Good morning, everybody. Welcome to the Traders Lab. I am your host, Tom B. I hope everybody can hear me okay. And we have an interesting day. Isn't that something interesting? Once again, I'm going to touch back on the higher timeframes to put things in context. It's important to understand the market. In my opinion, it's about context. So let's go take a look and let's get into it right away. This program is about integrating book map with auction market theory and volume profile in the inter-day developing timeframe. It's about trading inside out. Inside out meaning identifying the shortest term timeframe fractal for potential alignment with higher timeframes to potentially execute or trigger into the market using the smallest timeframe possible in alignment with higher timeframes. So that's what I call trading inside out. This is not scalping. This is about attempting to align with larger rotations. But at the same time drilling down to get into structures that make sense from a risk management point of view. And of course everyone has to vet their ideas. This is clay. Raw clay. And it's up to each individual if you find value in this to shape a trading plan. This will give you some of the tools. The rest is something that you create on your own. And if that is something you're interested in, I invite you all to the Traders Lab in Discord chat. And there is a link down below in YouTube that can take you over there. Traders Lab is a collaboration of a large group of traders. We bring very diverse experiences together. We leverage those experiences with the objective of creating something better together versus in isolation, which tends to happen to traders. General disclosure, all book map limited materials information and presentations are for educational purposes only and should not be considered specific investment advice or recommendations. Live trading is in simulation debit paper trading mode and strictly for educational purposes. Live trading executed in simulation cannot accurately represent realistic trading performance. Risk disclosure, trading futures equities and digital currencies involve substantial risk of loss that is not suitable for all investors. An investor can potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing one's financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. And remember, this is not a trade calling room. This is for educational purposes only. Anything you see, hear, or otherwise observe. Rumor or otherwise, statistic, etc. is something you need to vet on your own. Past performance is not indicative of future results and this is basically concept with practical applications. Again, something you need to vet for yourself. And as I do every time, this is the short version of the process that I use. It's important that you remember that everything I do is the same in all timeframes. And what is it? It's based on the auction. You go to the store, you participate in the store in the supermarket. We are in the financial market. Notice the similarity? They are all. So as shoppers, in the auction process, we go to the store. If it's on sale, you buy more. If the price is too high, you don't pay it. Where is the intersection of price and volume? This is the auction. That's retail. So at any specific time, at any specific store, for any specific product, there's going to be a price that's too high and a price that's too low. And the retail, the sellers and the buyers, wherever that balance takes place, which is represented by volume and price, that is retail. And it creates in trading or in all markets, really high volume. Because when you get to a fair price, isn't that where that intersection creates the highest volume? It's not too high. It's not too low. The sellers are good. The buyers are good. Same thing in the auction. That's auction market theory. Now you know it. Next thing, the volume profile. It is the optical representation of that process. We have something called low volume nodes, and we have something called a high volume node. And all the low volume is, is where those buyers bought on sale on the outside edge of that retail price because it was on sale. And then when the price goes too high, it creates a low volume node because the buyers wouldn't pay it. You go, I'm not paying that. Well, not much buying goes off up there. And then it comes back in the middle, pretty much, is where that intersection of high volume, and we're at retail. So now you understand the volume profile. That's it. You got it. Next thing, time frame. Now this is the deal. This is to me the most important aspect of this. This behavior is taking place in all time frames. And by that I'm referring to fractals. The way to imagine or visualize a fractal is those little Russian dolls, where they have the little one inside the bigger, the bigger, the bigger. So if this auction process is taking place in all time frames, in other words, the minor, the midget time frame, as low as you can slice and dice it, or the high time frame that is the yearly time frame, they are all operating inside of each other. Then it's up to us as individuals, as traders, to identify the time frames that we can operate in based on the range required for trading, et cetera. It kind of works that way. Now the other thing, and this is always what I like to mention, because it is difficult conceptually, is context. Today we have what? A breakout and a run. Great. How do you get out of this thing? Do you just chase it? What do you do? So this is where the multiple time frame aspect comes in. Because how do you participate? Well, the market has different phases, even in uptrend. It has the drive and the move up where it breaks out of balance. And I'm going to show you all what this looks like. It's a continuation from yesterday when we were looking for this behavior. And I'm going to go back and we're going to look at it, and I think you're really going to get it. You're going to get it because you're going to see the same process in the micro structures, which I'll be looking at with you today and sharing, and you're going to see it in a higher time frame. It's a perfect illustration in a world that's not perfect of what this process is. And then you're going to see how you participate in this current behavior. Where might you have interacted with the market and what tools and what insight was provided by the participants in this auction process? Remember, fractal. Bookmap is the tool we're going to use to look under the hood. Bookmap is the tool that allows us to see order flow, retail behavior based on stops, iceberg behavior, order flow, et cetera. Stop sweeps, absorption, on and on. There's many, many tools. I'm going to focus on just a few of them so we can be most efficient, but there's much more to bookmap. And again, it's up to the individual to decide what tools that are available that they want to deploy. Let's keep it simple, right? Because it's not about complexity, in my opinion, in trading. It's about a process you can replicate consistently so you can measure it. If you can't measure it because you have a random inputs, you have no idea of what can statistically give you that edge. You need a consistent input. And if you're not familiar with what I do, I encourage you to go to the Discord Bookmap Trader Lab chatroom and there's an introduction video pinned at the top as well and about 80 downloads of PDFs of detail in minutia that you can sit with your pizza over the weekend and you can take it in and then think about it. So I'm going to look here. Well, get back here at the high volume. Remember I said I was going to review that. Let's take a look at what we had. Now, this was yesterday morning before our TH Open. Let me explain what you're looking at here. I hope you guys were here yesterday or at least conscious and I always say grab a pen and paper and take some notes. If you're not doing that, you're wasting time because nothing goes forever. I am not going to be here forever and I'm not saying that matters but the thing is get what you can out of this. So this is what's going on. Now you remember, right? We gapped, nasty, and we came down in here. This is what's called a consolidation, right? This is charting 101. And what is a consolidation? The market trades over itself. And what a consolidation represents is two-sided trade. Buyers, remember, I'm a great shopper. This is a good deal. I'm not paying that, see? Rotation. And what happens in this, so I isolate these. I just want you to know these are called, I call them a micro composite. And all they are in volume profile. Remember, what am I measuring? Price and volume. And this profile is showing me the volume and the distribution. In other words, too high. I'm not paying that down here. Oh, that's great. I like it. Retail, right? Right here. Well, that's really on sale. Right back. Retail. So on sale, boy, I like this one. Back here, right here. Then we come out to the other side. I'm not paying that back here. Because now this is a consolidation and you can see what it's doing.  On sale, I'm not paying that. Consolidation. And what that represents also is two sides are active. So it's like a battle, you know? Think of it, two armies. They could push back, counter attack. Now they advance. They push these guys back. See, that's a consolidation. Then we break out here. These buyers here get our, you know, thanks for playing. We'll see you later. Now we have this two-day consolidation. This shouldn't be here. I don't know how that happened. I don't know. It did. So this is isolated. They do it here. Oh, I like this price. I'm not paying that. I like this one down here. Takes the stops out by a little bit. Weak hands are flushed out. That's always a hint. Comes back in. Two sides are battling. You see where this ends up? Does that look familiar to this? You've got the tails on both sides. This is like what they used to call a Mexican standoff. I don't know why, but they did. Same thing. Two sides, back in the middle, retail. Nobody got the advantage except the lungs hint, hint. Got taken out at the low of the day and then we came back in, hint, hint. Now what? The previous two days. This is not included yesterday, right? Two days. Now you guys remember in the morning, I was thinking, okay, breakout, right? I was saying we have the potential to break out and squeeze. That was yet. This is, by the way, this was done while we were trading in the ETH inside of that two-day balance. Remember, balance. Sellers, buyers. Oh, I like it. I'm not paying that. Energy. So we have buy stops above here, buy stops above here. So yesterday it was buying, buying, buying, looking for the breakout. Didn't do it. Like, hey. Then what? Down to the other side. What was it? Too high. Too low. Right? So, rotation. Looking for the breakout didn't do it. So they took all the lungs out yesterday and we ended up with something called the neutral day. Now the other part of yesterday was we opened in-range in value. Do you remember that? That meant two-sided trade. We knew that coming in yesterday. But what we don't know is are we going to get here or what? And I was anticipating that. And that was my plan for yesterday. So long, long, long until it became short and then it became me in reversion. Sell, buy, both sides. So anyway, that's yesterday. Day before yesterday, I'm sorry. Is everybody with me so far? Hey Alec, good morning. And good morning to everybody. Thanks for being here. Okay, so let's go now on. Now we're going to look at yesterday's behavior. Hopefully I got these in the right sequence. I kind of race along in the morning because I'm always behind the eight ball. Here, let me... Oh, okay. Let's look here. I think this is the same thing. Let me just look, guys. I'm sorry. I kind of am scrambling. Yeah, this is the same thing. Okay. Now, okay, there's a little more detail on this one. Yesterday, let me explain what we have. Now remember, we're looking for the upside-breakup. I've added something here. What I did is, and with my software, I can identify... Remember, distribution, right? Outside edge. Remember where it gets that low volume? It's like, I'm not going to pay that. Well, this is still that previous two days. This is not included yesterday. So you can see. This is the low volume area on the outside edge. Low volume. On the outside edge. Low volume area on the top side. So in other words, yeah, this is where the volume of the previous two days, not including yesterday again. I'm still before yesterday. This was the low volume area. So between this distribution, which is an auction, and the main distribution, this was the outside edge. So this is where it was unfair. This is where the buyers came in within these two days and said, based on volume, that this was the low side after these two were in here. And up here somewhere is the high side. So this is marked 37, 46. Now this is before yesterday's trade. And this is the retail price in here. So 68 was the fair price, right? Retail. I'm not paying that. Yeah, this is fair down here. And now we don't remember. There's no precision in this. This is like maybe at best this is trading. So let's go on. Hopefully I got this right or I'm in big trouble. I might. The lower that now this includes yesterday, where that low volume node remember too cheap hits it to the tick and we don't know when it happens, right? And remember we had two-sided trade yesterday. So it was and we couldn't take this out. It was like what? You know? So we went mean reverb once we were long, right? So we were going up, up, didn't do it. Then everybody was long runs away. What happens? They get flushed out and we had what was called the neutral day and that's when the first hour high and low which is called the initial balance high and low are both taken out. So the initial balance high was taken out then we failed. It becomes mean reversion. The initial balance low is taken out. This target has hit and at the time I don't know it's the low. So you know I don't know. You don't know. If you think you know I always want the phone call. I don't know. All I know is this is auction based and there was behavior in the volume that was created. It was here. You remember for the last chart, right? So we tested it because this was the low volume area and what happens in a low volume area. The buyers come in and the market is rejects a price. It doesn't hang out. That's what creates low volume. Okay? So you understand. So here we are. This is yesterday. And I'm going huh. Now I'm going to show you something else and you're going to recognize this from our fractal behavior that we always are operating in in multiple fractals and time frames. And I mentioned this to you guys yesterday. Chop, chop, chop. Break low. Chop, chop. Back in the consolidation. This is a buying trigger, isn't it? In a high time frame. Break out. What is this? Long. You see the structure everybody has been following here for months in the trader lab. Is this a familiar structure in a high time frame? Is that a yes? Interesting, isn't it? Okay. So this is our higher time frame and this is our breakout. So now we have this and we have that gap. So now it is pedal to the metal with the gap. So longs. Now I'm not going to spend a lot of time with this because we've already discussed this. I'm going to show you a couple of opportunities. And then we'll get into real time. Does anybody have a question on higher time frame? Does anybody have a question on what this is? Do you recognize what this whole structure is in the intermediate time frame? Yeah. Okay. These are daily candles. Yes. And every consolidation, I draw a profile over because the profile show me the distribution. In other words, where's the volume taking place? And that gives me a lot of insight because the nature of an auction in all time frames is to come out to where