Original subtitles

Hello ladies and gentlemen welcome to toss to of the pro section.

Which is really is just an extension of pa be

what you've been doing and task one.

Task one you've been getting familiar I just wanted you to get familiar with merging

playing around with volume profiled.

You know all the settings that I told you

you about really you need it the better time.

And.

An embodiment of her a timely Melanie if is taking you a few days fine if is taking a

few weeks who cares

meatless matter.

Is taking your as long as it needs to take you thus the point there's no.

In a pressure or anything to finish with task one bar.

This is really just an extension now want to move you on

and actually start to get you.

More king some of the levels that you've been doing but

I just wanna make a quick.

Note before you do the around

so

on

there's

a bit where you may have.

Lowest

at the moment is called discord.

So.

Of got discord room which

you know I explain in the discord section.

Of the reason of left the section

separate and offer similar here.

Is because look you might be watching this

in two three five ten years time I don't know.

These concepts have been.

Working for a lifetime at the end of the day is just what demanded supply buyers and

sellers.

Right.

Since human beings.

Came into existence this has been working said this is going to

work well after my lifetime so all of this stuff is still valid

but who knows that might not be a discord in.

Years time two years time five years time to

I don't know there's going to be something.

It could be a different platform it could be something completely different.

That's why I've kept a different but as of the time of new recording this is a

discord so

wherever every ease wherever.

Medium

we've got to bring everyone together.

Ison eventually.

Wherever we're using of see at the moment as discord.

The purpose of days and.

War ii is is obviously I want to.

Replicate

what is happening in a professional environment as closely as possible.

So war one the discord or wherever is were using to really become.

Is a virtual institutional trading floor and a space

while want me to feel as if you're in a professional environment okay.

None of this.

No offense to anyone using it.

Technical analysis.

Squiggly lines all that stuff know this is a.

And I said to you

have been caught open and honest in sixteen years of never seen.

That stuff used before

so.

You know.

It would be unrealistic for me to have an environment.

Where you doing all that retail stir fry i'm

trying to create professional environment.

I can only go by

what my use of experience

and you know I think thus a decent amount of experience

for me to comfortably tell you that look.

In a professional environment all that stuff isn't there

less create professional environment where we're looking at.

Professional tools right and professional approaches it makes sense.

So

on a career virtual institutional trading floor

has loads of people in their.

Let's do it together less treaty as such a professional.

Environment

and exactly how it would be on a professional trading floor

you don't need to be there all day long is not that you know obviously you might have

work you've got family you got whatever but.

Will you there.

You there when you not you not but when you all their.

Popular to be a professional trading environment.

Going to share ideas so what do I mean by the a winter.

Less share ideas together there's no right or wrong or

aren't you to put your task one toss to.

However many tasks the pro course ends up being and then even after.

Will you get into full.

Of.

Simulator mode or.

If you even develop further than than hopefully you do whatever

you know much further down the line wherever is you're doing.

Share openly

does no right or wrong doesn't matter.

If your analysis ends up being.

You not completely wrong.

There isn't it does it because you don't know what's gonna happen right you don't

have a crystal ball I don't have a crystal ball.

Is more about.

And

you know.

How rigorous was your analysis and.

How logical and how and.

Analytically rigorous was the process that you went through.

Put the market decides to do

to a large extent is obviously

in fact to to complete extent

he saw of your control

you don't know so.

You know.

Which connelly's immune to my next point.

Whenever I was in a professional environment professional traders.

They never hid anything and all tell you that quite openly.

Traders would be quite open with that prep.

You know.

I

did find this.

Investment banking appearance review was a little bit of a different environment.

In particular like.

In some of the market making areas and

that weren't pure outright speculative restating.

But as soon as I got into environment where you were taking outright risk.

You worked as a team.

There was this

and

camaraderie as of put here.

And

yet you worked in a team environment is really improve mutant to share ideas help

each other.

Because at the end of the day rubin of benefits so.

I've put the link there any way and.

As in desert video of the deaths of at the moment it's discord of Seattle what always

going to be when you actually end up doing this section by

though be something there.

So at the moment is discord to jump on and just remember this stock.

The he opened don't be worried don't be scared.

About oh I don't know if my idea will a workout will know

does matter.

You don't get points.

For piano.

You get points.

At the end of the year

end of the month obviously

he is.

You know

why deal that you've made.

Risk-adjusted return of course he is but come on on a day to day basis.

In not gonna learn if you're always worried about.

Should I post this should I know what if I lose what if I doesn't matter.

Honestly we can worry about luck I said your

urine.

Combined results over

a month to free mum six months period

and reflect on the and figure out where things might be going right or wrong by.

Day to day guys just go all out you know people will help you obviously if I see

something I'll be able to help you if you are more open.

