Original subtitles

Hello traders welcome to the next section.

Or hope you've done the same thing as me and taken a few days off after that heavy.

Very heavy auction market theory bought one you can see werewolf in you're not gonna.

Find any of that stuff anywhere know even in a professional from are they going to

teach you to that level anywhere near that level.

Let's be honest.

They're going to give you basic concepts but obviously the majority of the stuff

the have shown you.

That comes from

you know many years of observation and figuring things out myself and.

You notice the way it should be

when you go to professional from obviously they going to give you building blocks bar

you know you need to go out there are observed

things in figure things out for yourself.

But obviously the reason I do it is you know

are done one you to.

Do wide it it took me many years to figure a lot of things out and do.

Whilst I was lucky because my day job was trading at the end of the day saw had

trading as an income.

In a depth of mall care and even.

When I was transitioning from depth of market into training on charts

of she to keep an income going a continue to.

Whilst I figured stuff out.

I'll continue to treat the depth of market so had an income.

Or had

exposure to the market all the time which afforded me.

Know several years to.

Really hone.

My understanding of ultra market theory and

I hope you can see is probably up there you know not knowing and arrogant way both

have proved it.

By giving you.

Good

I think what was a about six hours or more

worth of.

Stuff that you just not gonna find out there so.

Hopefully found that valuable

and

again hopefully

like me.

You've taken a bit of a breather I think is important let set a when.

Before moving on could we are gonna now really start ramping up the pace and.

The theory was incredibly important.

In a kennel stressed I enough

and you may not realize that right now but

you realize it as you develop in your career.

And.

Just how important aloft the theory was because

the main thing is

and a short time and time again.

You know.

You'd be surprised.

Even in institutions.

I have seen I told you the failure rate you not been caught honest failure rate's

very high.

And I think

of given you some reasons for that.

I think another major reason is that even people coming into institutions make

the indicate a mistake in the sense that.

The they treat a lot of the stuff that we're about to look her as an indicator and

I'm going to talk about that.

Now

if I hadn't given you the theory and I just don't walk.

Most

and in fact all let's be honest every single volume profile market profile.

And.

Teaching

does out there and I mean from institutions.

Is a mistake I think that they make is that

they just teach you this is market profile this is volume profile that Archie.

You know explain to you held this is

what is going on in the marketplace.

Because them what happens is you stop.

Treating profile as an indicator a new give it.

The credence stay deserves a new really understand the power of it dice.

Is way more than just.

You know some point of control and value area lines which will discuss.

And I mentioned this in normal distribution section that you know one of the dangers

people.

Sure fall into a trap is they use these value area is as.

Been a holy crow lions and then not because if you do that.

He might as will have an indicator

what's the difference right.

Said this is why

I give you all that theory cause a

want to fall into that trap are want you to.

When you get into the game.

Understand it for what it is which is that is just a rough

idea of where.

And obviously value is in terms of the value areas as

but more than the

way to really understand what profile is telling you

and not fall into the trap stop.

I see many

institutional traders themselves fall into where they.

Tried to be very precise which shapes and things which I'm gonna discuss again in the

next section.

So.

Look at him on a go off topic barrage just wanted to.

Say this out the stop because you've just come off the back of theory.

I wanted to just kind of say look.

If you stuck with it will dump Becker's

is really going to.

Help you as you develop as a trader

and you may not see that

hundred percent now but you'd certainly.

Start to see that later on in your career over the next few months and years and.

Yet.

If you do make it eventually.

I.

Think is going to.

Be realized just how important a law that theory was

and

but look going forward I did say that at the star of every section.

I'm going to pull out the instead tissue roadmap fright so we've got a here.

This is what I put together and you know I

in the introduction that.

This is really how I saw the top the very very top traders.

Approaching their day in a very.

Or I'm hesitant to say met methodical structured because

you see

and I've said many times or approach to markets.

At least on the jaw it's not.

A plus be you must equal see you know go be careful about all of that stuff.

As it just mentioned

he

want it to treat luck an indicator and be to to precise.

However

in terms of virtually

approaching the day

when you're off the chart in terms of you're planning pro operation.

Very important to be.

Quite structured in terms of your approach and making sure you're.

Approaching the market in a very.

Structured way off the charts

not necessarily on the chart

of the charm will talk a little bit about a Siena

it comes down to journalists being and

obviously recording statistics and.

Making sure you prep

I guess thus the word I was looking for your prep needs to be very structured.

Be actual approach to markets when you're on the charts.

Of see that should be very loose.

So.

What we've done is we've covered so far as ultra market theory.

Why it's about fifty percent.

Of the section is a huge path the section so.

You got all the theory out the way you've got fifty percent if not more of the way.

What we're now going to do is we're really gonna focus on we've obviously looked at

volume profile.

In depth obviously we're going to refer back to it by terms of actually covering the

theory.

Thus a taking the box and lesser taken a box so.

Now what we can do is was really unit start thinking.

How can we transfer.

A law of this.

Into actually building contextual levels

looking at areas to conduct business in.

That's why we're in this business.

Right.

Bought.

The thing is all the stuff you've been doing up until now.

You know a hope you haven't been frustrated because.

If you've done as upset you know really are wanna say well dump because you're

approaching this game.

As it business as a professional now.

You see what he is is.

People will think yes now we're getting on to trading.

And actually we go realizes you've been trading

the business plan was trading.

Understanding time in sales of of she didn't

actually physically execute on it

that was trading.

Okay

auction market theory.

In my opinion.

Is just as important and.

Each just as much

trading

as what we're about to do which is also trading.

But it's more of a c building strong entity so.

He not sure to make that important point that.

Is not the would now suddenly going to start trading

you know you have been trading believe me all this time you been doing.

Things

the only the people who succeed in this business do.

The people which is let's be honest ninety nine percent.

If not more.

And

you know this this number of ninety percent

don't may is actually very thus dosa.

Misleading the is actually very much higher and I can show you start star.

Show the actually the failure raising much higher than this ninety per cent number

you here.

Unless be honest.

A lot of the reason for that is because Alvin Donald of stuff that you've been doing

up until now so look.

Great job

and

but yeah look we are going to get on the charts the okay and we are gonna.

Start building contextual levels and that's what we getting into.

Want to do is in this section is I want to get onto to market profile.

And.

Now there is going to be a bit of theory for market prefer obviously the has to be.

Don't want to say this market profile.

You know boom when this happens you do this no

because again.

Entry luck and indicator.

Is important I at least give you some basic.

Theory of market profile

and I'm going to see how long this section takes and.

You know

or a

I said I don't really.

Structure them

but having said that.

Obviously have taken some time off to make sure that.

Warm giving you is.

a

very well thought out and I've been thinking a lot over the last few days

when I took a break from Oprah market theory how can I deliver this.

A make sure that everyone gang.

Literally every penny or sent worth like times ten.

Know so you will get that.

Is not the haven't planned it is just the adult obviously know how long it's going to

take me to explain to think so.

Let's see how long it takes bought

the aim

essentially a.

East not in this section.

Very much show in the.

What I'll do is I'll either do the market profile section as one section or are split

our into to enlist.

Second bear all the second half of the spare.

Very much

we're going to stop building levels for you to.

Waiting for areas.

A case of areas of interest and it will be it'll be brilliant you'll enjoy it and

you're going to see it's going to make the law of sense so.

What will do then is will less style and.

Will come back to this

will come back to v wap

and a may even movie where up into the section and there's a reason for

the.

Which will become very cool clear but I won't mention it now but.

Less basically finish off.

And.

These two I believe and then were pretty much done with the context section.

And so will start with market profile some of the fifth and next slide

and

yeah we'll take it from there and see how he goes okay ladies and gentlemen welcome

to the market profile section and.

Surreal no I did like a ten minute intro

into air lock I always do to get started bar.

And

you know I hope you can see the benefit in the artist want to encourage those that.

Do.

You know stock with the theory that you know well done

you know you've you're doing it the right way and.

You just increasing your chances you know if she does know guarantee that.

This is something that you will turn into a career hopefully you do fingers crossed

by a certainly going to increase your chances if you're.

Absorbing all the theory and so really it's just give you a

of encouragement you know that.

Keep going and you're doing the right things and obviously well done so.

It's a bit embarrassing to say but obviously

much a lot of you probably older than me I mean

and.

On pretty old myself but a lot of you will be older than me.

So I feel a bit embarrassed to say.

You know well dollar etc such a bot the reality is I am.

He knows what you

pay me for to be your teacher

and

and obviously when it comes to him

everything else in life.

On property useless but when it comes to trading obviously.

Probably do have more experienced than most people so it's important that I give

words of encouragement so.

You know hope it on fuel our country in the

a child of know I'm just trying to.

Genuinely give you some encouragement to just keep.

Going on without skipping things and you know just say well done for sticking with.

All the theory etc and.

What we're going to do is we all gonna have a little bit of market profile theory

again I know US I said that the theory was pretty much over both.

Like I said is important you know if I just start showing new market profile would

just crack on.

Something really gonna make sense to you is it let's be honest

you can see here.

Of got volume profile.

And

we were used to seeing in the last section and then I've got Mark and privacy can see

the very similar but.

Why are they similar.

We shall these a's and b's him season.

What is all the stuff going on

fright

supported you know that.

I mean in theory I could just.

Think while you know what they've had enough theory less just crack on.

He snuggled into any faith have is important.

And I explain to

you.

Exactly what this is

why it look similar

but it isn't the same and.

Why.

Would I not why am I not just using this.

And continued warm even looking at market provide if they're so similar.

So you not gonna tell you some of that stuff and thus really the aim of.

The first half of this and like I said I'm not sure if it will.

Be altogether are mais player our into to past but let's see how we get on.

So what I'm going to do on this slide any way is

and I'm not gonna

just literally get straight into it

I want to give you a feel for what to expect in this section.

So.

In this section

and.

Essentially.

What we're going to go through first

and what do is I'll go through

this

top half

in this actual section

the rest of it all obviously go through of you've made him very basic slides her will

cover.

Everything from here.

Downwards we're gonna have separate slides for bod shown a cover this beer.

On this actual slide so.

Bully

easy's.

When you enter a professional training from.

A mentioned this to you I can't remember where

by in one of the auction market theories.

I said you know this and books on

a hope I did any way.

That.

Are considered compulsory reading.

In professional.

Firms and.

One of those is market wizard so I mentioned that to you and I said you know I

obviously worked with someone he was in this book and.

I gave you the story.

About the fifty fifty.

Price

and individual price obviously the

probabilities of fifty

fifty of up at now moves and I spoke about that.

So.

I'm only me mentioning it here because

there is a couple of books the ongoing to.

I dunno if recommend is the right word but.

At least suggest we have a brief look at.

When it comes to market profile so I thought you know what what and just cover of the

books here.

So.

The main books and there are a couple of others

and.

But the problem with some of the books is there.

Donna.

Sound.

Rude but they are a

wishy washy up Jonas of even market wizards to some extent.

Did I really learned anything from it.

Know

you know I'm a very honest gaia.

I'd be lying if I told you I learned.

Anything from that book or didn't.

He was just good to read and kind of if.

It was it was a good Riga just a seawall.

Different trade is it doing but there was no strategy in the

it was Mueller interviewing them and.

They gave they give a lot of the cliches you know the trading cliches that.

Under the if you watch on Instagram you get some of those.

Instagram posts going up and down and.

And

they have like quotes on them and I know I do quotes myself Bob hope you agree I do

institutional coach

but some of the quotes let's be honest I just.

Ridiculous you know like leave your emotions at the door and the last often does I

really hope you know is not someone really hope you become their trailer.

And thus kind of war a law of the books they recommend to you

why found were.

A market wizards

if there was one

of all of the.

Soul of wishy washy perks that they are recommend.

As a you to read market was as if you want is a decent read

and by if you don't honestly going to make no difference so

of was mentioned that you know he is one of the books that.

Essentially

if you're going to Stein oppression from they'll make it compulsory reading to say go

read market wizard.

But I think more interesting is these two books.

Now that she Donna Instagram

I g t v.

Video is only about eight nine minutes long where I talk about these books

and the pitfalls

and of the advantages.

So if you get chance.

Do that go to my g t v if you don't use.

Of

t v let me know

might be able to.

If enough people or if anyone contact me I might just upload it to the.

Pro course one of the sections as a download if you want it.

Might do that.

In fact the probably or might do that yeah let's see if anyone contact me if they do

then I'll do that otherwise just go to my g t v it's.

I think it's called institutional books or call remember.

By talk about these books and basically.

These are.

The Bible's

on market profile

and.

The very very good.

As a starter.

And I talk about this in the section the problem is with them is they're incredibly

dogmatic

okay.

I.

So I'm gonna talk about this coy a law in a reality check

video the are want to do.

His about theory vs reality okay.

I.

So

the best way to explain this is that so

you're going to read these books and I do recommend reading them.

What have you do don't buy them I think some of these are quite expensive royal.

Basically of probably shouldn't say this.

Out loud but.

I have noticed as pdf for all of these three online.

More as will read them if you can get the pds

if you can't.

Let me know or see for can find it but I'm not promising anything.

But if you can highly recommend

return.

But take them with a pinch of salt.

But the reason I want you to read them is and I'm going to do really choke on this

later as because.

So what

is is.

Even in

institutional firms all the stuff they teach you.

Write.

Dig in gonna teach you everything from a theoretical perspective.

And.

I don't think that that's necessarily a bad bad thing because what happens is

and this was certainly my experience of my journey and I think it

really helped me.

Is that

to get you from theory to reality.

It requires observation right

there is only obviously I can give you.