is it too low to attract buyers. Remember, you're a good shopper. Oh, it's on sale. I'm buying three cans of tuna fish today. And then it rotates up and the buyers go, I'm not paying that. That's too high. And then it comes down. So this rotation takes place in all time frames. But what happens is where the most volume transacts is like a fair price. It's just the market tends to rotate around the fair price and come back to it. And then what happens after that is that fair price, if we leave it, then it is saying potentially it was too low. And now we're going to auction elsewhere and try to find a new retail price. Because if the perception of value has changed, then what used to be a fair price down here is too low. And then we may do this whole process again in another location, rotate, create a new fair price and then potentially come back and check this one or go back to a previous one that we thought was too high and check that one. That's the nature of auction market theory. It's looking for a price everybody agrees on. So what the market tends to do is run around looking for a fair price. And that's what the auction is. It does it in consolidations and it does it in all time frames. And it does it in this time frame which is all the volume that ever traded here as long as the market's ever been here. But I'm not looking at that now. I'm trying to keep this kind of within, if we are positioning in the day time frame we want to operate inside of these structures when we can identify them. Notice where the low of the day is. Too low, outside edge. Too low. And remember I showed you the chart this was sitting here. And again, I have no idea. So don't think I know, because I don't. But what I know is what created it it was the buyers in these two days. This is created before this day. In these two days, even though we traded below it that overall, for all the volume that took place in here and this is where the volume profile is about it's letting you see inside price. And that's what you don't see if you're in time based artificially structured bars. Now a daily candle is important because it encompasses all the volume. Other than that I'm looking inside of all this behavior. But it's that fractal and that's the point I want to make fractal. Anyway, I hope that makes some sense. Hold on one second please. Sorry guys. Anyway, you saw the high time frame. Okay. Thank you. Sorry about that. I always like it when I talk to myself. It's really good. So you know we broke out. This is called out of balance. So the consolidation is a balance profile. Balance means two sides. So it's auctioning both sides. Remember, oh it's on sale, I'm buying it. Nah, I'm not paying that. Boom, boom, boom. Over multiple days it's the same behavior. Inner day it's the same behavior. But we broke out. Right? We looked at the higher intermediate time frame structure. It's a breakout. Changes everything. Because at that point it's long or potential pain. So at least for me. Now I don't have no crystal ball. So that means longs only. But we don't know. I don't know. Which of course I never know. So write that down if you haven't thought about it. And you should take notes here so you get the most out of this. Is there's a potential for a couple of behaviors in this context. Remember context? Write that down. Context is king. If you're not aware of the context, you're going to be zigging when the market's zagging. And you really have to. That's like the dominant piece. Because it's about alignment really where we look for the opportunities. So if we open out of balance. And out of balance is saying there's a change. We're no longer overlapping. We're leaving an area behind. So you saw that when I showed you the higher time frame. So let's keep that in mind. Write that down. Context. What is the context? Has it changed? Most of the time we're in balance. Most of the time the market is flip flopping around and auctioning and ripping both sides. I mean that's the nature of it. Two sides battle. And when it's in nature, typically in any consolidation it's two sides. Chop, chop, chop, chop, chop. And in daily time frame it's all the same. It's just in a higher time frame. Generic. This is why the volume profile is so useful is once you understand this process you're going to see it everywhere in all time frames. And then it's up to you to kind of put those Russian dolls together and get into alignment. What people like to do is understand the higher time frames and I'm not a scalper. I'm attempting to align. So, here's the open. This is our TH Open. 830 Central, 930 Eastern Standard. There is the open. So the open is here. So let's look what happens. Now it's a gap. So open, open. See the buy stops? So there's stops going on. Now let's look. Stops, stops. Now the breakout traders, they're all buying. Lovely for them. I can't do anything. Now what are two elements that we can have in a gap? Anybody know what can happen with a gap? Fill the gap? What else? In a gap this high out of a major consolidation would we fill that gap? Well, you know it can do anything, right? So we understand that. However, there's a big report at 9 o'clock. New home sales. I always kind of think that if there's going to be a report and I get behavior ahead of it that maybe somebody knows something. But we also knew the structure coming in too. So the gap is an issue. Right, gap and go are close. So anyway, here's a couple possibilities. The possibilities are gap and go or responsive selling.  Whatever can happen happens. But this is an important gap because we were anticipating it. Here's what happens. And this is something I see that I'm always aware. Rarely does the market open and never look back. Often the market opens. We get the early buyers, retail buyers because of the gap and what does it do? It takes out the first low and then we only two ticked it. Now I have no idea when this happens. Right there. Now here's the hint. Market opens. It controls moving up, buying volume. See it? Buying volume. This is a potential short trigger which doesn't mean get short. It means potential counter rotation looking for a long. The problem is the open and there's going to be stops under there. I can't do anything. I would love to do something. I can't do anything. So let me show you. I haven't figured that out yet. But here's the micro indication. Let me show you. Again, these are not triggers. These are observations because we don't know. See these 56 stops? Where did they come from? The guys who had their stops right under this low. Is that a kind of an obvious place? Open, drive up, pull back. A couple of ticks. What is it? 31.5, 31.75 to 31. Three ticks. Anybody running a three tick stop? Well, not me. Not here. I want to see this. So my rules say look for the response in a gap. Wait for the response. That's my rule. Now let's say I did this and it never came back. I had another opportunity to get in in a different location. So I cannot buy any of this until this. And even here I can't buy it because I don't know if we'll come up here. So I know I don't know. I'm just going to tell you nothing for me to do. Look at this. Now let's remember what do we do? We mark these. Variable high volume node. VHVN. Let's mark it. This is another book map at a different computer. And I can't be doing this in two places at the same time. So I'm going to catch up while we're going. And then there's here. Because these were the two locations where the VPOC initially was measuring the volume. And this is what the volume point control is doing. As it shifts around, this is called developing. This is the developing time frame. In other words, this is the whole day. This is the microstructures. Here. So this is kind of resistance here. You see the behavior. And you see the pullback. So this is my next structure here. So I have this. And I have this. And I have this. So these are the structures. In this little thing, and it's what? A minute and 30 seconds. So this is kind of what you might say rapid. So this. Now this is something I'm going to say to you guys. This is let's assume that I cannot execute in this. Because it's just a little. But I know I want to be long. So if I'm going to potentially execute, I have a few locations. I have here against this volume. I have here against that volume. Let me just show it to you so you can see. Because that's all that's here. So here look. Volume here. Volume down here. Let me get this other nonsense off the chart. And what this is is on sale. We don't know at the time. I'm not paying that. Here. On sale. I like that. I'm not paying that. This is still a good price. All right. I'm not paying that. I like this. High volume. Retail. Pullback. I'm not paying that. Stop pick. Right. Oh I like this. It's on sale. That's too expensive. This is kind of what the auction is doing. Now this is all micro and fractal. Now we broke out of balance. And we're thinking long. Here's how this is working. Volume. Volume. Highest volume is here. Volume. Too high. Break. Pullback to the volume. And I'm not paying that. All right. Stop pick. Right. We anticipate that responsive selling and take the weak guys out. 38 stops. Too expensive. On sale. Too expensive. Watch. On sale. Too expensive. Here's the stops. On sale. The buyers are still accumulating in here. Break above. Here and here. Now it's long time. Where. Watch. Volume. This volume. So pullback. It's a long against here. Stop needs to be here or under here. Not a recommendation. Naturally past performance, etc. But if you can't execute there, there's more. So don't worry. Okay. Now we're looking for a trend day, right? Because of breakout. In a higher time frame. Anyway, everybody see that now that's anticipated, anybody should be trying to do it. Because if you can't read it, then there's nothing to do. But I want you to study it so you can start. You see, there's a it's a matter of practice and recognition of what's going on. And it's for me, I'm going, if this then that, write this down. If this, then that. If not, then what? So I'm kind of watching the auction based on the little structures. The auction. Too high. Too low. Retail is right in here. Break low. That is saying in the micro time frame that that price, that volume is the retail and we break below, we come back and they go, nope, too high. Can you read it right in here? This is a story. Here's a consolidation. That's all this is. Chop, chop, break high. Break low. There's your trigger. This is a short trigger. Now, by short, it is not a get short trigger. It is a behavioral structure. Which happens to be a triggering structure. But I use it since the context and the trend is up, I'm not getting short. Believe me, I ain't thinking about it. I want to get long. Read it. And I go, okay, break. So the trigger is fired. Now it's the retracement into the trigger structure. And the retail volume is right through there. Does this make sense? Let me try to show you better. See this? That's a high volume note. Remember that? That's too high. Too low. It's retail. And they're saying is, nah, that price is really too high. And they're out of here. Break, pull back to the volume now that's in this structure. Break, pull back. See? So it's doing this auction. I'm not paying that. Break. I'm not paying that. See, back to the volume in here. Then we break over it. Changes. This becomes chop, chop, break low, break high. See this consolidation? Long trigger. Long here. Wherever. Let's look. So let's look. Chop, chop. Remember, pick the stops off. We don't know. This was the retail price. Too high. Now, and we're moving lower because of the volume moving lower. I'm spending time because if you can get this you got it. And now you extrapolate this to all time frames. When it changes this is no longer too we don't know. Could it come here? Gone down, right? We don't know. It's the change in behavior. This is resistance. Because it said it was too high, right? Now this is the fair price. And this is all happening in microstructures. You have to understand that's auctioning. Break low. Don't know. Break high. See where it stopped? Look. There. Price check. Pull back. Price check. I don't know. I'm ping-ponging right here. I don't know which is which. Is this still too expensive? Or is this one too low? That is what it is speaking to you. Right here. Is this too high? I don't know. But when I do this I break out. It's now telling me in this structure because I'm above this now that we have the potential just like every other high volume node to come back and check it if it's really too low. And this one is this one too low. So I've got two locations here. Too low. And I'm breaking above here. So this is really the location where it would fail. It happens to have the VWAP here which is not material to me. What's material is the behavior right here. That's along. Does everybody see that behavior? Sweet, we have sellers at 3,890.5. Max, for me I like pullbacks. Because what creates in other words if you think in consolidations which is how my brain kind of operates what is a consolidation? It's an auction. In other words, let's just pick one. Here, let's look at this. I don't know what happened after this. But here chop chop chop chop. I'm not paying that. Oh, I like this. High volume is in here. Chop chop chop. High volume is in here. So look what happens. Too high. Come down. Too low. You're seeing it in both places. One of them is going to fail. Well, if the trend is up, probably the better bet is to be the buyer versus the seller. And again, I don't know what happens here. See? So, trend up, I'm only looking for longs. That's just me. Now, this looks, this is in midair.  But I understand the context. Now, I pulled this out of thin air and I'm not, this is not a trade recommendation or even anything anybody ought to do. What I want to do is share with you the auction in a fractal. Look at the range here. There's a couple of points. If this is the selling structure and you can see it there, see? And this is the buying structure. You can see it here. You see the same thing, sell side, buy side, microstructure, is everybody tracking? Sahad, if I'm saying that right, and I apologize if I'm not. There's no right or wrong. I kind of but my, the volume profile for me supersedes like the VWOP or anything else because it's the actual, the thing with the profile is it's the real-time expression of participant perception of value or lack of value. If the market goes down, it's quote out of a fair price. In other words, on sale we're all going to buy more. If the price gets too high, we're going to say we're not buying. And the thing is in a fractal it's happening in all time frames. So these participants right in here are auctioning. But if the trend is up I want to wait for a rotation and it has to fit my trade plan in a location to potentially engage. So what I always talk about is priorities of inputs. This is my priority input over everything else for me. Because this is showing me what the participants think is too low. This is that low volume area and what might be too high. Well, we're auctioning up. Look at this. Let me show you. This consolidation was too low. Here's your high volume note. I'm buying. I like this. No, I'm not paying that. It's on sale. No, it's not. I'm not paying that. I'm going to wait until it's back on sale. Rotation, rotation. Here's the high volume note in this auction. This is happening in all time frames. Well then, if this is too low which is where we got long I think then what's next? This next consolidation here is an auction. And you can see it right here. Too low, too high. Same process, you see. And this is what it looks like. Oh, it's on sale. I'm not paying that. Oh, it's on sale. And I'm fitting this structure inside of this structure. So that's the fractal nature. So that's why it becomes a long. So it's a long against here, against here. We auction. We leave this behind. Too cheap, too inexpensive. So this little chop chop in here created high volume. That's like your micro retail price. Right there. And we leave it too low. This is, and you can see this progression of rotations. This progression is the market checking. Is this still too low? Yeah, it is. How about over here? Is this too low? I don't know. Let's see. Okay. This gets interesting. Now look at this. Now I marked these. Let's go back to this. Variable high volume node. Variable high volume node. I think it's aligned. Don't remember. I think so. Is this one right? And this, I don't know where's the, I have to just catch up a little bit, guys. Just give me a moment. 