Good morning traders. This is Bruce at Vloxbro. If you can hear me and see my screen just type yes in the questions All right. Thank you Jim right off the bat. Good morning, Homara Okay All right and others. Yep. All right. Yeah, welcome some of the new people Francesco Francisco, sorry and All right. Well, let's get started here. So We're gonna go through some of the order flow here and a quick review this morning we have a Few things a few different things to look at but we'll start off here with the risk to slamer trading futures and options on Futures involves substantial risk of loss is not suitable for all investors past performance is not indicative of future results More information you can find out at bookmap.com Become a member there and you'll have access to a lot of the free resources Please note a lot of some of the free resources are in the handouts folder there for this go-to webinar so you can download from there the Bookmap 5.0 user guide If you have any questions about some of the features and components of bookmap. There's also the HFT Intro guide and which is a great resource We covered some of it last week about Passive and aggressive limit orders as well as sweeping of the book and I also put in there the Continue to put in the rule five seven five from the CME because this is You know how these markets trade and we're going over Information that is very topical and pertinent in these markets And bookmap can visualize a lot of the information that is right there in that 575 rule okay talking about spoofing talking about Flipping of the order book talking about dangling orders, you know all sorts of different things and We can visualize all of that for you And there's a lot been a lot of questions about that About some of those elements and phenomena So anyway, I keep it in there. I know it's not the most exciting reading but Be happy to show you guys any questions that you have Regarding some of that phenomena and I show it right here in book map during these webinars Okay, so these webinars are for you ask any questions that you have And I'll I'll do my best to answer them Okay, so Learning the the order flow with book map before I get involved in that If you want to give book map a try okay, there's a trial period of 14 days it's under the pricing tab here at bookmap.com and Yeah, you will need to put down a credit card however once you you do that You'll have a free trial for for 14 days So it's really risk-free if it doesn't work for you let us know and we will refund you and no questions asked Then you can see the two different versions that we have the basic and advanced 49 per month for the basic 99 per month for the advanced they are billed quarterly and The difference here between the two okay, so there's the These add-ons and and the ability to trade right from the chart here, which is a huge bonus Okay, so looking at some of the new features in book map 5.0 like the automated strategies that we have As well as the new indicator panel that you can Write your strategies or indicators, you know proprietary indicators You can you can write them in our API and I'll go over a lot of those details As the week progresses here Homera I Can answer that your question here about? subscription offers other offers in via email, okay And custom solutions so so this is another offer here as well through the Custom solutions right for for quants and prop shops If you're looking for something writing something proprietary and we'll reach out to us here And we'd be happy to to work with you. Okay? All right Some of the resources I want to go through that all right so so you guys have an idea Where to go for some of these things That I just mentioned like the recorded webinars. Okay, they're all here when you come into the Members area or the portal up here right you will come into the educational tab here and This is where you'll find all of the the videos. Okay, so these are the educational videos here the recorded webinars click here and the to view the video snippets click here and Pro Trader webinar series you can click here and you can see the other Collaborate collaborators that we have other traders if you are interested specifically in How some of these traders use book map? Okay? So this will get you started here. There are several And let me go to that playlist and I want to show you What what I'm talking about. Okay, so here's our YouTube page The video snippet the order flow video snippets There's a playlist for these as well This video here. You can see it's three and a half minutes long And it goes over phenomena that we saw on Friday. Okay, so You know you can review the webinar if you like however, I would Really encourage you to watch these video snippets because they're very short and concise and they go through the phenomena Very quickly and you can digest that information and then you'll see it again and again in book map. Okay? That video or the webinar from Friday is underneath it. You can see it here in in full detail if you like, all right? There are other playlists that I mentioned Click on the playlist here for YouTube here are these order order flow video snippets at the top and Let's just click on that. Okay, and you'll see the playlist here on the on the right hand side Okay, so there are 77 videos in here. Okay, like I said, these are very short And this is the quickest way to get up and running learning book map Okay, if I go back you can see here's the recorded webinars playlist the same thing you'll see the playlist on the Right hand side and then underneath here. You can see all the different Traders we have listed using book map. There's getting to know book map here You can see all the different traders here and futures Trader 71 And I just take a look. All right, so Here's our pro trader webinar series that we had a few weeks ago some weeks ago if you want to watch those videos So anyway, those are the resources if you need more information, you can reach out to us at Support at the locks pro comm Okay, right here is the email. Whoops Anyway, let's look at the order flow. All right, so we have non-farm on Friday. So I'm not sure You know what You know the kind of looking at some sideways action, I would imagine until a little more information comes out and Some of that non-farm data I'm Looking forward to to getting some more insight on Friday. We know that the Fed had spoken or Yellen had spoken I believe on Friday about Interest rate hike in March. So We'll keep an eye out for that Let's take a look at some higher time frames first. Okay So Using the order flow and book map Let's just we're gonna look at a big bigger picture first The macro levels and then we're gonna look at the book and the microstructure and we're gonna integrate the two All right, and that's gonna help you put the bigger pieces together You know, you can use book map for scalping. It's an excellent tool But you know, most of the traders are using this on higher time frames And then getting insight from the order book at their levels of interest. Okay, they're trading methodology All right, and