A lot of.

Theory and mnuchin.

Essentially lesbian at what am I doing here on giving you all the theory.

He getting in a

and

in a professional environment thus PR road.

So giving it all the theory you're getting in a professional environment

and then what am I doing.

Giving you like.

A thousand percent extra.

In terms of.

The

the things I observed.

Though.

What would highly recommend and again I'm going to to buzz layoffs.

Please whatever you do don't take my word for it.

You know and I think this was.

May be.

One

I say there's a few reasons but maybe one of the huge reasons why

I look back of a career I think why must still in trading.

In of sixteen years

as of now you may be watching this and it may be.

Twenty years twenty five years other know exactly but as of me obviously making this.

Video.

And I think one of the reasons is.

Why never

ever took any one word.

For anything the.

Right now I know some of you back test some technical staff and.

You realize.

If you don't mind me saying

is garbage when you bought is good you do that.

But now you realize of showed you that technicals

obviously don't work you apply the same.

Approach and vigor

to everything I'm telling you.

And the funny thing.

I show you.

And you may think I'm getting off topic here and I'm not be so relevant

to reading these books.

In on one of the only people

I know

in the industry that shows I show audited

returns obviously you know I'm happy to show.

My effects books and things like that.

But even then.

Doesn't matter.

Don't take my word for it.

Don't do due diligence do triple due diligence I'll tell you why.

Because.

I know is these that.

I got talk pry

theory for example.

And yeah I wish there was someone like.

Me who are taught me and said you know these

and it would have caught my journey damn big.

Time as I said before I was fortunate at the depth of markets keep me going for a few

years.

Whilst I figured things out.

You know and the reason is that journey was several years.

Before I became incredibly proficient on the charts themselves obviously.

Always maintaining my depth of market trading to obviously.

Keep me going from an income perspective whilst I figured things out

now because I've told you laugh of thing share your journey may.

Hopefully

be cut from like three four years down to one one year.

But that's only going to happen.

If you also do.

This thing where.

Should the way I did a even though it took me several years to do is obviously.

I would read things like.

So this is getting back to the point about the book.

I read mind over market right

and.

I read markets in profile I read.

Steidl Maya honor markets as well.

And I learned all of a and I was looking at it and honestly

at the end of it ninety percent of your thumped it

but the point was.

You know when you're at this theory state.

I don't it why.

Because

I observed in the marketplace to see what I mean I know over.

Dumped it because my boss said to me.

Oh envy to know walk.

And

doulton says this in his book for example.

Access matters

now I will explain access to you.

Right is essentially where the markets movie like this in the profile and then you

get this little pop and it comes back.

Basically luckily it will tell but obviously we will come back to the spot.

The point is I never took my bosses word for it just because he told me.

The all

excess is useless don't use it

so would he

does matter.

Observed a in the marketplace

on my own.

Subtest the thing.

In an ideal world I'm going to be honest with you what I would do if I was you.

Is a good.

Least read you know skim read through a look at some of the basics

may be off the not now but after I've shown you my.

Take on profile.

And guys just just do or.

So of process of trial and error yourself

and observe these things.

And I hope you don't mind me saying the

and

and maybe this will become the reality check here because I release of talked about

it but.

I.

The reality check is that

yeah you've got to go through that process of.

Figuring out what works and what doesn't for yourself.

Don't.

Ever take my word for it is my point.

Honestly is going to propel you

to different levels of trading.

If that's how you approach things

I mean at the end of the Dave.

There is no you know.

Saw a magic indicate route a doesn't exist and if you think he does you you're gonna

be searching for receive life

and you know going to find it

and you're you to end up coming back to.

Doing this approach which I say which is look.

Absorb all the theory take all the things.

From Burke take all the stuff on giving you as well.

And even though I back up with real results and whatever

show the point

the point is.

We need to go out there observe it and figure it out for yourself that.

Does this actually work and but is going to make you an amazing trader because

whilst you're doing that process you gonna figure out other things.

And you going to see stuffed the I have to

call you as well when you're going to be like.

Actually gonna walk.

More mv said his hundred percent right because.

Saw sorry

a thousand times

and yet it makes sense all.

So corner like backtesting but his noise observing in real time.

Or you're going to be thinking.

Actually nothing that and be told me doesn't make sense cause I'm not sure seeing it

for myself.

Don't.

And I know all of you won't be like this but obviously you understand ago say this

cause a lot of people will take.

What I tell them about profile of what I'm doing.

As gospel

and they're just gonna.

Use

and is not.

Really going to maximize their.

Potential

as a traitor you know.

Thats why I say

I hope you don't mind me saying taking a few minutes to do that.

He is really think about this process.

Of absorbing theory but testing it

for yourself you know.

So read the books

if you can.

Take your time.

Read them on the way to work read them on the train read them here read them there.

I

highly recommend.

That if you can.

You know

you don't necessarily to go through them religiously and whatever.

Necessarily need to take notes even but just read them and get reduced for walk

and alternate steidl mile.

Have to say

about market profile because.

He is interesting

and you will actually bring home a lot of the stuff up and telling you about

how dogmatic

and indicate a light even this stuff can be.

And.

And then you actually look back and think yet you know what I can see that

and then start to observe a a new see for yourself.

Just how.

Powerful.

Approaches to market can be when you move away from.

Tree in things as very rigid

and.

But again.

A guest the last he now says.

You need to go on that journey yourself I

can't do that journey for you obviously I can.

Tell you about in a commune yoga as I've been doing.

For like six hours and even the whole foundation called by the end of the day.

Good at do it yourself as well right.

That's why I say is going to take you nine months twelve months cause you go go on

this journey so.

I.

Hope you in mind me saying that because I know what it is a lot of people would you

say that couple of books forget it.

Know

you know if you get a chance go through them.

Look at what theories out there and.

Go through this journey of observation of really looking.

At what these books are saying and will arm same

and observe served them on a charm

saw do this I'll probably won't do this reality check again

at the very end of the corpse just to remind you by.

A guess it just cropped up because I'd mentioned the book spot term.

Anyway you get the point.

Within going to move on or in the next slides have covered the books.

Were going to go

on to looking at regular trading hours vs

electronic trading hours which is.

Going to make sense as soon as we go on to that just essentially.

And.

In the futures market and actually a in the professional environment.

These.

Trading hours a very much split out very different

to what you used to senior foreign exchange.

In terms of Asia and.

Obviously coming into Europe and then.

UK and then obviously america

and

and so on and so forth.

Is this is different

okay.

He's not very different but it a slight does a slightly different someone explain how

that works because it does have an impact on.

Profile and then we're going to get into really.

Pro fall in terms of

I'll try not to take too long but obviously go explain to

war is fully.

Sure a market perfect while using it.

Was appointed control which was already spoken about.

When it came to volume profile.

Most value area which we've discussed at how's it different market profile to volume

pro for balance in balance

sheet of this stuff we've already covered it.

I'm just going to give it to from a market provide perspective.

Single prince access we haven't talked about poor highs and lows.

Which quite specific to market profile but pretty useful to know about.

Her letters versus blocks I won't say more than that.

Now.

He'll make sense when I get into it will took

a little bit by initial balance which is.

The first

x period of the day.

Of the regular trading hour session.

So again we will don't worry too much if it doesn't make sense reiner we cannot cover

the and.

The shape somewhat of a brief chat about

basically.

The entire.

Book.

For books of market profile are based on things like.

Profile shapes and things are than.

You know

I don't really

use them but.

That's why.

I suggest you read the books and have a look.

At was.

Of theory out there.

And I'm just going to touch upon a very briefly just to give it.

A nice completion

this whole section.

And then we're really gonna get into.

Gain on the charts and developing levels and thus the.

Composite structure so

my guess is this may form.

Like this whole section on itself.

By the time we finish everything.

Before we move on to composite structure.

Bar who see how it goes when we get to this stage or make a decision.

Or at so let's get on and crack on with market profile.

And

and then yeah just to remind you don't go for read the books row right now.

Let's do some market provost of maybe even get you getting.

A building contextual levels because he's done a law of theory and I understand he

knows

I'd only to go and spend another.

Two three weeks reading books cause it's just theory let's get you started

building contextual levels and.

Get you developing some.

Institutional strategies and.

May be simultaneously.

You can think about doing some of your own.

Research.

It always have a very powerful as well and.

Of she the books as well and obviously I'm here to help you as you know I am.

My only point is is not the unsaved you look I don't want to show it to you sir

Godfrey graph self no.

No at all

I hope you can see actually.

I'm trying to help you by saying look.

Don't take my word for everything don't just.

Take it as gospel.

Go on Google do research observe things for yourself figure things out.

Disagree with me

you know.

That is going to make you an amazing.

Potentially an amazing trader is having that critical thinking.

And NATO scene of people doing it.

Don't get me wrong I'm sure in your own business you do do it your excellent a much

better than iron but when it comes to trading in particular.

Lesbian of people don't do it they just take.

Whatever cost a given and

you say yep.

I'll take the guys word for it that's why I do they just start doing a

is ridiculous.

Don't don't do that even with me.

As someone who's incredibly experienced and of is a very successful training.

Even on the tenant you don't do that is going to make your a trained to reading.

And.

Do some extra curricular research figure things out about all the things I'm telling

you about.

Personally.

If August during this course.

But this is coming back to blueberry the reality check.

Ought be googling everything that.

This guy he envies telling me and double checking triple checking and.

Seeing if there's any variations etc etc because just going to make you about.

Traitorous and is going to

get you asking me questions and I love it

when people ask me questions and say you know.

I saw this I saw the.

This they make sense to me that he makes sense to me and.

Is going to make your questions much more rounded.

And mean the conversations that we have

and.

I'm going to be better

right so I hope you can see i'm trying to help you will save our.

I'll obviously give you all my knowledge hundred and ten percent.

Though.

Obviously there's going to be stuff out there thus

of he.

Was the downside there isn't any so.

Hope you can see that for your benefit less crackled the next section and looker.

Some of these market provide elements and why we're looking at my

market prefer or I assume the next slide okay ladies and gentlemen to on the slide I

want to talk to about really really important.

Concept

called or t h versus e t h and do.

You know if you ever speak to any professional traders.

They're going to know exactly what you mean when you say all t

versus etihad show.

And additional as I'm not you written on here about essentially all th his regular

trading hours.

And e t h is electronic trading hours.

So I'm gonna go over that but war want to say is look.

Going forward

and.

I.

Have written it here.

Everything we do in the process of protection sorry from now onwards.

Is only going to be related to.

The s and p five hundred and cruder those are the only two markets I trade.

And.

I don't necessarily wanting to

get into a long talk about it bar.

And maybe you

could do a separate section on a bar

and.

Go to understand I see people out there trading a million pairs

is just completely ludicrous.

As you know I worked on our institutional trading floor even before I went into

proprietary trading in.

Our worked in an actual

interbank floor.

And

I can assure you you know even interbank traders they were only ever trading one or

two pairs.

Currency pairs

and you see that in went on trading effects I only look at lb.

You know specialize in it become the best in it.

And is no different in future the market she know I make.

I.

Know if

lawyer present them or portfolio is.

Sep four hundred and crude oil.

And whether you look

he will say to me oh

the

futures on the dangerous them I don't trade futures

or he said nine Nina initial

reality check don't go anywhere near futures

futures are just a proxy

with there volume.

But as you see they moved take critique

we the Mueller your own Rita brokers markets all the stuff but again.

Doesn't matter.

Because until your three four months.

Profitable risk adjusted basis on the simulator.

Is irrelevant

Saddam worry about all of that.

What he is more point anyway.

Is that I only focus on to Marquez.

At

the time of me recording this.

And obviously oil is incredibly volatile so you know.

This is a very advanced thing which we may talk about later in the cosby obviously I

recognize that

and I know when to step away and when to step in and.

You know for example in effects in march the trade the whole month because I did the.

Analysis where you saw.

The rangers were outside of extremes and.

And.

Essentially wasn't the right time to trade in how do I know that pick some so

familiar with that market.

This the advantage of only trading one or two mall case.

Right go to understand each market has a personality.

They trade differently they have seasonal patterns.

You know you

just go to start understanding this from a

business perspective.

I just don't see it talked about enough

and

and.

Sadly.

Of hoochie most people have failed before they stay arctic because they just don't

get this since simple concept that.

Each market different people talk about

I'm sure you may have heard of this where people sell you know.

The smoke as his personality that.

What does it mean voice personality what is our me

you know again is like some.

Mythical concept isn't.

A lot of east to do with

and in fact all of it is to do with the volume.

a

and b the types of players

that is it bottom line those are the two things.

So essentially things like.

Very liquid contracts will have a wide range of speculators and.

Good volume

liquidity which means.

That walk it doesn't have these big.

Jumps we talked about this before the inefficiencies that can occur.

Can be very jumpy

and.

Obviously things that are liquid

have of better marketplace in terms of

price determination so.

You know or recognize this as a professional guy

but more importantly show do professional firms

so I'm gonna come back to that point about professional firms recognizing this

but why

why do I only trade snp volunteered and trudeau.

Or less

at.

The top ten liquid futures contracts.

Globally

in the world.

Look what's number one.

P five hundred okay.

On average this daily volume

and he actually is more this is.

A little bit of an old jaw.

As of now checking the they are he is the average volume actually gone up even more.

And bar.

You know

is one point seven million contracts that they traded.

Then you've got ten year treasuries which as I said I don't look up because it can be

incredibly slow.

Bar

is obviously a very popular contract you got the nikkei

you've got the burned which is increase notably

popular in Europe

the German bond the tenure German bond.

