we want to meet our customers where they are today and many of our customers are actually here at the show QuickBooks Connect where they be accountants or small business owners themselves. We are looking to build products for them and solutions for them based off of the pains that they have and the problems that they're having. And so we're here to do much of a data gathering exercise and seeing what we can provide to our users. So I assume this is an ongoing process for you, right? This isn't just a one-time hit. Generally speaking, what do you hear from the people with whom you work or that you're supporting in terms of their pain points for the services you provide and what you can do from a solution standpoint? Yes. Well, actually here at QuickBooks Connect we have been doing some informal polls with the people that have been attending and we often hear these types of things also as we're leading the businesses within the product development space. We're seeing a lot of the people talk about the passions that they have with regard to the business and oftentimes they start the business because of their passion. They're actually not starting it because they want to start a business itself because oftentimes those businesses have a lot of administrative tie to them and process. That's not what they're doing to start that business. They want to make sure that they're creating something that really speaks to them and speaks their passions and because of that they've created a small business. But then unfortunately they have to do tasks and they have to do accounting and they have to do payroll and they have to pay the vendors and they have to get up from making whatever they're making and selling whatever they're selling to deal with the reality and that's really where the opportunity at QuickBooks has done but part of the thing they're trying to do is build this ecosystem not only to provide the tools but really to provide other services to enable these folks to be successful. So within the Capital One world as you look at small businesses is kind of a category. What are some of the unique challenges that they have that you guys are trying to help them with? How do you kind of see the small business world as an opportunity? Yes, so in the same way Capital One is also looking at that ecosystem. First and foremost what we do as a financial institution is provide very competitive savings and checkings and credit cards as part of our plethora of products that we offer. From a savings perspective, we have a 1% cash back and from a credit card perspective we have a 2% cash back rate so that we're truly competitive from that perspective. In our recent surveys and the research that we've done we've also seen that many of these small businesses whether they're here or somewhere else they have more than two bank accounts they have in order to run their small business. Also what we see is that they have anywhere between 10 to 12 different applications that they are stitching together to get their financial health of their small business right. Knowing that that's the problem what we're doing at Capital One is helping them stitch that together. Not only do we have the competitive checking and savings accounts so that they can actually pay their bills and do the invoicing and the payroll. We are also looking at things to help them in the future and most recently in August what we did as Capital One is launch the Spark 401K service. 50% of all Americans either own or work for a small business so it's a huge crowd that needs to be addressed. Even though it's 50% only 13% of those small businesses are offering some type of retirement benefit and because of that we saw that as an opportunity and a challenge that we can help resolve and that's why we've launched the Spark 401K service this past August which is specifically targeted to those small businesses so they can help not only themselves but the employees that work for them think about the future. So how has this changed the way you do business? Because you're looking for new products, right? You're looking for new services. You're looking to be more expansive in the kinds of things that you're offering, right? But I'm sure the migration has, sometimes it's not natural, right? You're introducing new concepts to your workforce and to your people and so how has this impacted what Capital One does in terms of looking to stretch yourself basically to create new opportunities for your clients? Right. Well there's two ways that we're addressing the client relationship. One is that we're definitely seeing that digital transformation happen. Most recently in a poll that we took there was about 30% of small businesses were using some type of mobile device but in the most recent study that we've seen it's about 60% then it's more than doubled in terms of the mobile banking and the mobile device that they're using to run their small business and because of it we're leaning in to many of the mobile solutions that Capital One can provide so that small businesses can do things anytime, anywhere and any place as they're trying to run their business because the reality is is that they're not just sitting in one place nine to five running their business. They're running off doing other things or doing it at home. Also we're exploring different experiments so that if we're meeting the small businesses where they are trying out different devices and different technologies I don't know if you've seen some of the announcements that we've made but we're also looking at IOT and some of the Alexa form factors by which you can test and see how is my daily balance? What are the transactions going through and that sort of thing as well? So we're mirroring a lot of the technologies that we were seeing and helping small businesses make that transformation themselves where they are today. If they're using one type of device we'll be helping them with that mobile device. We're helping them with Alexa for example as well and then helping them make that transition. So many choices. Good Jeff. I was just going to say and then there's now this gig the gig economy. I wonder if you guys are kind of I'm sure you're looking at it. Kind of how do you see that as being fundamentally different? We were at a thing at the Stanford Graduate School the other day and we were talking about the gig economy and at least a small business you think are thinking about things like retirement and setting aside money for taxes and potentially there's all types of retirement options if you're a small self-employed person but then you think of the gig economy it's a guy doing four hours a week before class to do run its Uber or Postmates or all these kind of little bits and pieces doesn't appear from the outside looking at it. I have no data that they're really thinking through what is their total cost not only for the insurance and the wear and tear in the car but then the set aside for taxes and then are they putting