book map is a platform that can help you With your trading methodology So you will be looking at the book at your levels of interest and that'll allow you to pinpoint your entries exits and And trade management. So let's take a look. All right, so here's the ES And let me make this chart a little bit bigger Okay, and this is a 30-minute chart. All right, and let's just zoom out a little bit And and what do we see here? All right. Well, we saw the the massive Spike to the upside on March 1st and we're almost all the way back down to where that began Okay, so it is trickled down. I would imagine that We're gonna probably come down and test some of the stops underneath these guys Down here at some of these swings Maybe maybe this 65 area right here just to begin with. All right And and and see if they're if they're still buying or not. Are they still interested in this market or was this spike? something that is gonna get a lot of traders to go long and with the Yellen information on Friday as well as maybe non-farm on Friday this Friday coming Friday maybe You know, this is we'll see a correction here But we'll just keep an eye out on these levels and and keep an eye on our bigger picture here Okay, so these are some of the levels. I'm interested in and I'm just outlining Some very simple levels. So we have something to look at in bookmap. Okay I'm not we're not a trading strategy or an indicator or any sort of methodology. We are a platform All right, so let's look at a five-minute chart. What do we see here? Here's our cash open at 9 30 and Yeah, kind of muddled here. We can see the Move up into this area here Okay, and Just that it completely failed up here at 73 and we have rotated lower and made lower lows for the day so far All right, other than that, I really don't see too much at the moment Maybe this this area here if we get a return back up into maybe the 71 area I Would I would be interested And then looking at some of these lows here around the 67 here. All right, so let's look at the book now From from from these levels and and and what do we see? All right Okay Just a moment here Okay All right, so here we are at book map and Over our levels again, we're looking at 67. Let's put that in here as well Yeah, I'm also curious here at 69 67 71 73. Okay, so two points each And let's draw them in in book map And Get an idea of what's going on Horizontal line here's our 67 level. Okay, we see high liquidity there already and 69 this this is this range right here and 71, you know, I'm a little more interested actually up here And then 73 as well Now here's our 71 level now that looks that does look better Okay, and then here's our high up at 73 and a half actually All right. Okay, so we've got some levels to look at and outline Let me review book map quickly for those of you who are new and we've got a lot of new traders in here. So Let's let's take a look here. All right What are you looking at in book map? Okay? All right. Well, there's three sections to outline here And I'm going to start off by I'm going to take off all of the the volume dots as well as the heat map information Okay, now we just put our levels in so I disregard these horizontal lines for the moment But what we're looking at here now. Okay in book map. I've stripped all the information out except for one item historical bid and offer All right. So this is this is that's it. We're just looking at that. Okay. This is the historical best bid and offer And That's this complete window here. All right, and you can see we have an indicator panel for it as well the The next window over is this elongated rectangular window. This is the live market. Okay, this is this dashed Green line is the best bid Currently and then the dash red is the best offer. Okay, you can see the last rated volume here as well Okay, it's this number right here All right, then you can see the price ladder right right next to it here Okay, so now that's two-thirds of book map the the last third Is our these these columns here? Okay, let's just simplify it All right, so we're just going to focus on one column here Okay, because we have many different data files to look at Or data types to look at in the in the columns. All right But this is your the COB column is the current order book. This is your dome in book map Okay, so as your depth of market All right, so that you can see the the boxes here Again, this is your best bid and offer. Okay, this is your level one data All right You can see the depth here on the offer up to this white line and the depth here of the bid down to this white line Okay, so those of you who are familiar with a dome. That's it. Okay And now where it gets interesting here is with this dome data We're going to project it historically onto the map Okay, onto your best bid and offer. Okay. Now before I do that though, let's just switch on the volume Okay, all right, so Historical best bid and offer now has traded volume on it. Okay very very straightforward and simple Okay, the volume dots where you we use the aggressor classification of volume and If you see big red dot like you do here that is primarily in this case. It is only selling. Okay if you see a green dot it is buying okay, and Aggressor classification what I mean is these are market orders. Okay a dot is produced on the best bid if someone hits the Market order sell button. Okay, they're taking liquidity off of the best bid and it will be a red dot All right, and it will be a green dot if they they hit the market buy button Okay, they cross the spread they pay up for it. That's the aggressor part And the dot is produced on the best offer and takes liquidity from the best offer All right Okay, and that's it and you know you can see here that There's so much volume that trades in these markets, especially the ES you can see some of these dots here There's a combination this pie display It's showing both buying and selling and the reason being is that we can zoom into this area And I can show you that you know down to these You know sub-second levels billions of seconds basically And I can show you how we're giving all this all this data here, but I'm just going to keep it simple today We'll look at the nanosecond Levels a little bit later. All right, but you can see we're giving the overall delta of the volume Okay, there's primarily more selling here than buying, but there is some buying in this area all right And Okay, so that's the traded volume. Okay. It's like a footprint chart Okay, you can see where the transactions are taking place what type of volume it is Okay, buying or selling And how much okay, but it's done graphically here. It's done by the size of the dots Okay, bigger bigger dots more volume All right All right, so that's it. So we're just looking at now. We've we've just added traded volume. Okay now We're gonna add the heat map Okay, so this grayscale heat map it looks very busy like there's a lot going on well It's actually really straightforward and simple What we're doing here and what this heat map represents is the Historical limit order book. Okay, so in your dome over