81. Oh, wow. That's a high volume node. Because it's going to move away from here. So I just have to keep up. Okay. You'll see why. Now what I call a variable high volume node, it all it is, is what's called V, I call, it's V poc migration. The volume point of control is in the developing daily time frame where acceptance is at the time. And then if volume and price move along, remember if we're doing the transactions, it becomes the new retail price now. This is a change in context. Remember, I always talk about context and we're in an uptrend in a breakout which means long zone. How do I get long? Well, we had one down here. Okay. Here's an auction too high. Now we don't know when it happens, right? It's all good in hindsight. But the thing about it is I have no idea where, when, what. So that part, if you think you know you might not. So this is our auction here. Remember I said this could have been a buy, which it's not. I'm just showing you the structure. We come up here too high, break low, pull back, high volume. Can't get through it. Counter rotation. To where? Now this is the big question. Watch. This is the last variable high volume node. It's right in here. And this is the low, remember low volume nodes? They're at the outside edges. That's where there's no volume. In other words, the buyers come for it, the market doesn't hang out. They are created when you get these bullet moves. And it's an interesting situation because here's what tends to happen. Tends means maybe, right? Is if we don't auction, and an auction looks like this, chop, chop, too low, too high, too, right? When you rip through an area, it never auctioned. It just ran. So that didn't do its thing. And what else happens? These are outside edges where the shops are going to pile up under the swings, right? Because this becomes the low side of a consolidation. And what I'm aware of in low volume nodes is they're tricky because the market could come out to the outside edge which is created by the swing and this poor auction and take these guys out and come down. And then if there's no selling, it's that your shopper in a different time frame comes in and says, hey, it's on sale. The potential is to come back and check retail. Is this logical? David, a trigger is a structure to observe because you need to understand what creates it. It's the auction. And understanding the auction is understanding why you're looking at this. That's the trigger. Now, the trigger is potential. It has to align with location. In other words, in space. Now, you're going to see these things all over the place because it's behavior. But I want to align. Remember, fractal. I always want to be thinking about the higher time frame because I need the range. So if I get involved here, you know, I don't know where I'm going to go because it's early, right? So I don't know. But I do know if I see this and then I see a breakout of this trigger structure I might want to be out. Or I took the long. Remember, the way I always talk is I only give a basic, a minimum call it in my stream here. I'm giving you what I perceive to be minimum components. Not advanced. Well, maybe it's advanced compared to what other people do. But, you know, to me, I'm a minimalist. I want to give you guys basic tools. Then you kind of form it, you know, into your own thing. You can do whatever you want with this. Believe me, you could be a trapeze artist if you want with this. But this is a triggering structure. Let's remember the goal. Job number one of any trade is to get risk neutral. So for me, my primary job, assuming I enter here, is to get a scale. My risk is from entry to failure, which is two ticks under here. So that's my stop. And then you need the rotation to get risk neutral and then manage the trade. And, you know, in this case, if you did nothing you would have scratched it. That's okay. For me I'm not saying it's my trade plan how I manage a trade. What I'm saying is job number one and as a trader, I believe and it's just a suggestion or a thought process is what is the probability of getting your scale so you've bought your ticket to ride for the target if you have one, versus taking a full stop on a two lot is your probability greater to buy your stop for the next trade. In other words, you have two contracts one pays for the stop on the runner that goes to target and pays you. You have the risk of taking a stop on two, of course. So the range to target has to be make it worth it. So that's how I structure minimal. I would recommend when you're building a trade plan that you think like that, what's my obstacle to get risk neutral? What's my probability on any trade and that's where you keep statistics. You create the setup, you define it and then a trigger and what is the odds of getting paying for that stop on your contract number two. If it's positive, you might have the ability to be in a trading business. If it's not, then you're not doing something right or you're getting involved at the wrong locations and that's something you got to work on. So this is the trigger, right? Remember, long here, long scale, bum long stop could be under here or another long see, short short, not short, but uh-oh counter rotation see, watch. Where's the stops? Here here under this consolidation. Where did we go? Low side. So we rotated. What's the fuel? Retail trader behavior. What happens right here? Everybody take a look at this right here. What is this? What's this? Anybody recognize this? And what else is it? Uh, David, the question to get on the triggers, I'm not mechanical, I'm process. So I understand what's going on and it's always maybe at best you know? Yeah, Peter, that's the point. See if we're in a fractal this behavior, this chop chop, break boom is back to a high volume node. In this, we're in a higher time frame. The volume point of control is your retail price where all the volume is transacting in the whole day so far. I know that this was too low remember? We left this auction. I'm not paying that. Yeah, it's great. I'm not paying that. Oh, it's great. High volume retail that the whole thing is too low. Now we move up here. Now we move up here. Now this is the retail price. Where's too low? Is it there? Is it here? Well, where is the big low volume node? It's here. So in theory since I know I don't know I and there's let's go back to the left. You got to look to the left. Where's the swings? Where's the stops? Here. Down here. Here. So this is the outside edge in here. And I don't know but there's what happens. Now you can read it. Now I don't know where that is I just know where it might be. It's out here somewhere and I know the markets long so thanks for playing. We have parting gifts for you. But now I'm looking for a triggering structure. What is it? It's right here. Watch. Now I don't know. It could come back here. Don't know. Don't think I know. I'm clueless. But what I understand is auction behavior and I understand that if the market gets long they're going to flush the financial you know what. So okay. So now I'm waiting and I don't know where this is. Don't think I know. I don't know. What I do know is where I know the behavior and I know what might happen. It's the best thing I got. I know we rejected this. It was too low and I know I've been sequentially moving higher in the fair prices here. Let's put the pieces together. If it gets too low and I don't know where that is. I know unless the world ends here and everything collapses which I have no reason to anticipate at the moment unless it does. I'm looking for a long back here. And this is a term we use called mean reversion. Is everybody with me? This is now remember I talk about context and context meaning when it changes can you recognize it and how do you use it. The biggest problem besides all of them is understanding when it changes and not be just bye bye bye. Because once it changes and we saw a micro failure up top then where are the stops VWAP and potentially lower right so chop chop chop and I don't know this is exhaustion 66 stops coming down thanks for playing four stops who's getting flushed out us great where's the exhaustion right here again no idea but I'm watching because I said what do I see chop chop chop what do I see here same thing chop chop chop 165 stops break below where's my trigger didn't happen here boom oh that's ugly oh that's ugly it's lower and I got stopped divergence lower price who are the sellers us sell stops but there's less we're at a location you see now again no clue the trigger fires here as soon as we clear this we have a trigger for along and the target is back here so let's see what happens and north can you see it now I have targets up above somewhere and hopefully they're in here let me look this is current you know so we gotta kind of so you'd be long from out there it's on sale now here's another event here let's watch this was our long wasn't it scale hold this moves up okay this says volume and price are moving together remember retail right so this is all good for the long now watch price is moving up I gotta mark this by the way all these are relevant so you'd be on the long from that location let me ask you is that okay this is the fractal nature of the market and the other element that was important that you understand it's mean reversion that's a different context okay are you guys with me now this is what this is saying let's read what the story is too low so remember too low too low this is retail and they're raising the price too low too low I'm gonna mark it high volume node so I call this V poc migration and what you're seeing is auctions and they're too low too low too low breaking away too low this and don't forget you're out of balance we have a breakout so we have a trend configuration but we need how do you get into these things and that's mean reversion and let me just give you a picture of it for those guys who don't know and this is a short mean reversion but it's the same process I probably should get a long one but this is what we had except we did it on the downside we came to an outside edge low volume node picked out the stops and then continued back to the volume point of control in this picture it was I'm not paying that let's come back to retail and what we were looking at it was just the opposite that's on sale and then we come back to retail does that make sense you see context so once you understand mean reversion in a trend configuration you need in my opinion to be looking for the counter rotations for the return back counter rotations for the return back so let's go you're still on along here now we have a statistic does anybody remember and it comes at 930 my time or 1030 eastern time that's called the initial balance the initial balance is the first hour high and low and it has the statistical probability of over 90% of getting taken out one or the other during RTH and again past performance is not indicative future results you always got to vet anything so let's look let's watch the behavior now if I have a target now I don't know where this is going to be by the way I have a target up here this is my target doesn't mean anything as you know how targets are it's always maybe at best so watch now what do we have here this is our volume point of control this was too low retail boom so buy low too expensive so this is your retail price however does something look familiar what happened here we ran we did an auction rinse repeat what does it mean if we don't auction what does that create anybody you can't buy on a limit MK you buy on a stop you can't buy on a limit only if it's below the market you can't buy if you're asking me on the top side I hope I got that understood your question right the LVN is the outside edge not auctioned and it's under swings so if we rotate we can take all these guys out and there's another one here we auctioned here and this was too low right here that's retail that's too low now we got this here but the low volume is out on this edge so that's vulnerable because it never auctioned here see so this is the same thing we were talking about below remember rinse repeat let's see what happens here now right here here's important right here is the initial balance high this is the high and then when 9.30 comes my time it's fixed so this has over 90% probability of getting taken out that's nice so if I'm going to get long somewhere I'm going to be going for a statistic 90% and you've got to vet these things for yourself so I'm looking for a long again what is this called when I'm looking for outside in anybody what are we going to try to do mean reversion same process how do you get on a trend you have to let it rotate in my opinion unless you're one of those that trades breakouts and that's not what I do but I should say shoppers auction market theory if it goes on sale if retail is here there's two things to think about poorly auctioned stops being trailed by little traders like us and we are retail we are the weakest you know in our time frame we are the weak hands we are the guppies so we are vulnerable so if we know retail traders think about it well first of all it gets too high and then there's stops trailing under the market it kind of feeds on itself then if we look at the auction and we know where the fuel is and we know this is a poorly auctioned area over here and then down here this is all vulnerable and again no clue remember I know I don't know so write that on your paper if you haven't thought about that because maybe as best we got so where is the long and the hard thing with mean reversion I want you to know is where is the outside it's really difficult so let me show you these are two opportunities that showed themselves here I have a statistic the IBI wherever that is up there some place hi today that has a probability so I'm looking for a long mean reversion with mean reversion it's mean and we don't know where the true outside edges so here watch this is a long again it has to align with your trade plan it does for me watch now I'm not recommending anybody do any of this stuff I just want to show you structure it's a matter of when you can read it if you can't read it you don't do it wait for the next bus there's loads of buses remember outside edges here I don't know where it is and this is of course the risk of trading and I'm trying to get aligned with the higher time frame so I can only buy I can't be a seller it doesn't matter if you send me your bank account I can't do it I can't do it for me so I'm looking for this where is it is it this one is it this one no way watch so no clue break high pullback now I don't know this is my high volume this is my break high this is my break low now I had it here break high took it out nothing to do so you gotta be reading the market and say if this then that if not then what if we don't then nothing here chop chop chop break high break low do we take it out no if not then what then long where to vpok here okay so now you gotta be able to read this stuff if you can't I want to say this to you guys if you probably can't you haven't practiced and gotten muscle