You know if you know opened an omelet going to know am I

what you're doing right around the arena gonna

have a clearer nor is any one else so on.

You know what I say this in the video opener icon of his guarantee that I'll be there

every day by tried to be as active as possible so.

Just remember basically the saw of.

Ideals when you're in the room.

And to lesson from that so war is tossed her about will toss to really.

Is a wound to continue to work on composites.

Obviously where your.

You've got profiles and

you're obviously in an ideal scenario.

The gonna be balance like this.

You combine them don't you.

But the point is when you come up with this one large composite.

Now what I want you to do in this section is we're really going to stop.

Marking these.

Show that you know when the market comes back we can decide.

What do we do in the situation.

Will do we do in this situation will do we do in this situation.

You know what our expectations those kind of things are.

Really many to any to show you how I mock.

These levels on obviously the platform the are you Sierra chalke.

And then.

What a mentioned on 'em really split them out

but

what I'm going to do in this section.

Is.

A realized

don't want to you're going to see and.

When I come on to institutional expectations on the next slide.

Is that.

I don't really want to.

Give you one exam pool for this expectation won't know.

What I'm going to do is.

I.

Am going to go through a marker either the he many or key crude oil

and I'm literally going to go over.

As of today.

The last

say three four months.

And we're going to have a look at how some of these institution where expectations

play out of.

Or Robin took her by too much here I'm going to gone to the next slide now.

And

and that I'm reading or show you are want you to be looking out for for

in toss to were also I want to start to introduce some.

And

expectations which is really going to help you.

Develop edge and look for

and.

Building some are rounded.

Ideas about trading strategy and I'm going to show you what institutions are doing

pretty much because

of the have had they exposure this of go very good idea of.

The expectations around.

Different market conditions when the market balanced

rotational or imbalanced.

With a while the expectations will do institutions program that algos.

And

to look for

none only algos

and

but obviously the individual true traders all

and.

People are even

trading like investors on.

Bigger long term value we're all their expectations generally

so we're gonna talk about that on the next said let's go to the next slide

and it'll become a lot clearer what I mean

okay so what I've done for you

okay and.

And a vaccine never done this before because I've always taken this for granted.

I.

And look I don't want you to think just cause I've read envies.

Institutional

value expectations framework what he is is this is actually.

All I want you to think of.

Is this being a value expectations framework for institutions I'll put my name there

only because of organize this.

Thus the only reason

because the reality years.

By told you I'm going to teach you everything

that you would get to in a professional from.

A no to you some of these things.

Very well organised

you know

should this is where my years of experience

are really

and

adding value to you

in my opinion from again from my own experience I wasn't necessarily.

Taught this in a very structured way and I'm really trying to.

Reduce you know as I said.

It took me a long long time time to.

Really recognize the law of these things through observation and.

You're still gonna have to put in a time

that you can't get past that but the point is

rather than you fumbling around look I did.

For long time.

Only to stop with the expectations.

And

observed and

okay you can amend them as you warn and.

Of said this many times atone won't you taking my word for this.

Just about zahra according to what I have experienced

and by the way and.

If it helps

and it should give you a lot more confidence if I say that look.

You already know the of worked in a a big part of my life in institutions that I can

tell you and

of obviously been involved in.

Working close

with

algorithmic building and also traders.

The.

Tray value

essentially

and on talking large amounts of money.

Trading value.

In the way the of showed you and I can tell

you this is exactly what they're looking at.

I've never seen it written out like this.

By know that this is what they're doing when they identify condition so.

I don't mean to think the oh

envies me made up some rules for arsonists envies indicate indicator.

Quite complete garbage or isn't

all the series is my logical.

And.

Observations over many years of war I've seen.

An institutional algorithms

look for which you sure I kind of showed you the stuff anyone that that the market.

She don't to take my word for it

you've been on the depth of market and you can observe it.

You can see when the market balanced.

Tends to stay balanced right.

Is logical.

This isn't an indicator the of.

Programmed and developed and is some magical formula note.

And I don't mean this in a patronizing my I'm trying to help you and I say.

You could get rid of that.

Thinking

before garbage is not going to get you anywhere.

Would he is is.

These are just very logical expectations.

No only in financial markets by and every

traded good and service in the world have already said this before.

So for example.

If the market is happy selling iPhones.

Are eleven hundred pounds.

He's going to stay at eleven under parent isn't it

so gonna.

Disappear to two thousand pounds or dropped down to six hundred pounds know.

When the market is balanced

stays balance so.

That's all I'm saying is you know Ivan in rented any of this staff of

thin air.

Or come up with some.

Framework the I think all lemme go and test this no no at all.

The market has told me this.

