very, very pleased that Senator Gartner is with us today. This is a real privilege to have you here, sir, and say thank you, especially for bringing your daughter, Allison, she doesn't normally get to Washington because she's in school, but her dad thought she could use a little civic education. I think your teachers will straighten it out when you get home. So we're on the cusp of a very important decision in the Congress, I rather suspect next week or maybe the week after, we're going to see the House of Representatives take on and pass trade promotion authority, which is that crucial step before we can adopt the Trans-Pacific Partnership. Very important development, important for Japan, important for the United States. I would say important for the world because what we're doing is establishing a norms-based system where rule of law, transparency, accountability, due process becomes the foundation for trade. And I think this is going to be a very important development. I'm sure that Senator Gartner is going to get into that a bit with us today. We're very grateful to have him with us. It's, I was just saying, one of the great benefits of democracies is that we have a way of bringing new leaders up, fresh new leaders for the country, and Senator Corey Gartner is one of those leaders and we're delighted that he's serving at this time. It's not an easy time and we're glad to have him in this service, also especially because he is the chairman of the Asia subcommittee in the Senate Foreign Relations Committee. I asked, I said, it's unusual for a freshman senator to be seeking on a foreign relations committee because it doesn't have as much content. And he said, wait, he said, all of Colorado looks west. Colorado is intensely interested in Asia. It's why he sought this committee and why it's important for him to be our keynote speaker today. So could I ask you with your applause to please welcome and thank Senator Corey Gartner for being with us. Well, thank you very much for the opportunity to be with you today and I wish you the best of luck throughout the remaining portions of your conference. It is an intriguing conference lineup and of course our daughter, Allison, I'm very excited that she is here with us today. As we were going over questions and talking about the speech, I reminded her, I wanted to make sure that you were here to see this so that you could be reminded that no matter how old you are, your homework never ends. I don't know that she appreciated that or not, but it is great to be here today and certainly honored to be among so many of the foremost experts to have this historic dialogue today and the historic transformation and the challenges to future progress of the Asia Pacific region. With crumbling governments, heightened military conflict and an advancing Islamic state, American policy makers and the American public have been focused on the Middle East for the better part of this century. There is no doubt that we face imminent challenges in that region, challenges that may take decades to get under control. But as war and division grip the Middle East, a great opportunity awaits us in the Asia Pacific. That opportunity begins with the most significant economic integration project of the modern era, the Trans-Pacific Partnership. The TPP leads us into a new era where we will need real leadership and commitment from the United States, our traditional partners and emerging allies as well as a rising China to unlock the true potential of the region. But in order to usher in a new era of prosperity in the Asia Pacific, there are numerous historic, economic and security challenges in the region that must also be addressed. As the title of this conference suggests, let me begin with Japan's experience. In the wake of World War II, the United States and Japan were able to accomplish what seemed impossible. Working together from a tragic past, we were able to transform two bitter enemies into two of the world's strongest allies. Burned out cities became bustling factory towns, a population that had been preoccupied with war, focused itself on the path to peace and prosperity. And we found that free people and allowed to dedicate themselves to the pursuit of a better life for themselves and their children can accomplish anything, that the power of prosperity and potential lies within all of us if given the right circumstances, the right to be free and the freedom to prosper. Unlocking this human potential was by no means preordained, but was the result of close cooperation between the United States and the long-term dedication of Japanese leaders to empower their citizens to achieve and innovate. The U.S.-Japan relationship has served as a pillar of stability and security in the Asia Pacific for over 60 years. In the 1980s, former Senate Majority Leader and later Ambassador to Japan, Mike Mansfield, would describe the U.S.-Japan relationship as the most important bilateral relationship in the world, bar none. Japan today is the world's third-largest economy, the fourth-largest trade partner for the United States, and our nations are leading the way to complete the TPP. This relationship is a tremendous example of the path from historical enmity to shared prosperity, common security, and indeed unlocked human potential. But not all nations in the region have dedicated their efforts to promoting freedom and regional prosperity. Just around 600 miles away lies North Korea, the most isolated and repressive regime in the world, a regime that is dedicated to fear and oppression, a regime that callously tosses aside human rights, starves millions of its people, and brutally murders anyone who voices dissent. North Korea not only shamefully ignores human rights and imposes barriers to economic prosperity, but also presents significant military challenges to the United States and our allies in the region. Much attention has been rightfully paid to the possibility that the belligerent state of Iran could obtain a nuclear weapon and further endanger some of our strongest allies in the world. Well, North Korea is already a state that has nuclear weapons and is endangering some of our strongest allies in the world. Some experts estimate that North Korea currently has 20 nuclear warheads and has the potential to possess as many as 100 warheads in the next five years. North Korea has consistently tested ballistic missiles while also expanding the size and sophistication of these missiles. The administration has dubbed their approach to North Korea strategic patience, but strategic patience with North Korea is and has been a strategic failure. I recently introduced a Senate resolution calling for stronger sanctions on North Korea, sanctions that target the regime's financial assets, condemn human rights abuses, and redesignate North Korea as a state sponsor of terror. Additionally, I'm drafting legislation to strengthen and more aggressively target our sanctions. Aside from working to cripple the Kim Jong-un regime, increasing these sanctions will send a strong message to the region. A message that makes clear that the U.S. will remain a force in the Asia Pacific. A message that strategic patience is giving way to strategic engagement with our allies. Unfortunately, the Obama administration has taken a wait and see approach to nations like North Korea, and while they have talked about increasing focus on the Asia Pacific, progress on that front has been slow. In 2011, President Obama announced the Asia pivot, subsequently termed the rebalance, prioritizing engagement in the region, and repositioning and reasserting U.S. leadership. In that speech to the Australian Parliament on November 17th, 2011, the President stated, I have therefore made a deliberate and strategic decision as a Pacific nation, the United States will play a larger and long-term role in shaping this region and its future by upholding core principles and in close partnership with our allies and friends. I know our partners around the world and around the region have enthusiastically welcomed this major realignment of U.S. policy. But four years later, our Asia rebalance has yielded few tangible results, and those of us who support the intent of the policy have been disappointed with this lack of results. The rebalance must be re-energized. I believe that a genuinely effective policy of strategic engagement in the region is one of determined action and consistent leadership, not one that shows up at the end of a presidency when legacy building is on the line, but one that is seamless from one presidency to the next, a permanent focus on the region. While I commend the President's leadership on TPP, his handling of the Asia pivot has not been reflective of presidential priorities. I intend to use my position as chairman of the East Asia and Pacific Subcommittee to bring action to a policy of strategic engagement that benefits the region and the United States. It's time to ensure appropriate resources are flowing to the region. In that same 2011 speech, the President stated, my guidance is clear. As we plan and budget for the future, we will allocate the resources necessary to maintain our strong military presence in this region. That remains an unfulfilled promise. Currently, only 4% of our assistance is spent, the foreign assistance is spent, in the East Asia and Pacific region. That's only 4%. That puts it dead last amongst all the bureaus at the State Department. And the United States spends a mere 1% of its total foreign military financing funds in the area covered by the U.S. Pacific Command. What kind of rebalance is that? Where's the evidence that this administration has allocated the resources necessary as the President has promised? It simply hasn't. Without a consistent focus on the growing economic and security challenges in the Asia-Pacific, this administration's Asia pivot appears to be nothing more than a head fake. How long do we have to wait until the Asia pivot turns from talking points to actual policy? This isn't a question of missing resources alone, but a question of misguided priorities, which sends the wrong message to our friends, allies and adversaries in the region. This administration and the next must conduct a comprehensive overhaul of its spending priorities to get this policy right. In March, I offered an amendment to the fiscal year 2016 budget resolution, which passed unanimously to provide an independent assessment of the administration's spending on the Asia rebalance. I've included similar language in the State Department Reauthorization Bill, which will be marked up later today by the Senate Foreign Relations Committee. And I've similarly worded amendment filed to the fiscal year 2016 National Defense Authorization Act. We must also enhance the capabilities of like-minded partners in the South China Sea region to build a new regional security architecture, particularly focused on maritime security. Last month, the Shangri-La Dialogue at Singapore, Secretary of Defense Ashton Carter announced a new initiative, a new initiative that would provide a boost in U.S. military assistance over the next five years to enhance maritime security efforts with Indonesia, Malaysia, the Philippines, Thailand and Vietnam. This effort is a welcome step, but alone is not enough. These initiatives cannot take place in a policy vacuum. Department of Defense efforts need to be more effectively wedded to efforts of other U.S. government agencies into a coherent and comprehensive strategy of assistance and engagement in the region. It is my hope that in my position on the Foreign Relations Committee that we can work cooperatively with our committees and the administration to bring about such a strategy. But as we consider the future of the Asia rebalance and U.S. engagement in the region, we must also address a rising China. As the President stated in that 2011 speech in Australia, the United States will continue our effort to build a cooperative relationship with China, all of our nations, Australia, the United States, all of our nations have a profound interest in the rise of a peaceful and prosperous China. But now more than ever, we need a renewed policy, a renewed policy focus with regard to China. There is no doubt that the rise of China over the last 30 years has been remarkable. China has lifted 500 million people from poverty since Premier Deng Xiaoping began his economic reforms in 1979 and is now the second largest economy in the world. But China's economy has recently shown signs of a slowdown and without the necessary structural reforms, this slowdown imperils not only the futures of 1.3 billion Chinese citizens, but also the region and indeed the entire global economy. Foremost, these reforms should include significant improvements to China's legal system, opening China's economy to foreign and private investment and altering the way China's state-owned enterprises are owned and operated. The upside of these reforms for China and the world can be enormous. But despite economic success, China is still a poor country by Western standards. As of the latest World Bank estimates, there are more people living in China on less than $2.50 a day than there are citizens of the United States. Bringing those citizens from poverty to Western standards has the potential to radically expand the region's middle class and create higher standards of living in China and beyond. To cause these changes, we need increasing economic engagement with China that brings international norms and transparency. We must continue the efforts to bring China into the global economic order that began with their historic entry into the World Trade Organization in 2001. That entry has demonstrated that international engagement and following the rules can enhance, rather than erode, China's standing abroad. The United States must also continue bilateral economic engagement with China that brings high levels of transparency and accountability. The U.S.