some aside for insurance? Are they putting some aside for retirement and it just feels like that's a whole different kind of category of work and yet it's the one that's growing the most rapidly. It isn't, it isn't actually. I think that oftentimes financial institutions have been geared more towards companies, business entities and that sort of thing. If we think about the most recent Spark 401K launch that we did, we're looking at companies of one which are actually gig economy workers if you really think about it and that we are able to support those types of employees or businesses as well. The second thing that we're doing in terms of the gig economy is the reality is a lot of these people are in the same way as I was mentioning before stitching together their work life and stitching together their work life means that they're using multiple applications and multiple revenue streams in order to be financially stable and because of that, one of the pain points that we wanted to address was can we make it easy for these people to stitch together and that's why we have the aggregation of the top 12 financial institutions within Spark business so that they can get a complete financial health history of where they are today. We've been speaking with different folks from Intuit today and one of the striking conversations we had was about adoption within the accountant community and getting them cloud migrations and people with very traditional perspectives or very regimented viewpoints about this is how I do things and the reluctance to change. What are you seeing in terms of digital adoption what businesses are doing, how willing are they to accept some of these new products or understanding this is a better mouse trap and how do you grow that? Make them understand this is maximize your efficiency and lower your costs, it's all good but it's hard to get them there. Yes. One of the things that we actually see is not solving for the sake of creating a new feature and in the same way that I would feel if I were a small business just because there's something out there doesn't necessarily mean that I want to use it you have to show the benefit to that small business owner and if you think about where small businesses have been they have been going to the bank but they've become more technologically savvy using for example mobile deposit capture because that saves them time and all they have to do is take a picture and just works to deposit those monies into a financial institution and that's what we're providing as part of Capital One. If you show the benefit first rather than the solution first I suspect that more people will say I'll give it a try and that's what we're seeing in our base as well we're seeing people saying I'll give it a try I am technologically savvy I am using my mobile device more than I was before sure why not and I'll give it a try. And that works. It has been working for us and we're seeing definitely more people going towards our Spark ecosystem solution and they are stitching together all of the different applications because they are definitely feeling the pain of trying to do it themselves and it's really hard to figure out themselves. So what's your biggest challenge then? In terms of it sounds like adoption you're working, you're making progress on that front you're here surveying your customer base trying to understand what their needs are it sounds like everything's great everything's good but that isn't always the case obviously that there are challenges I mean in your perspective from your viewpoint what is it? What's the big hurdle you think that is staying or keeping in the way a progress for you as Capital One and for the small business owner? I think really honing and I think a lot of people often talk about small business owners trying to manage their financial health and their cashflow that's the reality of running a small business the question is how you solve that? Is it thinking about kind of the savings and the checking accounts? Is it about thinking about the 401k in the future? Is it about that balance? Is it about time savings and efficiency? And there's quite a fine line between thinking about just the actual solutions themselves and really offering the benefit and so that for us is kind of the biggest challenge meaning that as we test into all these different applications we need to make sure that we are improving their cashflow and showing them transparency around their financial health. It's funny you talk about whether it's a benefit or not and I just think from your customer's point of view the small businesses just all these different ways to pay which they want to take that money in and put it in their Capital One account whether it's Google Pay or Apple Pay or even have Samsung Pay I don't know why I would ever want Samsung Pay and who knows what tomorrow pay is going to be. From your customer's point of view what do they think of kind of this wave of options that their customers, the end customers want to have, they think they want to have they got people kind of pushing these different alternatives down their throat. Are they really necessary? Do we need Samsung Pay along with Apple Pay and Google Pay and I already have credit cards and ATM cards and chip cards and God help us if I pulled a 20 out I went to one restaurant they wouldn't even take cash like you don't take cash, you don't take cash. It's so much more complicated now there's just so many options coming at them I think of driving through a snowstorm at night with your headlights on you know it's just like, what do you tell them? How do they navigate this way? Oh by the way I'm still trying to just run my business. Right, actually that's one of the things that we want to do at Capital One we wanted to give small business owners the personalized delivery of data and looking at what would help them as they're running their small business because there are so many choices there we want to help them make the choices by showing them the data that says nudges them towards perhaps you might want this rather than this. That's what we're doing from a short term perspective and more longer term what we're also looking at what is the benefit that we can actually provide and showing those benefits clearly and transparently to the small business owner. There are a lot of choices out there. A lot of choices. Well Yumi, we've asked you a lot of questions the one that I think we don't have to ask is what's in your wallet, right? We know what's in your wallet. Yes, adventure credit cards. That's right, Yumi Clark from Capital One thank you for joining us here on theCUBE we appreciate the time and good luck with the rest of the survey and I'm sure this is a pretty fertile territory for you in terms of finding out what your customers need and what they want and what you can do for them. Thank you so much for having me. Thank you. Thank you. Back with more on theCUBE here from San Jose in just a bit.