My exposure

to some of the world's best traders.

Have seen him of my own eyes that this is what they're doing.

And obviously of been involved in development of algorithms that trade around.

Volume profile all

this is what they're all doing.

So guys

this is what professionals at doing.

It may not necessarily be written out obviously people don't

of years to do professional don't actually want this.

On you know written out there in public.

So.

Before of said in the etiquette section and I've said look.

I don't care really

if anything's out there whatever.

Pod prefer you didn't

have courtesy.

Of this however.

I would really appreciate

not because it some.

Magical indicate er or tool or wherever.

Look at the end of the day amen institutional guy Alma professional.

You know

of extracted a lot of this yes through observation but also through observing what.

Unprofessional people are doing and I know people wouldn't appreciate if this was

plastered everywhere.

Alright so.

I would politely request that

by all means.

You know show your friends whatever who

you think are run

professionally

inclined

and.

By all means do all of US the I got no problem of you discussing this with people but

of silica sand in public forums and things at that.

I just think is.

Professional courtesy that you don't Bowen.

You know print it out

take copies of the do whatever you want with a

keep him from your desk.

Plastered all over your walls of got no problem with it

but obviously in the public arena.

And.

You know I think there's a reason and while

professional firms or institutional guys or.

Algorithmic traders don't necessarily

post all the stuff all over the Internet.

Because you know it's.

Something that

of professional courtesy and is just one of those things that isn't necessarily.

And put out there

and don't get me wrong it is in black some.

And.

Black box secret that.

You know is the road to riches is absolutely not the.

Is just more about prefer national courtesy and.

Of have seen the in professional environments is that.

People like to exercise a law of that a from.

You know there's an understanding or whatever I'll probably have and explained it

very well but

hopefully you

understand dies know.

That this is some secret thus going to make millions is just obviously that.

And.

You know obviously.

Guys the are doing the soft staff prefer.

Thought it was kept within professional sir causes.

Is what I mean that's what I mean you know

so I consider you doing this course now you've got to the stage.

A professional.

General using all the.

The retail staff so that's why I got no problem sharing this stuff of you

so I guess I should have said that from the star Rob because I couldn't think of the

exact.

Wording for it

but as you know profess funnel people like to keep this between professional people

docile.

Don't want to put this out there with

guys that are using.

In moving averages trendlines all that type of stuff load on a

pena

that's not professional way of.

Running the business

now that you're doing things professionally I'm happy to.

Obviously put this down for you been black and white.

I'm serious enough of that you know of have gone on choir bear about theis just I

just wanna make sure there's no.

Misunderstanding basically and.

So what is this value expectations framework the of put together.

If you think about it rife.

I mentioned to you in task one how crucially is walk to identify

conditions

why is that.

Because those conditions are going to determine as I said you how we trade

but would you agree we want to have some.

Expectations we want a framework.

By but

we also want to have.

Some expectations around that so.

Globe don't take this as gospel this is just obviously luck I said what I saw other

professional people doing this is what I do.

And this is will have observed in the marketplace

bar want you.

To you.

Are gonna keep this is a hypothesis not not done.

Thesis that you do for the day although this will help you former thesis.

I mean a separate hypothesis

to

hypothesis

for yourself.

And.

Print this soft I'm gonna put this in the downloads download section for you.

And again I appreciate if you didn't

plan to this everyone I know you won't

cause luck I said we're all professionals now.

I.

Be.

Of poverty.

Be discreet with it but Amina.

Put this in the download section and.

I want you to test this hypothesis are one

you can observe this in the marketplace okay.

So let's go through them very briefly

and then I'm going to go through the last three four months of and.

I haven't decided yet may be the snp or the.

Crude locker said I don't want to.

Carry become just going to do it off the cuff like that and musi how many of these we

can spoil etc but.

Let's have a look at them in theory just very briefly.

Or I'm going to use this little space to go through order them because of the

got

space for so.

There'll be very logical to you when you go when you look at them.

Balance rotation

condition.

What is the expectation

in a balanced environment

right.

Will you already know that when we're in a balanced environment.

What is the market doing is just.

Doing nothing right it's just going up and down his gyrating.

Like this.

The only this market we showing cupboards crew he makes.

Obviously the financial market has much more of a.

Tendency

to do this

intra day throughout the day because we talked about the supply is

phenomenal and obviously the price determination process processes taking place.

Second by second or obviously.

The market dollars like to test the edges of balance just as he are the in a whole

are they going to hold.

Are we happy are we happy here we are happy

to is doing.

When it's balancing right.

So can you see was the expectation when wherein a

balanced environment

is to test.

The other side right.

So.

It's not great.

Obviously that we will be because of.

You remember the value areas really seventy percent.

Said there is gonna be some.