-China Bilateral Investment Treaty, or BIT, that is currently being negotiated is an important step. The BIT, which is based on a model text the United States has negotiated with dozens of other nations around the world, will bring legal and economic standards that would allow U.S. companies to compete on a more level playing field and will open up the Chinese economy to additional investment opportunities. But we must also understand that our current economic engagement with China means ensuring that they participate fairly in our system. According to a 2013 report that was authored by Admiral Dennis Blair, the former U.S. commander of PAKOM and John Huntsman, the former ambassador to China, theft of U.S. intellectual property is estimated at over $300 billion annually, and China accounts for 50 to 80% of that amount. Beijing must understand that its behavior with regard to the massive and well-documented theft of intellectual property is unacceptable and antithetical to global prosperity and international norms. Finally, we must consistently work with our partners to offer viable alternatives that address the most pressing economic challenges in the region. When the United States is absent, others rush to fill the void. We cannot be surprised when China fills that void with policies and programs crafted from their own vision of what is beneficial for themselves in the region. China's establishment of the Asian Infrastructure and Investment Bank is the prime example. While on its face, the AIIB is a positive response to address infrastructure challenges in the region, it is also the clearest evidence yet that the U.S. has a serious credibility gap in the Asia Pacific region. Some of the strongest U.S. allies in the world, including the United Kingdom, Australia and South Korea, have indicated that they will join the AIIB, and we need to understand why. Do they view the AIIB as primarily an economic opportunity for their companies? Perhaps, but I would contend that the reason was the lack of leadership from the United States. The AIIB is envisioned as a $100 billion enterprise with China as the largest shareholder that will hold the veto power over major investment decisions. Its rules of governance and standards remain unclear. We should remember that the amount of a capital this institution is going to offer is smaller than existing multilateral institutions that have already been doing development work in the region for decades. Organizations, agencies like the World Bank, the Asian Development Bank, or amounts contributed by other regional leaders, such as Japan. The United States should have worked to strengthen these institutions or offer a viable alternative to promote additional development programs in the region that would have included China, but lessened the fears about the lack of adequate standards of transparency and governance. AIIB is a fact now, and it is my hope that the direct participation of our partners in the AIIB can be a positive influence in the way that the institution is run and managed in the future. China is at a crossroads. The pace of their growth has slowed and sustaining their prosperity is not possible without a change in course. Should they choose a path of cooperation and abiding by international norms, they will find a welcome partner in the United States. Defining that partnership may be challenging, but we do know some of the parameters that Beijing must first address. We know it doesn't include land reclamation activities and contested territories for military purposes. We know it doesn't include allowing rampant theft of intellectual property. And we know it doesn't include undertaking cyber activities aimed at undermining U.S. government and our private sector. While they are exercising their economic muscle in an effort to promote development, it is clear that China's recent activities in the East and South China Seas have been destabilizing and not befitting the great power that China strives to become. China's actions means that the United States must continue to work toward regional stability, including through enhanced security measures. This also means that consistent and assertive diplomatic engagement with China is important to reinforce that these actions fall outside of, is important to reinforce that these actions fall outside of accepted international diplomatic norms. These diplomatic opportunities must be pursued at all high level bilateral dialogues, like the U.S.-China Strategic and Economic Dialogue and in personal discussions between our nation's leaders. In September, President Obama and President Xi will have such an opportunity. In those discussions, President Obama must stress that the United States will not stand for destabilizing aggression, but is dedicated to securing regional economic prosperity. It is my sincere hope, however, that China pursues the path of adhering to rules, embracing peace, and supporting regional economic security. Peace and prosperity will take the combined effort of everyone in the region, including China, as well as our traditional allies who have incineraries of difficult history between them. We know that Japan and South Korea have an especially complex and painful history, but we need these two U.S. friends in the region to establish a viable path forward on overcoming this difficult past so that we may focus on building a better future. Our bilateral partnership with Japan has stood the test of time and tragedy, and our bilateral partnership with South Korea has endured through generations of shared challenges. Just imagine what we could accomplish with a strong trilateral relationship in the region and a strong trilateral alliance in the region. The United States, Japan, and South Korea united as one force for freedom and prosperity, a partnership that looks past adversarial history, one forged through sheer determination and will that liberty and peace in the region must rule. Bound by a commitment to the notion that tomorrow will indeed be brighter than today. Think of the standard that we could set not only for the Asia Pacific, but for the world. Such a partnership would enable a more effective security deterrent to known and emerging threats in the region. It would serve as a force multiplier for our shared economic goals and leadership in the region, such as the promotion of free trade under genuinely high level standards. And it would send a strong message to other powers in the region that great nations with the same values and principles speak with one voice. I'm encouraged that small steps are being taken in this direction. With the first meeting between the defense ministers of Japan and South Korea in four years. While the leaders of Japan and South Korea must take the final step, the United States should continue to encourage reconciliation and a close partnership. Ultimately, the key to unlocking the Asia Pacific's economic potential is to ensure that individual rights and basic freedoms are respected so that citizens of these nations are fully empowered to succeed. We witnessed this in Japan, which rose from the ashes of World War II by standing alongside the United States and enshrining individual freedoms, competition, and a democratic system of governance. That is the example that other nations in the region should look at, to realize its potential, its possibility to unlock the full potential of their citizens. Successfully concluding the Trans-Pacific Partnership is just the first step in this process. Working with Japan, South Korea, and other regional partners, we can ensure that U.S. policies strengthen existing friendships and build new partnerships that will be critical to the region's security and prosperity for generations to come. Opportunity awaits the world in the Asia Pacific. No nation can seize that opportunity alone, but our generation's cooperative leadership will secure it for the next generation. It's been an honor and a privilege to be here today. I look forward to taking some questions and thank you so much and look forward to hearing from you. Thank you. Thank you. Thank you very much, Senator. I'm Mike Green, Senior Vice President for Asia and Japan Chair here at CSIS, and I want to thank the Senator for joining us and for his very proactive leadership as chairman of the subcommittee. If you listen to what the Senator said, especially if you're not from Washington, I hope you'll appreciate that the debate about Asia is not a debate about the importance of the region or the direction we should go, but rather whether we're doing enough. And Senator Garner and his colleagues have really spotlighted areas where, in terms of engagement resources, we can and should be doing more. And for those of us who work on Asia, that's incredibly important and appreciated. We are going to have a few minutes for questions. I'll ask you to raise your hands. We're particularly interested in questions from students from Colorado if there are any in the audience today. But let me first ask the Senator, the rumor is that TPA could pass in the House this week, but if you read the front page of the Wall Street Journal or the Washington Post or Politico, you get the feeling that the consensus for free trade is completely collapsing. So could you give us briefly a sense of the dynamics of international trade politics in the Congress right now? It's about as clear as mud from the outside so maybe you can help us understand it. Well, thank you, it's a great question. And I think I was discussing with some participants this morning to the conference who expressed their optimism that this was very, very close to happening and somebody else said, no, I'd only give it one vary. So very close to happening. So look, Congress remains very supportive of free trade and this notion that there has been a collapse of free trade importance I think is mistaken. I think there's also a mistaken, well there is a disappointing response to some who wish to blame the administration for past grievances they may have that have nothing to do with trade promotion authority and they are using those grievances to taint their vote on TPA. So I think we're overcoming those objections. We're gathering obviously great support, tremendous bipartisan support in the Senate and now with later this week eyes on the house of representatives to see what we can accomplish there where I