What's up everybody? I'm EvilRabbit. We're here on Forza Horizon 4, staring at the back end of that Nasa Entertings 370Z of Chris Forsberg. We're going to be hitting the road with it today, seeing how it drives. Make sure you guys follow me on all social media, all that you found in the description box below. So we did unlock Chris Forsberg's 370. We're gonna take it for a rip here today. Well, there we go. So first initial impression of the car. The thing just insanely goes sideways real quick. Has the power for days and the angle to save it. And I can still drift in Forza. Because I was very concerned coming back here to Horizon if I was actually gonna be able to throw down with this car. Or if I was just gonna be all over the place like that. Sorry Chris. Almost wrecked Chris's car because Horizon 4 definitely totally different than what I'm used to in a set of Corsa. Do this little s-ing mountain part of the mainland. We might switch up and go to Fortune Island, hit this thing on the mountain road and see how we can do in that. But we're getting it with this car. Actually all quite impressed with it. If you guys watch FD this weekend, Forsberg had a bit of a rough run in the first round or technically round three. So was able to get the car somewhat back into running conditions. So it's so awesome for me to see more FD cars coming here in Horizon 4. Because well you guys know the love of FD is real. So we switch it up. Oh no I didn't want to hit that button. Oh wait I'm trying to hit it. We're not talking about that. We're trying to hit it like we're on a set or there we go. So we got that nice dash black magic fast orange on the window. The interior of the car does look pretty awesome and cool. Lock it up hard. We got that drift camera going here in Forsberg's car. Oh no definitely very different. Then head motion in. I said of course this whole you know not being able to go see full lock is definitely very annoying for me in first person. Got that race service logo on the upside of the window which I just now noticed. Wrong button again. So we're going to go back in the third person. Gonna rip this city streets a little bit. So I was quite impressed with how easy it was to acquire Chris Forsberg's car with the three races that you had to do in the Nissan class was highly skilled. So getting this car was actually not too difficult. I was actually surprised. Normally these cars are somewhat difficult to get. The steering ratio in these cars are so quick that it's definitely taking a minute to get used to. I'm gonna try this drift zone up here. Kind of just flat footing it full throttle. A little bit left of right there. No. Almost lost it but we managed to hold the car. Not our best run through there. We've had much higher before. So we're gonna run this back up that SE road and then we're probably gonna hit up the mountain roads in the other expansion. We just took out all the bricks. Sorry Chris. And see how we can do with the car on a mountain road. This car has so much power. It's just clutch kick. Throw it in. Cool.  Definitely a very different being back here in Horizon 4 from running a set up so much. I mean that Volkswagen didn't need that bumper. But it is fun to be back here on Forza Horizon 4. If you guys want to see more on Horizon make sure you guys let me know down in the comments. Make sure you tap and like and subscribe to the channel. I do appreciate your support. If you guys want to help support the channel, all you got to do is subscribe. Maybe hit that bell notification to be part of the notification gang. I don't know how we saved that but we did. The car once you get it in angle and got to get it into the right spot kind of just sticks. And there's not much correction needed. So we are going to go take a look at the other expansion. We're going to go obviously to the mountain roads and we're going to see what we can do with this car in Fortune Island. So I'll meet you guys back once we load in Fortune Island. It shouldn't be too long actually. Now I think about it. No. So we're going to travel here to Fortune Island. Hopefully it doesn't take too long to load in. So Forza Horizon 4 definitely a fun game. Definitely very different on a wheel compared to what I'm used to. So I'm going to be getting a little bit back into it. Like I said with the fd cars and everything coming back more and more to the game. It's definitely super incredible. So if you guys have this car let me know what you guys did to tune it. How did you change it to make it handle better. We're already here. Love how fast the pc does load. We're gonna rip it up this way. The detail in this car is incredible with everything and I you know my love for z's so definitely gonna be thinking about getting this car in instead of Corsa too. So we're gonna go hit up the mountain road. Looks like we got a bunch of people already up on the mountain roads. So we're gonna go see what we can do in this FDZ. All right let's do it. Thought I was gonna biff that there. Long handbrake drag there. Longer than I wanted it to be. Let's kick that one. Over rotate. But was able to save it because this car has angle for days. Downhill part is gonna be what's gonna be the fun part. But we're managing to get kind of a flowy line through here. Gonna handbrake that one a little bit.  