memory now the thing that makes this work for me is the location and remember there's no precision in trading so I'm outside edge with the retail price so I'm trying to find where the participants where we exhaust and we run out of fuel it's here in other words sellsoms it's here if this doesn't fit what you you know you can't do anything for me location you guys remember real estate they say location location well I don't know if this is the outside edge so that's the risk of any trade I don't know I never know I don't know anything so what I know is maybe it best so look at this chop chop chop break high this is my trigger and now this is my high volume and you can see it right there this is microstructure now see this node this is in this little auction this was the retail price we pull back to where here it's a long if we don't and your stop is two ticks under here now you probably can't execute me not so much either but it's if this then that if this chop chop break high then that is pull back if we don't hold here then fail no trade as soon as we come off this micro high volume structure for me because it's aligned with a higher time frame with the volume point of control the retail price above this is like the oh it's on sale concept but we don't know and that's the risk of a trade because we're on an outside edge mean reversion right so everybody's with me right long scale hold watch I be stat remember still open so I got a hold and just sit I got a 90% probability of getting over this so if you're running a two lot this is your target and for me if I'm on a two and I'm only talking twos that's all I discussed here in the trader lab here right before this give them a two ticks leave some for the sweeper and it doesn't matter to me the where this goes because my trade is the 90% probability after that punt got it is everybody with me max that's up to you it's mean reversion mean mean are you guys tracking it's just one idea this was also an opportunity for the long 96 stops 9 divergence break high pull back to this volume breakout if that's your thing pull back to this volume long and you're trying to get here now here's how I think of these things if I have a stop two ticks under here my scale is a fixed scale based on whatever my entry is to the failure so in this one you would have got scaled you did not get it because it's fixed right then this is your next target and then this is the next target I go for this one because of the trend you see but let me show you if your stop is two ticks under here you never got taken out on the retracement and this sets up another long two opportunities can you guys see it so even if you didn't do anything because you were going for this other than indigestion you wouldn't have been stopped out if you're using a fixed scale based on entry to failure you would have been risk neutral and then you either have trade management or it has to take this out and then you'd be here ready to toss your breakfast on your keyboard and you wouldn't have been taken out because it's where the trade fails which is under here and under here so how about this one you have a scale you have in your risk neutral you get another trigger you don't take this out chop chop break hide pullback you add if it's in your trade plan scale now you're running to next scale target I'm just giving you ideas not trade recommendations is everybody with me what levels are you asking me about they're the first hour high and low that's correct that's called initial balance and it was something from market profile days so and here's the other thing about the first hour everybody knows about the first hour the statistic is out there in retail world and retail traders put stops below them on top of whatever so that's kind of a known statistic just like the overnight high and low so you would have two opportunities to get long you wouldn't have been stopped out on either you got this and then the idea is the next one and then you could be done with the trade wherever it went come back here now there's another phenomenon that took place I want to talk to you about where is the IB high let me get this here because I saw this and I thought it was very interesting I want to review it with you and it's something it's a market profile event and they're kind of informational let me see if I cannot find this hold on guys okay let's see alright the first time we take out the initial balance high right it was at 8975 this is cool I want you to see this here now remember the target was two ticks in front of this isn't it interesting we only went one tick above it and then did this that's why it's your target and the thing that we ends up and you have to really have when you have a trade plan is to say based on I'm running a two or three whatever you're running this is the target and it's ahead because you're depending on breakout traders to buy the breakout of the first hour or you're hoping and we can an extension I want to be getting out when others again all of those guys who might buy above me right so I need that I'm always thinking who's going to be on the other side well it's whoever's wrong or buy stops you know whatever but this is a 90% probability smart move is leave the rest for the sweeper I can always get back in so watch now write this down on your sheet you're not going to see this phenomenon happen very often but it does happen and it's kind of a freaky thing when it happens because it has let's let me just say a negative connotation to it in the profile world it's called a one tick failure in other words this is the high right of the of the first hour initial balance so this was the previous high we one ticket so 8975 and what do we do we hit 90 and we're all going yeah are we going no not so much and we crash into this guy of course nice and we fail that's called the failed auction now it can be somewhat nasty now the trend is up we broke out right so it doesn't have the same significance but what it typically sets off is everybody who's long season what do they do hit the eject button does that make sense and what we often see and we don't know I mean the market can one tick pull back three ticks and then continue or or do something else and again we don't know but counter rotation at least if not reversal failure and go to the fallout shelter and again in a trend configuration breaking out again put the higher time frame and I don't anticipate that and again I don't know so don't think I know but what I know is a counter rotations you know because other other traders are going to respond to that same thing hey we only one tick this high and now we're coming back everybody hits the button you would too wouldn't you and what is the setup let's look what this is right here chop chop chop into the liquidity you know let me 3890 meet on the bone that's the highest liquidity sitting around here okay and what is trading up here so buy stops and you anticipate when the market is trending up and these guys are caught you know buy stops are definitely part of the game one tick okay here we go it's off and it's you know watch chop chop chop break high there's no divergence here but I'm at a key location see if there's more to it than just divergence in the stops because we're as we're making new highs there's potentially going to be more stops not less don't know but high volume this is what it looks like right there one tick I'm waiting for it to continue aren't you except I got one tick and I'm going come on you know let's go and what do I do break low pullback here that's a selling trigger now it's not a short it's a selling trigger pullback see to the volume selling trigger this is another one so this this would look like a buy structure except we tried it and we couldn't get above again break high break low retracement to the high volume across here see and it's not a short it's a uh oh see so this is a one tick failed option write them down you're not going to see them often but it's an indication of exhaustion at the time at a location alignment chop chop break low sell trigger pullback you don't get above it uh oh trigger back to volume trigger I want you just to see triggers I don't want these are not shorts their sell triggers is that right is everybody with me Peter I think I just described a one tick failure it's a new high with no follow through and normally highs are made with an extreme you know V tops V bottoms you know that kind of stuff a failed auction is more and they could be very powerful reversal structures I mean everybody runs for the exit you can get some pretty significant rotations and I think this is a reasonable rotation you know but let's let's put it back in inside of the so this is micro structures so I'm reading this sorry and I know we can come back here or not you know trend is up trend day we're only looking for mean reversion outside okay see back to this too high back to retail now what potential to come down where and I don't know I don't even remember what was it going on here where's our outside edge it's down here so let's see what it does so now we're back in the mean reversing game are we outside too high failed auction everybody's going to hit the eject button and then it feeds on itself where's my outside edge it's down below let's look somewhere in here poorly auction rinse repeat where's it go V pock migration we got to mark this right VHV in so price in volume are still moving together which means acceptance so it's still outside in if you're lucky is dirty area would say where's the outside notice here volume pullback by trigger long back to I be high you'd be done or scaled see so this is outside in back to here so and again it's not necessarily anything anybody ought to do but I have this I have divergence here you see less stops I break I come up I pull back I have volume here this is a little auction I pull back to it I have again a by trigger and this is more aggressive because it might only come here so this might not be doable this is your target and potentially higher and again I don't know what are we doing here see made a new high pullback V pock migration volume and price are moving together it's still a long where do you get in well up to you I'm just showing you structure I can't comment more than that because what I do and you do might be a little different but if you're building a trading plan it's not to get quote greedy and FOMO ish about I want every one of these it's about waiting for your trade and its location and in between having the discipline not to get caught up in all of the quote FOMO because that's what does happen this is a buying structure this would be your risk down here is that fit or do you want to get long on the pullback to the volume and have your stop a couple two ticks under there where to so you're getting squished here so this might not fit so you might just sit back and order lunch this is our target and who knows you know how these things are it's like maybe and still we don't know is there any questions on mean reversion trading a trend configuration and how you might get involved even if you miss the move off the open which is a tough part of it you have sellers at 3,890.25 well a book back to you guys no I just zoom in and out because I'm looking I mean I have to look at it a few different ways you know because I'm always looking at this because this is like the primal chassis and then what's going on inside is the next aspect it's all the same behavior in micro fractals as I call you know fractals so short time frames so I'm trading the same process and this is kind of what I think for me makes me so enthusiastic and why I wanted to stream for you guys is to show you that you don't need all this elaborate indicators and crazy stuff I have no indicators what I have is what the participants think is a fair or unfair price that's and isn't that the most important thing the traders the buyers the shoppers are doing not some mathematical moving average hybrid that tells me it's overbought oversold and might be might not I mean I don't know because I'm looking in the rear view mirror with indicators I mean that's great you know not great for me because I can't activate by the time an indicator might and I'm waiting for quote the crossover or retracement to a moving average or something that the market is going to move because it's a lagging you know I can operate right in this right here I don't know if I see that with an indicator I don't think so never used to so I can look into this and I see the volume because the volume and the price this is real time so that's why this right here is a long it's simple in my humble opinion again don't forget now if you're looking at if you this is like reading sheet music when one of the things that I've found and the reason I use the profiles is that it is giving you real time input and it's speaking the other thing is if you want to learn a musical instrument you don't sit down and play like Bach you got to learn to recognize the sheet music so I'm seeing this in real time and I understand what creates them part of an auction market theory since you're a good shopper already unless you like to pay too much which I doubt you know you understand that once you understand it now we look for the shoppers and in this little auction this chop chop what a consolidation is there is the volume we break above it that's a trigger the potential is to pull back and test it there's your okay now let's look again where's the volume here so here here is the volume let me show it to you I just I want you to see this because once you get it you got it I'm going to try to get rid of this volume here I want you to see the microstructure because you know it's a long right so everybody knows it's a long we don't have to talk about that because there's no shorts today there's only longs and exits for me others who can want to trade sell this that's fine that's not my thing see the thing that's interesting about trading is you need to understand context and know when two-sided trade might be appropriate or when counter rotations are used for continuation trades that's the key that's why it's longs only so chop chop break high trigger pull back you don't know there it is and there's your high volume now let's look a little further this now so this is the low end the volume there now we have this volume right there which is now represented by this chop so this is volume volume now what if I have volume and I get a pullback I have a couple things that I can lean on I can lean on this volume and this volume see so this is a long now let's look a little further chop chop break low into this volume held it chop chop break low chop break high into this volume which happens to be at the V-Pac but the trend is up long long no shorts IB scale helmet where are we I don't know where do we go can you all see this 12 to 1 stat where are we oh yeah perhaps still got a target up above right high of the day icebergs what do we got sitting up here by the way when it comes to liquidity what matters is more important at least is the liquidity that's in the book from RTH open or before those are passive sell orders hold on I got some weird beeps and some strange things going on here I had a power failure this morning here and things got kind of dicey so I don't know what's going on if I disappear on you guys just want you to know it's not intentional but there is some strange things going on here I'm getting put it this way alarms going off in places where there should be nothing and I don't even know where they're coming from so sorry about that so if I'm gone I'm gone it'll be because we have a electrical problem here of some kind now we have something a setup that is not qualified it's called the IB failure and that is where you come up and you break down below and you pull back