here These numbers that you see that constantly change all day long is Liquidity being added and pulled from the market. Okay. These are limit orders These are sellers up here that they want to sell They're willing to sell up at these areas. Okay, and they're providing liquidity. This is where they want to deal All right On the bid, this is the depth here And you can see this these are areas where they want to provide liquidity and they want to be buyers Okay, and where the two meet are here at the best bid and offer your level one data All right, so let me adjust this heat map a little bit. So We've got I've got something here to demo for you Okay All right, so I'm making it a little more busy on purpose here and zoom in a little bit. Okay, so This liquidity here these numbers that you see in the limit order book Are given a graphical representation in the live market window right here with the best bid and offer Okay, so we can see here clearly at 2370 Even here This has this is the highest area in the book right now and this is actually very aggressive We're going to cover this phenomenon in just a minute. All right but This area here is the highest liquidity in the book. Okay over 1500 contracts. It was just 1600 now They're pulling a little bit All right, so when you see these numbers change, you'll see the heat map Change as well. Okay brighter areas more liquidity darker areas less liquidity All right where this really gets interesting is we take the data here and we'll project it on the chart historically Okay, so notice this this area here that the heat map keeps changing in brightness And then it's recorded here in these striations in the heat map All right, so it gets darker gets lighter gets darker that's the adding and pulling of liquidity and This is where it gets interesting because historically now You don't have to remember this in the dome Okay, you know that there's some interest up at this area here at At 60 or a 70 and three quarters Okay, they're adding and pulling liquidity But now we have insight to the auction process here at this area How interested are these traders at this area? All right, and we're going to answer these questions here and That's that's what we do every day All right is starting to understand where the auction is taking place and the intent of these traders in that auction process Like these guys at 70 right now. They're being tested. Okay? It is actually trading with that high liquidity and now they're starting to pull Right and they're kind of going back and forth here. All right, but we'll cover it in just a minute But you can see something is going on here at this 70 level, right? So that's the Review of book map now. Let's get into using it and reading it. Okay, and let me go back to a presentation Okay, we're going to we're going to answer three questions here We're going to show up to the the market the auction and we're going to find out where the large traders are Okay the That's the current configuration of the book. Okay, where are the dominant buyers and sellers lining up? Okay, and then we're going to ask the question of how are they behaving at these areas when price approaches them Okay, then we're going to look at also where the transactions took place. Okay. This is traditionally The tape reading here. All right, but now since we have Graphical representation of the auction we can very simply read that information and now we have a complete view of the order flow here All right, so let's let's do that. All right now using book map We can get rid of a lot of this noise here very very easily by using the automatic contrast configurations tool and this is an important tool and a lot of traders keep continue to ask me about the settings. Can I show the settings and The the settings are not it's not said and forget. Okay Because this is dynamic and there's liquidity constantly being added and pulled into this This book you've got to adjust your heat map. Okay, and you've got to adjust it in a way that helps you Okay So and I'll just show you what helps me. All right, so I'm looking for The larger traders. Okay, where they're providing liquidity and I want to see if they're really willing to trade at that area or not that's the insight I'm looking for All right, and you know sometimes I want to look at maybe a little bit more grayscale If there's you know, not so much action, so I get a little bit more insight other times I just want to look at, you know, very high areas of liquidity and that's it. Okay, so it depends All right, and you can see how quickly I Can adjust for that. Okay, it doesn't take much like a little tweak here A little tweak of the white cutoff for me and I'm and I'm good. Okay All right Okay, so let's answer that first question and then I'll get to some of your guys questions here, right? So the first question is what's the current configuration of the book? Okay, well right now and it's not the highest liquidity But we can see they're here at 69 and they're here at 70 and three quarters Okay, we noticed them before here at 70 and three quarters And then these guys are kind of new they're coming in here at 69. Just a few moments ago right Okay Now Yeah, let me I'll answer the next question here after I get to some of your guys questions. All right Yeah, thanks, Francisco I'm glad this is insightful for you really you know reading reading this book is an understanding of liquidity is is just a tantamount to you know understanding order flow here and it's been disregarded for a long time because It's impossible to read from the dome. I mean it or if you're gonna read it from the dome It takes a long time to read it and and still You're it's gonna be very difficult to remember historically You know a certain price level how much liquidity how long they stayed there in the book Did they continue to? Show again, do they pop back in what about the areas around it? Or was it a larger trader that's providing the bulk of that liquidity and pulling it all of these kinds of questions It's all here in bookmap now. All right, and and you don't need to to remember all of that and that it's very tedious to remember Reading the tape or the dome that way Okay Joseph How do you get a trade panel on the left? Okay The you click on the trade control panel here Okay, and it will open up and then you enable it here and you can see that it's open And then you you choose the size you want to trade here And then it's all about clicking here in this window. Okay? And left clicking is always a buy right clicking is always a sell and I'm not gonna go over the details here, but It depends on where you are in the In in terms of the best bid and offer. Okay, so if I left click down below These are market or these are limit buy orders. All right So anyway, that's that All right, and this again, this is going to be for the advanced version If you're connected to the live markets and you want to trade from the bookmap chart, you will need the bookmap advanced version Okay Let's see here Kaweca no, I'm sorry Daniel, okay, is the market making activity around 1118 or so