do believe we have a bipartisan coalition who has coalesced with the votes to support trade promotion authority. But again, I think this has been a mass undertaking with people throughout the country expressing their desire to move forward on TPA which will lead to a successful trans-Pacific partnership. Make no mistake about it, this morning when we talked about the generational opportunity that trans-Pacific partnership represents, it can only happen with the passage of TPA and I believe that members of both sides of the aisle, the House, the Senate, Republicans, Democrats understand the importance of doing this, getting this right and that we will indeed have a successful passage soon. Very good, thank you, important. So please, I think we have time for one or two questions before the Senator has to go back and get to work on the topic he just addressed. Yes, sir. Thank you, my name is Frank Barone and I'm a previous resident of Boulder, Colorado. Very good. So I am one of your voters from many years in your career. I'd like to thank you, I currently live here in Arlington and I'm a private individual investor in the energy area. So I work quite a bit with Congressman Upton's committees on energy and commerce. What role do you see for gas and oil and energy from the United States, Colorado as well, with respect to supporting the trade with Japan? If I understood the question right, it's what role does energy play with the United States and Japan in terms of trade and markets. When I, this great privilege of serving as chairman of the East Asia Committee, subcommittee, one of the first comments that anyone makes coming into my office, no matter where they are from, is about energy and in regards to our ability to provide U.S. energy opportunities to the world, including Japan, that would provide a stable, affordable source of energy. In the House of Representatives last year, I carried HR6, which was the built expedite, the LNG permit process. I am a co-sponsor of this year's efforts led by Senator Barrasso to expedite the permitting of liquefied natural gas exports. This is an opportunity that we have to give our allies around the globe the ability to rely on abundant energy from the United States instead of dictators and tyrants who are tying their hands right now with exorbitant contracts and cutting off their energy supplies at an economic whim or, excuse me, political whim. And so by continued U.S. energy production, by assuring that we have the policies in place necessary to allow this trade to occur, not only will this strengthen the U.S.-Japan economic relationship, help the region in a security standpoint, but help East Europe, Asia, and our allies right now who are facing the brunt of these energy politics in Ukraine and beyond. There's a Coloradan right here. Is that right? I didn't know that. Senator, it's good to have you here. What are we doing in the Congress to see that this fracking can be successful so that we have a better supply of oil and gas in our country and also for export? You know, the entire energy debate over hydraulic fracturing has been a fascinating one. If you look at the votes from last year on HR6 out of the House Energy and Commerce Committee and also on the floor where it passed with a very strong bipartisan coalition. If you look and break down the vote, you will see members of Congress who come from states that have banned hydraulic fracturing or imposed moratoriums on hydraulic fracturing, and yet they voted for HR6, the bill that would expedite the permitting process for LNG exports. The reason they voted for the bill was because they understood the important role that it could play in security. The reason they acknowledged that we have enough to export is the tremendous advancements that we have had in developing our resources, which would not have occurred but for hydraulic fracturing and horizontal drilling combined. And so there's recognition by people who view energy security as a great diplomatic tool that it wouldn't be possible unless we had the ability to reach unconventional resource place, hydraulic fracturing, and horizontal drilling being the contributor to an abundant supply that allows us to export. Recent news also of the EPA report, the Environmental Protection Agency, put out a report in the past week that shows this can be done, hydraulic fracturing is performed safely and responsibly, I think was a significant step forward and hopefully we'll start peeling back some of the moratoriums in those states that have currently imposed them. Let me ask if I could, Senator, follow up question on your point about the Asia Infrastructure Investment Bank. You described it as a fact, it's going to happen. There is demand for infrastructure in Asia. How do we shape that institution so it doesn't undermine the age development bank or the oil bank, but allows us to, or allows China to play a role with all its resources in building up the infrastructure. Well, I think that the fact that you have an AIIB in the first place shows a credibility gap with the United States, the fact that we left a void or vacuum that China felt that it could fill. And because it has others joining, some of our closest allies joining, it shows that we needed to have stepped up our operations, our activities, our policies in a way that we simply did not. So it's fact and now we move forward, knowing that we have great allies who will be a part of an organization that will hopefully be able to bring some kind of international norms, standards, transparency and accountability to this organization. But it also is a cue for us to minimize the credibility gap, to step up our game when it comes to development, to step up our game when it comes to a partnering on infrastructure and other issues in the region so that we can continue to fulfill our commitment and show that we are in this for the long term, not just for the short term. I think that's a theme throughout your speech and your tenure in the committee and it's gonna be a big theme and challenge for the administration and then the next one. We have a good hand to play. We just have to play it, that's right, it sounds like. Well, Senator, thank you very much for opening the conference. Thanks for having me. Enjoy the day. We're going to let the senators party escape and turn to our first speaker from Japan and our partner in this CSIS JETRO annual conference. This is our 13th conference on U.S.-Japan cooperation and the emerging economic architecture in the East Asia and Pacific region. And we've worked with the leaders of JETRO all 13 years and I think this conference has become something of an institution in the Washington debate and discussion about America's role and is both a kind of a zeitgeist check of where we are in Washington and if we're aligned with some of our friends and partners in the region, but also a good way to get ideas and policy proposals and focus on areas where the U.S. could be doing more. So to give us an overview of the trends in Asia this year in terms of trade, diplomacy and economic development, as always we're turning to our top colleague from JETRO, Hiroyuki Ishige, the chairman and CEO of JETRO. He's been running the organization since 2011 after a long and distinguished career in the Ministry of Economic Trade and Industry. So Ishige-san please, we look forward to your presentation as always to help set the scene for us.


SubhanAllah, when we're talking about the, you know, legacy of our amazing and incredible African-American brothers and sisters, I want you to know that we have an international Dubai Quran competition where every country of the world comes and competes. And we've had three winners from the United States, and all of them are African-American. SubhanAllah, we have Allahu Akbar, Allahu Akbar in spaces of Quran, which is where I do so much research, and women reciting Quran. Mashallah, on the app that we have coming out, inshallah, we have women Quran reciters, so many from Nigeria, from Cameroon, from Guinea, Mashallah from the Gambia, and mashallah, their recitations are not just beautiful recitations, they're also reciting Al-Qiraat. So you're going to hear recitations you've never heard before and you don't understand. And I'm going to have just play one of them for you, inshallah, as we end, just to give you a glimpse of the depth of knowledge. Because this isn't just, oh, I go to the masjid and I memorize it from hearing someone, the level of this knowledge is so powerful. And those of us who are not black, we have so much that we owe our brothers and sisters, our brothers, I saw how you so beautifully spoke to this, may Allah bless you, to recognize the fact that we, those of us who are not black, the privilege that we have. And also to recognize that the reason we have so much privilege is because of the sacrifices and the pain of our brothers and sisters from the African-American community. But the scholarship that we have from so much of East and West Africa is just so powerful in our history.  This sheikh Zaynab Zailani, she is a, like, mashallah, hafidah with so much constantly, a constant winner of Qur'an competitions. And I want you to hear something different than you may have heard before. I just, mashallah, there are so many of them, I need to get to her. Bismillah. Dashamina, in one minute, can you explain what just happened? The first day of, why did she say all of those? Bismillah, alhamdulillah. Yes, why did she say the last one and the first one? Because she's, she's connecting the two surahs, sorry, I just that, I was sucked into the rest of the stage. But you have a squad. I'm so sorry, I'm doing that, I'm sorry, I'm actually out of practice for my Qura'at, but mashallah, like at the beginning of the surah, what she was doing was ima'la, so like the ja'a, dru'a, or ji'a, they're all different recitites. Sorry? Live in that one, mashallah. Okay, and actually, do you want to answer? Yeah, can you answer? No, no, Bismillah. Bismillah, Rahman, Raheem, As-salatu As-salamu Alaihi Alayhi Mashallah, so different types of recitation, so some of the recitations, they have ima'la, and they don't say the word with Fatiha, the way we say it, in hafs, so in hafs we say ja'a, but Ibn Zakwan says jaya, so he makes the ima'la. So this is one of the ways that differ between the Qura'at, and subhanallah, there are so many differences and Imam Shatibi, radiallahu anh, collected all the differences in the Qura'an, all the, and he calls it haruf. So when you say harf, it means that it's read differently from one reciter to another. Sometimes they agree on certain ones, sometimes they differ. Some reciters say annais, some of them make full ishba'a for the med, they will say ila ja'a, six, some of them say four, so it depends, it's a whole science, and mashallah, the more you learn about the Qura'an, the more you think that you know nothing. And actually, this is about all the sciences of Islam, subhanallah, sorry. No bismillah, some of the reciters, for example, Hamza radiallahu anh, consider the Qura'an as ahwul, so he doesn't read the bismillah. Some of them do six different ways or five different ways, how to connect the surahs. So, for example, I'm gonna answer this in a little bit of detail. Let's take Walad-d'al-leen bismillahirrahmanirrahim aliflami. So, some of them, the first rule is to separate the three positions, they will say Walad-d'al-leen, bismillahirrahmanirrahim aliflami. You separate. Then what you do is you connect bismillahirrahmanirrahim to the beginning of the next ayah. bismillahirrahmanirrahimi aliflami. Longer. Meem. But you never connect when you start the Qura'an, you never connect awud-u-billahim and shaitan-rajim to bismillahirrahmanirrahim so that the one who doesn't know the Qura'an would not think that bismillahirrahmanirrahim is the end of the first surah. So, and then you can connect all of them together and some reciters also do sect between the two ayahs. Walad-d'al bismillahirrahmanirrahim. Actually the sect without bismillah, so that's wrong. Let's connect them together. Walad-d'al-leen aliflami. Walad-d'al-leen aliflami. So different ways of reciting. Alhamdulillah.