And they look

crew do.

So the top.

You know two.

Or three.

U s markets in the world.

Classic ignore treasuries for now because obviously they require.

Specialized market and.

And of the they're mainly used by institutions governments and so on and so forth

and the

quite specific reasons.

There is of course speculation going on there bar

and.

Is a different type of speculation generally and can be a little bit more complex

and

and as you've seen more importantly the action on the depth of market.

Is very soon blow your nose is more about taking small texan we want to get away from

move away from that so.

On she can ignore that for now.

In terms of

real opportunity providing US with opportunity to.

You

get on and may be take a decent range of the day the best to markets in the world.

Will number one without those the sep five hundred.

And and next is crude oil.

And actually if you look here.

Globally can you see a single currency.

Icon.

To it's not there.

Then if we go over to the see him he which is just to see Chicago exchange that

obviously we use.

And

for the snp five hundred which is on the cmu exchange

below the cmb group

and then you've got crude oil which is under.

Nymex exchange below this year me groups of

see Emmy.

And.

Sep four hundred again number one.

Contract and crudo.

Is number three but it's will update one of the top contracts

and then guys.

This is what i'm touching the this stuff.

Look at gold very thin market euro effects.

Is okay but

very thin market you know

and you talking about walk one point seven more put a million contracts in the s and

p five hundred.

And.

Six

five six times less volume.

And dassin the euro can you imagine some of the other pairs.

That people are trading these cross rates and.

Bureau ozy and ozy toilet completely bonkers guys you go to realize you've been.

I

take it

hope you do most heinous.

In retail.

You been taken down the garden path basically when it comes to.

Assure you are loved by cause the serious people are losing money.

In instruments that have very little transparent volume.

I get a three to five trillion dollars I know I was in the middle of all other.

By great luck her told you is an incredibly difficult

and advance market.

Don't take my word for it come and check.

Days and not a single professional from on this planet.

That will let you trade foreign exchange when you start

okay.

That fool check it

check go and check for yourself.

We're going to get use writing the snp five hundred.

Maybe if you're lucky crude oil.

If you go to US from.

And.

This is obviously if you don't trade individual stocks I'm talking about futures

markets and.

More.

In a global composite things and obviously individual products it's

like

commodities crude oil and gold and so on and so forth

and then for exchanges of see more like her.

A grouped asset cloth rather than individual stocks spot

so in terms of the speculative assets that we used to seeing.

And.

Snp five hundred is really.

The only thing that going to let you near smp may be ten year treasuries

you know basically

liquid instruments cause.

That's it.

Once you start getting below here know

these are advancement kitchen really touch him

and you know you've got things like the pound you see me trading the pound is fair he

advanced market.

And

was he to

on.

Cross rates forget it this Lamar care.

Be lucky to get few thousand contracts

trading in a liquid marketplace right.

Don't get confused with.

The three to five trillion not be here thus obviously o t c so.

My point is that these guys.

In a professional from the not so

you know bow means if you want to become a treasury trader go and do it

and if you wanna trade some think differently

do it

but pick from liquid

more case

was he had Von each guys I can see all this volume were.

On my profile and it means something.

When you start going down here

and looking at all this.

But

must say the word junk because it isn't

people do make money of it but.

How meaningful.

Is the transactions that we see.

You know an ongoing to talk about this a lot when I go to the effect section.

And

and

I don't know when I'm going to build are obviously are built at some point in the

future bar

and I keep trying to tell people this and they don't understand what I say.

You know.

I've been watching the pound for

over a decade Eden.

Obviously on

eyeballing a lot of this why because no value.

And I have recognize that

and I trade accordingly.

Your gosh trading indicators and whatnot on.

The most illiquid marketplace is unbelievable right.

So of your or I'm saying this enthusiasm because I hadn't shown you this

course before

and why a lot of people at what you trade.

Sep five hundred watch

cooler

role of.

Stem number one.

Market.

In the world

in terms of liquid city

ok guys is the most.

Transparent marketplace in the world rise common sense you

gotta be looking at this market you have to.

Even if you go on and develop a career in a different

asset I'm not saying don't if you want to go and trade effects in a few years'

time.

You want trade something else.

To the

been learn how to read.

That mall.

Boy boys telling you upon liquid marketplace his face

and I'm going to talk about this.

In that reality check part.

I don't take this the wrong way I hope so I'm trying to help you.

If you can't trade.

I.

Successfully on liquid marketplace it honestly be be honest with yourself.

What hope have you got.

An illiquid marketplaces

very little audience have

never seen it in my life.

Is not

then up and in my opinion so.

I hope you can see why I'm saying or of this because I don't like to just say to yeah

do you know what does too

US mps the best

trade

do

believe me as the best know I like to show you evidence.

That is what I'm trying to do.

Guys is really.

Do.

Back everything up I say with

hard evidence on his the odd evidence.

That

they're the most liquid market places in the world.

I.

Say got crudo there and actually crude is

now approaching close to million contracts at base even.

Jumped up and do.

So thus wire only look at those two markets.

I said you're welcome to look up

other liquid marketplaces but please will be due to.

Start looking at all of this stuff is is it just going to find it very difficult to

learn anything.

And.

Just my opinion.

Professional opinion is.

Focus on the snp treasuries if you want or cruder.

Fantastic markets and

just recognize like I said of she crew

was quite volatile at the moment.

Step away focus on the snp when

volatility comes out.

Get back on it.

The snp has its

at

moments called record ignore will take you for of the gas and

those are things we can talk about later but.

I just do it was important I said this because going forward I'm not going to be

talking about any other markets

or will oversee trying my best to build.

Some sort

he civil

or coherent.

Effect section but.

I haven't done that yet so I don't know

obviously thus going to be quite difficult given.

The way the a traitor and you know these issues in liquidity ball certainly put

something out there but.

At least for the foreseeable future with this particular

profile section.

Is just going to be as

five hundred and crudo and

his backed up by this evidence so.

Basically what is a sabbatical the initial and it was.

Important I said that because I'm talking about volume that right.

So.

What is his look

and

there's certain things you can find on.

Google and.

There's no point me talking for a long time about

but stuff like this

he won't be obvious to you.

But things like all t h and e t h.

You can Google it.

And uneven stuff obviously market profile theory.

So.

Will I will do is obviously of try and keep her as.

To the point as possible and if there's anything maybe.

You felt that you want to learn more about

I even seven last session Google everything anyway bought.

This in particular you Google you find some great info.

Out there about a spot.

Essentially what it was is a long time ago.

Everything

in the futures market was traded through a pit.

Rise to the see him he had a pit.

For oil for.

All different types of futures obviously and.

Essentially what it was his these were physical marketplaces okay.

Is called an open outcry so you know use you may have seen it in the movies where you

get

all these guys in yellow jackets or whatever.

Screaming and shouting

each of our and these were essentially.

Floor traders market makers guys and.

They

had pit hours right so

and thus essentially war

or th his regular trading hours.

So for the a smp futures pit

the ours was.

Nine thirty two four fifteen.

New York time.

Which is to thirty to nine fifteen UK time.

And

and for crude oil it was a short.

Shorter session.

Said was nine in the morning to to thirty eastern so

new York.

And which he two p m to seven thirty

pm.

Gmt.

So

you can trade

her side of those hours.

Until obviously later on they introduced globex the

electronic trading.

Electronic markets which you see today

you know I said it's done through an exchange electronically that wasn't.

Available before when the the we're only pit trading.

Many years ago and.

So Lucas had you can Google all the staff bar

and.

Essentially what happened is you'd have to obviously contact your broker.

The broker would contact.

I believe in all the o'clock.

On the actual pay.

The old o'clock with Ben.

Let the

floor broken know.

That you wanted to try the flow broker would then.

Trade with bed of citrate recover and get your order executed.

That would then be fed back to the

I.

Wrote that I said the old o'clock

the old o'clock with until your broker the brookville to she can imagine that process.

May be take five ten minutes sometimes to do.

And again you can read more about this.

If you want in your own time.

So

then.

Electoral of just technology improved they introduced electronic markets and they

said you know what we're going to essentially trade.

Twenty three hours a day so.

And.

Is six p a m

to five p m so you may notice on your depth of Marquis I believe about five pm it

just switches off.

Six pm it comes back on it resets.

Thus eastern time.

So it's eleven p m at night through to ten pm.

UK time.

Gmt

and is to say the electronic trading hours for the snp you

are exactly the same so is pretty much twenty four hours of she got a one hour.

And.

Period maintenance period they call it so it's essentially a new day sigh.

And what happened overtime is.

Obviously electronic people start to think you know all.

Such from.

And.

You know that sort of.

Difficult process and onerous.

Process doing it the way the artist described as you can imagine one hundred click a

button and.

So what's happened over time he is that

you know is almost become redundant the pits and not believe.

Recent leave

may be three four years ago the cm he shop.

Majority of the pier to thing that might be some open bar

and.

Oversee the these products the pits were closed down and.

Sinners fully electronic however

the re reason I told you will of this.

Is because rather than having open outcry they now have electronic open up

so.

The pit hours

are still very much active.

And.

And observed

and adhered to but it just an electronically cleaner.

And what I've observed again

don't take my word for it.

Is great exercise for you guys to do.

And I know is this myself when I'm watching you know I built you that quote board.

You see in the mornings

so if you're in the.

I see this won't happen till about two thirty buck.

From eleven at night when you let's say so what I do is a lesser you start observing.

Smp or crew door when it's about midday.

And or earlier obviously seventy in the morning.

If you're in the u s new York or.

Chicago or whatever.

Just look at the volume and you see

that.

Once the day kicks off.

Just look at the fully just in the rt h of off know his days a round of eyes of.

By eighty two eighty five percent.

Of all volume takes place

here.

So.

Let me just.

Of this.

To so I can be very clear with one

st you.

This this session.

Which is the picked.

Session.

Say electric open outcry is called the pit

basically session bodies all electronic.

Don't worry you don't need to put yellow jacket on and

start screaming and chow in your order at someone is none at all.

But it's essentially mimicking the but electronically now like I said because they've

shut the pitch but.

There will be so he maintained

the p hours.

And.

Yeah so.

Let's say you get may be fifteen percent of volume here and get eighty five percent.

Down here it's amazing isn't it so

you know in such a short period of time.

Especially if you think of something like crude oil.

And where you've got.

So eighty five percent here.

And fifty percent here.

Obviously during volatile period you know like when there's

a key fundamental events going on and.

People have positions or they're asleep and they're being stopped out.

Which can help and in volatile markets you will see the

overnight is called also called the overnight session.

This is called the day session essentially.

Day.

Okay and this is called the overnight.

Overnight

and you hear me and many professional traders.

Used these words interchangeably e t h globex.

Which is the cms name for the electronic trading hours overnight.

Overnight because he's overnight won't you sleepy.

During these times

and then the day session is

you go to remember these are American market so obviously they're thinking in terms

of daytime nine thirty to four fifteen.

Is very much ram

and it kind of also.

Is very much in line with the underlined because the snp five hundred if you use the

trading.

And any stock.

Trackers or whatever they are

that you trade.

Obviously this tracks

essentially one for one with the underlying

which is the smp five hundred but obviously.

This runs twenty four hours but.

Like I said.

There will be people trading it overnight but it's very very low volume.

Talking about fifteen percent.

So.

And I will tell you why this is very important especially for profile by.

The point is what we're saying is.

If you think about it's amazing isn't it that.

Essentially.

Almost the entire volume

takes place in.

The pit session so you know a few hours

in oil.

Nine in the morning to to though he done by ninety percent volume.

The rest of the time so.

I was

the spot five and a half hours.

The rest of the time what fifteen sixteen seventeen hours.

Really very low volume.

And same.

As you see here in the snp people under oversee the session slightly longer.

But ninety percent of the volume is essentially being done in what.

About thirty percent of the time.

So why is this important.

Because

very very very important to know this.

Firstly obviously you are know it because you got to know okay we're all participants

focusing on.

When should I be active.

Well.

I'm basically active of you an honest review.

Other really trade

overnight

fifteen percent of volume I got

no interest in trading

the overnight session.

I'm gonna be active when the local market is active right make sense.

So the is obviously up on based in the UK.

So I like to do bit of effects in the morning as you know Bob lacazette the is in

advance marketplace so.

And.

My suggestion would be obviously I don't necessarily want you

to do effects

until late running a career

but I understand people are so used to doing here they want to

go keep busy and

as

you're doing on demo and doing whatever.

I prefer you weren't doing it if it was technical analysis stuff and whatever bought

if you gotta do something to keep you busy.

Do a otherwise do other stuff.

What this is obviously if you way depending on where you're based on.

If you're in the u s great you're lucky cause

you can just wake up and say throw away.

You're hitting these markets you know so I like to look at them about half an hour

before the open.

Obviously I do my prep.

Will talk about this a lot more as we progress.

Times to do prep and stuff like the.

By essentially.

A like to stop being ready.

For trading

on the snp he say about nine am.

To half an hour before

and about eight thirty in u s crude to thou be about one.

Thirty UK time and

say about two p m.

Now what will happen he is overtime my prep time used to take

power hour and a half.

I'm embarrassed to say but it's true it doesn't take me

anywhere near that now can.

Ten twenty minutes I like to spend on it.

May be a little bit longer depending on obviously how.

I.

Will set up the monkees if it's

if there's a lot of things that are unclear then obviously will take a bit longer but.

My point years but gosh go

limbaugh been looking at these markets for you know.

Many many years so I have

reduced my prep time but.

When I started you know I did used to spend at least about.

Forty five minutes maybe an hour prepping.