Yeah, Daniel, not not sure exactly what you mean, but we I'll cover this phenomena here in just just a second here All right, it kind of evaporated but We were witnessing it and this it's a sweep of the book and then you know a flip of that book Okay, and that's what that's what I'm gonna cover Vertical line through all levels in the heat map. Ah Okay, so you're seeing something. Okay. Yeah, let me let me let me take a look. I Understand Yeah, so this is what you're looking at here, right? Yes, okay Yeah, all right. Let's let's cover that Okay, so I'll have to adjust the heat map a little bit and you can see also the zoom level makes a difference here okay, well Yeah, I mean this is going to be our algorithmic activity like Pretty clearly, you know, I mean look at at these price levels all at the same time You know, all of a sudden there's liquidity in here Well, how I mean is it it's possible, you know, the algo couldn't read another algos activities and then also Provide liquidity. Okay. There's there's pack hunting type of activity that that does occur in these markets all the time So that is possible It's possible. This could be just one individual actor That is willing to provide lots of liquidity and start lining up in the book Okay And all at the same time. Okay now This is a good example of No, it's just they're just pulling right when it comes down to it here. Okay Anyway, we'll go over that we'll go over this in just a minute. Let me get to a few more questions Let's see Kaweeka, how do you know What version I have you don't have a line. Okay in the CBD. Yeah, come up to help and about and you'll find out Okay This is the book map beta version So if you're if you downloaded the regular book map version Then it's gonna look quite a bit different and then the user interface you see here Okay, so if you want to try that one Kaweeka then log in to book map calm and then download and install right over your 4.5 version You know this this beta version 5.0 Okay Yep, you're welcome. Let's see Francisco the white rectangles areas of the left So Which ones are you are you speaking of francisco these here in the current book? Yeah, absolutely they matter No, okay Well far far left Well, these are historical Right, let's let's uh, let's bring up that large Let's bring up the white cutoff too Okay So this is this is the look the high areas of liquidity that we saw previously Okay Well, I mean do they matter? I would say I I get I gain information from them all day long Uh lots of insight and information okay, and um Although this was high liquidity here and look at look at how price reacted, you know and um No, no, this is this is um Liquidity that Here's your current market window, right? So we we know that at 67 here There's less liquidity now than there was previously because it's darker Okay, but there is high liquidity here at 67 still All right, but let let's we're going to gain some insight here And we're going to be reading all this and putting all these pieces together so so bear with me And uh, and we'll we'll continue on here and answer these these three questions. Okay um Let's see here Benjamin. Can you discuss the import levels the cloud knows automatically okay, so Benjamin's talking about other data types here. I've only covered the current order book Okay There's another column here another current order book But if I just right click in this column And you can see all the different data types that we have here and current order book is what's currently selected Okay, you can format that column Okay, and I can show it as um as numbers only okay That's similar to the one I have to the left Okay as bars only or bars and numbers Okay, so the setup that I like uh is to have bars only and I don't like to have it extended Okay, extended book means the historical data is included. Okay. I just want to see the lit book. Okay Um, and then uh graphically then then I like to also uh align it to the left. All right Okay, so now the um, you can also add notes. Okay, that's a data type that you can add here So let's right click In this column. I'm going to insert a new column Okay, now I have two cvp. Okay. This is just chart range volume profile And I'm going to right click and and you can select cloud notes now the cloud notes feature Is working only with with s5 for the moment. Okay and The um You can use the custom notes here though. Uh, and um, let me uh, actually let me refresh that Okay All right, so uh custom notes here. You can add a note. Uh, just click on a price level. Okay So let me do that. I'll click here right at 73 And uh, let's just say, you know Something swing high Okay, and give it a style here. Uh, you can also put an alert on it. You can enable alerts for it. Okay Uh, and then we just click okay, and then here's my note all right So that's how you can add notes. You can also Import a note And I don't have time to go over it today, but we can also import notes from an excel file Or cvp. I'm sorry. Um comma separated values file Right into book map here All right, and then I'm going to get rid of that Custom notes for the moment here Okay Uh, joseph GPU acceleration option. Okay. So book map is pretty light on your, um, cpu Okay, uh, and uh, you know instead we'll use some of the gpu the graphics Uh processor To to display this information and data basically At higher resolution than a High def uh movie Okay, so um, you can find that under settings here, uh, and then GPU acceleration Now if you don't have a graphics card, that's uh, that's fine or if you're running into problems with your graphics card First update your drivers to make sure that's working correctly with, uh, maybe you upgraded a windows 10 or something like that Uh, and um, uh, if I disable it Okay, you're just going to note that book map is um, it still displays all the same data It's just going to display it. Um, a little bit. Um Not not quite as smooth. Okay, it's going to it's going to be Uh, just a little a little bit, um Less smooth and that's basically it though. All right, you're going to see all the same data here And it's all going to be updated in real time all right So, uh, but uh, you know, I do like the smoothing. So, uh, let's uh, I'm going to keep that on Uh, and um Francisco, okay, so let's get into those those questions again about the order flow All right, uh, and so we read the current configuration And then we want to understand how the book behaves when price approaches these areas and then we're going to read the transactions all right, so Uh, this is what I was looking at earlier. Okay, and uh, wanted to cover. Okay, so this was our swing here at our level Okay, we had it. We had a level here, uh, and it was at 69 actually Um, and uh, looks better here in book map. Uh, as we drill in at 69 and a half uh, and um We saw a breakout here. Okay, and then uh, at that time, uh, we started to see very high liquidity Okay underneath and this is a flip of the book. Okay, they were here on the offer And they're flipping and providing high liquidity here on the bid Okay, uh, but they pull that liquidity. Okay, some of it trades