to it which is right here and it is used in this context and if you're not familiar with these things go to the trader lab if you haven't been over there and download I have about 80 PDFs 80 PDFs pinned to the top of the trader lab and the IBF is called the IB failure and it sets up a mean reversion in other words a counter rotation in a trend day up like this it is not a short it is an indication of potential counter rotation to get aligned for a long for a continuation ok everybody familiar with that have you guys heard this before thanks Alec so this is a short structure and let me tell you how I use it if we are in balance and you saw me doing them yesterday sell the initial balance for a return to VPOC right we went neutral yesterday and then we hit that low volume node in the intermediate time frame right remember MCLVN back inside and it was real hard because we had all that chop at the IB low and then we came all the way back in so that was the heart remember the long I was like ag agonizing over it it was very annoyed by it but that was the structure right so we have both of those but so here today we get the IB failure but because the context out of balance out of value open targets above pedal to the middle if you're short you're uncomfortable don't want to join a retreating army what you want to do is use counter rotations to get long so this is how I use the IB failure in the context remember context is king you know there's two things job number one is risk management the other thing is alignment with the context higher time frame long counter rotations or opportunities to get aligned does that make sense by the way if you're in YouTube remember you're at a 15 second delay so it's kind of rinse repeat you know so once you have a process the issue becomes alignment and then you know currently it's outside in you get a counter rotation you buy it until it fails and these aren't trade recommendations but the thing I want to point out about the IB failure and you can see it here chop chop new high thank you break behind it pull back where IB then what down here now how far down that's you know remember mean reversion mean so let's look these aren't trade recommendations I want you to understand behavior because with this the better location would have been here remember price check in aisle 3 if this is too low retail and then we left it the market has a tendency tendency remember to come back and goes this really too low that would have been a good location this is a triggering structure but it could still come here this is your obstacle not enough meat on the bone in other words I need let's remember trade plan what do you need location remember real estate location location this would be the location maybe the other thing you need is a range for the scale here you got a trigger no location and here's the scale well there's not enough range you have a trade plan guess what it's not your trade does that make sense because I don't know about you but I'd be entering here here well I got a scale here how's that going to work you see are you guys tracking power I see you're talking to Alec there I have a naked volume point of control which is my target it's not mine it's the auctions up here and the point is about this this was a retail price that we left behind last time we traded up here what is the function of the market where's the fair price if this was too expensive before and we fell out away from it is it possible possible and nothing has to happen remember that the market comes back just to make sure it might be too high or not because what we're doing in the developing time frame is the same thing we're leaving these nodes high volume areas behind in the auction this is the same thing it's just left behind the last time we auctioned here this volume point of control this is the highest volume currently in today's trade highest so this is what's considered retail or the fair price last time we traded up here this was the fair price and then we rejected it it was too high and we did all this stuff gone down right well now if we're marching higher and leaving these retail prices behind as we migrate the volume point of control this is the fair price this is the previous fair price might we get here and check it that's our job isn't it price check the auction price check that's our job that's our target and again it's random in the sense that we have no clue so don't worry about knowing because nobody knows but if I'm trading a line with the trend how do I get on board outside in obstacles get scaled get risk neutral and trade rotations or hold subject to time frame and trade plan for the target if this then that if not then what there's a target does anybody have a question is this makes sense when does well tolls it's naked because it hasn't been checked that's what makes it naked and it's what creates it there was an auction last time we were up here and I don't have the date in here but it's going back a little bit I think this is the remember that one day that was like a you know we gap lower we traded then we gapped again and we left this big gap you know in between this was the high volume note of that last day the last auction and it was too high so we have the potential to come back and check it that's basically it and we never have to get there so don't worry about that we might get to 39 we might go nowhere I don't know because I don't know where the high day is going to be that I haven't figured that one out yet so now you know we're in lunchtime chop volume things out which doesn't what that means is we're on the counter rotation a little bit more trend is up so I have nothing to do I mean I'm long or I'm not in I mean whatever it is this is a long here's a pullback say potential long hold on two six nine okay sorry let me show you something now this is not actionable this is kind of narrational how do you like that for a new world word in other words if this than that if not then what if I have exhaustion and a trigger and I hold it and I break away from it that's a long you see it now what if it pulls back to the volume and holds it it's a long if it triggers so look at the multiple integration of fractal long pullback long trigger right off of here so back to the trigger here trigger back to the trigger here see trigger expanding my fractal time frame in minutia back to the high volume here just showing you trigger back to the volume here hope you're seeing what I'm seeing trigger nothing to do of course these are not trade recommendations this is about structure can we read the structure where's the stops by the way here just remember so so part of this is to show you where you can enter the other part of the triggering structures is maybe trade management ideas you got to figure that one out for yourself where do you get out of this is it the cell trigger here is it this one where's this located here dangerous stops not a good spot see so let's observe not a recommendation is everybody tracking you get anything out of this um 6 10 let me see where Paul let me see where if I can find where mine came from here I should put the date on them I guess you know make it easier well the only thing that's up here Paul is that uh that day that hung out in midair and that was um I'm losing it yeah June 10th Paul 3910 no it's 3910 Paul maybe not Paul you might have got me on that you did thanks Paul see I'm slipping in the turns 3910 thanks Paul thanks Ned so let's look at this remember IB retail trader behavior stops so now we want to see the behavior and this sets up another IB failure potential where might we go a couple of things back here but where's the stops here what's on the other side of this low volume area so now we have the potential right remember lunchtime you gotta write all this down please lunchtime what's the potential countertrend write it down time of day the other part selling structure no idea other than where's the stops here IB failure where's the potential here and again stops are under here so not so much here remember this here and the outside edge down in here so that's and again who knows so IB high couple things can happen right here stop pick rotation up back to the high volume or stop pick rotation up back in back here under here and I have no idea that part haven't figured that one out yet but it's all maybe so it's if this then that if not then what if this then that if we come in then what check higher or check higher fail in it's this or that so it's long high volume fail or keep going right trend is up or since it's lunchtime stop pick buyers these guys get host and then we really set it off and cut mean revert so this whole thing here is a potential mean reversion but if not if this then that if not if we just pick then we have this so it's going to be one or the other that's the nature of trading we don't know trend is up I prefer the long side but this is very vulnerable so that's all I can tell you about it because I don't know but if I'm in a long I'd be taking note of this if we can't get above see the high volume right up in here microstructure that volume is our retail up in here this we don't get above here the volume and we got some right here too we can't get above these areas then potential you know back inside and I have no idea so here you have a buying structure don't you look it has to hold the volume here or else it's going to break down so I have no opinions but I want you to read auction because now you can go okay did this it needs to get above here if it doesn't get above there then these guys are now vulnerable they're going to start ejecting it has to hold this volume right across here and then expand if not what we did is we came back to basically this volume and failed see the volume there that's it so it's either above there or fall under here and then back here for now does everybody see it this is how I now I don't know what it'll do so I don't think I know anything I don't what I know is the behavior that creates the structures and then I want to see what happens when we come back to these structures and I have no idea let's watch this here this is really key I think these guys are in trouble but I don't know because right here if we don't take this out then you're going to rotate up so I don't know but I have nothing to do here you know for me not a trade recommendation if your trade plan says do something you ought to be doing it if you don't have anything for this then you're just a tourist when you're creating a trade plan it's not about buying this it could be a long it's not that it's about reading it and then having a trade plan that you know what you will do if something happens if we come out to the outside edge then mean reversion here we're in midair important location and maybe maybe we picked enough I don't know so let's watch still got to get above this volume see you're kind of in a little vice you got this for your high volume up here and you got this outside edge right there it's like a low volume now do you see it rotation so all these little auctions are taking place like those little Russian dolls inside of bigger time higher time frames so what I attempt to do is read them I have tried to align with the higher time frame I can execute in this time frame but I want to be aligned here because this is where the bigger rotation and auction is taking place this is a micro structure and you can see you know it gave a little bump you know fine nothing but I can read what created this and I know where the stops are I know buyers here will show up and either we're going to continue or after a rotation back to the volume which is there fail and I don't know which one except mean reversion all we're doing here outside in mean reversion is like remember the shoppers I'm not paying that retail we come down below if this is the fair price assuming it doesn't change then it's where's the sale price that part you don't know when will the buyers look at a price being advertised on sale now you're the astute shopper but we don't really know how low that sale price will be and if we get the sale price then it's back here so it's mean reversion now I don't know what you know I don't know what's going on here so I have nothing to do here so this is nothing for me to do for me because I don't know what's going on I know about this I know about this I know about coming back to this volume here I know this could be a long I don't like it I have nothing to do so you know you have to have a trade plan and if your plan says mean reversion I gotta wait for outside then you just let all this go in my opinion as that makes sense William the icebergs for me are not material unless they're significant I see a thousand, two thousand going off big accumulation that this inconsequential to me it's just nothing the stops are very important to me because retail traders use stops so when I get a market moving directionally and I see a change so exhaustion in other words so if the market goes down it goes down on stops right? I mean they kind of feed in themselves so I would be looking for divergence and I don't see the stops as an indicator all it is is telling you what trade what's the tag on the trade was it a market order what is it? and you can see here here's an example of a selling structure now this is not anything more than structure chop chop you see the market's coming up 28 stops the market makes a higher high which terminal is des тоб well if we don't have buyers above here this was guys who are trailing their stops now which is what retail traders do and they're getting taken out the thing is it's exhaustion once I see exhaustion and then we break below it sets up a selling trigger and we pull back to the high volume which is here and then you can see the downside rotation no, it's not enough Does that make sense? Does that answer your question about how do I use the stops, William? Shiba, this is a trend day. What's that? A neutral day? Oh, neutral. No, no. A neutral day has to trade both sides of the initial balance. Yesterday was a neutral day. And what neutral really means is it's two sides are active and they're pushing, it's like two armies at a stalemate. One side withdraws, then they counterattack and they push the other guys all the way back. And then the other guys come and push all the way back. That's neutral. It means it takes out the initial balance high, which is the first hour high, and the initial balance low, first hour low, neutral. And that's two-sided trade. That's kind of what we were looking at yesterday, but we thought we'd get this break out yesterday, sailing error. We have it today. So no, this is a trend configuration. We're out of balance. Out of balance is we broke out of consolidation. That's a big deal. And that means everybody who's wrong on the wrong side of the consolidation. That's why you get outsized moves, by the way. When you come out of a consolidation, especially a higher timeframe one like we came out of, there's all that fuel emerge. One side is wrong. Think about it. Everybody's short. Everybody thinks it's the end of the world. I mean, whether it is or not is not our concern as traders. It's who's offside and where's the fuel to take the market higher? It's the shorts. It's the buy stops. How far we go until those buy stops are exhausted? We don't know. So we don't have that answer. But that's what we have today. And when you see the market running, like you're seeing today, auction, leave it behind, auction, leave it behind, auction, leave it behind, that's trend. This is the story. This is the auction. This is a consolidation for three days. This is a consolidation for two days. This is the consolidation, including yesterday. And what does this look like? I know chop, chop, break low, chop, chop, chop, break high, long. Now this isn't a high timeframe. I can't. But it's the same structure. And now the target is up here. I think it was 39.10, and that's where the volume point of control, the most accepted price in this day, which is hanging out by itself, is right above us at 39.10. So 39.10 is our target for this. And then who knows, right? But that's basically where we're looking, or 39.00 or nowhere, or it's already done. That part, I have no idea. It's not my job. But I hope it makes sense, 39.10. And it's also, so we may never get there today. Look at today's profile. The thing is like a rocket ship that went off, and now we're in balance.  