Beforehand so my suggestion would be that.

So can you see why I'm doing this because I want you to be.

Motivated now because more the Stein to.

Get you geared up towards how.

You can start preparing

for trading these markets.

This is not by any means set in stone you know if you want to trade.

Obviously just afternoon sessions in the snp you can do that if you've got work will

you got of a commitment is fine it's no problem.

Understanding how I do it okay so.

I'd only to worrying thing oh my god I have to do it at this time no.

Not at all.

You know there are occasions sometimes i'm

running late of got obviously something on or.

Very rarely

buy a has happened where sometimes of don't.

Make the open

then obviously outright a bit later bought.

This is an ideal world I start to.

Approach my trading day about our before of been actually be ready.

So if thus two pm.

Here

then.

Obviously say about one o'clock in the afternoon UK time.

For smp and may be about twelve thirty

is I would suggest UK time.

You can start looking.

To get ready for about half an hour before

so about half to have one o'clock climate thing and then.

Obviously the equivalent here would be

if you're in new York.

So a thirty so by seven thirty eight you start doing your prepping cetera.

And then obviously you can adjust these by about thirty minutes later

if you want to.

Be looking at sep five under loves you right now as improve are under that much

better market because like I said was very volatile bought.

It will change

more could change you adopt.

There'll be again oil will become a very good market to trade and and.

Won't be surprised if the happy and in the very near future so

and.

Dunno how much we're going to be doing of each by at least.

I can tell you categorically those of the tube we're going to be focused on.

So.

That's the reason why i'm so focused on those markets

serie a

and m b y and look at those types I hope

you understand what took so long to explain that

and you got real good feeling now

when I say to guys.

All t h sessions about to open.

Our t h has this all th is doing that.

E t h is doing this

overnight session is doing.

Has done this.

So when I say overnight or basically mean.

What's been happening

pre.

The market open

to get used to this terminology some to be using it law.

But why the important for profile whoa is

absolutely crucial.

Because water is.

And.

Every single professional the I have

ever worked with

the I've ever known

through of a professional rooms.

The I've observed

that

of

come into sought some sort contact with.

This is how they're looking at profile.

Boudoir mean by this as in sorry not market profile b but

as him.

In this tiny sorry I should have a more clear about the.

Party h.

Okay

so.

Their profile will not be a twenty four hour profile okay.

It will only be regular trading else.

For the day.

For the week.

Most p people are looking at the for week

and thus because as be gaps

I know he gets confusing bar

look.

This is something enough to get used to to me it makes logical sense.

She doesn't make logical sense to you know you can always ask me but to me.

Is logical.

The obviously for a whole week

because you got these big gaps and I'll talk about this a little bit more.

You

won't see profile for the whole week

all hours during the week.

But when you're looking at a specific day a foreperson in the volume.

Is just taking place in.

This little zone

on the day

and thus why.

You wanna look at it from here and honestly

there's also practical perspective for that.

Actually.

You say he five percent of the volume right.

I'm.

I'm going to show you the next page.

Do is let me go to the exciting to make a lot of sense acacia wood of got here is of

got all t h.

Okay.

Now this is actually crudo but don't worry doesn't matter what the market this is is

no the point.

Of this is iti h

which is a twenty three hour as you know that the break

why this is all th.

So.

If this is from six to five and then this is.

Just ninety two thirty.

Look at the different skies.

It just makes no sense.

Look how shoot these are the identical burger look at this.

NY small profile telling you eighty five percent him information.

Right which let's be honest it's about.

In terms of space I mean it's that.

To get walked ten fifteen percent of extra information you'll miss having to look at

doubled

proof of size.

Seem possible

seem possible

to do any meaningful analysis on this.

When you trying to look for.

Areas of

lemme lemme prove it to.

Would you agree balance

to remember balance in balance balance imbalance if you don't.

Go back and remind yourself of balance and imbalance.

Right but we got here.

Cause some balance.

Market becomes imbalanced.

And does what achieves.

Violence here.

Over two days.

Right

what can't even see that here look.

Less purest is a mess.

You know why because look

this is

a no comment of

get profile what it means obviously.

But you can see here the a period this will make sense don't worry I'm in a cover this.

B c d e f g h I j.

Essentially.

Said nice period and look.

Conceived very nice balance

and don't forget this is

almost eighty five ninety percent of the volume.

This equivalent is look look at a.

Bright I mean you know.

This is why.

I think is important for me to show I don't want you to take my word for are like to

show you.

Look.

At the balance here can you see it distorts it.

He got a little bit balance here

got balance here.

Other don't even know.

Was a overnight.

Is the only the fifteen percent is

this the

fifteen percent.

To sure to me

sms basically.

Thus why.

I never met a market professional.

That combines overnight

and the

th e just to make sense

to combine the two.

And in fact this is you know I'm going a little bit off topic here this one of the

big problems with and.

Effects

that isn't.

So there is no or th.

It's global and thus why.

You know potentially you can use market profile and will look at it

often got no problem with a bot.

You can see why I prefer to just do it by hand when I'm looking at

effect son.

Of Shiva something going to have to come to terms with and.

Law can help you develop that may be.

Bought

my point is this can you see why if you call on.

Build.

Edge

using.

And on t h session we got a clearly defined pit session.

With eighty five percent of volume and an.

Absolute beautiful.

Transaction and structure.

Hyena Dewey in and fx marketplace that is all over the place in is.

A new no that is no exaggeration

days what is happening.

And is there's no clear.

Saw of.

Yet this is regular trading hours this is so

let me make my profile only this section and that meaningful.

Nice all over the place.

So.

You know.

That was a bit of topic but as a lot of you look effects and you know a one you to

try to.

Approach this with the level of professionalism and as a business and.

You going to make a business decision.

Desert.

Transparent marketplace with what one point seven million contracts.

There's a clear.

Regular trading hours.

Institutions who all involved they're all looking at this stuff.

And.

All the one look at something

that barely as fifty hundred thousand contracts don't even have

regular trading hours he's got.

A whole bunch of random players.

Common guys go make.

A business decision know

that.

All right you know what.

Meant she lie learn how.

Markets work in a functional

and open and transparent marketplace using.

Proper.

Data.

Ordered in certain hours etc you get the point

you know the owner labour the queen.

On a tree any one like they're silly on know you get this.

From and let me try and be profitable there

and then I can transfer that skillset.

Why am I telling you

this do you think this is.

Envies rule number isn't.

Go to any professional from they will not let you touch.

As I said.

Before.

Effects for this reasons i'm just made this saw this is my.

Firm turned experience you know is like

he was a be eye-opening to me at first and.

But.

Is true and you know I mentioned to you that obviously I worked in

and

and interbank environment and I had tons of experience in effects obviously

but when I eventually moved on and obviously I was doing stuff in a.

Proprietary trading environment.

You know

I recognize the stray away so.

The mature he has you know of my depth the market stuff.

It.

Whilst I did a little bit of currency and.

They allowed me to do it obviously because I had the experience cause.

The reality is.

Everyone around me they were doing s and p five hundred crude oil treasuries

okay.

So you know.

The end of the day unless you've worked on and interbank desk

and.

For several years when you went to provision

one this is normally you go near near order.

Stuff and logically i'm sure you'd agree with

them does make sense they want you to have.

A maximum chance of success thus why they get into on these markets.

Rt age.

Okay.

Thus the profile you need to be using lurker this is all over the place.

You know let's just looker.

I.

These to me just looks like one whole

balance mush.

Right.

More is here I can actually star

to build opportunity.

Look you've got

and we're going to we're going to do this

pluck I said what we build context to areas.

Is you've got nice be of balance here and then the market comes out of it a nook.

Trading opportunity.

Then what happens next day.

You've got.

Balance edge here you've got balance edge here and equipment.

Market build up and he goes up to where the other side of balance.

The look.

Good balance here the market.

Actually opens out of balance comes in rejects it.

The

imbalance

okay

what happens here overnight you get this little move down.

Right which.

We see.

He are essentially.

And

then

or sorry.

Here

and

then in fact novel sra is this one.

You see a gap down and essentially

what happens is.

You open outside

there's a gap and the market tries to fill the gap.

Then what happens here is you open up here we come we test value

and that gives US.

A rejection and that operates unity to go up.

Look at the end of the day don't worry about any this stuff have been showing you

I'm going to cover this in-depth.

In the building trading opportunities.

Ba.

Try building while I just showed you.

Hear.

Very very difficult.

Life

is fair be very difficult he is.

To me me this just looks like one.

Big wall.

Balanced area.

How will you going to find training opportunities in there is no

and though.

Is why all th is so powerful incredibly powerful

and boy

lot of people who know me well known.

Yeah I do effects and okay I'm very good at effects

and I mean the in the most humble way.

I am I know

this result show it.

I'm going to be honest.

I do trade effects very well.

But this makes up nine he percent of why do why.

For this very reason even me as an experienced trader.

You know I'm using rt age

and on trade him the most liquid markets in the world okay

you don't need to.

And you're taking unnecessary risk.

In my opinion and I

hope you can see our

up

so thus all th versus e t h let's just go back to the previous slide and essentially

just make sure that everything's covered.

So yet we've covered the.

Hours which should make sense to you now are just thinking about pincers.

So we've come the hours which should make sense to now.

In both.

Crudo and sp five hundred

and with covered obviously the liquidity in each and them we've basically covered why.

We're looking at

slightly smaller profiles because.

They're incredibly powerful and obviously.

Thus were

basically the pit volume isn't that where everyone's been trading

and a allows US to create really nice

and.

Information

about

transactions in a balanced way.

The soft bell shaped curve right.

Which I showed you know he does come back law as well to normal distributions and.

Being able to identify balance in a nice way.

What happens when you pull the overnight day

to of you saw it I showed you a distorts here

and I forgot to mention that in the last post bar.

You not only get too heavy on the maths spot

the ayala easy

a lot of a also institutions realize.

Is you can build

these nice is called a caution shaped by is.

Shape essentially and I showed you that.

That the mathematics works beautifully when.

For for and soil should be striper.

I.

Worked beautifully when what we have similar.

Right either side is caught.

The most

and.

Useful mathematical properties in terms of.

You know defining nice value areas when.

And this section and this section is obviously nicely

balanced.

Make sense right

when identify balance.

Where his balance and identify of the standard deviations.

When things are balanced and the happens when.

He got regular trading hours are you most of all you

when you start introducing e t h entities as you saw.

It

it

distorts the

and

a kind of causes this to go out of shape and.

As you saw he can.

Bring extra humps and.

Mathematically

are only get into the mouth with done enough marks by can cause problems.

Because as you can see when you start getting distorted distributions.

And.

Sorry just give me a second cause I wanna make sure my pennies.

We shall gain is distorted distributions as you going to see it.

Is very difficult for normal distribution

and

for the statistics to make sense it doesn't.

Because like I said it's not evenly distributed what actually happens is you get.

Star game balance in two places you get balance here yet.

Balance here.

Okay

and thus because.

The outcomes they're not evenly distributed which means.

That.

You know

again I won't hesitate to get into the maps to your much for obviously when you do the.

And the.

Sums that I told you about when you take the

average variances in the square root them.

The properties that make them.

Saw of standardized being able to compare from one profile to another.

Is no longer make sense is not applicable and.

You know is basically that what happens is with this.

And the don't worry about cover this again I know some of you will be.

Potentially I dunno maybe you won't be but some of you be thinking what Warner of

be going on about the maps here but.

Do.

It I'll be honest vs important you at least.

Ever so slightly cross this

and I'll tell you why in a second but.

Show when you have a normal distribution as evenly distributed the properties

allow.

For the seventy percent area.

In terms of standard deviation to a be balanced

and make sense from a statistical perspective there rigorous.

But also

they make them comparable

when you have these distortions.

Which means that

the outcomes are not even the distribute unfortunately.

And the way that it calculates it.

It no longer make sense because it's not giving you balanced value areas

what will happen is you will have.

These will shift.

And they'll almost try basically what it will try and do

is it will try and he calculated almost as if it's like that.

So what happens is you can have these.

Value areas looking like the.

Dry

do see what I mean it doesn't

is not balanced.

Cause actually if you think about it.

Most of the market done here.

It's

sorry and I know of drawn it like that should actually be.

Like that isn't it.

She you've got to

was actually happened as its balance imbalance

and then balance

but you're trying to.

Say diet ballad you see it doesn't work and thus

the.

Statistics for the pa unfortunately and.

Thus one of the reasons I used composite so we're going to come back to that most

important I said that because this one the reasons why.

I use market pro fallen will get onto that buys because the statistics.

And falls apart so maybe I'll have recovered at bar

a thing essentially what we've done is we've covered enough hopefully you understand.

Now why I had to speak so much about it and why we're using.

Regular trading hours because I don't want anyone going away thinking on she can use

all th present

told me to no.

One you to know

there's a rigorous reasons.

Very logical reasons why.

We use our t h and obviously alter the problems as I said with effects on.

Mentioning that cause I know many of you trade effects and I'm trying to make you.

I'm trying to give you the other side of the coin

because you I know you get fed

know be don't mind me saying is a lot of crap.

Why about effects and.

I hope you can now look at it.

Even without me.

Look at it

and.

Know from

to saw of

independent perspective take the evidence of given you

a make your own mind for yourself and hopefully you can reach the same conclusion

I.

Don't make sense.

What am I doing why am I even looking at this stuff that has not transparent that has

low trading hours.

When there's these amazing markets out there.

The okay I don't necessarily need to start trading stray away by least let me.

Attempt

on the simulator to get profitable on or maybe I can learn stuff.