Fourth gear is definitely the money gear with this car right now. Wish we would have dragged that one out longer and got more points but manage this hill section. So it's down a little bit clutch kicking it. Catching up to somebody else who's running uphill. Not a bad run for the first time back here on Horizon 4 in a very long time on the wheel. Oh we went the wrong way. But we managed to hold it.  Looks like he's in JTP's FD Mustang. Little FD tandem's going on up here. So not our best run. I believe our best run is up in the 400s. $288,000 for the first run with Forsberg's car. Not terribly. Yeah 460 is our best. So we're gonna flip it around.  Probably gonna catch up to this Mustang in our downhill run. He missed the entry so gotta tune the brakes on this car. The car brakes don't really work too well with left foot braking. So I'm gonna have to fine tune the brake bias and stuff on the car. So let me know in the comments how you guys, did you change anything to this car to make it handle better? Did you leave it how it was? Because out of the box this car is really good actually. Around there. Should have stayed more in angle there. Shifting the fist and trying. Oh no I was trying to link all of that. That did not happen. Let's go back in. Clutch can't get back in this. That bump kind of took me off guard. And it could just be the accelerated steering ratio that I gotta definitely get used to. It may bring one of my cars that I'm very used to driving here in Horizon out to run one run uphill and see if it is that different. And maybe we could just tune up Chris's car and get it to be that dominant car that I know it could be. But I mean in the 300s. So it's already 33. So let's pull out one car that I knew was tuned and we will see how we do with that. No, no don't go to Festival. My cars. We just want to go to... Where's BMW? BMW M4. We're gonna take the M4 up in the mountain. See what we can do in the M4. This car I know is tuned to my liking from one last time I drove it. So let's see what we can do. Doesn't have as much angle as the 350 though. The wheel feels a lot different. I don't think it's as grippy of tires either. Nice and smooth. Yeah it's not as twitchy when it comes to steering ratio and everything like that. And it's probably because it doesn't have as fast of a steering ratio as Chris Forsberg's car does. And I think this car is a little more dialed for me so we're gonna have to do some tuning to Chris Forsberg's Z to get it to possibly handle how I like it because this car as you can see is just kind of floating where I want it to. So back here on Forza Horizon 4 like I said you guys want to keep seeing more. Make sure you guys let me know down in the comments. Don't lose it because I'm definitely having a blast being back here on these mountain roads. There we go. Yeah definitely a much more settled car. May have to get back into doing some serious drifting here on Horizon 4. So make sure you follow me on all social media all of which are found in the description box below. And as always thank you guys for coming back and watching. I'm EvilRabbit. I'll see you guys on the track.


So the panellists discuss about innovation and ICTs and assassinable goals. So that's an assassinable development. And they're discussing about the relationship between innovation and ICTs, also how it could influence on a development, and also how to foster the innovation in ICTs and what should be the role of the government and other entities in this process. And from the Polish side, our vice-minister participated in this panel and our minister said that the most important are the strategic documents. First of all, you must think about strategies, policies in this area. We know that in Poland, we know that ICT is very important for development, also for citizens and also for companies. So the minister of infrastructure and development created this special programme which helped to create the smart growth in Poland for better development of the country. I think that from a Polish perspective, the most important is, as I said, to create the strategies and policies then to go to the practice and to create some programme project to help to develop ICTs and innovation. And also that's very important if we create some project programme to think about the intelligence specialisation. So you must create some, support some branches of the smart specialisation. And for example, we identify the ICT as a smart specialisation and we also put this specialisation in the project and we will support such branches in this project to develop the ICTs and also develop innovation in companies and in general for the smart growth of the country.