It should show on my screen in a few seconds. Yeah, I hope you're having a good week, Marius. Okay, we have got a 10 seconds left and then we'll kick off. Good morning, everybody. Welcome to the month of December. It's 8 a.m. Here for the breakfast hour. It's Friday the 1st of December. And without further ado, let's get the disclaimers out of the way. All book map limited materials, information and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Trading futures, equities and digital currencies involve substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Okay, that is the state of play in the heat maps before we go through the slideshow. So a couple of things to note before we disappear off this screen. Firstly, on ES, this is the unfiltered ES. So you've got the MBO, you've got two resting cell icebergs up above. They are likely to be targets as when there's an opportunity to go along, maybe there was one just about there or into this liquidity here. There was probably a better entry, but there are some potentially good targets up above. Meanwhile, over in NQ, this is the filtered heat map and we've zoomed out and we're going to talk about this one in terms of being wrong occasionally, because we very rarely talk about being wrong and, you know, sort of just taking a stops. I think we need to talk about that a little bit more, because that is a lot of this game. So that's the filtered heat map in NQ, the thing to note there. And we're going to talk about all of these liquidity areas and how useful or not that they could have been in this big push down to the overnight low, which is at 15.919-ish. But the big thing to note is that there is a liquidity level that they put in. Roundabout of the London Open and that's at 15.915. It's a decent size, 61, and that has stayed pretty much constant. So that is likely to be a target or support at some stage because we're getting quite close to it and we haven't used it as support as yet. Anyway, that was just a quick view on where we're at. So let us, without further ado, as well, move on to the slide show. And again, feel free in YouTube or Discord to ask any questions, comments, anything like that. They're always welcome. OK, let's have a first look at the major news. So I've only got the extremely important items today. Got the Canadian one. Well, that's important for the Canadians, the unemployment rate for them at 830. That whether we'll see a huge amount of volatility in the ESN and Q then, but we have at 10 a.m. the main news of the day, which is the ISM PMI forecast at 47.6 and 11. We had Fed Powell himself speaking. So both of those should give rise to significant volatility during the RTH session. And let's quickly flick back and see these two resting cell icebergs. We're getting getting closer. So if we zoom out and we see this tag into this liquidity and you can see what was available in terms of points, you know, you're probably the best realistic entry. I mean, you may have got in at 65, 25, but more realistically, 65.50. So we're talking about four points as the target. And really, you want your multiple hours. So anything less than one hour. Yeah, I'm not trading.  OK, back to the slide share. OK, so interesting in ES, which is actually stronger than NQ yesterday. We're balancing in this zone here just around a major previous swing high in late August, early September. So as when we get some news or Fed Powell speaking to say that the interest rates are going to go to zero or whatever he might say, we might take that out after we bounce there. So the basic price action theory that once you're in an uptrend, I suppose we can call this one, and we just balance here at the highs, it's likely that that will continue. This is like a pause for breath where they're trapping as many sellers as they can before they continue higher. So the fact that we haven't really taken out this high over here, the early September high yet. But again, that is just pure price action. That's nothing else in Q. It was a little bit weaker. Yes, so that's that red bar there. And yeah, let's we will when we get to the TPs have a look at that. So we did go and tag that previous high, which is the one from August and we have backed off and essentially we're at last month's close. So it's saying that nothing has happened or actually that could be the November close, which is just yesterday's close.  We'll have a look in due course. OK, looking at the 10 minute. So you've got yesterday's session, which is easy session, which is basically an up with a dip and then quite a big V down in in the RTH and bounce back. That's ES. And so far, we've we've been hovering around about several more at the low of today's overnight range. But we are nowhere near yesterday's mid. So it is quite bullish in ES and Q different story. We did have a bounce, an afternoon bounce off the lows in NQ and RTH. But since then we have not really spent much time above settlement or yesterday's mid. So we had a nice rally at the London Open. But since then we've had an inverse V back down again. So that's where that is. I think there's one last slide. Yep, just the ranges. The point to note here was that Asia was really quite narrow. And yeah, even I mean, NQ in in in the European session so far has been quite good. This is the last 10 days of trading days average. And so ES is at its average, which is not terribly large for Europe and ETH. Yeah, about three quarters of the way through on both of them. So yeah, and the relative volume is above the average for the last 10 days, but nothing really overly special about any of that. So let's ditch that and move back over here. All right. So yeah, the only other things we've got to recap are the TPO. So I've directed over here and I've got this bar split out. So if I just zoom out, you can just see that we've been in a wide range, which is now depicted by this top there and the bottom there. And we're just just traversing the range from both sides. So if we if we actually merge these and begin there and we end the merge of the profile, in other words, we're creating a composite, you can see there is a beautiful bell curve. And again, today in ETH, what do we do? We tagged the ledge, the LVN top of that that merged bell curve. And then we've gone back to the most traded volume within this merged composite bell curve. So that's essentially nothing overly surprising in that. That's, you know, basic auction theories. We've had basic price action theory. Now we've had basic auction theory. So, you know, that's why, you know, you draw a profile, a composite across a few different days when you're just balancing, just to help you see where the extremes of that value are. You don't focus too heavily on this. 70 percent is your perfect distribution curves. I don't concur with any of that. So I'm looking for where value is obvious to my eyes or anybody else's eyes. That's that's how I'm using those. In queue, let's just have a look at this one. You can see it's a little bit weaker. So we're really at the bottom of this range. Now, if I don't draw that bell curve, but you can, I may as well do. So if we draw it again from here down to, I'll do it before. I mean, I better include yesterday's, hold on, did not do it. Let's do it from here, actually. Let's reset everything and do it again. So we'll do it from this one, merge profile begin, and this one can be the merge profile end. You can see it's a very large bell curve with a slightly hollow stomach in the middle. And yeah, we're right in the middle of that very, very large range. So in fact, we're just bouncing around the middle. It means that what has happened in ETH in NASDAQ is a set of games. That is quite often the case. All they do is play the best games they can to take the most money they can off retail traders who are their fodder in ETH. So we've got to play the game cleverly so that you don't become the fodder and that you can recognize some of the games that they do play and try and join their coattails. That's essentially what you want to do in ETH. See the types of games they play and be ready for them. OK, so let's have a look. OK, just checking on questions and making sure we we've got a few people here in both Discord and YouTube. Hello, Ron. I haven't said hello to you before. And Dan, you're here as well. Good to see you, Dan. All right. OK, one thing I've got on my groupie tabs today is a blank page. Why have I got a blank page? It's going to it's because we're going to write down some things. And we're going to talk about the focus. So the focus really is identifying what's missing out. Where we might be wrong. All right, so we're going to use the NQ heat map in that sense. And we're going to look at the trader map, a filtered filtered liquidity or the unchanged orders. And we're going to zoom in and out over the session from basically the German open, which is, say, 10 to 2 1. 50 AM and see where we might have been wrong. So rather than what we often do, which is look at being right, we're going to look at where we might be wrong or where it might have fooled us because one of the things I always have to stress is there is no magic in any of this casino game. It is a question of probabilities and a lot of a lot of the game where it is a game of probabilities is accepting where you're wrong and getting the hell out without taking a big loss, right? Where you are right. Yes, try and stay in as long as you possibly can. You know, that old adage. But where you're wrong, don't break your account because some of these games in ETH can be absolutely vicious. And, you know, we can have a look at them here. Let's have a look at this one, for example. So you've got a very, very clear liquidity here at 15945. You know, you might, again, regardless of what happened, one of the suppositions here is that that is both a target and a support zone, right? So if we zoom right into what actually did happen, you can see that they don't think they actually interacted with that. I think it got moved just beforehand. And maybe they put some of their orders down there. But it did not act as support.  So it was a few points below that liquidity. If that, you know, once that had been taken out and so that the supporting liquidity had disappeared and you started seeing heavy liquidity above, you know, maybe your stop was around about here, but you're clearly wrong at that point if you're using this as supporting liquidity to take a nice bounce and to go on. There were lots of targets up above that you could have, you know, have been targeting. So there is absolutely nothing wrong with being wrong because we're going to do that an awful lot in our trading. But it's one of the things I really don't think I've talked about enough in these webinars about being wrong and taking good losses and moving on. So, you know, you get in here because it's come down. If we go back again and just look at, we just zoom out. So it is quite a big move down. So from this high here, just about just before 7 a.m., just before the breakfast session, it's come down a long way or relatively long way. So it's come down essentially from about 15, 9, 6, 7, all the way down to 15, 9, 4, 5. So you might well be entitled to think that we could have had a half-decent bounce there and we've got this liquidity support. So all I'm saying there is it's a good idea to recognize that this can give you a clear out as well and that out doesn't necessarily have to mean you've added dollars to your risk capital. You know, you have lost a small amount of risk capital and that is, again, a very, very good thing. You know, in this webinar, we talk about probabilities. We talk about never being able to predict the future and not kidding ourselves that we can predict the future. And we also talk about, you know, taking equal dollar-sized bets provided, you know, you've done the kind of work and you've developed the system, whether it's manual or in my case, automated. So I'm always taking the same dollar value risk on each and every trade. And if I'm doing that, where's our blank page? You know, if I'm doing that, let's say that today my risk might be $300, right?  