The are can then apply to other markets if that's what you still want to do.

Or at a whoa do his will do.

And I'm going to trauma best very quickly

finish off to some of the market profile theory

and then we'll see where a okay so.

I know I said we're going to look at.

Market profile and the individual characteristics for.

She might be wondering what am I doing here but as you don't let do things thoroughly.

Less of a look at why why am actually looking at market profile.

Offing is important.

That we establish that because like I said you might be wondering

gone we got this thing volume profile was had US on the depth of the market.

While why we've been looking at market pro of.

Okay so what it is is and.

As always developing obviously luck I said and I got this understanding of

to remember how I said all of these things can be combined and this is.

Almost about the depth of market split out.

I think maybe was because of my.

Depth of market.

The.

Of she time.

In a year spent on that thing.

That I did get me thinking.

What you see as and if I get a chance of got some training videos.

Of.

Been one of the best prop firms in the world the not around any more about.

They've produced some unbelievable traders and.

I

have got some training videos or new see and

I'm going to show you them hopefully or my

forget a chance I don't know how quickly of able to do it but.

I will at some stage definitely add them in

to the pro section

and I wanna show you how they look at profile when is how I was taught.

To look

provides what they do is.

They'll look at profile on a weekly basis and a daily basis of to be fair on them.

They look at profile on a day to day basis like this.

Exactly as you see here.

And to these a day periods on and all t h faces a cake.

So as I said everyone's looking on t h so no smaller claim that to naughty age

they're all looking at it.

Fine I'm not doing anything different.

I bought one know east was.

You see how this is Monday

said this is

cruder by the way this is the current contract I thought you know or Robin show you

pictures let me just show your my job easier.

You can see.

This is Monday and in fact.

He just go straight line.

See fucking

do this.

See that Monday.

Whoops

than a weapon that surrey apologize.

She can be a second of not use this before.

Yeah a case of thus Monday.

And.

Thus Friday.

Why.

And then similarly here obviously thus Monday.

And then does.

Friday.

Okay.

Now we'll get into this later where we start thinking about.

Because will you can remember and something that of kind of hinted and German by laid

the seeds.

In neutral market theory section where I said.

Sure willing good this being.

A balance molecule in this day

and.

And that you can see the little value areas.

By the way these little things if you zoom in you can see them said these are just

devalues which I talked about the normal distribution section.

And.

Sorry let me just get rid of this.

He shall whirling good

and you can see these are just little dose

right

depth of market by.

So you can see them these are just devalue areas sir no longer do we have to guess is

one point.

We've got them they're.

Gone

they're gone

they're.

Okay

you got it they're.

They're marked for US.

Okay.

The software's just marking walk

to remember.

Seventy percent for I.

Saw him a Pentagon or

but funny.

Think of beef.

Writing so much it may have actually gone blunt with US or

soda in the next section.

Political is very unprofessional for me too.

Talk openly about this bot.

That is what it is the pen has decided to.

Even the pens getting tired of hearing me talk though is called blunt but.

Anyway so where was I said these

my point is anyone coming back to all seriousness.

Is

this is just from.

One invest the perspective

someone who's looking at a short timeframe.

Low cause

people who are in.

Investing on the shore horizon and wigan took a lot more about this.

Is too much if I just

throw

ten different perspectives of value at you.

And bice important I mentioned here so initially.

Or will get you developing strategy on.

Looking up only one or two lenses when I introduced the v weapon.

In in short succession of the day spa.

The reason of dimension this is because when I was taught to them.

I mean I was taught theory obviously I was shown profile in the.

The depth of market early on but.

Even later on when I the training in a proprietary trading firm.

And even though I continue to obviously spend a lot of time in depth of market so

I wasn't that interested at that time but the theory.

I always remembered the theory of was tall.

And dot was that they would say oh

you know you could look at.

Weekly profile daily profile monthly profile.

Quarterly profile a new see I do do that.

But what occurred to me was hang on have any.

So when I saw the when I'm getting to the point.

Remember I said to her really all of these are just.

Extracted out of something on this site.

What does who shall going on when you do a weekly profile which what are you doing

what is a weekly profile.

Is trustees five profiles.

What

combined

look.

There's no volume here

and then you have big chunk of volume here.

Thus the profile.

Right.

To distributions both on one day.

Now look here.

Was this she got bit volume he had been volume here.

She got volume

than what very little and then

that limp

second xi

all you've done here is you've just

pulled out trunks of here

and if pulled these chunks how here

and then he

pulled this trunk out here if.

You pulled his trunk her here

and then similarly we haven't actually I.

Think it might have got down to.

Just leave that for now

but you see

was happening.

Certain I just never sat well with me.

I think it's useful and I'll show you why to look at a.

Bar

brought started occurring to me was tangled a minute.

That doesn't me and

I couldn't believe the I'd never go in that no one ever said this to me before

and hands up on no saying I'm the only person looking at it.

Cause some one are be units of you an amazing trader.

Helped me to develop this idea.

Using market profile and this is why I'm telling you this because you need to

understand why we use the market profile.

Is cause.

And and maybe he was.

I mean he was doing this or maybe because I've.

Also looked at as he was thinking July walk.

Let me.

Help the sky out take him under my wing or whatever.

So I was very fortunate to meet this guy because he helped me develop this.

Idea.

When I initially was trying to.

Get someone to help me see why is this happening.

So

anyway to the point

so

this balance of this butter try.

Has a hang on the many.

That is balance there.

On those two days.

Then we go imbalance.

Or balance here.

Across three days.

He come down the market

imbalanced.

What you call trending I don't care if you call it trend doesn't Myers ones you make

money out of it

but as I said it's not trendy is looking for value bot is imbalanced.

And

then it does was.

Balanced

to hang on a minute why am I looking at.

The value area for one.

Profile

basically why am I merging was the week.

Merging or can you see you Monday to Friday is kind of arbitrary.

Same here was balance.

For actually I want to combine.

These.

Cars.

Even I will not be came back down in this area is a whole valley since.

One the value

for diary auto on.

Friday where it when

imbalanced and then became balanced.

Cause was the weekly profile gonna tell me.

All of this combined.

And in fact is not going to be like that is it it's going to have the gap.

Which is the gap down on Fridays which can I have

da.

Then is going to have a gap down and then is

going to have that and is going to give me.

It's almost going to give me locker

value area for this which is wrong.

Right his wrongs should be.

I dunno it just seemed obvious to me the angle nominee

Donald seem right.

So surely we should be.

Maybe this is where my muffs did help me where I was like hang

you corn.

Have a value every here though makes sense.

Snow.

An even distribution.

The statistics

they seventy percent is very inaccurate.

It doesn't

accurately reflect balance.

And this comes on to

of units view things that may be a outside of the.

Scope

of was doing here and is to do with.

Tales in distributions and.

How distributions can be skewed and

there is a bit of maths involve but honestly.

You don't need to know it

but we need to understand iron is that isn't

in that.

NY shape the I was showing you in the probability distribution section.

Which means that.

These value their meaning lips that are mean anything.

For the reasons that I set you on the last flight.

I don't want money to get confused don't all is is.

If you've got.

So if

let's look at it this way if you've got some balance right.

And then you got imbalance in one period.

Though Maurice a week a day as a mother.

And then nothing there's very little volume and then you go him then you go balanced

again.

The to distributions course distribution here.

Distribution here.

All I'm saying is.

Why would you then used mathematics.

The

it did that's not happening is it

to see your distribution

almost u-value areas will be skewed.

The just wrong can you see the wrong.

Said

that's what.

Became of use to me

on it was so obvious to me

and.

That

this

basically the valuers were meaningless when we were looking at week redistribution so.

Let me actually show you this rice or got this some.

Char up a wall do is just give me a second.

Sorry.

So I have.

Put the weekly profile on here.

Let's just apply so

what of basically done there

is.

Left cleared off

then one.

Of the day again.

Kimber does Monday.

From this.

Friday.

Okay

another kid on the wrong.

A choice

making you guys wait for the spa.

A case of

this is all disease.

This thesis weekly profile this is

and just imagined that.

A seat

in the globex period and have a little bit of falling there but causes all th used as

a gap but.

Essentially worry is doing.

Is is treating them

as one profile.

Said these valuers can you see this value very here.

And this failure he

is clearly wrong.

Because it's is treating all of that has one distribution.

Is much clearer here

to remember how I said to you so let me take them off again just to remind you.

She she this weekly profile she

played it.

Let me keep up just going to keep the day on.

They

can you see it.

This is the day

and in fact less Mark that.

God so sorry

to apologize.

Just on the ball today with this sir.

Pin.

So do see what the distribution did

remember I said to you will hang on a minute.

We've got initially no balance and then we've got

caught a balance in this area.

And then the next day comes and forms balance and actually because he saw within one

period.

In theory

das the ballot was this.

Nowhere to be seen.

So

really we want one composite profile

and then we want to keep Friday

separate but look quite story.

It's a week.

Doing Monday to Friday.

Right so let's bring that back look what it does

look.

Can you Shiva.

Shrunk.

Right.

Is basically doing walk.

To get rid of some of this mess.

Soccer make it clear to you.

Kanika.

Shall look what he's doing is basically combining.

You won't see it causes behind here

but you know Monday

Tuesday Wednesday Thursday and booted I say that on Friday but look at history

to bring any in any way.

So he's calculating this as.

A nice.

Even district bishop I look.

Shoot huge gaps here huge gaps here why.

Because these are almost.

This is almost.

A distribution in his own Roy.

Not really sure if I'm losing anyone here but just keep going through this it will

make a lot of sense if you watch it.

Back a few times.

And you know we can always discuss this afterwards I got nourish you as a group.

You'll be good a thing will be helpful.

For me to cover this again if no one understands that so don't feel you're alone

you're not

and.

Whoo cover him

if you get stuck on it but look.

Go for a few times look what it's doing the week profile.

To she.

Is taking that

into its value every calculations which is a big problem.

A don't wonder.

Why should one is this Monday Tuesday Wednesday Thursday luck I said.

And in fact even at one one.

Claimed of half.

Of this period.

I really wanted to be.

In just this.

As in this area here.

And can use of is funny isn't it.

Almost.

The value area of this is where the point of control

for the week.

I mean that is how

off.

He is

so what's the solution.

Well.

The solution is what we need to be able.

To combine our own profiles.

Don't get me wrong the week is a good thing to look out and I look at it

and I'll show you this later we advance.

Really advanced.

Because you can see albeit

I'll be combining load of perspectives and.

Things will get.

Difficult

I'm gonna knock on Elijah and thus why said that learning Purvis long.

You'll learn the stuff overnight.

You argue enough to learn to combine different perspectives.

You know those hedge funds the all looking at

weekly.

Provo

but the real easy doesn't make sense.

Composite profiles of really important alarm.

Absolutely

I met you I know that those other people looking at this is just that.

And when not first I looking at it

I thought oh

I wondered why but then luck I said when I actually reached out.

To.

Someone who was very very

good I incredible trader

he actually showed me something

and thus market profile was actually showed.

And.

Were not brought this up because are no east and they won't know software out there

that allowed you to do walk.

So I am getting to the point series just I need to get through this to make my point.

But very difficult for me to

a point.

Suggest remember that.

In fact wall do is what was going to say just remember this weekly profile but.

Why don't we just.

Troy in.

Case he got the weekly profile and nominee a rid of it now.

So I can make my point.

Okay so we got rid of the weekly proposed can you see that weekly profile.

The walk just combined.

Five depth of monkees into one big

depth of market on prefer.

Some luck I said

I was always wondering that must be away.

Monastery on Monday.

But on Tuesday.

Nothing

I don't want these combined

weekly profile.

Because look

values here.

Values here.

Term other look up price.

Not about all the some overlapping price I don't care.

I'm looking at.

Ways value is here.

And is here.

Can you see.

Completely apart and his head he miles away

but look at the next day Wednesday.

Here.

Right.

The combine these two.

And then

look for.

Trading opportunities.

Saw

there was no way though I used to have the I bought stop for

of.

And a kind of this is the type of stuff are doing effects obviously.

And maybe that's why I'm able to Duke's I did

this for long time is I would eyeball this.

Roger said you know what

thus roughly value here.

And actually.

I'm going to be able to split the our by corn so.

Maybe is.

Two and a half days and then this.

Though area

is a nice distribution or it's one that and US distribution here and then this is

the other

combine it.

Then some are mention more could profile to me and they said you do realize your

market profile.

Yeah.

You can actually combined them.

So sorry I deleted the weekly on that in fact delicious get rid of all of it.

So what market profile allows you to do is you can actually combined.

This day and this day

and you can split.

This day

completely

and get rid of this.

I mean obviously not get rid of Utah but you

know split it out and just bring the how.

She can combine this two and a half day period and a workout.

Of value area for you so.

You could start and trading opportunities even here look for from by.

This you could

potentially split that how and you can just combined this and this.

Said split this bit out.

And so on and so forth you know she can.

You can start to really even this look at is clear.

Value area their valuer their value.

These three days clearly did what income anyway.

Soon as if by ourself I can tell you that Marcus even going to go there.

Back to where.

Previous value.

Or

and will do this don't worry when do this on a chart together.

All be showing you stuff on a pen for the rest of time don't worry about that we will

be doing this

and

a game trading opportunities were very close snow.

But it's important to assure you this only saw him just knew the market profile for

the sake of your know.

Is because on volume profile.

And think about it how many transactions are here hundreds of thousands

you can't.

Is difficult I understand why

they don't let you do in the software.

Is you call them.