And thank you for coming. You look back at World War I, you're going to get a dose of mud and Flanders and an army of war. And I'm here to tell you that there's more to it and that in a lot of ways, it's shaped by maritime things. The other issue that's worth asking about is, are we in the 1914 situation now? I mean, a lot of people think so. If you go back before World War I, I'm looking at it from a British point of view I should add. And we are more analogous to the British than, say, to the French. We're maritime power. We are not contiguous with whoever we're worried about, unless Mexico decides to suddenly attack us. If you were British before World War I, you thought a war was coming with Germany. I've been reading the British naval attaché reports. And they talk about how the German navy is whipping people up. And they're doing that in order to justify a large building program, which otherwise doesn't make a whole lot of sense. The British talk to the Germans about that. They say, this fleet is a luxury. What are you doing? And you say, well, gee, now I understand. There's this building race. The British realize the Germans are the enemy. And they go into the war. But wait a second. That isn't the way the war starts. Oh, that's kind of interesting. It gets funnier than that. I think that when the British look at Germany, they assume that something bad is going to happen. Once the war breaks out, I think that the British administration has a hard time not going into the war instantly because of that. They don't want to fight at all. It's a very pacifist administration. And they hold back. And I think the reason that Belgium mattered was it was basically saying, you can't reverse this thing. It's not going to burn itself out. This is the real thing. That isn't the usual way you look at World War I. The other thing is, why did it happen? You read a lot of novels about World War I. And it's a sort of inhuman force that eats up a whole generation of people. And they never quite explained where it came from because, obviously, it's this monster that's sitting under every pavement in Europe. You know, we're all evil war-mongering types. And I never met anybody who was really pro-war, but anti-war people would say that a lot. Well, where did it come from? And when I was younger, the popular line was Barbara Tuckman's. There was this set of interlocking alliances. And once there was a spark, the whole thing was a tinderbox. You know, it went up like smoke. And it took me a long time to think about that. I don't think it's true. I think that Barbara Tuckman's book was really about the threat of accidental nuclear war. I think it was very popular because the Kennedy administration was obsessed with preventing an accident, which I don't think was ever going to happen.  Pretty obvious, you know? It's bad stuff. And he says, it's common sense.  The common sense kind of dripped away in the 60s. You go back to before World War I, well, did people think there was going to be a war? And the answer is, no, most of them didn't. How come? Because they thought there was deterrence. The British, who are very commercially inclined, had been told by various economists that if there were a big war in Europe, everyone would be ruined. By the way, very accurate statement.  If you look at the alliance structure, the alliance structure is mostly about if you do something, bad things will happen to you, which is the way deterrence work. They didn't have that language then, but it doesn't matter that they had the ideas. Well, then the question is, what was strong enough to break that deterrence, right? And by the way, the Germans were the closest trading partners of the British. A lot of people thought that that economic closeness made war impossible. Is that familiar to you?  Well, so how come it broke up? And the answer has to be that there was something so bad that they felt that if they didn't fight, it would be worse than peace. Well, what could be that bad? Well, if you read American and British historians, nobody proposes an answer, as far as I can tell. If you read German historians, some of them do. Because like this, and you'll really love this one. Germany was a very ramshackle type of system. They had a Reichstag, which wasn't quite a parliament. The Reichstag would pass money bills, but they couldn't initiate things. And for example, they couldn't decide who was prime minister. They couldn't do the things you do in parliaments. Until 1912, the Reichstag was fairly conservative. There was a social democratic party which got the majorities in every election after 1890, but because the Reichstag was heavily gerrymandered, it didn't matter. A lot of people at the top in Germany were very worried that something might happen, but they were able to stave it off. In the 1912 election, finally, so many people voted SDP that they got real power in the Reichstag. It may or may not be causative, but the same year the German army suddenly started getting a lot more money. A lot. It's an amazing thing that in 1912, which is a peak deal for the German Navy, they get 52% of the German defense budget. Now for a land-oriented country, that's really weird, right? After that, they don't do as well, not proportionately. Well, gee, 1912 election, 1912 money, sort of, right? Now, if you read Ernie May's book about conferences before World War I, that's the year that Kaiser holds a conference. He starts screaming about how the Russians are improving their railroads. God help us, God help us, we've got to do something. And he signs in order that they can prepare for war. Well, if you've actually been in government, you know what you're watching, right? Isn't the Kaiser's bright idea it's some aide who knows how to hop him up, right? That's how it's done.  