in here. There's no question about that Uh, but it's not very much Uh, so now we knew that the the configuration of the book were the were these areas of high liquidity Okay, so we we can see up here at 71 very high liquidity Okay, and then down here at that at 67 for example, but these guys here Um, uh as price came right into them and and they're being very aggressive here Uh, they they pulled a lot of that liquidity. So the intent to trade here You know the were these did they really want to trade at these levels? And and you can you can pretty much answer that uh, definitively. No Okay, they're pulling liquidity All right If they were going to support it here and support this breakout and they really wanted to buy they would stay in the book It's a FIFO market first in first out. They will get their price. Uh, and um And they're looking to support price at higher levels Okay, and you would probably see a reaction to the upside All right Instead they pull that liquidity. Uh, and you can see the the sellers start to take The aggressive stance here and they start to hit the bid Okay, and there's really not really that high liquidity areas of high liquidity here until we get down into Some of these levels here Okay, where they're where they're going to find the the buyers on the bid here. Okay, and right now they're at 67 Okay, and they were showing here a little bit at 67 and a half, but they're starting to pull Yeah, they could I mean, yeah, they could be inducing they could it could be some sort of spoofing I mean, you know, I mean, there's all sorts of ways of of looking at the intent of these traders, but uh, just keep it we'll keep it really simple here, uh, and The the market needs liquidity to trade And uh, it's searching for it right now Okay, and uh, this is where uh, it has um, they were providing high liquidity before Okay, and this is why this is an important area franc francisco All right, because this is where they were providing high liquidity again. Are they still here and so far? Yes, they are okay notice as price is coming down here Okay toward them. Okay, they're starting to add up add in line up in the book Okay, they're getting interested they're getting in line here Okay, so that's giving you insight to this level Okay, they were here previously and now they're showing up again Okay, so these areas, uh, you know, uh, historical, uh understanding of these areas is uh, is important Okay, now it doesn't mean that um, you know that uh, it's gonna the market's going to come down here and bounce and go wildly up All right, we need to continue to read the intent. Okay We can see that You know some of this was pulled in some of these areas. So it's a little fickle in here But we also see a lot of transactions that that took place down here Okay um Homera the once you open a book map you start collecting this level two data Okay, these are millions of data points. Okay, so it's not Uh, you know, if you look at a candlestick chart, you can go back years, right? Well, that's because these are very it's very simple data points You know, you're looking at thousands of data points here in book map. You're looking at millions of data points Okay, so that's why uh, uh, when you open up book map you start recording the data All right, so if you want to record, uh specific data, um, uh, you know You'll have to open up book map at that time All right, you're welcome. Um Oh, yeah, I mean the liquidity can be polled. Uh, no question, uh, franc francisco. There's there's no question about that Uh, but um, that's where you know, we're going through this process here Right, we're we're understanding the context of this market Right, I don't care about one individual event. I'm caring about more than that I'm caring about some of these levels. Uh, did they stay in the book? Did they trade? If they traded these larger and these are larger players providing high liquidity, they're going to defend this area Okay So, you know, they want to buy they're buying right until the sellers can overwhelm them. These guys are buying Okay, look at them get more aggressive here. Okay, so we're starting to get more context to these levels Can they pull? Absolutely. There's no question, right, but um, they're providing Higher liquidity here, uh on the bid than this area down at 67 Okay, so uh, they want to be a buyer at a higher level Okay, putting these pieces together. Okay, uh, also look at this, uh, we had a break From this area here at 69 and a half. Okay, this was channeling and we broke above it Now the price didn't accept up here for very long and it trickled back down Okay, but we're starting to see some some interesting things here. This can lead to a possible reversal Okay So, um You know, we have a price structure that's broken. Okay We're reading the transactions as well and now let's get into let's get into that That's the we've read the book. We've read the and given value to these areas historically here Uh and understand them. But now let's uh, let's read the transactions. Okay That's another part of the order flow here. Okay. How's how's it going with the transactions? Where are they taking place? All right, majority of them are trading at lower lows Okay, even up at this area in this breakout area up here There's some that traded there's no question that Some traded up here, but how does it look compared to some of these other swings here? Okay, so this isn't very convincing to me All right, if I saw big dots, uh, that transpired up here Uh, then uh, yeah, I'm looking for price discovery Back into this area because price did accept at that area Uh, and I'm looking for discovery to the upside All right, so and but that didn't I didn't really get that right? Instead it looks more kind of like There's still a slant in the transactions. There's still a slant to the downside Okay more volume trading at lower lows Okay, but we're also reading the book when we're putting these all these pieces together because if you just go with the transactions I you know, you're not getting the full piece of of the order flow Okay, instead, uh, you know, we're integrating the transactions with the auction process Okay, and the auction is right here in front of us Okay 67 to through 68 look at the high liquidity All right, look at the effect it's having on price Okay So, you know, I mean these these things matter All right And uh, and we can see the intent of these people on the auction Okay, and think of it like an auction All right, because they're lining up to trade and you know, they're they're jumping into the the room bidding at higher levels than previously Okay, that's showing pretty bullish behavior All right Let's see we've got to wrap it up. It's been about 45 minutes a few more questions And then and we'll call it a day here. All right Let's see Benjamin, okay, so there there are Different settings for the large lot tracker, okay Well, that's one of the add-ons, okay And that add-on is displayed here in the current order book column As bars or bars and numbers Okay, and it's this little white line vertical white line that