I can you break out what are you going to break out

on a break out in the twenty nine thousand and five hundred and one.

First transaction and you she will mean is very difficult.

Market profile on the other hand.

Let's go back to it.

Saw as oh same market profile

on the other hand

here.

Look

space it isn't a.

Into letters

each period.

A split out.

Into

letters to I can easily do what we are can play around with can split.

These periods out

and then.

Combine into.

I.

Was very similar profile

but what he is is let me explain to you what market profile actually is because a lot

of why'd you said won't make sense.

And why I'm actually.

Looking

at market profile in particular so

list sir.

Look at this

bar on a real chart.

Okay so we're back to my crew all jaw and was actually danis of combined.

Market profile with volume profile.

Which have no is actually quite common a lot of guys do do this but they don't.

Do the composite thing.

Generally of not seen much of it but to be honest recently I have seen a few people.

Doing the composite.

Show of combination bought term.

Yeah like I said it's not something I've seen much of.

Bar term a

think is very powerful when is basically what I'm doing

but like I said look arm

obviously I'm not the only person doing out there.

Some one else actually showed me this

I said that you can combine profile so clearly.

They were doing it and have noticed a few people doing it

and.

And actually of now seen on institutional platforms they're all introduced this

ability to combine a good.

Why the more people that are doing it.

The better but

more.

For the reasons that you may think any of the saw and.

No offensive use this stuff by is not to do self-fulfilling nonsense.

Faves fifty know is not.

This is transactional data whether at combining or know.

Just because a million people go and combine this stuff.

Is not going to make it work any better.

You go to understand

we're looking at raw data.

Okay end of the day people.

And.

Transacting

for

going imbalanced or balance wherever I combine this or off

to understand the

same thing is happening.

The market is.

Basically what I'm saying is the market when it goes imbalanced here is behaving.

As if this is one anyway why because he is one.

Does that makes her since he Hugo Thursday Friday.

Whether I combined the volume.

And I say oh look.

This much volume took place here on Thursday Friday

or whether I don't combine it.

The volume took place there regardless of over a combined not

to see my point.

Is just from a visual perspective.

It

be the easier for me to analyze.

What the market is trying to achieve.

Thus all it is there's no self-fulfilling

nonsense to any of other.

Okay.

That's why I say really understand the power.

Of what this stuff is telling you don't think of it as an indicator the eyes combine

the

all these amazing levels nice nada.

The monkees going to work the same way whether

is combined are not the market is transactions.

You know and you know all of this

these transactions all combined anyway one day.

Just because this as Thursday and this as Friday.

Doesn't mean they're split out these transactions happened.

At the same price

they just have put up and on different days.

Pena at the end of the day as far as

these people are concerned.

It's all one anyway right and the next people that come in.

A basing their decisions over.

Kind of like when you bought the iPhone you know what to talk about the iPhone example.

I believe and I said you know you scroll on eBay don't you and you look anything.

Six hundred pound right now how much easier thousand you don't think.

Oh by yesterday it was a thousand but the day before it was.

You know whatever it was know you're thinking of the as a whole.

That's all my point is the next buyers and sellers.

They are already thinking of transactional data over a period.

Is just visually

and I'm sorry to labor the point is just because.

Even when mrs talk and.

You know if I see it being taught people meant opening this.

And which I rarely do but luck I said I have seen a bit of this out there now.

He's just being tula combine in magical levels is not that you could see it for what

it is

and I'm sorry I went on a little bit there but

it was important I said the.

But coming back to the point.

Why William more easy

to.

You know what exactly is market prefer so you see how I did.

A by the way this one her reasons I moved to Sierra chop their market profile and

volume profile software.

I tell you.

Are you seek e g I was happy to pay the money six seven hundred eight hundred dollars

a month I was paying.

Another mind.

Paying that because obviously I'm doing

much larger relative volumes and futures.

So he dollars a month for this which is ten times bell.

Cannot say you know sorry I'm just giving a little.

Shout out to Sierra they're and

of as you know I got no affiliation with them both

what it eases are want me to understand how powerful this platform is.

The way just

allows you.

To do this stuff of these on the show you some amazing stuff.

Where you can look you could split the most amazing isn't a split the and don't worry

will at all of this stuff together.

And.

To this on do the splits.

So yeah so basically.

What less are win a nobel topic there let's look at what exactly is doing.

Really is very simple.

All of these period try the thirty.

Someone will say can it does have to be

thirty minute period nobody's market standard.

Go overlook that's why I recommend you read the books and you she.

Thirty minutes none Ivan seen a single person using market profile.

That doesn't use to a minute period so it's just standard.

Every one of these periods of a period.

Is thirty minutes.

Just think of it as a.

Bar.

In any Isabel.

Okay

so he opened their at the a blue a.

I dunno if exactly when I put down but for thirty minutes basically it moved were.

In this price said this is oil.

And

it moved from sixteen eighty opt to seventeen fifty just.

Now we don't know if this ball

and

went up and then came down or what he dead and

but it doesn't matter all we know is

that the barges.

High to low that's it was that period.

And

the cake and then.

The be period

is the next day

and remember we're all th.

For crew do.

Rife

nine am

to this was ninety nine thirty

nine thirty two.

Ten o'clock with the be period.

UK

will happen.

The next thirty minute candle did this.

We don't know exactly how he did a.

And in care about open hilo close is just.

The period.

I

of the period.

Than see period did walk came back in.

D period at this.

He period.

F period

she.

Age I.

These all half an ounce of every half an hour they're just candles.

Why does this matter.

Who think of like the puzzle games where they dropped down Tetris or whatever

organise dropping down and it.

Building of why.

What's happening.

This just

when you collapse it

this falls into their this walked into the

can you see some of the overlap over each other.

What does that mean is very simple.

He just means that.

At some point in time these thirty minute periods or happened.

In the same prices.

Why is that important both

was volume profile.

And actually a lot of people.

Refer to voting profile of volume at.

Price.

Because what's happening here.

She's price.

Volley.

These are called

a t pios okay.

He can see him occupied fall.

Keep your

off.

Like a time price opportunity.

Again this why I suggest read the book because it's all explained in color of detail.

And one of the guys who wrote the book he actually came up with market profile but

you know decades ago.

So

heavily were freedom.

And actually is worth mentioning tier one of the reasons why market profile.

And

is very popular with institutions is because.

Before futures data was transparent and available.

This is all they had naturally is pretty good.

And.

A new siva because water is actually doing is.

Robyn and saying volume up price will she same.

Time.

A priceless was called time price opportunity.

All it saying is how long did I spend the each price.

Well in the first the a minute period.

I spent.

Thirty minutes

at these prices.

The second the a minute period

to can you she was happening here as this look at it again.

As overlap.

Can you she would you agree and.

Is eases you've watched the depth of market.

The more time you spend

market orders are coming.

Probably you've got walk more

volume building.

Said vessel is is a proxy for volume.

Can you see how.

The a b and c overlap here and look.

Little bear volume and the look of be.

There is no overlap with any other period

and is thin.

Look here see.

Period which is the half an hour the period between what

status nine thus up to nine to aid as

as as tend to tend to a.

Ten day to eleven we went down but then we came back in.

He sees loads of overlap.

Happening f prices.

Within this period and look.

Volumes building.

Look at this period here where we went down and then we came straight back up with

quicken.

Same here in this period.

How much time did we actually spend.

Between sixteenth the in sixteen twenty well very little.

Of a thirty minute period so.

We probably didn't build that much volume

and look into the day

easiest the way to.

Figure out if this is.

Acura is looking where we spent the most time in the day did we get the most volume

yeah we did.

Y to see here.

So will you do is basically the.

Margaret profile as you just collapse it.

So you can actually palm.

You know said this cake and come down here and.

Blocker said like the

the.

Puzzle games where those I used to play Tetris and thus.

You know what you see

we just got one blog is going to be thin but where blocks of building on top of each

other.

So have a look at it obvious surely you can play around with this as much as you want

I'm going to give you the template.

And.

So I hope.

Take are so does she has combined now so let's do that few times.

She

the cape here to there I'm just gonna.

Drop them on top of each of US so I can see was any overlap

I e

more time spent a price.

A particular prices.

Must have been nook.

Okay.

And by the way look.

Miss important I say this is that

lot of guys are looking at market prefer honestly in them.

Pretty much all institutions have spoken to I would say you know

the mercy of number of people.

They look up.

Both volume profile and market profile.

Just because if this reason the

and especially experienced traders when.

Transparent volume.

A lava wasn't.

Readily available.

They obviously used market profile

so there's tons of people.

Using market profile don't think it's.

All you know you're the only you know honestly.

There's loads of people using this and in fact I even.

I saw someone using this and the same colors or liked it the way it was

got the faded colors going from a to k period so.

I actually

saw the

only good things have actually found on.

The Internet

when it comes to treating is actually some colors so so.

Yeah as she found these colors out there so there is stuff out there there's a lot of

stuff out there but.

Like I said

that not necessary doing what i'm about to show which is the combination.

So

the combination is essentially.

Would you agree.

This balance on this Friday.

Look there was balance here.

Thursday

and Friday.

Should you remember I said I don't want

what can happen if I use a weekly.

Profile.

She's going to be so out of shape and I'm not going to use a weekly profile bot.

You can see it's going to be down here then there's going to be very little volume.

And then there's almost a separate distribution on Thursday Friday

how do I combine these two.

For look what volume profile

market profile allows US to do.

See that we can merging.

And actually what I do is and.

To

do that.

I don't actually use it.

Necessarily.

With the volume profile because too much can you see this too many things going on.

So why do it and don't worry I'll settle this stuff up for years I just get rid of

the volume profile.

Pics is fairly accurate you can see show

in fact lustrous lustrous.

Make yourselves comfortable dice very closely aligned

to volume profile can you see here.

Very little time spent on there.

And then.

Obviously there was a lot of time.

Spent in his region.

Nicholas.

Okay.

And.

The very similar on day

so.

What I do is.

His of get rid of the.

Profile on I'll show you

basically what

the enables US to do.

So let me just quicken get rid of those apologies

for the delay.

Okay

to rest

on his face just.

For art isn't it beautiful.

Still gives me that little.

Excitement whenever I see this stuff so

yeah what this allows US to do obviously

crew

has been very volatile to the profiles won't necessarily.

And.

Be this big in when we go through and do some examples.

Were going to do a nice

balance periods bogalusa look at volatile

is nothing wrong with it.

I'm just saying that look the profiles one

obviously necessarily be this big is because of ranges.

As you know crude at the moment is very volatile shop.

If our combined look

merchant the next book

can you see it.

Unbelievable isn't it.

But now

that sorry.

Just on

the.

Remember before I was saying it was really frustrated.

That are can combine nice.

Because I used to think there was value

and.

Obviously for the day here

and then in this the here as walk

through minutes of brew

bring them together

rather than looking at the weekly together where value might be all for whatever.

So I can do that now

so let's just to let me

show you that I can.

And of

and you be you see why I do it as soon as I do it so we combine.

Merchant

look look out nicely the.

Balance becomes

why because you've got balance.

Overall.

Very balanced days

and what is balance with balance create.

Really non violence

and therefore these value areas.

Of fair a very.

Accurate than nice

and when the market moves out.

Of here.

And I mean obviously the O'Donnell very open the next day but.

In know generally what will be looking into a Marcus the the imbalance

or they could reject.

Going imbalance in a comeback to balance and move to the the side of valley.

And you see just how well this works he works very very well.

Not cause it's magic don't start tomorrow or said be very careful about.

How use these.

Both.

It works because that's where.

The iPhone prices or.

You see the market those who like to test.

These areas because as you know balance isn't.

Particularly generally one price but we've already covered this.

In ultra market theory I don't necessarily

is saw the point of this section the section is to show you wall.

And

t.

Are or walk market profile is and

will get one

all of this.

In the second half of this and

of she's taking call walks are probably it's going to be in an exception i'm.

A.

Bot so hopefully that gives you a good idea of why abusing their staff and actually.

Let me just show you one

final thing.

Is the other reason the I like to use this is because it does allow you.

To

split period to.

Okay so it's not necessarily.

The case here.

Bar

for example.

Yeah and this isn't a great example because he should be overdone I wouldn't

necessarily want to do this.

By will show you this when we start to develop strategy.

Can you see in theory.

For some balance here

and then this balance here as well.

So what you can do is is great because it's not.

Think about is your individual market orders a split well.

War can actually do is I can say genoa what lemme split this some.

Period out.

Said you see the I split the d period up let me split the.

Why paradigm okay and dumber window whole section on

stuff.

A to can you see voice allow me to do.

Snuggle one distribution and I can actually combine this.

With this

okay.

Gita.

So actually split.

Very very accurately

got.

Value there and now of I'm here

to see the have actually been able to split.

This.

This

and this how

some amazing isn't it.

Thus the power of market profiled.

Not from an indicator perspective it just allows US.

To really identify true value.

True

value balance.

Don't think of value.

As.

Just in terms of statistical terms where I talk about the coffee and shape the.

Showing the bell curve.

The normal distribution and the wonderful obviously mathematical properties when

you've got.

And balance the values going to be obviously no hundred percent accurate because we

don't know.

Those of you are familiar with statistics you can always get fat tails obviously when

you're trying to forecast or get.

But.

Generally.

At least in to

measuring balance is going to be very very good.

Though more.

Not because of

just because of this typical book but because he balanced.

By the end of the day have something balanced.

It's more likely to walk give you good balance levels.

Really does what you got take away from this.

Is the balance you want to look for areas that all.

Nicely balanced.

Balance when you start combining these as I said.