And in 1914, the Kaiser keeps saying, how come we're not concentrating on Russia? He hasn't quite been told that isn't the war someone wants to fight. In 1913, things get really bad. There's a very embarrassing incident in Alsace in which a junior German officer beats somebody up. And he's convicted by civilian court and then a military court exonerates him. And the Reichstag is not amused. They pass a vote of no confidence. Now, you can tell it's not a real democracy because the chancellor doesn't step down.  But if you were worried that these socialist evil types are gonna take over the world, this is the red flag going up. Supposedly, that year, somebody on the general staff turns the guy in the foreign office and says, your job for next year is to start a world war. Oh, and by the way, make it look like we're the victims.  Or what are you watching? You're watching first that internal factors may be a lot more important than we usually give them credit for. You're watching country where the electorate votes anti-military, the British government, which thinks the Reichstag is parliament, thinks, boys, this is encouraging. If we just list out the hotheads, things will be good. Doesn't occur to them that it's the opposite. That the people at the top may regard this victory by rational people as something you have to deal with. You never see that in any British internal statement. They don't get it. What they think is good news is actually very bad news. The other thing is, you look back at German history, and they would see wars as a way of solving an internal political problem. What do you think 1870 was? We think of wars as to gain something outside. I'm gonna steal your territory. I'm gonna get your water. Boy, I like that province with all that rich stuff in it. I'll grab it. And you look at World War I, and there were German war aims that amounted to that, but if you look at it the way I'm looking at it, what they were interested in was you had to get something sexy to tell your population that the war had been worth the effort so they'd all vote conservative. Now, that's pretty bizarre, but you're talking about pretty bizarre people. The other bizarre part is that this German navy that's utterly disconnected from what they're doing. And the British look at this navy, it's a mortal threat, it's the real thing, and they can't imagine it's being built because the Kaiser likes ships and Terpus wants to live in a navy with a lot of ships. It's weird. How do you know how weird it is? After the war, Terpus's diary from 1914 is published, and so is the diary of the head of the Admiralty's staff. They're both stuck in the Kaiser's headquarters together, they hate each other. It's like the text of a bad play. The British translate it in their internal intelligence magazine, that's how I got to see it. And they're sitting there and it's obvious there's no war plan. It's obvious they're completely disconnected from what's happened. And they're sitting around saying, well, what do we do to show that the fleet was worth paying for? You know, good navies don't usually do that. And they discover that the Kaiser's view is that the fleet is a great bargaining chip for afterwards. This doesn't go down terribly well. What a surprise. So what you're watching is a gross intelligence failure on the part of the British. Not intelligence as you don't steal somebody's secret plans, intelligence like not getting it. When you don't get it in that big a way, that's pretty bad. Well, then you say, okay, so the British come into the war, what are you gonna do? Well, the British war plan is formulated by a very smart captain named Ballard about 1907. Is a distant blockade, but the point of the distant blockade turns out to be if we close off the North Sea, the German fleet has to come out to break this blockade and then we kill them. You notice they didn't quite do that. That's because they didn't get it. The reason the British fleet is a scaper is that it's out of range of German destroyers. They thought that any sensible person would start the war with a raid on their fleet, it'd be Pearl Harbor. The Japanese tried it in 1904 and you gotta be out of range. No raid was ever contemplated. The Germans eventually send submarines up North, but it takes them quite a while to figure it out. Oh, and by the way, the British don't realize how long the submarines can go. So that's another real victory for good intelligence. Then they're fighting this war. And how do you win this war? Well, they've never thought about it beforehand because they're so sure that deterrence is gonna work. So the first problem is there's no military credibility in the government, right? They were basically pacifists. And that's a reasonable point of view. They think deterrence is working. If you knew life under Jimmy Carter, this should sound terribly familiar. At any rate, they've gotta get military credibility. Who do they get? They hire Kitchener. Kitchener is the hero of Khartoum. Kitchener is the man who won the Boer War. Now, if you know about the Boer War, thinking of the hero of the Boer War as real military competence kind of stretches it, right? But they can't get anybody else. Well, Kitchener says it's gonna be a big war. I need a big army. Okay, that's not completely crazy. Building a big army when you're paying for a big Navy is really expensive. Lloyd George says, you know, this is really gonna mess us up financially.  Ouch. So what are you gonna do with this army? And Kitchener's reply is wonderful.  Otherwise, well, in real governments, that's the point at which you say it was nice knowing you've beat it. But because there's no credibility, they don't have the nerve. And if you look at Asquith as a prime minister, you see nerve is not his strong point. How do I know these things? There's a wonderful source. Asquith had a girlfriend. I don't know if she was really as mistress or just someone who was very hot on, woman named Venetia Stanley. Asquith apparently really liked young, smart women who look good. And he used to write her letters. Like every day, several times a day. And mixed in with the sweet nothings were very detailed accounts of what went on in the cabinet and what was going on with the military. And every so often in these letters, which have been published, you get lines like, this is very secret, so please don't talk about it. And you know, I can only say that the British post office must have been beyond wonderful. Because if one of these things had gone amiss, God knows. And he talks about, should we get in the war? He talks about his war aims. He's never thought about this before. It's never been real.  