That's a great result. Minus 300. Good result, right? Minus 325, because the stop has been slipped through just because the NQ can be re-rethined and, you know, we'll go back and we'll have a look at NQ in Europe and see that the action there was a lot, lot better, a lot cleaner, a lot more interesting and decent-sized ranges than there were in ES. So minus 325, that's a good result.  So once you get into that realm, you know, it's no longer a business. It is a pure game of roulette and there is only one thing that's going to happen in the long run. You know, it's regardless of me talking about anything to do with some of the stuff that we observe on these heat maps day after day after day, you're going to end up losing all your capital. That is the harsh reality of it and that's one of the things that I did want to say for a change. So take your losses, you know, make sure that they relate to your 1R and that they are not much more than anything and it's only due to a technical reason which is ordinarily beyond your control like slippage and move on. Okay, all right, let's have a look, a tiddly bit of live commentary here because it's always interesting with these cell resting icebergs. You know, I'm flitting in between technique, analysis, probability theory, et cetera, and doing some live commentary but that's essentially what we do on this webinar. We do a lot of different things. So what are we looking at here? So, you know, I wasn't looking at this closely enough when we started this webinar but if you do look at it now and you see that the delta there is really, really red and I'm having a look on my stuff in Sierra, it is really quite red and the other thing that you can also do is that you can also drag this volume profile out quite wide so that even though there's volume of 252 you've got a nice little bell curve. What have I done with my pen? Let's have a look. So you've got a little bell curve there. And a bell curve suggests a range. So if you're at this bottom of this range it's likely to get back to the top of the range. But regardless of whether this is just distribution and they're going to take it down much, much lower to say 4, 5, 60 or whatever they're doing there is some decent theory behind targeting these two resting cell icebergs as targets. And if we delved into this delta and we had a number and we could always do that maybe we should because we rarely do that. And I've mentioned that when I'm looking at this sort of stuff in Sierra I'm looking at short term volume so I'm looking at exactly the same as that. I often scrub it in Sierra and when I say scrub it I just erase it so that I'm looking at the current traded volume right this second. Once we've hit a lower I can remember what it was so I just want to see what is next hitting the low etc. So let's have a look. Let's insert a column here just temporarily and we'll ditch it in a second and we'll turn this one into numbers just so we see what the delta was just to give us an idea on these turns of what the kind of delta is. So if we go bars and numbers and then we just actually go numbers so we can see there's a potential of 176 cellar strapped there and you can see all of these are minus 1, 3, 5, minus 2, 4, 6 minus 1, 3, 9, 28 etc. So there's a decent red tail that was setting itself up and you hit into liquidity. So that is what I'd call in ES in this kind of session which has been really quite a grindy session an A1 setup. So if we were going to draw it we would be taking a stop say we'd got in at the I think it was the 4-side 6550 mark that I think was a feasible entry. You're not trying to take more than a 2-point stop here. So you've got that which is two points apologies for drawing with my mouse not the best at it and you're targeting 6950 so you're targeting 4 points. So you've got 2R and when you've got an A1 entry which that really was in terms of the delta tail and clashing with liquidity so it stops there 1, 9, 8 and 57 you've got a 2R trade there so would I take that every single time if I wasn't talking on this webinar and again I am not trading right now I will not be trading for this hour because I am talking and trying to give you some information entertainment whatever it is that I do so that is a 2R trade it's based on at least three things that we've talked about change I might have to go back in time to see what it was like if we go back to when this clashed there sometimes you have to see the bell curve in advance before it happens so you're seeing a thin profile there below a ledge so this here is clearly a ledge okay and there is a theory of supply and demand it will return back to the ledge I won't go through the umpteen different variations of supply and demand courses there they are out there in the world on the web on YouTube wherever but one of the theories is price will retrace back to its ledge which is this thick bit of profile before it then continues down etc so with that this bell curve which does form before it's actually happened again so even though we cannot predict the future we have to have a lot of creativity and imagination in how we see that price action so that we can see the shape of what might happen if we do get a retracement back to our target which and our targets here are 456950 and 457025 so there is a difference albeit somewhat subtle between being able to imagine what the next bell curve or trading arrange will look like and predicting the future but there is a distinction when you are being creative in your mind of what that trading range or the retracement may look like you're accepting that it may happen and you're also accepting that it might not happen that we might just get a continuation down and we've had lots of those on this run down but what increases the probability that it might happen is this double sell resting why does that increase the likelihood that it will happen because they're advertising the fact that they'd like to do more business at these two prices and they've also shoved in some liquidity here right at 4570 and they've kept it there since this moved down when this liquidity was placed and it was increased and that does in my back testing increase the probability that we will have that retraced back up to there and when we get to within one tick of that I'm always happy with that the other thing that we have to learn time and time again in this game is not to get greedy once you get to within one or two ticks of your target for something like a four point target and then you let you let it fall away the risk to reward is changing dramatically in the last part of your trade the risk to reward becomes it is not a static beast if you're actually calculating it from moment to moment to moment whether you want to do that is something for you and your trading business but a lot of people do look at the live risk to reward throughout the course of their trade and again you can do that through some form of automation or you can do it manually in your head if you're good with numbers let me just ditch all of that right so whilst it's trying to grind its way back to this zone here of these two resting icebergs let's just zoom out again on the trader map pro and again I want to contrast this between the unfiltered heat map which does have the MBOs which are useful but they have these dreadful algo bands up above and below which make reading this heat map very very hard in NQ and that's why I don't spend that much of this hour demonstrating what is in the NQ heat map at the moment maybe it's all going to change when we roll over to the March futures which is only a couple of weeks away now for those of you that are new to futures the futures product for the ESNNQ is a three month product so every three months we roll to the next futures contract so we're currently in the December one and in mid December we will roll to the March one and that will be H24 okay so we're talking about being wrong and being right if you just have a look at that there there is some value there but I do feel that with this filtered heat map there is a lot more value if you spend your time trying to clarify where that liquidity is right and where it came in so we're just zooming back in time we're doing some hindsight stuff going back to the London Open here and we're noticing in hindsight and it can still be good in hindsight because it's putting us it's giving us things to note down in our journal that might crop up again and again and again this is assuming that we're going to touch the London Open more than once in our lives okay and the thing to note here is what happens with this liquidity so we'll draw this one here and meanwhile as you can see has taken out the first Iceberg target and is about to tag the second one so I repeat this time and time again I know but that's because it is a setup which is a customizer unique to the or the clarity of it is unique to the MBO add on the book map have so it's one of those things that is relatively easy to see if you've got it you have a clash with that liquidity after a big move you've got a delta tail and you've got a clear pink line at targets up above which are those resting cell icebergs but meanwhile over in NQ so what we're looking at here is that as we smash through this liquidity at 15973 this new liquidity up above at 15987 comes in quite quickly so the time difference is 331 233 or 334 2 to 2 to 2 and a half minutes so if you have this zoomed in and you had it all zoomed in like that or just get rid of that drawing you're not going to see it and this is my whole point about using the filtered trade amount pro to the best or to the most efficient usage of it to help you make the most money or the most Rs that's the R multiples on your risk capital that you possibly can so if you just have this zoomed variety and a lot of people do they have these they have the delta bubbles or the volume bubbles and they have it zoomed into the minute or the stuff you're not going to notice that you just won't have seen it and this is a great filtered heat map but if you have got it zoomed and I recommend sorry I don't recommend anything what I am using is a default time slice of 60 minutes on this I won't click it now in case it takes us all the way forward but when you see that you see this kind of action one of the things I want to show you again is a violent vertical move so you've got a couple of factors here you've got this liquidity that's developing up above that you've seen by zooming in and out regularly and you've also got these vertical move downs which is often retraced where you've got a nice target up above