You start to combined balance with

imbalance with balance women.

Do you know what I mean

you want to try and separate them as much as possible so.

Truly exciting I'm really looking forward to showing you this water

let me just finish off those.

Few bullet points re really quickly ancona.

Literally rushed through them.

And.

And.

Then we're gonna basically get on

and start building some of these composites together

and I'm going to get you on the chart building composites and bus

to be

how we do walk bill trading level so.

You know just can be motivate you

this is essentially.

Building.

Trading levels for US to.

Fade.

You know in a balance market or

in an imbalance Walker.

Here.

Take trait of such imbalance and the going to different areas of balance it's all.

So very very close now appreciate that you stuck with me or always been long.

Let's just finished quickly finished the list of and then we can crack on and start

building some.

Areas to do some real business of okay so what I've done is if you don't mind of

brewer all the.

Slide pack be essentially the.

Sorry the

terms game opinion.

So boss I just saw a be easier rather than me blowing up and showing your and here

one and understandably show you on my chart or there'll be really good.

And that can just take you through some of these.

And but you know a support the horny profile by conan

just because I want to cover these first two so.

Base basically we already talked about the point of control rye is the mode.

Where the most transactions took place.

Now what is volume profile was of see very accurate.

Because it's individual market orders you know.

Right down if you go to hundred thousand and two three four five hundred thousand.

Contracts and you

that I showed you to go mobile volume

I for crude or was what eight nine hundred thousand.

About a five percent of

of six seven hundred thousand contract so we know the exact number.

That took place in the on t h session why said it was by I e percent.

We can tell to the exact contract

price.

Or so the exact price were that was.

Because if you think of t p owes.

The only half period so

thus the mood right

and if you don't remember what I always check back to the distribution section.

And.

In

and.

Which could at market profile.

More you see can you see the k period.

They were all across for prices okay

so

what he easy as I'm not gonna

a new also know it's valuer we've covered it to death.

Okay

as the value area.

There's

seventy percent.

What you know is is market profiles value

valuers ever so slightly different and it's.

Point of control is

ever so slightly different.

Now obviously you know are not shirking responsibility of spent a long time doing

theory with you causes

me know on.

I'm really really big on understanding theory.

That you can't Google.

At the end of the day auto on a spend for waste forty five minutes of your time.

When we've got much more important than thanks to worry about about why.

Desert

ever so slight difference here.

In the valley area.

If anyone wants.

Contact me.

Or can take you through exactly why.

But obviously it will take time to explain in automotive.

Know we've already gone on for ages here na da.

Ba.

Also so.

I'm pointing out

because is important I like to let people know.

That there is a slight variation.

Because of this problem around and.

The mood.

In the market profile can sometimes be at the same price but.

Look at the difference.

As I said you gotta be no obsessive about slight variation to look.

They're virtually.

About the same some times.

As you can see here just noticed it.

They can varies you know a little bit part.

I can take any one through exactly how it's calculated why is et cetera et cetera and

may be in the future of my under section in the honestly you can Google it.

Is explained.

Really well in the books that I told you about.

In where's the value at I'm looking to be able

to add value to you can find it on Google.

It would take this is a bit

does

to be involved that's what is and I don't want to.

Start going off on tangents confusing people would have just spent the last seven

hours doing theory or whatever.

So look there is a slight difference.

But honestly it's no important for trading.

And.

For me it doesn't make a difference him are trading but yet technically if you want

to know

reach up to me drop me a message and I'm happy to.

Either

the in or explain it to you exactly to the take.

Why

the is

his value areas are.

Slightly different I mean it's obvious that would be right because.

Obviously when you're calculating your statistical distribution here.

It's using.

Individual

and

there are developed and

outcomes

right so it's

market orders

individual.

No these are not market orders right it's it's

and then no individual transactions is obviously data points using time

and.

Price so obviously the way calculus this region is

slightly different to try and.

Be as closely aligned to help the actual normal distribution but you can see.

To be involved so you know about don't wanna lose people basically so again

so to repeat the point but yeah if you're

really interested let me know but otherwise.

I'm not really going to cover these because we've already covered them

and with the volume is called the v pok.

Which are you know if you said to someone in any professional environment the park

download stray away volume point of control.

From a volume professor

is exe roughly the same thing.

As the point of control the I already discussed in the distribution section

but just to repeat it's basically the area whether.

Most transactions took place

value area with disgust death or milk on a

discuss it again I just wanted to show you the.

Can you see

very

very similar.

Thus the value very high.

Thus devalues high on of volume profile so.

Very very similar just wanted to show you that the pretty much one in the same

obviously because of this.

Issue where is not.

Market data

it is obviously going to be more accurate corner volume profile but.

We don't one hundred percent accuracy we just want approximation to is fine.

The balance and imbalance or milk and a cover it.

Because.

Nina we've covered it.

You know.

Probably more than some of the whole entire forex causes of be speaking about balance

an imbalance of a worthy.

And covered it to what I'm going to do is.

I'm sure very quickly going to fly through

single prince excess his.

Poise and lows initial balance.

Etc bought just doing on the

we don't need to look at boarding profile for these because these are quite specific

thinks to market Prevacid gimme a second.

I.

Am going to just get rid of volume provoq.

Okay so a got rid of the volume profile and actually.

I'm just looking at it you won't be able to see it but if you you can make a note of

a if you want but the bullet points.

Is easier cause I can have the whole.

Sure of screen to work wave but we'll just go through them one by one so.

The first one is a single prince.

So

single print

bodies cause I'm going to go for it is really quickly of is if you want more detail.

Soul out that Google we can read the books and whatever a don't.

See as I said ninety five ninety percent of worst there I don't use it in the way that.

Is used by market profile guys.

But this is why said

prove it to yourself don't just take my word for it.

Look

I mean I've got years of observing this and I found that.

He she could take a lot of the stuff with a pinch of salt because otherwise what

happens is.

You will know he

and that's why I wanted you to read the market profile books his bow say.

Oh when this excess hm happens and when.

Single prince happen and when

poor highs and lows happened this has to happen.

And I'm like will actually

of been watching this.

A million times in it

hasn't happened

to she wanted me.

Approved it to myself.

Bottom won't just because I tell you

are unwilling to do that I want you to prove it yourself as well

along with the million other things that obviously I'm showing you.

Do.

But women

obviously just for sake of completion are out do want to explain very briefly what

they are.

And.

So single Princess the first one.

Guy's very simple

just that.

Is where in a region

say you've got proof fall obviously thus high to low.

Not necessary the value area.

Anywhere in here where you've got single prince.

You see in volume profile oversee thus meaningless is a market profile turn.

Can you see it that.

He period.

Between that price in that price

say around sixty two

this is crew or from a few months ago by the way

sixty two twenty five to sixty two thirty five.

The only printed the he period

single

prince.

Okay here.

This price.

Sixty three ten to.

Sixty three

by the way I

absolutely love maka profile for is an obvious I love the state

and but yeah he printed single prince hit.

Very versatile and I love volume profile as well but of see each has its strengths

and weaknesses combining them together.

When we get very advanced days.

Very powerful but.

Anyway.

Enough of that so.

Yeah single prince you can see them there.

Can you see in that.

F period.

We can even break this our for one.

Can see the market just zipped through.

There was no overlap.

Thus will single prince hall.

What does it mean I mean this is the thing you can read the book you tell you this

will tell you that.

Onto the to you for my own experience but it means is that generally.

If you've gone through.

A period that will

balance over the swan.

And

so for example here clearly the market

in I

opened it balanced and lucuma.

This area here then it came to over when imbalance and then we balanced hear.

What you find from my experience and again observed this yourself do not take my word

for it it.

Is less say.

I mean obviously here the market kept out but let's say it didn't.

Dare say the a period opened here

and then you bill obviously a bunch of as you build a bunch of a's whatever on and.

Bs in bs in bs and.

C c c

which makes it all this up.

In earned.

These.

Know said this was kinda your profile he started approaching.

This area and then.

He he

again on making this applies.

f

as it.

Comes into this area we know says.

This will just zip through.

Typically that's what happens.

To in market terms will will happen is a market will open and start to built on

balance and then.

He would just zip through

the

to see.

Why is the think about it was up and in the past.

Imbalance.

What is.

A single print just imbalances in it.

Balance

imbalance

balance

and see here ballet nz.

Came down

imbalance

balance.

Supermarkets doing all day long.

Imbalance balance imbalance

to hear.

Clearly if there was no interest.

What's going to have.

It can be the same.

Generally

almost saying.

Every single time

this is the trouble.

When you read these books and what of are willing to see for yourself that can be

very dogmatic.

Me.

I don't know it depends on

who the other factors where's the v wife wears.

Value on a different perspective where's this way as that is their.

Waterflow supportive.

Ten things come together yeah probably using the pursuit to see what I mean.

Whereas the book to say nope.

Single prince got pushed room.

This is more point when you start to really

develop.

A holistic understanding of markets you can really started.

The

know whether the staff is going to be a

support a factor or not etc said was the best.

Single prints hopefully are offing or even cover that probably better than the book

but.

Go read the book if you want

like I said or do it.

Because it is going to go into a lot of detail about this stuff.

Personally of

US all you need to know bot.

Again figure out

yourself.

Then the excess.

Essentially.

Is just.

Do.

Their tails I haven't written down and bullet point for they're basically buying and

selling tales.

She can see it here.

And sorry find that covering any of this stock bought.

You can see loads of tales you can you see that.

Tell their.

As a tail there.

As a tale.

As a tail

such

a single print spot

at the edges of profile.

They just tail which basically.

Excess.

Beshear including the word as

pre of US it means that the market.

Though.

Excessive.

The periods of.

A period day you can see

what happened.

He did gap papa basically the market this is a better exam because it up and off to

the market open.

Can you see that the see period.

Excessive.

Market got.

Over extended fry simple Zach railey.

Her that he came back.

Down and what

what he is is utterly wise quite useful but again you can read the book cause book

will give you loads strategy from this

don't I don't.

Use any of our staff to me.

Personally.

I just like profile for the merges and the spot.

The thing is I did you to get obsessive and this is the point when I read the book.

The books and obviously stuff August tall.

And.

In institutions and you know what people told me and they will tell me by access

this and than.

Are still hereby all the time and it does make me laugh cause.

I did used to get quite obsessive a

it

and it was through experience I realize that you know what.

At the end of the day there's another nine factors that will determine.

Whether the excess is useful in all.

As a stand alone basically wise excess useful because.

Don't forget you could be.

So let's split this our actually were split out.

The d period.

Think about it you could be one and a half hours into the day right.

And.

I used to do this so I used to watch market profile so.

You know as I said his nine to nine thirty.

Nine thirty to ten ten to ten thirty.

Right

and you can see even told you where coached.

Content thirty he.

I can see all we've.

Produced excess

and therefore.

The public and a half to.

Unwind the excess.

Said the d period.

Is public and a pullback.

Okay so we can be useful.

But.

Well as I used to get

the ice get to stuck in a

move out looking at the other things that to me.

Or more upon which will oversee come unto you know like vu all

over.

Different time periods and some of stuff.

All the flow of equally as important as well accumulated delta which are looker.

So you can see why in theory.

On his own he is quite useful people do like to look at excess.

a

a hopefully.

And.

That was usual for you

and then we look at poor highs and Porter said.

This

is really interesting okay.

Poor highs and por los.

Can this war

you to read the book in not going see the way I explained to you poor highs and Paul

as you'll never see explained.

Of know is this there's a real lack of

understanding over was actually happening here.

So there are pause and polos do get taken out and.

Essentially can you see it's called an unfinished option.

To see how generally the ninety percent of the time you get

tales

you get access.

Right why is that because the market blue star he will

excess and then you'll come back animal balance.

The excess.

Overextend yourself come back and buzzards.

Extend combat balance

extend combat balance.

Stand combat balance

open the day up there a period come back in and balance.

And

and by the way I do apologize if I didn't make that clear.

That.

You can see the open and close is marked.

They're

right.

The blue

thus were opened.

The close acacia apologize if I didn't say that before but.

That's why I'm saying opened

excess and came back then he got excess.

Came back

but can you see on this day

bring any excess

h.

I k period they were all.

At the lowes and.

The those pier nineteen and facilitate time.

They will get taken out bought.

In the book and.

Even in

institutions to some extent the way I hear them being explained is wrong.

Basically let me see if a minor be able to for they can see one there as well.

Por lo which got taken out later on.

But yeah so.

That those a pretty solid

one star of was have shown received as any of his other think.

There are also.

What he eases.

Is called an unfinished auction or.

More basically the way I've heard he explained his da.

Sellers.

Weren't able to do business finish their business so.

In the way you get.

Access here sellers were able to.

Do their business or be they go over extended but they've done their business and

when they were done

climate fame

or the market.

Completed.

The selling auction.

Overhear.

There was no access

to complete the auction.

And what actually happened is.

The selling inventory.

And.

Basically needed to rebalance

so whopping days you can see there were three periods so if you think of it.

In chart terms.

Because of quite close together as know.

You can actually see that by if you think of honor

five or ten minute chaw whatever if you think about why she happened here.

Market was balance were a wall.

Then it came down.

Then he came up.

In a h period I period

came down.

Right

period.

Then came up for a couple of periods again.

Then he came down.

Okay.

As is.

Mark his don't usually do this

they will usually as you know they'll take stops our whatever.

The love this excess type of action.

Where

more be life boom

and then thus it

on and then you move higher don't you in.

Whatever.

To be excess.

And.

Where we can got flushed out or whatever the reasons I was a monk.

Should this the way I've heard explained his that was happening is that.