It's the opposite. They don't think it's gonna happen. Once it starts happening, their own commander in France says to them, you know, by the way, the Western front is not a decisive front. Nothing I can do to the Germans here, even if you give me a lot of troops is gonna have much effect. It's all gonna depend on the East, the Russian steamroller. Once you figure that out, you suddenly realize that things like Gallipoli aren't weird little operations. They're the ones they should have pursued. But there's no mechanism which can talk seriously about the war strategy at that point. Okay? That's another lesson that says, you know, wake up, it's a good idea. But you would have guessed that without my talking about it. The shape of the war is dictated by this German naval buildup because it triggers British entry. If you're a German and you're looking for a quick nasty war, you could probably figure out a theory in which you beat the French and the Russians. It might be a bad theory, you might not make it, the strength of the defense might defeat you, the industrial depth of countries might defeat you, but you could take a shot at it. Once you get overseas, you can't get that anymore because you can't invade England easily by sea. They never really contemplate it. And that means that any war you fight is likely to be drawn out. You start realizing this late 1914, you start realizing you have to do something to defeat the British in some other way. That's where unrestricted submarine warfare comes from. The fact that the British have sea control pretty much, certainly until 1917, means that they can draw on resources outside of the UK. That means the empire, that means a lot of empire troops, you know about that. It also means the United States. So if you are serious as a German, you suddenly get terribly interested in putting us out of business or causing us to stay out of it. And you do things that are very risky. You do unrestricted submarine warfare, which is illegal.  You finance sabotage of munitions plants in the United States, which is an act of war. You may be aware that there was a spectacular sabotage. There was a big power plant called Black Tom in New Jersey and they blew it up. And we knew they blew it up. And if Wilson had not been quite as prickly, that would probably have brought us into the war. When they reinstate unrestricted submarine warfare in 1917, they soon will come in and they send that Zimmerman telegram to their boy in Mexico. Please come into the war. You'll have a great time and you'll get back to Southern United States. For some reason, Wilson doesn't appreciate the joke, but probably what brings us into the war is that the Germans use our diplomatic channels to send it to Mexico City. These are channels that have been made available so that they can do peace negotiations. I suspect that that drove Wilson completely around the bend. And he was a pretty stiff character and at that point he flipped. He didn't like it. That's called a maritime war, you know? Maritime usually means protracted. And I'm thinking, when I was an innocent young strategy type, World War I always stuck in my core because it was this horrible Western front meek runder. And when I looked at NATO in the 70s, all I could see was that unless someone got obliterated of the outbreak, it would be World War I, probably with tactical nuclear weapons to kill a lot more people. And surely there was some way to get out of this mess. Well, when I saw Maritime Strategy, that made me feel a whole lot better. Okay, well then the question is, how come the British do this mass attack on land, which kills a hell of a lot of people, like 600,000 or 800,000 Brits, and Australians and Canadians? Why? I mean, a lot of people are gonna get killed in World War I, but why were they British? And why have to fight on the Somme? And were those other horrible places? Well, the answer probably is that once they set Kitchener loose, they have this big army, once you have a big army and someone, one of your allies says, help, I'm sinking, you gotta use it. You can't quite say we have 350,000 men sitting on this camp, but they're not going to France. If you look at other British wars on the continent, you really get curious. The first time they fight a big World War on the continent, to me, is Napoleonic, right? You know what happens? They get kicked off the continent. They even have to make a truce with Napoleon, but they don't give up, and they eventually put together a coalition, they beat them. Coalition is an important part of that idea. Oh, so how come in 1914, Asquith and his friends don't remember anything? Didn't they learn history in high school? Maybe not. Maybe it was only Latin and Roman history. You look at 1940, they learned something. They didn't build a big army. It didn't go to France. That a moderate-sized army, they went to France. You don't completely give up, and when push came to shove, they got kicked off the continent. Oddly enough, they won the war. They wrecked coalitions. That's what seapowers can do. If you get kicked out of some place, it's not permanent. When we used to talk about maritime strategy, one of the big lines was, yeah, they can reach the channel, but the war isn't over. And the fact that the war wouldn't be over, which we publicized, would be rather sobering. Oh, you mean we can't end all our problems in three minutes? Ooh, that's not so good. That's really what World War I is about historically, that