and you've got quite bullish action because we've just smashed through liquidity and kept going and this is a likelihood that the liquidity up above and apologies if that was quite loud in my microphone for those of you on YouTube that was just the Canadian employment release which for due diligence or just for information sake has come in at 24.9 thousand against a forecast of 14 thousand that's the employment change so I'm guessing it's net jobs anyway it has not tanked the market nor do we think it would we didn't think it would retouch the volatility in the US markets but where was I I was just talking about this liquidity, this then becomes a target because the action was bullish you have that vertical slip down which is likely to be reclaimed especially if the action is bullish and so if you've got that slip down and you've got this target up above you know that's when it's best used as a target right and you can also accept in your mind that it's a double headed beast and that once we get up there or get very close to that it may well act as resistance but what you do not know is the future so you do not know until we get there that it was a perfectly valid target and you do not know until we have come off it that it actually acted as resistance on this occasion it did not at least I don't think it did we're about to find out because I'm now going to remember actually I had my worst trade of the day was taking a short it was like a reverse spring in ES when it was just grinding grinding up I took my one hour loss but it was just a dumb dumb trade it was valid but dumb I just find the action NQ a lot a lot clearer and you have more of an opportunity of multiple hours although on this occasion ES did grind upwards as it currently has just now as well so you can see we're right at that 47025 so you know you if you had a target one tick below 4570 I'm pretty sure you would have been filled okay and we're now just going through this liquidity here and we're just again replaying what happened and to see what could have been useful so the first time you've got this liquidity here which is the one at 15996 you could have said that's a clear resistance right and you shorted there and my point here is that we've got to recognize that we're wrong here and one of the most important things that I can say about NQ is that if you're wrong it is often very very often wise to just get out and take your small loss or your max one hour loss and wait for the next opportunity because it's likely to be just around the corner the symbol gives you many many many opportunities so maybe that was your first sell for whatever reason and I'm doing hindsight now so I'm not having a look at why or maybe you had a really really wide stop because you'd seen all three of these and you put it up there because you could magically predict the future so I'm just saying that it could have been wrong and this could have been right and again how you used it you do not know until you have used it which was wrong it might have turned around right just here and you could have had a limit order up here and you would never have been filled before the big down move so it's just it's just something I wanted to point out in this session that this when we're dealing with resting liquidity it is a beast with two heads and I think there's a question in YouTube so I should stop hey John yeah good to see you you and I haven't spoken for a while great discussion with delta column oh yeah it's just a comment okay cool yeah I thought you had a question there John but no no problems right now I think the delta column is useful the reason why I do not have the numbers there and I do not have the CVP the volume profile really wide in other words I get rid of that one and I shrink or narrow the width of that one pretty much as much as possible is because this is not my only platform so I'm executing in Sierra I'm totally honest about this and that I can see some very similar immediate auction type stuff and a visual time and sales there so I don't need to double up I find these delta tails in terms of the visual aspects to be incredibly useful in bookmap probably more useful than any delta tail that I've got in Sierra and especially so because I can zoom in and out and I can drag backwards and forwards as long as I don't try and clear this column you know there's a reset there if you see it I'll just repeat what I just did I'm not going to reset it but if you go in double click it and you go reset sorry and you say reset now or you reset on double click or you configure resets you can reset that but that is not how I use that one in bookmap I use this as static so that I can always go in and review how each of these swing points have been right whereas in Sierra I will constantly reset or clear what I'm seeing by way of numbers in this column here so I'm using the two in tandem and the fact that I have this ability just to go back to the very last swing point and look at that delta tail is very useful to me and that's why I never reset it in bookmap it's just a personal choice about the process that I have to look at these swing points and as quite a few of you know I am a huge fan of keyboard shortcuts and if you go into the discord in bookmap share your desk setup you'll see that I've got a couple of weird keyboards so I have quite a few easy to access keyboard shortcuts you know that are accessible to me so like I can use a shortcut with my left little finger to change tabs in groupie so I can go between and this is something I do outside of these webinars that I will literally go between the MBO unfiltered heatmap and the filtered heatmap I think this heatmap in ES is useful it's not as useful as the one in NQ where the unfiltered heatmap is nowhere near as good as the filtered heatmap in NQ but it's still very useful in ES on a higher time frame basis so we're going back to that 60 minutes that it's quite useful and it's also useful if you zoom out vertically so that you can see where you might get this resistance it's quite a large chunk that they have to eat through if they're going to keep on going up and get back up to settlement so it's likely that some of this will form resistance and then it might come down a little bit but we shall see because we've got these resting icebergs that they're trying to fill we're noting the values that they've got and the delta tail and maybe we'll get a lovely green tail before it does or if it does have any further move down again we do not know the future we do not know if it will go down or we will just have an uptrend day and we'll never come down again today a quick time check because I've been babbling on virtually non-stop not taking a breath and it is 8.38 so we've had the news, the Canadian unemployment what else have I got we've done the TPO's we'll leave those alone so we can refer back to them what have I got I have got the stock heat map for yesterday open for a particular reason today I pulled this up previously I pulled it up as big as this but there is a reason why I pulled it up to be big today is to show the relative strength and weakness so if you look at the top left which is the tech sector and the tech darlings and the darlings also in the right hand sector as well Nvidia, Google, Facebook Netflix you can see some big and AMD obviously you can see some big down days in video which has been the darling minus 2.85% that is weakness what has really been driving the market up is the finance sector and you can see that was still relatively green yesterday hence why ES seems to have had a much stronger bounce in its afternoon RTH session than NQ did it's the strength of this finance sector and the other thing that we've got is something that we don't often look at on the the the daily the daily view on some of these symbols why do I have a trading view I've got the most basic plan it's called it's the cheapest possible plan in a trading view that doesn't have ads I've got it so I can check through a bunch of symbols I've got live data on futures because I am also a customer of interactive brokers so if you are a customer of interactive brokers you get live futures data in a trading view without having to subscribe to futures that's the current state of play anyway as long as you link your interactive brokers account every week so you actually have to connect the two every week but what are we doing here we're looking in TNX essentially at the percentage rate the interest rate and how it has retraced back down from 5% to 4.25% that's a big drop right that is a lot of the reason why ES has been so strong and you know one of the things that I do recommend sorry I can't use the word recommend one of the things that I do look at is other symbols that can be driving everything so if we type in XLF like we were just talking about which is the finance sector and we have a look at this so you can see how strong that has been driving the market for the last week or two so you can see how ridiculously strong that was and it's just keeping an eye on these things so you know what I often talk about and I'm just watching what's happened since we've tagged those icebergs in ES that we've had a good retrace back already and we've got that Delta there at 4, 5, 6, 9, 50 yeah what I believe not what I recommend but what I believe and what I do personally is I try and look across the market so I'm looking across at different symbols that can drive things I'm looking at different places that these bigger people being the giant banks hedge funds might be using in terms of putting their money into to turn a profit to drive from high to low or low to high and so you know as part of this giant move up which has been propping up ES they could have taken giant trades in XLF at the lows and you know just at some point they'll be taking their profits that is likely to have happened so it's not only options plays and zero DTs, zero days to expiry that might be useful and also longer term options positions and also the futures market all of these markets are interrelated that is why there is such arbitrage and you know sort of correlation or confluence between the markets one of the other things that I do as well maybe it's a use for people let me just get in queue back so we can see this so this time you can see this liquidity is acting as resistance so this is my point sometimes it will work incredibly well sometimes it won't work you just have to accept that and provided you have a plan about how you use it and provided you take it a stop and you get your multiple Rs when you are right then it becomes very very useful to you okay I am just watching for a second so let's just yeah so anyway what I was saying with some of some of these add-ons so the MBO we've seen time and again day after day how these icebergs can be useful especially the cell resting icebergs which I much prefer over the bi-resting icebergs the cell resting icebergs above the bi-resting icebergs or the green ones below their information the ones below but I don't treat them as targets in the same sense okay the other add-on that we've been looking at is the Trader Map Pro and the reason why the filtered is so useful is where you've seen it it provides clarity on what might be magnetic targets or long support or resistance so it guides you on where the real liquidity might be if I paraphrase that