you see at these price levels Okay, what this add-on Indicator shows is with high probability that The liquidity held from this White line to the left is one individual actor Okay, so we're showing a larger traders here. Okay, and we're reading their intent as well. Okay, so again, you know these Add-on indicators are insightful at your levels of interest Okay, this is more of kind of a final confluence. Okay, they don't give like a binary signal here All right, and so far like um, you know, I mean you can you can play around with the settings you can you can make them You know so very little show or or quite a quite a few show Okay, homero if you if you have the Book map advanced version then you you'll have access to these add-on indicators here All right now the the the red numbers that you see here is another add-on indicator And that is the iceberg detector and what it displays is liquidity That traded that wasn't in the limit order book Okay, so how can something's you know up here? How can there be? Selling that occurs here if there's no liquidity It's impossible right well It is possible though with a hidden order Okay, so it's an iceberg right you can see that they're Lifting the offer into an area and liquidity is is actually there's it's not being displayed, but it's actually trading So, you know, that's a larger trader Usually will use the hidden order type to disguise their position. They don't want to show 1800 contracts here or whatever It will they will not get they will not get filled Okay, so they're interested in Using iceberg orders or hidden orders To to not show their hand in the book All right, so you can see up here in these areas here. There was a lot of icebergs previously Okay, that gives insight right I imagine as price comes back up into these areas. We'll see them jump into the book again Like or i'm sorry. We will see some people jump into the book up at these areas Right and a lot of these icebergs was still i'm sure they'll still be active, you know, if they're still in their position Okay All right, so anyway, uh, you know, um, i'm not Reading and putting all these pieces together. Um, actually today we're we are getting more insight from the limit order book Okay And these these areas here and especially now you can see them bidding up very aggressively Okay, uh, every other tick here. Okay, and you can see the the reaction that it's having here on price Okay, now they're starting to they're providing liquidity here, but they're also pulling it. Okay, so Uh, yeah, I am kind of looking for a test of this area here Uh up at maybe our 71 level and then i'm interested again Of looking at what the book looks like when we come up to that 71 area because there was a lot of iceberg activity before there previously All right, so, uh, yeah, that's uh, pretty much wraps it up now looking at all of these all of these pieces together uh, and um Getting a sense of what's going on at these specific levels. Okay all right, um Value area, uh, francisco you're looking for the value area Well, yeah, I mean in some of these volume columns. Um, there's a white line right here and this is the v-wap okay, uh, and um Uh, you know, this is uh, svp is session range volume profile So when I open up book map, I start collecting volume And so this is the v-wap right here Of the entire session Okay, we can also get a v-wap for the chart range volume profile But chart range volume profile just means if I zoom in I get a I get a A profile for the data that's in my chart range Okay, um, no is volume weighted average price.  Okay All right, um Yeah, let's wrap it up and we will we'll catch up with you guys on Uh on tuesday. All right, uh, hopefully we'll see uh, we saw some interesting stuff. I mean no no follow through whatsoever But um, uh, you can see that they're starting to line up here. Okay, uh at the 71 or just below 70 71 here 70 and 70 and a half. Okay But they're they're being very aggressive. You're also on the um on the bid. Okay, so we're channeling between those two areas at the moment. Okay All right guys. Yeah, let's let's call it a day and um, uh, we will catch up with you tomorrow. Okay Bye. Bye


We have a final concept with a top-down kind of view here. Here we go. So this is what the final concept for Living Force looks like. And then we also do a top-down to just kind of help spatially figure out how this thing is laid out. And this really helps our 3D environment art team. So like Corey. Let's also show some depth. It does. It absolutely does, yeah. And that's really important with our shoebox levels. We really want to have that depth and that parallax. So as you're kind of moving back and forth on the fight line, you have that things kind of come in and go out of view. And it really kind of gives you that cool depth. Is there any fun little creatures or anything inside that environment? There are. There's a lot of fun little things like the whole idea behind the Living Force this game. If you want to pull up the pan.


People in Texas right now are literally freezing to death folks are seeing their homes be destroyed They have no power nothing to do there's panic buying that's going on resources are running thin and Still they don't know when the power is going to be turned back on So you'd think that public officials if they actually cared would be working overtime to make sure that the power gets turned back on and that Residents in Texas have what they need if they've been affected Ted Cruz however decided to pick up and run and these photos went viral of him and his family Choosing to go to Cancun.   Drops off their family via plane Maybe Ted Cruz is a pilot and he was personally flying his family to Cancun so they can go on this vacation So that way they don't have to deal with the cold like his constituents have to currently who can't afford to leave the country currently Maybe that's it. Maybe he's just like flying them there. Make sure they get there safely or He was actually going to go on vacation Hoping he wouldn't get busted and he did get caught so now he's trying to save face by blaming his daughters literally I mean does it get any more disgusting than that when is Ted Cruz ever going to take responsibility for his own actions? This is the same thing that happened when he liked porn on his public Twitter account He then blamed a staffer no Ted that was you and now you're blaming your daughters for you going on a vacation Oh, well my daughters wanted to go on a vacation since school was out.  Although Ted Cruz is a politician. He's part of the ruling class in this country So, you know odds are that him and his family have already received both doses of the COVID vaccine still It's a pandemic What makes you think it's acceptable To go on a vacation during a pandemic, especially when your state is dealing with a crisis It's just honestly Shocking that he's trying to play this off like at what point does Ted Cruz ever to say look, okay?  I shouldn't have done this.    What is wrong with Ted Cruz?   I Mean, why do we have to explain to people what politicians should be doing?  Wow.