Now I want to show you something. Do I have that right? Let me get my brain. Something's out of whack. I think I'm out of whack. Hold on. I want to make sure I'm looking at the right stuff here. Yes, I am. So we had a naked volume point of control at 86.75. And we have another one at 39.10. I got to put this on the chart, 86.75. You know, if I looked at my other book map, I would see it. It was slipping, slipping, slipping. Everybody see the 86.75, or have I completely gone into Twinkieland here? 86.75 is from May 24th. 39.10, June 10th. Is that correct? Want to confirm that for me?  That's why I use the stop iceberg. I mean, I find it for my way of thinking. Because long before there were any tools like book map, order flow, or anything, zero, and we didn't know what was going on. Because all we had was time, pretty much, or range, or ticks, and price. And we would use things like on-ballads, volume, and all kinds of stuff to try to see what, quote, try to imagine what volume might be. Which none of those, you know, they're all hybrids that don't really do it. Before there was stops, I didn't know. Because you would see price, and we didn't have volume either. So all we know was price was here. We don't know anything more about it, you know? Well, now with the tool, I can get much more, for me at least, more insight, and that's all this is about, is getting insight into what might be going on here. 30 stops go off, 20. See, that's stop divergence. And I just happen to have liquidity, which is not the material issue for me. Because remember, with liquidity, they could pull or trade. We can, the buyers can take on liquidity, take it out. Or they hit the wall, and it may be a trade, maybe it doesn't an exhaust. See, this is all the thing about liquidity is you don't know until after usually. I mean, you don't know. And then what does the book do? Do the sellers press it down? Well, I don't see anything going on here in the book. I mean, I can see some of this, but this is more algo behavior. By the way, what are we doing? Where do we go? See, I don't pay attention here. Where's the volume? Here, there, and here. Remember the IB, where might it go? Back to the volume, here. Again, no clue, chop, chop, chop, consolidation. Where are the stops? Still under here. Do we come back in? Mean reversion. Now, this is important. This was a naked volume point of control. Did anybody confirm that for me? Oh, it is? Okay, great. So Jim, this is a, was a naked value point of controls that right? I just want to make sure because I missed it in the sense of my, you know, multitasking is not my thing. Okay, great. Thanks, guys. Yeah. All right. Thanks, Adam. So this, you notice this is in alignment with this. So this was a price check. Now we are accepting and auctioning a previous location that we had acceptance. If we don't get out of here, then we might be, you know, done, which I have no clue. If we get out of here, then we have the next one up on top, 3910. If, or, but we're coincidentally, the fair price is at a previous fair price. These are not quote coincidences to me, but they are interesting. In other words, I'm going, huh, because I know I don't know. Where are we? We're below the IB. What are we doing? Hello? Mean reversion outside in lunchtime. Didn't you write it down? Time of day. Potential for mean reversion counter-trunt. Stop. I call them stop picks. You guys tracking? I don't know if it's not going to close the gap, oh boy. It may not. And it doesn't have to. It doesn't, you know, I don't have any opinion on it. Because unless things fail, it's longs only for me. And of course, I have no idea, except I've only been on the long side here all day. There's been no shorts. It's been waiting to get the flushes of the retail traders, the stops, to attempt to get to outside edges for mean reversion. Because the only way I can participate in this trade, since I'm not a break, I don't do any of this breakout stuff, is I have to get the flush. In other words, I need a reason and a location. Then I get into microstructure to try to read it for an area to engage with it. But it's not in a vacuum. It's really more related to the auction. In other words, what creates all of this? Well, remember, stops are under here. We anticipate buyers, which we saw. We have volume up here, which is our resistance. If we get through it, fine. If not, we have a structure here that is also showing exhaustion. If we can't get above here, we can. But this is mean reversion potentially back to the mean. That's what this is. So I can't take a short. It's not my business to take a short in an uptrend. My business is to recognize the potential for the counter rotation and manage my trade or have a higher timeframe game where my stop is way under here. For me, I don't trade like that personally, that doesn't mean anyone else shouldn't. See, here's the thing. We always have a conversation about multiple and higher timeframe traders think I'm scalping. And I have to always address that because absolutely not. What I'm doing is trying to align with the higher timeframe, using microstructures, what appears to be a scalp to get in, because every trade starts out in what? A short timeframe, doesn't it? So I have the patience to wait because I don't need or want to take an eight point stop. I don't see the point of doing that. But I do wanna trade a 10 point or 20 point rotation. Can I do that with a three point stop or less? Yeah, I can. If I use the microstructures because I can read the same behavior. So if I'm looking at a microstructure in this little structure as an HVM, down here is an HVM, I'm sorry, LVM, HVM, LVM. It's an auction, retail, break away from it, too expensive. That's all that's going on in here. Now I can see it. That sets up a potential counter rotation, not a short. If I'm managing a trade with this, and that's my plan and we don't discuss trade management here because you gotta, that's an individual thing subject to timeframe. There's other elements. That's where your trade plan sets that up. Are you a guy who trades 20 point rotations? Or are you okay going outside back to here? Or are you okay going outside back to here, back to there? What's your plan? In an uptrend, I'm me outside back, unless it fails. If things change, then no. But I'll pay with a stop to find out if things are gonna collapse from here. In other words, we're done. High of the days then, and I have no idea, so I don't know. But I know this structure created this counter rotation. Then this is the fair price, volume point and control. Why wouldn't the market potentially, because that's all you got, come back to the fair price? The only way things will change is if we stay in this auction and the volume, we have almost 14,000 contracts at the volume point and control. That's where the highest volume is. We have about 11,000 contracts here. If we stay here and now the volume and the price are shifting higher, then we might not come back here. Then we might just keep rolling along. I don't know which one it'll be, but I cannot sell it. Hasad, the naked volume point and control, if you have software that does volume profile and it shows what's called the point of control, when they're left behind and we haven't come back and checked them, they're called naked.  Then on the way down, this would become a target. Does that clarify that? Serendipity, I wouldn't get hung up on stats like that. All bets are off on a trend day, but if it happens and the VPOC is above you, then that would be a potential long subject to the context, but look where the VWAP is. I mean, I gotta find it here. It's gotta be somewhere down here. Here. If we come down here, we could come out to the outside edge, pick these guys off, and then this could, per my plan, assuming that we aren't going south here, after this, and I don't know where the mid is, I have to look for that, all the way down here. Well, this would be my next opportunity, not the only opportunity, because I could be buying all this rotations in here, mean reversion, but this, we have a setup, not a trade recommendation, of course, VWAP to VPOC. That's a 10 point trade. So it would be observing the stop pick in here. We could potentially come here. It's still viable, no clue, but this is VWAP to VPOC, and then, well, it's so close to the IB, and then you still got this, or not, or this, so VWAP to VPOC, high a day, and it all depends how, when, if, and no clue. But that is a viable, based on what we do in the trader lab, we have this documented, and it's not a recommendation, guys, nobody ought to be doing it. These are not trade recommendations. They don't call trades. I'm saying is that's a behavior we observe. See, when I have trade locations, it's not, I don't push the button. I have to see something in a microstructure that tells me maybe this is a place to put risk on, and if I get taken out, I accept it.  That's my mental process with that. So this is kind of mean reversion here. Again, it's all random. Time of day, chop, chop, chop, potential back here, and potential to, and if it doesn't, it doesn't, it just doesn't really matter. What is going on right now is we're just in a consolidation up in here. Chop, chop, chop. It can still go up, we still have our target, and the participants, if they perceive, again, this is too low, is this now too low? There's a buy trigger here. Remember, nothing for me to do, you know? And the sell trigger here. So you see we're kind of caught in a little vice here. Trend is up, so you favor it alongside. However, this sets up mean reversion back. So this is like just a very funky area. So for me, I, nothing to do. This is okay for the long. Back here. See, that's it. So I have nothing to do. For me, there's nothing, I have nothing. Again, that's just because I can't buy high, I gotta buy low. So if I don't get a rotation down, like to pick these guys off, which would be the next location for a stop pick out to this outside edge of this distribution, which is a low volume area, see? And then I have this high volume node, which would also have alignment. I'm a tourist. So we're just sort of in park here. So for me, again, I'm just saying, but what I wanna be doing, as long as we're sort of on the tour bus, let's look at the structure here. This is a selling structure. And it's not a short structure. It's a selling structure. I hope you guys can tell the difference. This is the potential mean reversion. We're all stacked up right here. So this is the fair price. This is the previous fair price. We have this potential stops under here. This would be the next area to observe low volume node in here. So all of this, and even this is on the table or not. That's it. I wish I had more. That's it. There you go. If we got here, it would be interesting. Because this, see this, when I look at range, now you guys have been in the trader lab and you downloaded my PDFs. You know, this is a setup, right? Not, of course, not a trade recommendation. It's just a location to observe. If we come down here, there's gonna be stops. Two things happen here. First is, stops are trailed and you're gonna get buyers of the VWAP, fine. So lots of times it will come down, we'll get the buyers, then we'll take all the stops, then the true move comes, and this becomes the target. Actually, this here becomes the first target. So your scale, next target, and then whatever. You know, your trade could be from this area, back to this high volume node, back to this one, and you could be done. I consider that okay, you know. It's over 10 points. Nothing wrong with that. If you have more contracts, then you're going for that. But that's like the, what do they call it? The Hail Mary Pass, remember? Do we have any questions, guys? Well, Jay, I don't, they see this as a tough day. I see this as just another day in the jungle. Rinse, repeat. Auction, trade the auction. Nothing hard about it other than the same stuff we face every day in trading. Same thing. Context gives you the direction as far as the alignment. Then it's what tools do you have and understanding of context to get engaged with the trend. And just my process, and I'm not saying anybody else should do this, it has to be outside in. I have to get a counter rotation because I'm not interested in the risk. I want to get a counter rotation for the mean reversion. And mean reversion means trading outside back towards high volume. Because that was the retailer, the fair price. So outside, outside, outside, outside. For me, nothing here because of this. If I'm under it, I can work with it. If I'm above it, I'm anticipating this, you see. So, because it's the same process. Mean reversion comes from both sides. Now in a trending market, when the market prices moving away, this is gonna be trailing it. And often I will use this to lean on like a springboard, but I have an issue time of day. So I have nothing to do. Now if this market breaks, makes a new high and goes without me, it's perfectly okay.  Well, what's my trade plan? There's no shoulda. There's, oh, that's nice. Interesting, and that's as far as it goes. Yes, Donald, they're sequential. So for example, if the volume builds here and this shifts up, I market and call it a variable high volume node. So as these things are sequentially moving, they're telling, it's the way I track the behavior of the auction, that's what they are. This was the fairest price, market ran up, more volume is being done here than anywhere else, the volume point and control shifts. This is now the fair price, this one's unfair. Chop, chop, chop, break high, okay. Shifts up, it's saying is it's accepting this, this is too low, I market. Potential is to come back or continue. I don't, you know, but I have no trade in this. Because I don't buy the high of the day, it's not one of my favorite things to do. So I have to get, if it comes back here, I can look at it. Here, I can end up buying the wrong low, easily get caught in the stops getting taken here, here. Because remember, retail trader behavior, write that down. Retail trader behavior, where's the stops? How do I use that insight?  