because it went maritime, the Germans couldn't exploit their big strength. Now, they came close anyway with the U-boat war, but there were solutions developed. The war might not have ended as rapidly as it did. People were very surprised the way it ended. It may have ended because they lost on the Western Front. It may not have. You can make an argument that the French sometimes make that the decisive theater turned out to be Salonica in Southern Europe because when Austria-Hungary was knocked out of the war, that left the Germans with a completely unprotected flank. Can also make an argument, which I find kind of interesting, that the most sensitive part of Germany was Eastern Germany where the Junkers had their estates. And they really cared about that. That makes schemes for operating in the Baltic a lot more rational. It really makes you angry that there wasn't any very good discussion. There wasn't a strategic, there wasn't an understanding of what the enemy might be that you use to shape your strategy. Instead, there was really no thought about what would happen. Now, if you read normal histories, there's a meeting in England in 1911 in which Asquith asks his two service chiefs what's gonna happen. And supposedly this is where the decision to go into France comes from because the Army Chief gives this terrific pitch about how he's gonna deploy in France. Famously, he shows all kinds of very nice maps. Army's are very good at making maps. And he even shows where they'll get a 10 minute pause to have a cup of coffee. I think it's a cup of coffee. Boy, these are really professional boys. The Navy Chief is a lousy speaker. He comes in, he says, look, I have my secret war plan. When the war starts, we go in there, we sink all their stuff. You gotta sink their torpedo craft because we can't control them in the North Sea. And Asquith says something like how plural. And most writers about this say, well, of course, he knew that the plans to change from close blockade to distant blockade, how could this Navy more on reverse everything? No, guys like Asquith don't know about details like that. The plural part was Wilson, who was the Admiral, was a war fighter.  If you're in a deterrent frame of mind, you're interested in escalation ladders and you wanna be very calm. You want your cup of coffee when you get it. When you move the Army to France, before the war, you're stiffening the French. You're not killing anybody. And presumably what Wilson was supposed to say was, don't worry, we'll put our fleet in the North Sea and the Germans will back off. Well, they didn't back off. And what you're really watching is a frame of mind. The other thing about that meeting is that supposedly Wilson makes such an idiot of himself that the War Ministry is able to say, well, if they had any sense, they'd have a good war staff like we do in the Army. And boy, everything would work great. And it turns out that Haldane, who was the minister for war, wanted to take over the Admiralty, which was a better job. Unfortunately, he's very pro-German and Asquith couldn't give him that job. So he brings in Churchill. And normally you think of this as yet another preparation to do it right. Well, wait a minute. Churchill had been Home Secretary. Home Secretary is the FBI in justice. And if you look at European governments before World War I, they're a whole lot more concerned with internal problems than external. Well, look at my explanation for the Germans. It comes out of internal politics. It doesn't come out of who's gonna blow us up next week, except the socialists, that kind of stuff. As Home Secretary, Churchill was a mess. He was a wild man. He was known for having pushed things a lot too far. Well, if you use this as a way of putting your crazy Home Secretary into the Admiralty, what does that say about what you think the Admiralty is gonna do? Does it kind of say we took him from something real and put him in something safe? And I turned that not to be. And he brings in a whole lot of yes men. Well, if his real job is to get rid of all these fire eaters, he sort of did it, right? Very interesting. How come people don't look at that? Now it may be that the people who write this kind of history have never seen real history happening. I was in the business. That's why I keep talking about if you were in the Clinton administration, or not the Clinton, if you were in Carter's time, you recognize what's happening. Otherwise, you imagine that all these guys think differently because they're wearing funny clothes. They don't. They're us. Now, look at China. To a German, at the very top of Germany in 1913, your army is the best one in Europe. You can win wars and they have good political effects. Now, what is that in China? Well, what was their last big war? Korea, right? And then they had the little one against the Vietnamese, which wasn't a very happy war. Now, Chinese historians have written that Mao wanted to go into China as a way of exposing anti-Maoist types and killing them. A lot of his other leadership was not that happy about the idea. It kind of got what was going to happen. I don't think if you're Chinese, you regard the Korean War as a terrific success. You might not regard it as an utter disaster, but you remember a lot of people got killed. By the way, despite our idea that human waves could just be sacrificed like water, they remember how many of them got killed and they're not happy. All right, does that really incline you to think that a nice war solves all internal problems? Huh? It's not the same kind of country. And if wars don't come out of commercial rivalry and things like that, then you're not gonna see World War III happen that way. It just isn't in the cards. A lot of people talk about commercial rivalry because you can look at 18th or 17th century wars that way. This is not the 18th century, as far as I can tell. So if you were honest with yourself about World War I, you feel a lot better, which is nice.