I.

Saw price.

Movement

taking place outside isn't that like that

almost.

Thus more realistic.

Are you going to get up.

Seventy percent in here.

So if the expectation is to test the other side of balance.

Right.

Can you see if we take a trade here.

Most of our expectations.

We should have targets here right the other side.

So

value area to value area.

This is

going to help you develop

trading strategy okay.

Whenever I'm looking at the mall care.

Ago my I if I'm taking a rotational trade.

Looking ultimately.

To test the other side of balance okay.

Now put him mindful of the.

Pok of vive up.

Which is.

In a veba

framework Vera is obviously the mean.

By it's the

central area of.

Value.

Start central area value.

Was the p o c suzuki same thing point of control.

Each were the most volume took place.

Okay so in the middle

so you see this when we get on the charts and do.

You see the point of control marked

so I'm going to tell you what I do

and obviously later on when I

introduced the v where can we actually get you on the charts.

And

this will become much clearer for now.

To start to think about this.

Keep you in front of you

I'm gonna put it on the side like I said.

Maybe have a pronounced something

she can start developing.

Targets

expectations okay.

I'll be honest you do even though

they may not ultimately be hit or I may change my mind.

Cause of see the market giving me.

And.

You know feedback

as the trade goes on

guys I always have an expectation.

Amr business.

You know

if you run a business

or if you work for someone

in a business.

They have expectations about what

the price they can achieve.

When you put some thing an auction.

He got into mine owner achieved as price.

Is absolutely crucial.

You know you corn.

Though into a trade.

Thinking.

I don't know where it's going to go.

You can always extend the target don't get me wrong I've seen some incredible traders.

Go with it

if momentum comes in

they going to extend their targets.

She wore of know is this in retail circles people get obsessed with fixed target.

Don't ever have a fixed target thus know what I'm saying.

I'm saying have an expectation

and then adjust accordingly

but at least start with a base

expectation on.

Typically an imbalanced environments thus when you see the expectations can change

because.

It think about it logically when the Marcus imbalanced.

Each got momentum behind it hasn't it

is got was aggressive market orders and.

Pete new people coming come on you know the markets

are just people they get emotional.

They get auto owner miss out on the move you get a surge of people coming in

and if you read the order flow and

is getting very strong I'll do this all the time.

On my add to my position and at your said you know what

forget my initial expectations I'll change it

but rotational in vitamins typically.

And.

Is quite clear will you expectation is going to be which is the other side of.

Balance here.

Far we're all do is always take off some of my trade.

At.

The volume of point of control or the point of control.

If he's obviously our market pro follow the

www the park if he's on the volume point in controlled by the same thing.

And if is the viewer but then on always have the v wipe as a source

scale target because a lot of times what will happen is.

So for example will be fading in here.

I knew see it down here where I talk about if the pok whole to value builds.

The market will get here

and sometimes it can

just snap back in your face.

You know you don't want to get caught so I'm always cautious and I will always.

Take some profits than

economy sentence right because.

Yes the market likes to overextend itself and test the other side of valued the other

side of value but.

The reality is

what is.

The fair price the

actual fair price.

His were

in theory.

Where the point of control and the meanest because why's that.

The

theory is where the most.

In in particular where the point of control his voice the point of control is the mode.

Is where the most amount of volume took place.

Is where

there was price agreement.

At its maximum.

So obviously

the market and algorithms I can assure you.

I don't think of come across an algorithm.

In an institutional circle that isn't aware.

Of where v y poor.

The point of control is.

A naturally this a really important point.

Right the reason why this value expectations framework the I'll

fill out for you is so important.

Is because I'm a

don't want you to worry about this right now bot.

Is important that you familiarize yourself with this cause you notice later.

This applies to

all of value

thus far I've written value here

and we'll you've got to understand his.

Profile.

As you know helps you determine.

Value I kind of hinted stat a value.

Because it's all history.

Youssif v wap is exactly the same is.

Only is is rye view up his profile but is developing profile.

Because think about it volume profile built throughout the day.

That.

Is v wap

essentially

view up allows US to visualize.

A developing profile in the interim period that we're in right now.

In a much more.

Visually appealing

and easier to read former it'll become of is what I introduced the view up.

Whereas historically.

Viva would just be a straight line so we miles we just use the volume provoked

this will become a lot clearer later some of you this may just make sense stray away.

If it doesn't don't worry or by is not

gonna be are you you're not going to make it thus thus ridiculous you know.

There's certain things I got quickly the certain things believe me to me ages to get.

And

and everyone else in my

show of

training group got

of much quicker than me meatball.

Look

I'm still here of sixteen years and they're not.

So doesn't matter

okay.

What my as is ultimately at the end are you able to develop edge in.