It's if this, then that, if not, then what? What am I been talking about? Flapping my gums about this, mean reversion. It's just the same as this coming from the other side. Why would I think it won't happen from this side? Because isn't this the function of the market? I'm not paying that. Hey, this is a great deal. I'm not paying that. Well, no, this is a great deal. I'm not paying that. Is that a great deal? Or is this a better deal? Well, I don't know where it'll go. So don't think I know. But I know the market told me this was too low. The market has the potential to check this, but to check this. This really fair. Well, this might not be fair. This little one. See it? Ah, that's too expensive. No. Here, let me show you. You think, think in fractals. And the reason you hear me yapping about fractals is I get insight, high volume, auction. Yeah, that's too high. No, that's low. I like this. That's high. I like this. High volume, retail. This is like your corner store. And then all these buyers and sellers left. They say, I were out of here. Now we come back. See? Right there's the high volume. Let me open this up. I just want you to see all I'm doing is the same thing. There's no magic. Why should trading be complicated? There's enough problems trading that we have. Psychology and confusion and the right, fine. That's part of the world we're in. But if I understand what creates these things, now I'm understanding market mechanics. I'm no longer looking at some indicator going, oh, what's going on? Oh, it crossed over. I guess I sell it. Really? Or do I understand what this said and do I understand the potential to come back here? Now this might be too low. I have no idea. I have nothing to do. You see this 350 stops, you know what that is? Everybody had their stops under here, remember? All these guys who got long. And then they ran into this. So this break didn't take them out. They're going, yeah, yeah, you get more buyers. Oh, I'm excited. Where does it go? Right there. If I'm looking at this, I know that's an obstacle. If I'm trading the microstructure, which I'm not, but if I did, don't I scale? Isn't this a retracement back to this auction where the retail price was there? Right there. So we come up to the low volume node outside edge. So now we're rotating. You see what we're doing? So in a higher timeframe, we check this. No, I don't know if that's done. I have no idea. And it doesn't matter to me. I can't buy it here. If this could be it right here. But what do I know? Too high consolidation, break low. Does anybody recognize that? Pull back to where? The volume. I can stay mentally and otherwise in alignment with the story. I don't know what it'll do. Don't think anybody knows what it'll do. What I know is what it's saying. Does that help me? If I got long here, there has to be my scale.  But in a higher timeframe, which I'm trying to align with, this is the attractor beam. This is where the market comes back to go. Yeah, this is our fair price. Is it still fair? Or is it too low? And we're gonna take off from here. Take all this too high volume out. Too high. Is this too low? See, higher timeframe. Fractals, microstructure. It's all the same. I hope that makes sense. It's just we're slicing and dicing it up. The more minutiae I can understand the better control I have over my trading process. And that's why I do this for you guys. If you're finding this helpful, give me a thumb. Flip the thumb. Power just hanging out. There's no shortcut. I'm showing behaviors in all that 80 PDFs you've been looking at. This is not a sheet of do this, do that. It's a sheet of behavior and repetitive processes that are built on auction behavior. This is a price check in aisle three. Now, this is your obstacle. Stops are gonna be here. This is the volume. So I have still nothing to do. This could be a long, but it's not. It could be, but it's not. I know, you're going really? No, the reason it isn't is it's not outside. Now this could very well from here come up here and keep going. It's not my trade in this context. Time of day and where's the fuel? Here, low volume, down here. My preference, not that the market cares and we're in a trend configuration with the context being mean and reversion. See context guys? What is the context? Higher timeframe, trend up. Interday timeframe, rotational, different. How do you trade this? Well, align with the trend and then try to find an outside location to try to get mean reversion back to the mean. That's what mean reversion is and then see if it can take off the high in alignment with the trend in the higher timeframe. So that's my deal. And if it never happens, you know, it's okay. That's trading.  That is a long trigger over the VPOC. Again, it's not my thing. You want to see it? Now this is in microstructures, right? And it's not a buy. I'm just talking about triggers. I mean, why, what about this one? Was this a trigger? Is this the trigger? What's the real trigger? Is it, I think it's this one, right? Here's why. 350 stops, thanks for playing. Buy, but there's no divergence. Lower price, 42. That's stop divergence. That's how I used to stop iceberg indicator. Chop, chop, break low, divergence, chop, chop, break high. Now your volume is here. Let's see if we, you know what we do. Let's watch. And this is not anything for me other than I'm sharing interpretation of auction behavior. I find this the most immediate way to potentially interact with the market because this is happening right here. There's no lagging indicator telling me what's going on here because it would take too long. Where would I be buying? I don't know. If I'm getting long, it's here. Not a trade recommendation. I'm just giving you examples because now my risk is two ticks under here. 86 to what, you know, 88, right? Now this is not qualified as a trade. I'm trying to show you triggers. Don't misinterpret this. I'm not calling trades. I don't do that because I'm as clueless as anybody else. But watch. I want you to see behavior. See this little node? This is your little VPOC here in a developing timeframe. This is the VPOC in the whole day. There's alignment here. Now we don't know if the market's gonna go, this is too low, let's go back up here. I mean, you're right up against the high of the day. Or are we gonna rotate, run into the volume here? See, and then come down. That part, that's trading. A long trigger, not the best location. We are inside, we're not outside in, we're inside. I consider this problematic. So I'm just telling you, but I want you to read the triggering structure. And then we'll just see what it does. Here's your volume, see that? There's your obstacle. I can look at these structures and go, okay. So if I'm getting involved, and let's pretend this isn't here, I have to go look over here where we fell out because it was too expensive. Then it's a matter of, do we come back and check here before we come down under here? And remember, I'm looking for this out here to get involved back to here, not to get involved here, because I perceive this to be a, not to be an ideal location because then I'm not doing mean reversion. And in this context, I wanna get outside so I can have a way to get my risk off. How do I get my risk off at this thing? So just the fact there's a trigger doesn't mean anything. See how you kind of prioritize inputs, at least the way I do? This is what I want. I want out here. Or even for, it doesn't matter. Wherever it is, I wanna be out. So I have the rotation back to this versus this getting the rotation back to what? And again, it doesn't mean that this isn't it because it could be. Just, and this is where the thing about having a trade plan is. You're gonna see all kinds of stuff going on.  Oh, I want that. Oh, let me do this. And if it's random, you're in trouble. Again, my opinion. Because if you take this and it's not part of a trade plan, you just say, yeah, it's gonna go up. Really? It might or it might not. Here's the problem. If you did this and it's not part of your trade plan and it goes up and goes through the moon, guess what's gonna happen? That's gonna be, your mind is gonna remember the chemicals that got released, the euphoria, the adrenaline, the charge. And now you're gonna go as they say, south of the border, over the edge. Trade plan is your accountability piece. And everybody needs one. If you don't have a trade plan, you're a gambler. And I know you don't wanna hear that. Be a smart gambler. Know when to hold, know when to fold. Know when you have the edge, know when you don't. Where's the edge? Not a recommendation, outside. Where's it risky? Inside. Does that make sense? See what's going on? Billy Bob, I'm not commenting. Oh, Jim, yeah, time for cocktails over in Europe. That's for sure. Jim, you're in the Netherlands, aren't you? Or Iceland? I don't remember where you are. Somewhere. Where are you? Norway. Hey, isn't Norway and the Netherlands close? Aren't they like next door? So guys, what do you think? See this? This is the trade plan deal. This is where your FOMO, your drooling, you want it. Well, with a trade plan, you're just going to go, and here's the other part about this. The separation mentally from the FOMO. See, I feel it. Do you feel it? Unless somebody gave you a lobotomy, you're going to be feeling these things. And I don't think trading with a lobotomy is, you know, I haven't met any lobotomy traders yet, though I have met some traders who might have had one and they didn't know it. That's humor. But Netherlands and Norway are not close. All right, Patrick, what am I thinking about?  Yeah, yeah, yeah. See that? I'm not a geography teacher and I don't multitask. My mind is really limited. It really is. So I'm talking about trade plan and not like impulsing in. So I can sit here and I can have emotional states that are triggered because those are not gone. You know, that doesn't leave. They never goes, never goes away. Early on, I didn't even understand these things.  I understand that, you know? And I've given you guys tons of tools. You don't have to go and reinvent the wheel. You can build your business on some of the things I've shared with you, which I think are the raw materials. And then here's the thing you guys aren't probably thinking about yet. And that is I'm giving you foundation that might be useful or helpful, maybe, I don't know. And you can build something on top. It's a chassis. Now, and when you're building a car, you're not building Formula One here. You're just building a vehicle, a trading vehicle. Then as you develop understanding, recognition, the instincts that come from muscle memory, you know? Because you're becoming a professional. Right now, you're looking at things and you're using logic, which is a slow process, you know? You're not a speedy computer. I'm fairly quick because I've been practicing longer than you. So you're gonna miss a lot of things. You're gonna be, and that's where replay comes in, screenshots, I have, and I know I mentioned this from time to time, not a lot. The binders of research I've done and examples, not only do I do this in real time on real, like now, but in replays on the weekend, I pick random days where I have no clue what's going on, no context, no nothing, no ETH. I don't know anything. I just force myself to narrate it and see what's going on. Can I say, okay, I got this up here and I got this behavior down here. This is still an important location. Can I read along? Or do I, what can I read? So that's one element. The other element is in my trade plan, I don't have a long. And if this goes from here, which it absolutely can, and goes up to that 3910, I'm gonna be in an emotional state of regret. I also know that. But my job is to just understand my emotional state, not respond to it, but I'm accountable to my trade plan. If I bought this and it's not in my trade plan and it goes to the VPOC and I get whatever it is, 20 points out of it or something, or yeah, 20 points, and I get rewarded, I'm on my way to self-destruction. So I know to stay in the business, I gotta wait for my train, my bus. This is not my bus. Doesn't matter if it goes to where it goes. So that's very important. Though my emotions are gonna be triggering, I shoulda, I shoulda.  Then it comes down here, oh, I'm glad I didn't buy it. Now it's, gee, I shoulda bought it. Isn't that it? You know what I'm talking about? Well, the psychology VP is the greatest obstacle because you can have a trade plan and not be able to execute it.  So you're being wrecked by emotional states. That's not what trading is. And all those, see, and I talk about emotional states, but let's go back and understand where they come from. They come from our wiring when we were in the primal swamp, you know, so we didn't get eaten by the saber tooth tiger.  Well, those things are being triggered all the time in trading because you're stepping in front of the bus. And then you want to be sure because why risk adverse? And that's all of us, by the way. So you really need to keep a journal, not only of what you do, do you follow your plan, but what do you feel? Very important. Do you make errors? What are they? Because you're gonna see patterns of errors. This is how you become a consistent trader. It's not like, you know, this is not plug and play. You want to be a trader, you're operating an uncertainty and that's the nature of what we do. We take risk and we don't know. Because if we knew, we'd skip all the trades that don't work. I know I would, right? So I have to take the trades that fit my trade plan. Even if this goes here and takes the high out, which I know it can, because under different conditions, I'm a buyer here. But I'm a better buyer out here, back to here than I am here, up to here. Even though I have a target, you see the conflict? I want to be long, but from where? I got this, I want that. I see this in my brain is having regret and FOMO is kicking. Well, every one of these rotations has given me FOMO, isn't it? Wouldn't it be giving you? Isn't this FOMO? I'm not gonna buy it. It's a triggering structure. It's a long, right? But it's not at the location, I can't tell you. I want to point this out to you, because there are other times in my trade plan, this is a location. And it might be here, but it's not. So the only way I can participate in this is outside, in. In. So I already mentioned VWOP to VPOG, low volume node to VPOG. So this is my area somewhere out here, some place out, you know, here would be all right. Maybe or in here, back to here. So I know I mentioned it, I don't mean to keep saying it, but I want to talk about emotional states, see this. And this is a long buy trigger, isn't that something? But it's not a location for a trigger. And that's what I want to differentiate. You guys, and I was starting to talk to you about the binders of stuff I have. I think about this stuff all the time, obviously, because I'm passionate about trading. But I also have learned that I can't make it up as I go. That I have to have setups. And so you understand what a setup is. It's a location to interact with the market based on the context. Then it's a triggering structure to try to get involved where I can see where my trade fails, which is under here, and a location on a retracement, which is how I like to do it. I like consolidations. And the reason I like them is we can all understand what creates it.  