People have come down.

They weren't able to produce.

Excess they came down again they weren't.

Able to finish the selling.

The sellers

selling inventory.

Needed to rebalance weak

hands needed to be.

Taken out before.

A renewed push on the theory years therefore.

You'll get taken out.

And buy observation of unit of you it does get taken out

by other understand this whole weekend staying and.

I mean I get we can bottom get it in the context of this the ways explain.

Actually the.

Was happening

and I know because obviously you know a worked on a.

As you know when I was on the sterling desk I worked in a.

Interbank environment and actually will I tell you what's happening.

And even guys in provide training clubs don't notice and are obviously I was

fortunate like I said to

to have worked on a desk or a sora law of this flow.

Coming in in these areas was actually happening is.

People the are game long hair that placing stops.

So if you think of by a luck a cone shape that some stops being placed here.

Okay then it flattens out for but then you see here then more people get lump.

More stops.

The don't forget this stops

he are.

Being combined with new stops here.

She can see the stops are growing.

By the time you get to the stage.

You've got the stops of these lungs these lungs

and these little dust that is actually was happening.

You won't find this anywhere by the way

no nowhere have I seen this.

Though is awesome seeker and the don't really make difference

to me.

Obviously of of said you know Ravi be discreet about stuff but whatever

nothing's going to make millions of this bot.

Point is at least you should know what's happening rather than off the launch is I

hear about.

Unfinished auctions and one of those who nonsense basically.

This is was happening.

Stops Guinea make sense right.

Long long long stop behind the low long stop behind the low so I built up

long stock bonus each get stopped by building.

Had the market knows this

and he needs to.

Clear out the inventory.

Before moving higher all.

Continue to continue on his merry way.

But typically.

I do.

Pay attention to this just because.

If you're trying to get long in this area you probably one of the way

for

the stops to just be taken out.

Fairly especially if they be walkers.

Ninety nine percent of time the market is going to.

The alone

going a little bit off topic here but it's important.

Cause books ain't gonna tell you this stuff I'm telling you this from real trading

experience his that.

The problem however with days of being obsessed with it.

Is have also noticed as if you get an amazing set up for.

You know you got some amazing and textual level air all the flourish strong again

value being built here.

And he got some great

achievable levels up here and you've got this poor

down

cause I'm going to take the trade.

Right.

Whereas people who become obsessed with this.

They're gonna say NY nice the going to miss out

okay.

And this is why say

don't just take my word for.

Watch out for these things a new will as you develop as a trader so.

I.

Actually think of explained poor eyes of los better than the book but again

and I don't mean nine arrogant way you know I'm obviously being quiet.

And

serious about that is obviously of a feel of given you stuff you're not gonna get.

Of a book.

Two k and then.

The last thing

is.

This let US versus blocked by let me come back to the in a second as initial balance

which are not really going to cover any detail we are all it is is.

Can you see this a period his thirty minutes.

This be period is an x thirty minutes.

A law of people I don't look at it

the law of people

and you can read on Google about this i'm not going to cover in depth cause I didn't

even look at it.

But they like to look at this as the initial.

Violence period some people use

and.

A doula I'm going to be once sugar do you like to use.

Five minutes sometimes both.

I don't use the initial balance I used a

to look at the market in the first five minutes.

And the reason.

People duda.

And and the reason that's not the initial ballots the initial balance is one hour

generally.

I.

Think that's too long a period.

The reason people do that is because luck I told you the pit open and people get

business done.

So what you will know he says

the theory is.

That it gives you very good.

Let me find a good example.

You see why don't even like he if the end up cherry picking

and I don't really find that crepe of.

The theory behind the I'll tell you anyway.

The initial balance period is

and I do know a lot of people that look at it

looks at pissy or though.

A and b thus one hour right we know

a is hoffner be as hoffner so what people do as they take.

These is contextual level so the high.

And the load essentially of the the call the initial balance hi.

Okay.

The initial balance low.

Low if you say this to anyone in a professional far they're going to know we took my

stray away.

And.

And essentially you either looking for rejection at the initial buttons high or.

Of see here you see the market.

Went not built some value and then when imbalance

case or our lockers at other metal use it bulk.

Diet for completion of she let you know about you can read lots about on the net.

What easy is basically the reason why is popular is obviously.

And.

Pit.

Volume is taking place a cassette kinda.

First period hina so law people gain orders

dawn and business has been done for the date.

So the theory is direction is being set.

In the first hour so.

Something that.

Other particularly use I use a shorter period but we can speak about that later.

And

the dust the initial balance and then

finally coys is.

Of gonna be honest with you.

I agree prefer I don't like using the letters.

Okay

and.

I actually prefer using.

Block said there is this option

many sought to you will use.

I.

Can use letters or you can use blocks.

Okay

now unfortunately.

The charts gone.

Haywire bar.

Okay sorry but I yeah you can see the charges when a be.

Decided to get his mind of it's own there for a second by actually it was good.

They did that because it why decided to do in is much better is

a

afford at you show you the letters and the blocks.

So day you can see it

por lo that we discard star there's the initial balance the a period be period.

To remember and we said

that was the initial balance low and high and then it just went imbalance or.

You can see the exact same thing here.

And there can you see the Paulo.

With the three dots.

Moody easy's.

I mean it's up to.

By used to be quite obsessed with market profound luck I set up very quickly.

Stopped any behaviors where I started to notice myself becoming.

A little bit too like rules-based and things and.

I just got rid of the les abuse of your don't

really find.

The letters and he used because

he was actually live people were saying oh dear you see Robin in a period of the see

period the decent d period and.

I just stopped that.

At once I was like you know what let me use it for why originally wanted to use

default which is to merge.

And to build.

Nice balance theories.

So for me thus a.

Ba again I one you to go on that journey is an incredibly useful journey.

Few want to play around with is a brilliant all

and come to the conclusion yourself.

Or you can do what I do

and.

I'm gonna be.

Warmongering

year going forward

I'm not going to show.

Any of these because this isn't a market profile

of course at the end of the day this is.

You know

combining many factors together and really this is a.

Dangerous thing for me to do if I was does

start pointing excesses our and single prince and this and that.

Would be any favors in my opinion by osha do think because I've said many times that

you should.

Maybe try the lows for a bit and see.

View reach the same conclude Jean as me bar

on.

Yeah I just want to make it clear that i'm not gonna use these letters going forward.

For the those reasons or about ninety percent of but also look.

A can see one two three four may be half their

a few professor he look how many I can see.

Loads

because he's so much more information.

And I'm not bothered

about these little tales and this and it doesn't.

Do it for me.

From observation obviously are proved it to myself when I mentioned this at the star

of deception

where I talked about the book and you can probably see boy.

Cause I went through that process.

Not am some people did warn me about a.

Ba

and some people Tommy was amazed thing.

I said you know what

do is figure out for myself.

Let me read.

Most out there the literature

and nijmegen observer and my observations told me that.

The the office staff I'm looking at

is much more important.

Than.

You know.

Becoming too obsessed about this so I just stopped

and I'll find don't get me wrong the farmers

market prevail incredibly useful.

Bar.

For the purposes dimensions which is obviously to.

Look up balance areas did these little one of nuance is the I've.

Talked about like all the young.

Single prince excess poor highs and lows and those kind of things.

If they're they're am obviously aware of them dumbarton.

Very low down on my list of priorities so.

Thus it and.

The only thing left to do is.

The shapes

celestial very quickly.

Talk about the shapes and then we're going to end this.

Section okay so the first shape is fairly straightforward

is a day so I'll show you.

Have she bought pen and then I'll try to see if I can find a good example.

D shape is walk just balance right

see it there.

I talked about the.

Here and the.

Bell shaped distribution.

The noise some.

So volume right sewer.

Balanced for you.

She can see it there and then obviously you've got

a very bad drawing of.

Value area and then you know the central bear

basically so.

Let me just do that again cause our sir

are pretty atrocious.

Yes you go your.

Basically

tears.

As she a day in them.

As obviously

in theory or what you're a pok.

Ripe or fee Parker what if you

call in and.

Nice balance there's you can see.

The

is a nice

d shape it just basically would in theory

means is that day was balance then there's no.

Clue

as to what the.

Direction is likely to the for the next day.

And the next one the

he is often talked about.

Is

he.

Okay.

It's generally means short covered

so

probably more useful for a draw it down further.

Down here.

So let's say the mall care

and you know obviously is.

Got sure it just covers those shorts

and then.

Slightly to come up with

because

it's basically.

Liquid a aim

the short infantry.

Very quickly

that's why you get very.

Quick move up in by balance

balance and then the next day.

He turned to meet fire so.

This is it.

Okay example of it's of the greatest I mean not daily wanted it to open their bar

used you get the principal.

P.

Okay

so what it means is.

People got sure quickly liquid a it.

And then we balanced

to then.

Technically move higher so thus

and a may have actually.

Let

them use double check that out.

No I just missed my nose didn't

sorry about his how nice

but

hey editing stuff out in our time Warner.

Necessarily I shouldn't make sure you are.

Caught pass and looks like.

Dead

and.

In fact that was.

So

let me just.

After wave.

Current.

I'll see myself.

So you just to make sure you got eyes of see this isn't it.

In a market moved down.

I.

And essentially.

Though shorts have done more quickly quotation.

Obviously if this wasn't.

A short.

Forced liquidation you to seen what.

Would have been

new the

volume here I would have been a different shape.

Buff.

Shores currently could aid we came up.

We consolidate and boot

go off.

Thus the theory

look like I said

I don't use any of this stuff I said it before.

To me

I'm going to be honest with you.

She nonsense.

Because from observation

I don't see it happening that way.

There's

a ton of other factors thus going to determine if the market's gonna.

Obviously rally the next day so I do

time to laugh at these things.

That I read

an

uneven that they teach you see even professional from teach.

He shapes and what have offing their okay to.

She's good to know about them bar.

And I I don't actually think that they're trying to mislead you but I do think that

what they're trying to get you to do is.

Use this as a foundation

and observe

and figure out for yourself

now.

That's not right that's not right.

He goes through a process of elimination so.

Obviously the a coming back to the point

obviously the opposite of the pie

is walk.

That be

so this is short

liquidation consolidation go up.

This is what long liquidation.

Coins got long.

It had to.

a

for whatever reason.

Stopped whatever market changed his mind very quickly.

Liquid Asia sorry.

Consolidation and embedded the other way just the opposite.

He can see here look be shape.

And this is actually a pre.

Okay example I suppose by again.

He didn't open here did it and

go up.

The best example up could find in terms of the shade but

you get the principal and theory what they're trying to say is.

The market tried to get long

and actually.

From.

Liquid a it out every one.

Consolidate

for a couple of days and then

crush.

Said that in theory was doing and then the final one I can you read about.

Scott funny in the book you've read about luck thousand different variations.

Read about them.

Or

even just of interest and luck I said.

Go through this

try to observe them.

In my opinion.

Doesn't really tell you much because.

There's a thousand other things going on this is just is too.

Much looking at it from a single lens.

There's too many lenses out there for this

to hold accurately every time so.

You know fuel use user use your by all means by at least prove it yourself you know

the ropes fashion the.

Him you don't think it has any.

I'm staying power for me it doesn't so I don't use it but luck said I went through

that process.

Be shape is an.

It's okay you know

serwotka.

Taboo distribution day so.

Do.

You can kind of see it.

Here in fact this is quite a nice example.

Of

a

be shape.

That can you see that be shed

is just a double distribution days of what it means is that.

The market had to balance is he was trending.

Is

you know

boys say.

Even not unless a like that word

can you see was balancing here.

Then we moved up in a balanced here.

Shiva.

So what is disaster causes.

Happy.

To for.

Okay and the theory is.

Obviously you built and value you go up

if you build value and you fail to.

Go balance some feeling.

This lack of volume the theories you continue

continuation.

Plus the theory does it happen in practice

other the problem is luck I say there's just.

There's too many factors.

Driving the market for it to just be as simple as

oh if we balance we go up with balance and we fail to.

Form.

You know that distribution which would be walked combat can't fill in this imbalance

stereo.

Topsy former nice distribution than the theory as whoa you might as well.

You're going to continue bar.

You know you can get this this is all

she stopped going on is my point I don't necessarily

khumri found it to be of any value to me.

Having to dig look at it

when I first got into profile.

On a chart anyway.

When I heard about our this stuff obviously like everyone to let me have a look at it

I didn't dismiss anything.

Though can tell you right now certainly didn't throw money I.

Until I'd been hundred percent sure whether it works and to me it didn't so.

As it but.

Look thanks for sticking fruita or no ended up at you being a long session bomb

really happy with the way it came out covered everything.

A market profile on what we're going to do next is were very much now corner.

Just give you a sneak preview minister combining.

And building contextual level reason the

really exciting to can emerge.

Areas and

yet we're going to start looking at

market opportunities around.

Contextual levels

are going to see of.

Imbalance.

If it comes back in there.

Then we'll have a balance.

This area.

Combat cow.

Terms of while we shall combine a lot of these and you'll see the market.

Does tend to go to the other side and them regain balance opportunity to all looks up

a beer scribd

but we're going to do this together now.

The next section so yeah thus market profile hooked up was useful to you.

And.

We can now start to actually use it because obviously got.

At least enough of an understanding of it

for US to start looking at it on the chaucer

don't forget

a look at a and blocks cause Autumn

really find any

in those letters.

But you more than welcome

to our leave.

In the template

probably put both on if you want.

The other one or maybe I won't and

I'll just show you what we see the option of how to change.

Or a guy see you in the next section cheers.