Nine months whatever it is

a year's time okay

so don't worry if you don't get it straight away and I'm gonna explain the v web

stuffed you anyway.

Is just a

is important that you recognize at this stage.

That this value expectations framework.

It applies to all measures of value.

Okay

and.

Algorithms that are using v wap basically every single one institutions that are

using Vera every single institution.

They're applying these conditions to it.

Not because

someone just decided to invent these conditions guys these illogical conditions.

Are very explained them too many times.

Although I might not have put them as.

One two three four five six seven like this

when we did ultra market theory

this was all happening okay.

And this happens in all traded goods services so.

I.

Just remember a

that it

applies to

the veba profile every single lens.

Be a long term value go short term and I'll show you this okay

for now just worry about profile by it's important I mentioned that

and to

just remember.

This isn't something I've made up.

This is logical

and.

And is happening because it part of the auction process so.

You know as I said for example we saw

on

that thing I showed you with Amazon with a price of cadbury's creme.

Egg irl was just going up and down there were just testing.

The edges of value to see

is he going to hold.

You know businesses are doing this all the time.

The market no different it's just testing.

Okay.

So that's why the expectations there because

the markets telling US that is doing it.

Okay I've written my name there like I said and I know I'm repeating a point I said

before but important.

Because I don't want people to see these as.

Hard and.

Rules that envies may knows is nor.

You know and in fact you can even imagine I'd input my name to.

Each basically walked the market is doing in every.

Was traded good and service in the world including financial markets and.

You realize this when you actually sit down and think about it.

So.

That one's of years expectation is to test the other side of balance.

Another thing what do we observe and see that the market doesn't rotational

environments.

When he's going to stay isn't a.

If the monkeys happy.

Why am I going to.

Have any expectation if we're in this rotation of environment like this.

That we're going to do anything else why.

I haven't got crystal ball.

Does she want to me.

And this comes onto a really important point of no is this.

People get obsessed with forecasting.

Costs could forget about forecasting.

Do what the Mark is actually telling you

the market up there as you can see here

is clearly telling you.

Were happy with rotational.

If clues come in that we may go imbalance five join.

Change your expectation but.

When the monkees at she telling you.

What he is.

Why why do you wanna try and.

Be clever and forecast things that are on happening

okay.

Or know is this happen a law

and.

And

again look I'm sorry anarchy per about to indicate

but.

This is the danger of indicator as they set these.

Sought a

because you to for costs too much and get your crystal ball

and thing.

Or this could up in that do not forget he.

Led the market tell you what's happening market feedback is wolf.

She's gyrating.

Within.

Value.

So the expectation is what are we going to stay rotational.

Okay

so hopefully thus clear.

Will keep coming back to these look don't worry we will keep coming back to these.

Aren't necessarily look at the stuff okay.

And luck I said I never actually written it down.

I just took you for granted and for me

it's just normal

but what is I want you to know.

Where lonely my expectation is but what every institutional investor in the street.

Who measures value.

Is looking at.

Their expectation is.

Because expectation can't be any different right.

At the end of the day.

If only phones are selling earth baca said one thousand pounds on eBay or

whatever the price lessees the thousand pounds.

For a long period of time

why oh why.

Would you then go and decide.

To going to be two thousand tomorrow.

Is ridiculous

do she

I mean.

Though markets telling you.

But at the end of the day investors.

That'd be silly

to do anything different to what the market trying to tell you is doing

to does my point these expectations of based on.

Incredibly.

Basic logic

okay

that's all it is

keep things simple you've heard this before.

I.

Keep things simple right.

This is what you do

crunch keep it basic.

Have basic expectations and then year there will be times of she where you need to

adjust and.

That you'll develop you won't be able to develop the overnight that will come over

time both.

Keep these in might

start of these as a base

and the locker a observed them

and see for yourself

and.

Adjust accordingly

as you develop through observation I talked about as a theory and observation.

Face as you observation goes

you see little nuances you c o the markets giving me a clue the actually.

Balance is ending and i'm going to talk about this shifts.

And we can start to.

Develop edge

because you be able to see this before may be an algorithm Caesar or another

institutional investor Caesar.

Okay

but we need a base to start from and this is a great basis

the I know for a fact all institutional investors are looking at.

Sir number three is imbalance.

Right

so we've talked about what

conditions

can you see why said in pa a identifying conditions is crucial.

Because if you've identified an imbalance condition

your expectations is different.

Right.

So let's get rid of

do.

Let me just sorry let me get rid of

this get rid of it all actually to clean up

to imbalance try.

You've identified.

Said this is a composite very badly drawn composite.

The monkees doing war.

Doing this.

And then walk

the market becomes imbalance try.