the other thing that we occasionally talk about the other add-on that we talk about and remember I don't I'm not trying to sell anything I'm trying to explain how they might be used the market pulse if there's one way you want to see let's just have a look now right if you just do the it's not going to behave for me it's very annoying sometimes maybe it's just a little bit late in the day maybe I have to do this when I start sometimes it's failed to connect okay let's read that one right anyway it doesn't have to work right the second but I've got the beta version because we're testing new versions in the beta group for a few days but what I wanted to say was that there's two volume pressure algorithms in the market pulse meanwhile the NQ has a nice little retrace and I think it's locked on me this is annoying if that has locked because that means we've lost part of our screen ah I found the box, okay that's good right now I have control over it again okay I found the error there liquidation pressure which doesn't apply and it doesn't apply because it doesn't apply to futures there are two volume pressure add-ons right there's a volume pressure and a volume pressure imbalance and we've been looking at the volume pressure imbalance recently another way of using the volume pressure is as an audible what I mean by the feel free to go and take a trial of the beta which I don't think costs you anything I'm sure Dan could correct me in the room if I'm wrong about that I think the beta does and just using instead of having it as an oscillator or just as a meter that would pop up here and I think we can actually start that one so let's just start it nope it's not going to start for us it's very annoying you can have that and ignore the pop-up that comes with it and the meter that appears in the sub channel and just listen to it so you can have different sounds one for the volume pressure in ES and one for the volume pressure in NQ there have been a few products out there in the future space that have done this there's an original product by a guy called Graham called PriceSquawk there's Tickstrike by the financial juice group and then there's the market pulse algorithms that the book map have been developing and continuing to develop it is certainly interesting and it is something that I do I've got a license it's one of my lifetime licenses that I do have for Tickstrike so I do listen and do a direct comparison between what's happening in ES and NQ but that is a very good use of the market pulse algo if you don't want to stare at the little pop-ups or oscillators and I'm not a great fan of just watching oscillators because oscillators will reach their extremes as price reach their extremes but sometimes it's not in advance, sometimes it's lagging and I'd rather watch price and value anyway that was just my thought on the market pulse so that's just one way you might want to use it just listening to the sound of the market and why that might actually be helpful is that then you don't have to stare at both ES and NQ at the exact same time so you might have your eyes trained on NQ right this second as it breaks through this liquidity your eyes might not be on ES but if you're listening to both of them at the same time and the sounds are different then you're going to be aware because you're using two of your senses you're using your eyes and your ears you'll be aware of what's happening across both of those markets sometimes in ETH one will be a clear leader again you cannot predict the future and you do not know going into a session which one is going to be the leader but sometimes it does become obvious which market is leading the other one of late I mean in the European open session I always watch the DAX, the URX sorry the stocks and the FTSE and a few months ago because markets do change all the time you'd have stronger correlation between the DAX and NQ but these days NQ sort of does its own thing and sort of leads the DAX half the time so even though it's very important to me to be able to see what DAX is doing on a minute by minute basis I don't care what the DAX is doing on a second by second basis that gives me a reason why I don't have to subscribe to a premium package for a trading view a one minute chart index is perfectly fine for what I need it for by way of correlations at the London Open and a couple of hours thereafter right so going back to this ES chart and using this MBO we had a potential trade there clashing to liquidity targeting this we were aware that there could have been distribution points in other words sellers advertising that they were providing liquidity because they wanted to sell more or absorb more buyers there to take it back down to there and you've also got this whole bell curve range thing that I was talking about so that if you were taking it there you were depending on the size of your stock maybe it's the time for the pen again so you got into this region here so you got in 456975 right and the middle of this range because it's a four point range or four and a bit points now is about 2.25 so 2.25 right because you're in a range you know if you're looking to get that 2R that we're talking about and say that's 1R there again this is something that maybe you should investigate yourself but there is a lot of benefit in scaling at the mid of that range so taking your 1R as your first scale and still targeting your 2R and maybe much more if we are going to continue down right but it's one thing I do encourage people to investigate which is trading within these ranges I do not very often take breakout trades sometimes I'm seeing things in the way that the auction is happening that's the immediate auction that suggests to me that there will be a strong continuation so I'm taking a semi breakout trade which is basically close to the edge of the range but I prefer not to do that okay so you'd be in there and you'd be really you know that would be your main first target but scaling out halfway is not a bad idea either okay just double checking that we haven't hello Elliot I didn't actually say hello to you before in YouTube so hello and yeah so effectively you know maybe one scale there maybe another scale there and then holding some depending on what your size of your trade was to see what happens if we can break this previous low here at 4565 and then you know where's my arrow you go back to your TPO chart and you have a look what might be below that so you've got where's my pen you've got yesterday's most heavily traded price the volume point of control down there and you've also got this wider range you know I'm not going to try and merge all those profiles now but you know you've got that wide range that you can know that you're going from the top end to the bottom end on a higher time frame basis so there are other things that you could hold for you know one of the things that I have said several times as well is that you know we might get you know or might be trying to help people get good or better or very very good at doing some of this really really small auction stuff but that can help you getting in and then holding for longer swing plays you know it's a skill being able to read a micro auction but it's the skill that goes well hand in hand with a bigger auction that might be being played out I mean you'll see that when I talk about the daily chart and then I talk about this TPO I'm not talking about a two or three tick auction inside yes I'm talking about the bigger picture but then when we're looking at these little moves here I'm looking at this small auction this distribution the L curve that you've got over here which is a much smaller auction but it's all fractal and we're all we're talking about these auctions all the time and then we're talking about supply and demand setups that I talked about a couple months ago as well okay let's get NQ back up there again so yeah we've got this liquidity up here again that would have worked you know that could have been your proverbial target and resistance so you know sometimes it works sometimes it doesn't but it does provide clear help from what I've seen and it does qualify as market generated information to the extent that I believe market generated information exists and is useful to people and remember when you're looking at something as resistance it's normally the first touch you know if it goes right back there the second touch even though you know double tops or you know can be considered a category B of that supply and demand we're aware that you know if it approaches that liquidity again it can smash the rate through it and it did do that in NQ on that reapproach or the return to the liquidity at 15 9 3 6 50 and what do we do again with this particular picture we zoom in and out so why do we zoom in and out we gave a good example earlier because otherwise we might miss something that has just formed in the bigger picture or some really really useful liquidity that they're setting up and sometimes that bigger picture is not going to be obvious until you have zoomed in and out quite a bit to get that better picture it's a bit like the old photoshop where you're trying to get clarity of your image to get what you want to see and then you we're patient enough in NQ you get some of this great action so you've had a beautiful vertical slip here so we get some pen out again look how vertical that is right that is really hard to see in quite a lot of platforms remember a lot of the people that you might be trading against are going to be looking at 15 minute charts 5 minute charts 3 minute charts they'll never have seen that they will never ever see that vertical slip and so they'll never be able to back test the type of information that can provide in the price action whereas if you've got that in book map and it's that clear depending on how much you want to cloud it with bubbles it can provide a lot of information again one of the targets would have been a reclaim of all or some of that and there you go that is a good enough reclaim of this vertical action there that's one of the reasons why I talk about those vertical slips in book map because it's easier to see in book map than it is in a lot of the other platforms one of the things that we have to face up to is that an awful lot of the time things are not going to be clear you know and what do we do then we do absolutely nothing why do we do nothing because we get these times when things are really really clear so what was clear here so if we pause this now I think that's paused it we've got this vertical slip up and then if we crush this you've got a bit of resistance there and we're ignoring the price action beforehand which would provide us even more clarity but we're just doing this as quickly as we can and we have a strong down move that's been going on since the overnight high was formed and we're trying to reclaim this as our first target and if we also zoom out this liquidity here at 15 915 has been here for hours and hours since the since 3 30ish release since half an hour after the London Open so you've got other things and again it doesn't matter if it doesn't go all the way down there it's a target will targets always be hit no they won't a lot of the time you'll never get anywhere near your ambitious targets but provided you've made multiple hours on your trade don't be greedy just be grateful