But what you might not be thinking about is what it says based on the auction market theory. On sale, fair price, break above, pull back, fair price, high volume, potential long in a vacuum. No, not here. But watch. Isolate what you do, what I do, what I did, and I still do this stuff. Mentally, I'm doing it all the time. Chop, chop, chop, chop, divergence. Don't know. Chop, chop, consolidation. See, I don't know what's going on. As soon as we break up, now I've got this volume here to lean on. That's my entry. It fails under here. So let's observe it. It's not a, remember, I don't have alignment, so I can't take this. I have a trigger. You can have them all over the place, so don't get excited. But let's observe it. Isolate, learn, and don't worry about this being here. Think about what happened in here. Now you understand auction. You gotta think about it. Why did this come down here and then come up here? Because it was on sale in this timeframe. Pull back too low in the high volume node. That's a long structure. This is a long. Where to? Wish I knew. Probably the high of the day or not. But not my setup. It's my trigger. Are you guys with me? Patrick, the issue that we have with the psychology is common. Now the thing with the trade plan, guys, it's a process. You wanna start a business? What do you do? If you're gonna come up with the pocket fisherman, everybody remember the pocket fisherman? Anybody ever heard of that? Adam, I can't comment on NQ. It's the same structure, though. Same process. I mean, I trade NQ, not here. And not lately, because as long as there's rotations, the ES is a much better market to trade for risk management and depth of the book. Just now, if we didn't have the rotations, we'd be talking about the NQ. Ron Popiel, that's right, Billy Bob. They had the thing called the pocket fisherman. And that was what really established him. That was a big breakthrough. One product. Then it was the Ronco grilled cheese maker, the little thing that cooked your chicken in. Ronco, Ronco, Ronco. Ron Popiel, sorry. One setup. One piece. One discipline. One trigger. One, one, one, one. You sim it to see based on the trigger and your perception of a setup, do you get risk neutral? What's the probability? The next thing is target. What's the target? What's the probability of getting to the target? What's your expectancy? Do that, you now created a template. One setup. One setup. You need the discipline to wait for it, which you're gonna have a hard time with when you see all these rotations. You need the discipline to overcome your fear. You need to collect the statistics so you know you have something. If you have a positive expectancy to get risk neutral, which is the primary job, you then, and you, even though you're gonna take full stops, and we're assuming a two lock, because that's our basic thing we talk about here. One to get risk neutral, because it releases you from the fear and allows you to sit through these rotations and the noise. This, as an example, if this was at the outside edge, remember this is not a trait, where does this fail? Below here. So all this nonsense in here, we can come back here. If this, again, this is not, this is just, we're just talking structure. By the way, where do we come? Remember, high volume? High volume? Where do we come? Selling structure right here, back to the volume. You see what's going on in here? It's two-sided triggers. And they're really micro auctions on top of this thing. Still looking for that or nothing. But the point was statistics. And here's why it's important to have, if you don't have a statistic, mentally, emotionally, you are in trouble in my opinion.  What happens to your brain, right?  Think, ah, this doesn't work. Have emotional responses. Go for the next indicator, VHVN. Watch. See how the volume shifted? 15,000 contracts versus 14. What are we seeing now? V epoch migration. Too low. So now, this might be bailed out on this one. Price and volume moving together. That is a somewhat supportive eventuality. We can still check this. Price, check, and aisle three or continue. Doesn't matter, does it? So, and again, my trade plan is, not to be thinking about this, it's to be thinking about that. So now if this, remember, if it continues and you have all those emotions, here's what I do. I go, what's my primary job? And in my trade plan, I have like a cheat sheet.  And because of what, how my emotions get triggered, I have a section on mental notes review daily, you know? And it tells me, even it talks about my feelings. Because I'm gonna forget it. Because chemicals get released in your brain and it obscures logic. So all of a sudden, there's another hand coming out, grabbing the mouse and clicking here, right? Oh, it's getting away. It's gonna go, yeah, and it might. So I have to be conscious of my stimulus. The stimulus is chemical. So you have to understand these emotional states.   Out there on the savannah with the saber tooth tiger. So, and we're still got that wiring that hasn't gone anywhere. So you're gonna experience the emotion. So you need to be conscious, make a part of your trade plan. I have things in my trade plan that I have figured out over the years that really are annoying, you know? One of them is, and I just share it with you, because this is me. You know, I have nothing to hide. Early winter triggers fear of loss, attachment to the winners, and it's not conscious. You know, in other words, I have, let's just say four or five winners in a row. Just to say, I'm lucky, right? And I look at my, you know, and I'm up nicely. And I go, you know, I'm doing pretty good. And I start unconsciously to become passive. Now, what happens is, I'm attached to the dollars. I don't want to give it back, right? Anybody have those feelings? But I'm not conscious of it. What's happening is my brain chemicals and fear of loss are being activated unconsciously. What happens is, when I'm aligned the best with the market, when I'm really, the market and my plan are, you know, rocking, I get passive, I stop trading, I sit back and go, you know, I'm good, what is that about? But that's so conscious. No intentionality, it just happens because my mind is operating in the background without talking to me about it, my conscious self. It's a subtle movement away from my job and my trade plan, but I've observed it, I've recorded it and I understand, right? Now here's the other one, the opposite one. If I'm triggered by being successful, what happens when I'm not trading well or my plan and the market, you know, are out of alignment? The opposite happens. What happens? It triggers fear of loss. In other words, I'm down. Well, I gotta make it back. I get more aggressive when I'm out of alignment, which gets me more losses when the opposite is the true. I should trade less and have patience, see? See how they're opposite? I didn't understand that. So what would happen is on a good day, which would have been a great day, it would be an okay day. On a bad day, it would be worse because I got more aggressive and it was being motivated by the loss. So I had to turn that around, but I didn't. I wasn't aware of it. Is that useful? There's a 3,890% price to buy. Yeah, everybody's different. And you know, the other part about it is everybody trades at a different time frame too, you know?  You know, this is a buy structure, it's not my trade. So I have to go, okay, and what's the chatter, what's the chimp in my head going? Yeah, you should have bought that, see? Okay, nope, I shouldn't have bought it. So I have nothing to do. See now, here's another element of trade plans and I should say time frames. What is your time frame? Are you operating in the higher time frame? Then you'd just be hanging out. And you'd be quite, you'd be willing to give up this maybe to get that. Is that worth it? I don't know, I can't answer that, that's statistical. Should you just belong from here and not move your stop? So, question. Everybody has to come up with that and that's where you have to keep metrics and understand what's going on. Now today's not a quote normal day, today's a trend day. It's a small percentage of every day. Most days are like yesterday, they're two-sided or they might get to be one side and then the next day, chop and balance. Most days are gonna overlap. Most of the time you're in consolidation. Both sides activated at edges, wherever those, and they can move around those edges, and then you get this, different. So, what you do today is gonna be different than what you would do in a more two-sided, like yesterday, you know? So, it's different, that's context. Now I trade the same way basically with the exception on a day like today, I can only be a buyer and I need an outside move to try to, so I can come back to the mean. Buying this is harder for me, unless it's early on. But this VPAC migration is saying higher. In fact, it was saying higher here, but where's the outside, you know, I'd like to see. Now here, now I have this to reference, but I still have nothing to do, other than trend is up. Now, considering all the opportunities we had earlier, I'm okay. The longevity in the business is created by the trade plan, not this, because this is just one. I mean, in a career in trading, you're gonna have thousands of trades. I mean, I try to imagine what thousands and thousands of trades, well, what is one? It's just one. And the other part of one is, if it's not part of your plan, it's not even there. It's just a curiosity, something of research, if it matters to you or not, that's all this is. At least that's what it is for me. For someone else, it could be a place to engage. So because of the context, which is all I'm saying. Those are different elements. I'm just sharing what I think might be how to participate in an uptrend, which is outside of. No outside, nothing to do, for me. Mark, I don't use footprint. I did many years ago. I know guys who use them still and they like it. I think I get what I need out of the way I read the market. So no, Mark, I don't use them, but for a long time. Market Delta. We have sellers at 3,890, 4.75. Yeah, you're welcome, Mark, thanks for sharing. Yeah, credit spread, yeah, that's a good plan. Think about if you build a business plan, it's like a chassis, in other words, what are the elements? You want to start a business and you go, okay, here's the product, which is net, for whatever you produce, gives you a net. All right, what's my cost? What do I got to do to secure my cost so I can at least break even? And you know, isn't it kind of like, like if you have X cost to produce something that the worst, hopefully that'll happen is you can break even on it, give the guy a discount, he can't pay, you know, whatever. But that's your minimum objective is to cover your cost. And then the get to the, that retail price or that outside price and get paid and over time that gives you your net. You need one. One product in our business, the product is a setup. You need one that you can see has a tendency to work. I would think that in our business, most of the time we're not in this kind of configuration. I think this is maybe 23, 28% probability. I don't remember, but you know, it's a small probability, a small error probability of a trend configuration. So most of the time we're trading from both sides or one side inside of balance. So you can still only be in longs inside of a previous range, you know, so that's like a bit different. But putting all that aside, most of the time we're not doing this. So this is not the primary example of the condition you're gonna be operating in most of the time. However, the skill you develop to trade reversion trades in balance days is the same as the skill you develop to trade a trend day for mean reversion. So balance is mean reversion. Trend days with rotations are mean reversion. So you trade in my, no, this is just what I do. I understand a trend day and I know early on in a trend day, you gotta, it's really hard to get on them. If I can't get on them early and they run away, I have to wait. And then I know that potentially the market's gonna rotate and the market at some point will run out of that expansion and all the buyers and the weak buyers, their stops will accumulate under the market. That's what I'm looking for or depending on to create the momentum of the counter rotation. I know where they might happen, which is these low volume areas on these outside edges, you know. So I'm looking for that, for the reversion back because that I know that unless we fall, the whole thing collapses that we may come back and check and that's probably the minimal thing that might underline happen is come back and go, not this is too high, we're out of here, but it will probably come back assuming I can locate the outside edge, which is also its own challenge because mean reversion, you just don't know where's outside, it could really be a nasty thing. So I need enough range to make it pay. I have, this is a potential setup long and I have this over here is a potential long. I have this low volume. So I have all these areas and I don't know if or what or anything, right? If it doesn't come back, I don't have a trade. This is a long in a different location, but not here. So that's okay. So I pick one that happens a lot. That's where you start. You build one widget, you create statistics on SIM and then, you know, you say, okay, because when you have a statistic, you can go, you know, 62% of the time I get risk neutral. And then the other percent of the time, whatever, I get to the first planned target and you have to know what that is. And that gives me overall, with the full stops and everything else, such and such percent expectancy. And the term expectancy means net over time, over a sample size, you know? So, and then you, a sample size to be really smart about is like 50 because you need enough in various, you know, context and volatility and crazy, you know, everything's unique in many ways, yet you definitely want, you know, statistics. Now, when you take three losses in a row, you're gonna look at your stats and go, well, you know, there can be sequences of losses and there's sequences of wins. It's just random. Now you're not gonna change everything. That's all. Paul, I don't leave them up, but there's a bunch of them up there. I have CPI day, FOMC day. I think maybe one other one, perhaps. Then there's my fundamental one if you haven't gotten around to that. Also, you're all invited to the Trader Lab and Discord, the Bookmap Trader Lab. It's free. You don't have to be a subscriber to Bookmap or anything for there's a lot of education. And in addition, up at the top of the Trader Lab, there's a pin that you push, takes you to the top of the chat and then there's about 80 PDFs you can download that, you know, will give you this stuff, elements of it that you can read. And as you listen to this stream, you'll recognize these behaviors and you'll understand the language. Most of the language I use is common, you know, other than things I made up for myself like variable high volume nodes and the IB failure. I think most of it's fairly generic, you know. And the setups, of course, I made up. But, you know, and a setup is nothing more than a potential behavior that has to be put, aligned with context. So it's not mechanical. I'm not a mechanical trader, I'm a context is like, you know, the primary thing, then it's triggers. So I'm overlaying microstructures on top of higher time frame structures and then the microstructures, which are really micro auctions, I'm doing the same thing. This is why I'm able to do what I do. It's not anything more than rinse, repeat in multiple time frames. Wow, look at that, 845 stops went off up there. Huh, how about that? Sweet PS fires at 3,890.255. Are you want this up over the weekend? Sweet PS fires at 3890.30. There's no high a day stack credit spread. There's the IB stat, which is over 90%. The IB high or IB low.  But for me, I'm quite fine just sitting here and visiting with you guys, you know. Now I do have other setups, but remember my goal is to kind of give you that clay and enough meat on the bone that you can create something. Once you understand what's going on, there's so much more you can do. And then again, it's alignment with time frame. I mean, I'm not, I don't like, I mean, scalping is, I don't want to do that. It's a pain in the, it's work. I mean, it's all work. But so you know, the more you concentrate and the more you engage with the market, the more fatigue, you know, just the, you're more prone to error. So I rather save my energy and my concentration for true opportunities. And in my situation here, it's in, for our stream at least, it is mean reversing. And you can have a different plan. This could be your trade. This could be your trade to there, but it's a different animal.  Cause look where you are, high a day. It's just not strategically a smart trade unless you can operate in this. See, we have a selling structure here and we have a buying structure here, two things. It's like a little vice. You got two consolidations. Trends up, this is the weak one, but you can also come right down. So I'm just saying. Soren, have you gotten the PDFs? Soren, I didn't hear your answer. Gary, daily, primarily developing daily type frames intermediate primarily. I do look at higher timeframe, but it's more material for me in the intermediate. That's really as high