You guys really set the tone for this game with that tremendous offensive performance in the first half. What did you see clicking kind of right from the start there? I think we've had a very aggressive approach about this, Tom. We really pushed the pace, tried to get threes early and often, and we were extremely unselfish. That theme carried over throughout the course of the night. Tim Reynolds? Hi, Josh. All you guys have gone through a lockout made of you guys being like 20, 20 underdogs in this game. I know it's just one of our many games we're fighting this season, but this is going to have a little different feels. I think it's going to be a little more rewarding. What do you think is going on with that? Yeah, I totally do believe in momentum and the momentum of keeping your spirit in check. And we talked about as a group the symbolism of bamboo being extremely resilient and extremely flexible and adaptable. And tonight was another example. We had to be all of those two things with a different lineup. And so overall, that concept has stayed with us and I hope it continues. Brian? Josh, could you just, I guess, touch on how important it was for you guys, despite being woefully undersized, how important it was for you guys to be physical with this team? And I mean, we saw Dante, obviously, get into it a little bit with Giannis. I mean, how important was that when you're dealing with a team that big? Yeah, you like seeing that, Brian. I love Dante's energy tonight. And he gave us some force, you know, without having Jared Allen available tonight. So I think it's extremely important to have a very competitive and gritty and, you know, very tough approach. We talk about dictating and being aggressive. So all those things were needed tonight. It was great to see it from this group.


DCU have put back-to-back victories together in the senior hurling league following comprehensive victory over neighbour St Pat's. Owen Conroy pounced on a mistake to score the game's opening goal before scores from AJ Murphy and Liam Fahey put DCU further ahead. St Pat's were still within a chance at half time but they were relying too heavily on their plays balls. St Pat's lack of creativity from play would begin to cost him dearly as DCU upped the intensity. DCU began to assert their dominance in the game with a St Pat's puckered being a recurring scene throughout the second half. St Pat's battled on but DCU's class shone through. Goals from Joe O'Connor, Jason Byrne and Owen Conroy added to DCU's impressive scoreline. DCU finished with a flourish to leave the final score at DCU 419 St Pat's 11 points. DCU's next outing is against UCD on October 26th where they hope to replicate their winning start. With that being done, DCU TV News, Glass N' Oven.


Well, I did a PhD in Paris, and I have to start with a master program. In fact, I did a master first, and that was on population economics, and we had two tracks. One was on OECD countries, and the other was on developing countries. So I had my first lectures on issues around development, so I got interested in this. And then I got a fellowship for a PhD, and then I did then on these development economics issues, and because France has a bit of tradition to work on Francophone African countries, Western Africa, and so I started to work on Cote d'Ivoire, and then later on I got involved into a project on Bokina Faso that was in 2000, I think, and since then I work on Bokina in particular. Yeah, I think that's quite interesting, and very often it's surprisingly a bit ignored. So we see, I mean, for many developing countries we see really a trend of rising food prices. It was very visible, of course, in 2008 when we had the global food crisis, and of course people somehow deflate their data for regional price variation, but it's often very poorly accounted for if you look at it over time. And if you have a phenomenon where you have differential inflation, so where different goods have different price dynamics, and if different income groups, so across the income distribution, people have different consumption habits, so typically the poor, of course, have a much higher food share in their consumption than the rich, then this alone can lead to rising inequality. But you do not see it if you just deflate your income distribution with one common consumer price indicator, say a CPI. So you need, in fact, to deflate the consumption figures by the inflators that are specific to these population groups. So that means you have to take into account that the poor consume much more food in relative terms than the rich, and Burkina-Faso is one case in point where you see that food prices are rising quite tremendously, and the food share, the poor is around 40 to 60 percent, and for the rich it's more, if I say the rich, I mean the upper quintile, it's more around 20 to 30 percent. So the purchasing power of the poor is continuously eroded, and this increases inequality. Well, it means that, of course, poverty is not declining as fast as it could, so we have in Burkina-Faso, for instance, a gross elasticity of poverty of minus 0.5, so that means that for 1 percent of economic growth you only get half a percent of poverty reduction whereas in many other countries this is rather around one, if not 1.5 or even higher. So it reduces enormously the potential leverage growth can have for the poor, and in terms of policies it means that something has to be done about this food price inflation. Yeah, you see very often, particularly in Africa, again, that in fact the figures that you draw from national accounts draw, in fact, quite a positive picture. If you look at macroeconomic growth figures, then you see that many countries seem to do quite well, and so many people conclude very rapidly, in fact, that poverty also must go down and that household incomes are rising, say, in pair with these macroeconomic figures. If you look then into the micro data in detail, then you see that very often there's quite a difference, and then first there are of course conceptual differences between the macroeconomic data and the household surveys, so GDP is definitely not the same as household income, and so there are good reasons why the trends are different, but then of course the household income is very often also ignoring an important part of the economy. The top incomes typically are not reported in household surveys, but we've seen in many developing countries, in particular in resource rich countries that of course a lot of the macroeconomic growth, in fact, is first of all beneficial for a very small elite, and so then it's again not so surprising that we have maybe a different trend in the macroeconomic data compared to the micro data. So we have in Burkina Faso and also a few other countries in that region, we have still very high population growth, and so population growth of course is not a sort of exogenous pyramid, it's something that reacts to the economic environment, but at the moment it's such that it puts a lot of pressure on land and other resources, also public resources, so what we would need is lower population growth, and this could be achieved by having a substantial structural change, so by basically increasing productivity to adopt new technologies, so on the one hand in the agriculture sector, so that somehow the pressure on land can be reduced and in urban areas to upgrade somehow the informal sector, and Burkina Faso about 80% are active in the informal sector and do quite low productivity activities. So if we somehow had more technology and higher productivity jobs, then also the economic environment would change in a way that people would start to have fewer children, so if you had more female employment, if you had higher returns to education, these are typically the things that bring about these changes, so family planning can play a supportive role, but it's typically not the most important parameter in that system. Well on the one hand, WIDA has excellent contacts into the countries we work on, and that's important that we can interact, of course we interact with them within our own projects, but of course we also want to make new contacts and to interact with people that work on other countries, maybe similar countries to the countries we work on, so that's simply excellent, so they really have a very, very wide network, and WIDA has excellent possibilities to disseminate research, because of the size of that network and the links they have to policy and other think tanks, you can by presenting here you work or publishing you work, we are WIDA outlets, you can reach many, many people, so that's really something I appreciate in coming to WIDA and working with WIDA.