move on you know reset your brain you know focus on this this is a performance art one thing I was watching you know I'm always watching stuff on YouTube I was watching a video by Randy how I'm not recommending all these stuff or anything like that I'm not recommending you buy his book or anything either again I don't sell anything from anybody I was watching his video that was done overnight last night and it's quite a good one and he just talks about you know being the best loser or the best way to take losses and then resetting your mind after you've taken that loss and that's why that video is actually really quite good it's about 13 minutes long I think he's got lots of videos that are completely free on YouTube so I keep saying that one of the things that we all need to do is honestly educate ourselves and education partly resets ourselves because education isn't all about you know these YouTube videos about these magic indicators that I have 100% win rate or 150% win rate because it's all bullshit but some of them are really they are practical psychology advice as well not just the mumbo jumbo I mean the ones that I struggle with on that front are just the ones that tell you that you can do anything through meditation some of us are not the best at meditation but you know things like practical breathing exercises or practical ways to you know to reset your heart rate and things like that those can be quite useful to us okay I think I'm coming up to the end of the hour so anyway I hope that some of the action you know I think I've crossed it again I hope some of the action has been interesting to you some of the contrary has as well and you know thank you very much for coming along I don't think we've had a tremendous number of people on YouTube today but anyway have a great weekend or have a great trading session tonight or the RTH sessions is tonight for me because it's quite late in Perth but yeah take care everyone I will hang up now


From my experience in such long-term projects regarding communication, I believe that the most important thing are agreements. Agreements among partners. And this could refer to tools that you're going to use for communication, procedures. What's going to happen if one of the partners is absent in the meetings? If one of the partners is not responding? If one of the partners is not delivering? And also, probably giving some time among all the other issues that you have to solve in project management is to give space for project partners also to talk about how are we? So are we okay in this process? Because the agreements made in the beginning might not be the same useful at the end or in the middle. Probably I couldn't count eventually how many times I see in those I-rolls when you ask at the kickoff meeting of the project to say, guys, let's spend several hours together sharing on what principles each of us work. And very often they say, oh, come on, we have so much experience, international youth work, we know how it works, and we'll come up to something eventually and the project will be fine. But after saying that, guys, we really have different ways how we are working. And none of those ways are in any way bad, but we really need to make an agreement. And actually a mixture of ways of how we can work also can be implemented. Let's say with some partners you work more in person, with other partners you work more in groups, or you make an agreement on certain decisions, which decisions have to be made by all partners and which decisions can be made by the lead partner or by other partner, let's say concerning certain activities. And sharing those maybe even cultural differences or needs and expectations can really help to set a very good ground for the communication. I would suggest that the partners from the very beginning would agree on certain procedures, how they're going to react if something happens. So this could be connected with some emergency events or also how we're going to respond with each other and also communicate with each other. So this could be agreeing on the principles of how we're going to work. Some organizations, they prefer to work one-on-one, like dealing and making decisions together, let's say with the lead partner. Other organizations and other partners, they prefer to make decisions altogether. And these differences may cause some questions and obstacles if you don't solve it from the very beginning. So that is what I would recommend to do. Another thing is to agree on the tools that you are planning to use. And from my experience, I think it's important to think about a variety of aims that you're looking the tools for. So for example, we use tools for keeping the documentation together, keeping our progress documents. Another tool is for formal communication. So usually email works well. But in the recent times, I noticed in one project that as we agreed only on formal decision making like through email, so there is a question and we decide or a partner's meeting online, this kind of aspect of informal communication was really lacking. So there is like when you don't have a tool for instant messaging, like quick question or even something random to share with partners, that gives this distance and it's not helping for the project management. One other tool that really helps for us is actually regular meetings. We know that we have several meetings face to face during the project, but I would also recommend to have regular meetings online just to update each other. What is happening in the project, what are the progress and just to know who is who and what is what. Yeah, and don't forget that in the same meetings, you can always discuss how we're working as a team, how we're working as a partnership and what could be improved. From my experience, you always have, for example, as a project leader, this feeling that okay, we know each other very well, we know the partners, so you're hoping that everything is going to be alright. But at least my experience showed that the agreements that we made actually gave us the opportunities to solve conflicts or obstacles later on. So for example, we had one project where we created a process, a procedure, how are we going to react if a person or the organization is not responding. So we came up with a solution of two kind of official but friendly reminders that hey, guys, you were missing in the meeting or you were not meeting the deadline. So two times sending the friendly reminder and if no response is coming, then there is an opportunity to also involve the manager of that organization and if the response is not coming, then there was an agreement that the partner should leave the partnership. And actually several times we had to use this procedure and happily we end up only in the second friendly reminder. And in this case, us as project managers, we didn't feel that we were doing something wrong or impolite because that was our agreement. Another thing I think is really especially the lead partner or the partner that is leading a specific activity, always have to take a little bit more responsibility to be the person who is inviting, reminding, helping, maybe even one-on-one conversations and to really keep up with the agreements that were set. So for kind of informal or instant communication, we very often use Facebook groups or Facebook Messenger, whatever the organizations prefer, WhatsApp app or Slack. Slack I feel is the most organized way for instant communication but at the same time keeping order on the communication channels For storing documents and keeping up with documentation and visibility and reporting, we very often use Google Drive and its functionalities for example for live editing of documents. We also use mirror tool, so it's very good for strategic planning, keeping up with the pace and also thinking and planning certain activities. For more formal communication and making agreements, we use doodle polls, email, while everybody is replying or voting on something and of course partner meetings in person or online. It's very important to remember that what is easy for me, like a tool that I use, it's not always easy for others and sometimes those tools may be agreed among partners but some of the partners use it for the first time. And it's very important to give the partners time to explore those tools and even to show them how it looks like. Of course there are many tutorials online for most of the most popular tools I would say, but explaining how it works and maybe showing it face to face or like in person is always a good help. Otherwise, if the people are avoiding a tool, even though the whole partnership is using it, you can fall into a trap of missing out that person in that particular communication tool.


It might be significant that your boyfriend wants to form new friendships with new women. But it also seems significant that you don't want to meet new people. Are you saying you don't want to form new friendships because your relationship with your boyfriend fulfills all your friendships? Is Amy that naive? Your relationships? She actually thinks all these females that he's meeting is just for friendship. She was not concentrating on him, she was concentrating on her. What kind of a psychotherapist is Amy? Was I reading this for some other audience here? She's concentrating on the woman's reasoning why she does not want to seek new friendships. Yeah, but there's red flags. She didn't mention the man yet. I know, not yet. So why are you putting that in there? Because there's red flags that are big and popping up. Well then wait till we get there. All right. If so, you might be unwittingly encouraging your guy to seek new friendships as he compensates for how static your personal life has become. You sound like an open, accepting person. You don't seem like someone prone to jealousy. Is your boyfriend trying to encourage a possessive reaction from you? Stable couples don't always act like a monolith. But in a stable and loving relationship, each partner is very intentional about not causing jealousy or distress to the other. Most of all, you should be asking your boyfriend about his feelings and his reaction to your long-term relationship. If his female friendships make you feel jealous, anxious, or worried that you or your relationship are boring, then you should be honest about it. She didn't even concentrate on the guy. She didn't even talk about the red flags that came up concerning him. Having this need to continue to make more so-called female friendships and claiming that they're all platonic, including the ones that he used to have sex with, it's amazing. Anyway, I mean to be able to do that, to be able to go from platonic, have sex, go back to platonic again, have sex again. But anyway, thank you for joining us for progressive discussions. Next, when is Halloween the 31st? What day does it fall on? Let's see. Saturday. Oh, right on the button, right? Saturday. Saturday. Next. Yeah. All right, so it'll be the Halloween special, I guess, unless something happens. And I don't show up. I say happy, halloweeny, all hallows eve now. And the day after, which is all souls day, November the 1st. And up until the day after that, November the 2nd is the day of the dead, which is a big Mexican holiday. The day of the dead. My favorite time of the year. All right, see you next time, people. Take care.