So he actually does war

expectation.

Is to stay rotation balance unless otherwise.

So something changes right.

We start to do what build.

Some value do she will no longer gyrating.

Around value or actually Stein to.

Had she signs of built a value above

to the market is doing what is going imbalanced.

Expectations is what go to

previous balance

and are going to ride over this apologize but.

And

and I'm going to show you this when we do this exercise now.

That could be a previous balance area.

Okay.

And I showed you this loads of times the night remember when I say traded goods and

services.

Milk or whatever it was to remember I said there could be a collapse because of.

A car remember though something about cows or something either

and then I said when that gets fixed and of is he.

The health of cows or call remember exactly I believe it was

goes back to

where's the market going to go back to.

Previous balance right.

So would you think the

is going to do here.

Go to.

Previous balance in the past.

With a mocks been happy to trade.

Does she will mean guys this is just a logical expectations is not.

Some made up

and expectations that you can go back test and no no no.

This is happening every day around you

okay.

More than you realize this is happening.

Okay this happening in the price serve

and.

Just the most most random things you can imagine.

Of silly before diet coke salt.

Pepper.

And.

I'm just looking at things around me keyboard mouse.

Pay Paul.

Jacket

phones.

Everything is doing walk.

If it shifts from value.

Is typically going

to go to see somewhere where is traded before.

Obviously there's going to be times where it can't find previous value and in which

case he has to have to go through a.

Price determination process

where it will just.

Try to it will basically keep going imbalanced until walk.

Market orders come in the other way

and thus where I said look these expectations can change obviously you can change

when that happens but.

Thus more advanced as going to come when you keep observing the market

for now let's just keep it basic.

If we go imbalanced and the is.

And area where the market has traded before.

Obviously is going to go there because.

Where else can it go

why.

The end of the day if is traded.

You know we talked about milk if it collapsed to fifty cent sixty seconds.

And is traded at one dollar fifty historically.

Obviously if it goes back to normal.

It's going to go back to one dollar fifty right.

Ludicrous

to have an expectation elsewhere.

Yes I agree something different could happen industrial job as a traitor to Jasper.

In an expectation don't you.

To build a plan to build a hypothesis

to build a business.

When you go into business.

You just go in blindly sell this oh and by things.

We have an expectation with a price you looked likely to achieve.

Doesn't always happen but at least actual.

Base scenario your.

Hypothesis

okay

so this is and we're going to come back to this building hypothesis but this is why

we're doing so he can.

Start to develop a plan for the day.

For hinted at this before.

Let's say we've got this composite here we got composite there

and we see the market developing

a new see this on the veba framework.

Developing valued.

Here.

I'm going to start thinking.

You know what

I could have an imbalanced

trade

opportunity here.

Where a motto getting

up here.

Ago easily staff order flow can come in here here

and I might change my minor my scale-out or might decide actually.

You know what

the buyers have run out of steam market orders

something's changed it could be.

I don't really look at fundamentals for obviously of be aware of them

right if there's a big news release at some things happen

and the market clearly telling me is not happy.

Why would a hold it till their.

Is my base scenario.

Right when I started deep.

Expectation

was there when as title hypothesis.

Hopefully you don't think I'm just.

Saying on has forsaken and hope this is really.

Making sense to you

if it isn't

don't worry about it we can go over and over and over and over and over and over

thus the whole point as he gonna learn you're not going to get it first time but.

You know

I'm going to

I'm trying to give you some guidelines that you can.

Develop yourself.

Right.

So

we've covered the off now let's look at shifts.

Okay

so before we talked about actual conditions

and remaining in those conditions

and weaving.

Rotational conditions what should expectation be.

With imbalance condition do remember I said to Mark is only balancing and in balancing.

Surely doing anything else.

So in those environments voice is it

but obviously there's going to be times where there's a gray area right.

Where is shifty.

Of course it's going to be shifting.

It doesn't just suddenly flip

from balance to imbalance

this obviously a transitional phase isn't there.

Thus what you can build incredible edge

cause you can identify either.

Right so how do we do that

but we need an expert station again.

So less Luca

and shifts

so one is balance.

To imbalance rife

how's that going to happen.

Well.

I mentioned above.

We're in this balance area.

If the

value erie is broken.

And what do I mean my broken we build some.

Transactions of what happened here.

You start to built and volume.

A angry you want to get into that right now because obviously thus a bit more

advanced for if you'd been watching the depth of market

can you see what got you on the depth of market.

It's incredible.

How powerful is the time you spend on the depth ma pocket because.

Imagine

never got you on the and I said year guys we get some value here would you start

building volunteer.

Boise talking about.

Been that the market.

If I tell you market oldest dot com and in here and we get value

humor yet you know off senior

senior thousand times.