Crafting everything in was 101 part 8. Today we are crafting the pet jewel of balance. You can get this recipe from Lowes Springfield in the pet pavilion. You need 1000 gold, 5 PBJ sandwiches, 5 brass, and 10 citrine. PBJ sandwich can be bought from Gordon Sumner in Regent Square Marleybone. Brass can be dropped from mobs all over the spiral. Citrine can be bought from reagent vendors across the spiral. Crafting this recipe in the jewel crafting station you can get many different types of jewels to help your pet improve its balance resist, damage, accuracy or crit. Once you've received the one you want you can affix it to your pet as long as it's got the right requirements for it.


The population growth rate of China has been decreasing due to its low birth rate, which is caused by societal changes such as increased standards of living and fewer people wanting to marry or have children. This trend is expected to continue unless the government takes action to address it.


In this module, we shall explain pricing of risk in Islam. What is the Islamic stance on pricing of risk? And this would be quite a bit in detail. Can the risk be sold for a price? This is a question which we have asked even in the previous module. To answer this question, it is important to take into account certain points about risk. Number one, for example, risk is not recognized as a tradable item in Islam. So this is the starting point. Risk is not a tradable item in Islam. Hence, risk cannot be bought and sold on its own. However, on its own this is very important. However, risk can be bought and sold when it is part of another activity. An extreme example of trading in risk is gambling. And let me explain. What do we mean by that one? If I ask you to give me 1000 rupees and I would create a situation, what is that situation? I would throw a dice on the floor or on the table or wherever. If 6 comes up, I will keep this 1000. If anything else comes up, I will actually pay you 10 times of this 1000. So I have created this situation which is risky for me. I am charging you 1000 rupees to sell you this risky situation. That risky situation may generate an outcome of 10,000 rupees or nothing. So that is what we mean by an extreme example of trading in risk is gambling. Another example could be conventional insurance. And this is something we would be focusing on in our segment on Takaful which is an Islamic version of insurance. In Islam, risk cannot be priced and sold. However, risk management through risk sharing is incorrect. This is why we have Islamic modes of financing like Mudarbha and Musharka. They are actually risk sharing instruments. Why is risk not tradable? In Islam, anything with a sharia recognized value can be bought and sold, rented or gifted i.e. exceed. This sharia recognized value, this is a very important requirement. Islam does not recognize any value in alcohol for example, any intoxicating substance. Because of that, it is not permissible for Muslims to buy or sell or gift alcohol to someone for consumption. So it is not only that drinking of alcohol is prohibited rather buying, selling, leasing or even gifting. This is not permissible as well in Islam. Just to exemplify, just to explain, if someone sends you a bottle of wine and you say that this is something I cannot drink, you cannot gift it to someone else, a non-Muslim, who actually can consume it. So it cannot be gifted either. Risk is not a valuable thing as I said earlier. It is not a valuable asset, it is not even a valuable right. Rather it is something, it is a happening or the possibility of happening something, a process, a consequence that people would like to avoid. This is something bad. Hence, risk is not a valuable asset and it cannot be traded for a price. So this is the answer to this question, why risk is not tradable? Let us see credit risk. What is credit risk? Credit risk is the possibility of a loss resulting from a borrower's failure to repay a loan or meet contractual obligation. That is what we call credit risk. Credit risk cannot be priced and hence cannot be bought and sold in an Islamic frame. In conventional framework of course credit risk is recognized and it is priced as well. But how about credit risk in credit sale? Islam does allow credit risk and its pricing in credit sales but from a different perspective. Many scholars would say that this is not actually the case of pricing credit risk. Credit sales, they allow an increase in price because the item is being sold on a credit basis on the deferment of the price basis. However, the price, this increase in price may not necessarily be because of the credit risk. On the contrary, this could be reflected by the opportunity cost of the trade and not the credit risk per se. What does this mean? I used a difficult language, let me explain it in a simple kind of example. So there is a party A seller, there is a party B. This party A is the shopkeeper, party B is the owner. Now if party A sells this item to party B on credit. Of course this seller has bought this commodity from the wholesale market by paying this price, wholesale price and of course this party is going to pay this PM1 to party A after a certain time period. After a month. Now in this one month, the shopkeeper does not have that money. And the shopkeeper cannot do business with that money in this one month. That is what we call opportunity cost. Now if there was money, he would have sold the party B to the spot. He would have bought that item from the wholesale market. He sold it to someone else, he sold it to party C, he sold it to party D. He sold many transactions with that money. Of course by charging PM0 here, PM0 again, another price. And of course during this process, the shopkeeper is paying this wholesale price to the person or the shop or the wholesaler. He is buying the commodity from. The total profit of the party A in this context would be PM0 minus PW. If there are three transactions during this time period, multiplied with pre. Now this profit, the first case, the credit sale case, can be more than that. It can be equal to that and it could actually be less than that one. These possibilities, three possibilities justify pricing of risk in a credit sale and not the credit risk per se. I hope that you have understood this delicate difference.