Over the last three months might be boring

by shoulder I know what envies talking about.

I can look for that now.

Said you see you can see some value will start building a on your.

And

volume profile or market profile whatever is you want to use

and

and I do combined them

but at this moment you can imagine autobahn it.

Is going to confuse you if I stop showing you combinations and all of ice let's just

stick to market profile for now but.

Point is.

Market orders are obviously building and there is.

Profile builder here.

But what is the point.

Value any air is broken

was my expectations when

the value area breaks is it for US to come back into balance no of cautious now.

It's first goat.

Imbalanced

okay.

So remember that one.

General what you can imagine there so logical.

Offer a bit of time usually many to remember these they're not hard and fast rules.

That just what the market is

basically doing.

And.

Blocker said in everything around US don't just think of financial markets or Marcus

at doing this

and if you go and observe this

in the.

Real world

even at your local supermarket news Adrian.

Bike shop here they're each and everywhere

this is was happening.

Right.

When.

Prices are imbalance and they shift and you'd be.

Heavy transactions agreement above.

It always starts to then creep up in terms of go imbalanced.

He always happens and I'm not talking about.

If we just pop out and come back in because.

That's just balance isn't it we talked about it here.

Cause she we just popped I came back in

I'm not saying that.

When not a broken here I mean.

There's agreement.

With buyers and sellers

that this could potentially be the new fair price and arduino that.

Should we see some build your own we see some.

To a action some price determination.

A decent option

taking place here.

Then.

We can say the evaluate air is broken and.

You know I talked about acceptance in rhythm this is really acceptance and I will

talk about this.

When we finished this sections of don't worry

I'm gonna talk about how we can.

There's no hard and fast rules of said this

before if there was we'd be seeing on a beach.

Sipping cocktails

and we just put that into a computer program and.

It wouldn't work you know why because everyone would do it

and they'd be a one.

It wouldn't be a market basically for this.

Because

algorithms would

identify this before you and that get in

and the front runner you'd never make money if it was the obvious.

And you know people don't realize this and don't want to go on attention but.

In retail

doing all these things where people to follow me do on doing they don't realize.

If it was the obvious

I can assure you you.

There's people out there were millions billions building algorithms

that put that in the system

and the opportunity get wiped out like that.

I showed you how competitive it is.

That's what I'm saying the only way you're ever gonna build edges

if you.

Can find ways to identify this happening.

Not before every single.

Person but obviously before

them

some major players come in and other algorithms come in

I'll show you it's very possible it just reeks choir some.

Observation and skill then you will build overtime so.

I'm going to get you started with that when I say with the acceptance and rhythm.

By essentially we will identify when the value area has broken.

Obviously the expectation is then for US to go imbalance and thus the point.

And.

Now there is a slight variation on this okay

so woman to do is actually I'm looking at the lead this.

I'm gonna show you.

And I'm going to be honest of you oil olive this bitches.

I see this happen a lot.

So is very similar scenario right

where you've got.

Your balance.

Happening

to remember we are going to balance

to imbalance.

So we're

flipping rb ballots to imbalance.

Is if.

The point of control holds.

Stringer I said I know is a bit look into that they markets are not going to make

your life easy.

You knew see markets test but they will come back to this area because

tinder the date that in theory.

Is where.

The most productive acceptance was because the most transactions took place there.

Is just to oversee the market likes to dry rate and I said that before in cadbury's

creme egg it's the same fate.

It's not only for lunch box they like to test.

The edges don't they.

To see can we actually hope.

But will will actually happen

and I see this happen a lot.

Is the market will come in and

you know I said you are take off fifty percent that the point of control here mindful

of point of control vb up.

When we come back here what sometimes happens and it does happen.

Quite frequently as will start to build.

Some value of here.

Okay

and is a big clue that was dying to.

Develop

some.

Intention

in this area.

Some pressure

in terms of market orders.

Building and sometimes you can see this in accumulated through tall.

Or whatever.

Of she will come onto this later by in the order flow is not.

In a don't get me wrong overflows more magical

and only for the flow tells me obviously there's nuances your pick up.

Over time.

But essentially you see.

You find the

building

above the point of control and the expectation is potentially.

To go imbalance and of put your expectation want to fail

was expectation one for US to test the other side of finance.

You see rather than.

This happening a

that will fail.

Will hold thus why take my fifty percent.

When I'm doing wolf.

Testing the up

an inner rotation environment I'm expecting US to do what test the other side.

Oliver scaled out of this if I see US building here.

Can see our dynamic the market saw and why you can never have this.

Your in dreamland if you think it's like.

Let me just

one stop loss one take profit know.

Because

can see the market so dynamic.

It can start giving you clues like this and I'll be like killer walk so obvious to me.

The market isn't going down here I've taken fifty percent

going to let my.

The position take me out the mr exit the whole lot when I see this building all.

Have a thesis that we're gonna go.

Imbalanced and expectations one is going to fail.

That's why I say have this stuff in front of you for me.

Irl look at this obviously cause he's in my head and it's just so Newman for me.

In the moment to react.

Thus taken years to oversee develop.

And

but I put this list together because of to genoa obviously I'm teaching and is a.

Slice the of it but also

to be nice view going to print our and have in front of you showed.

That essentially was happening there.

And you know what.

I

just realized here that.

I

have put balance to imbalance pohamba imbalance to balance

to look don't worry it's just the opposite.

Of what you see happening here so.

Images get rid of this.

Okay.

Is literally just the opposite.

Is is know.

Any different

when you go from balanced to imbalance or imbalanced the balance that shift.

Because what you've got here's your rotation environment you go up you build value

and then you got imbalanced.

Actually when you go imbalanced the balance is no different.

In a you market might be in by balance like this

and then you come into a rotation environment and you start to build value ill.

Guys your imbalance is finished.

The end of the day Darcy's over.

So.

He it's the valuable areas broken.

Outside of the rotation environment either there.

Or of is he can up in here and we got imbalance down.

All that's happening if you go the other way if you think about it from imbalance to

balance is the.

Areas still broken.

By

broken from outside coming in right.

You're outside of rotation you're coming into rotation here you're in rotation and

you go out rotation.

Of your sry just vice versa

so that's why didn't put it there

I just wanna clarify that fee.

Let's go on to point six.

So this is.

Very similar to.

In fact is just a repeat of.

Point for where I put your balance rotation to imbalance.

If the value area is broken.

The expectation is to go and balance of actually.

Is exactly the same

okay

so.

Of just repeat the same point really.

And the reason I did that I know why that is because.

What it is a just wanted to clarify that it is above and below okay

so.

Basically we enter.

Rotation environment.

Okay

so it can be below.

Okay to rebuild value below.

And then became violence decay

by can be above or below

so what is his foreign six you can almost just merge them together if you want.

Bought I remember now and is not the oil.

And made a mistake and print and twice actually was very into national.

The I put this on here.

Because I recognize that I just wanted people to realize that all of these things

obviously hold.

On both sides of the failure he does what it is.

So it's above and below is their.

Below

and then down

and then.

To some of you this may seem obvious but you know no.

I just want to make sure that.

Hot

always say I won't make sure hundred percent of people get this not just ninety five

ninety or whatever.

Shut don't want anyone to think of envy showed US an example just above

and therefore it doesn't apply below he is exactly the same thing okay.

So above

and below the valley.

And then.

This is a very very very very very important think.

Okay

and he

comes back to this and.

Expectation here.

In particular in an imbalanced environment.

Where.

And let's say that you've got.

Shot I think of the best way to draw the I am going to after.

Cover some of this stuff I apologize.

But let's say

you come in.

You've got your composite here we're in a balanced environment.

You're all th session opens here.

Let's say you start to built and value right.

So either here valuer is broken expectation is to the imbalanced all

we build above basically

and below the value area arrives the same thing.

Is.

Expectation is what

to go imbalance try.

And remember

when you're imbalance where's the expectation

to go to the previous balance.

My point is this.

I've seen this time and time again a million times okay.

Do not take my word for a want you to observed this yourself.

What have you.

Until you've observed at on one hundred thousand

maybe

I'm exaggerating but you know hundred times or whatever.

Only then can you actually.

I.

Sure of start to.

Use this in terms of your trading.

And

when you've observed it for yourself

basically.

Not just cause I told you this both.

From my experience.

I.

Once made your targets are achieved obviously made your targets

up in an imbalanced environment rocks the market's going to move.

Once you hit this area where

previous fair value is.

What will happen is.

If I let me give myself a liberal space.

And you see why I wouldn't give myself space.

Okay so we go up.

Caught so I.

Was thinking of as if.

We'd go up we go up the

up we go up and then we come into our ultimate target right.

Previous balance.

And then we consolidate in this area kois.

Honestly.

Among gay involved in the market

at this stage very rarely

once we've achieved a big target.

It will.

Peter oh.

Loads of people notice they closed the books and it basically turns to.

Mush.

Okay

or wouldn't even look for rotation environments.

You just get algorithms left all the big players will leave the market and therefore

you just be left with algorithms.

Just messing around and just going to get chopped up.

Okay beginning get chopped up so.

My suggestion is just just

plenty of hit a big target.

Thus it

time.

Is is no on your side basically thus it is over.

Whereas here obviously you know this great opportunities but.

Once you've achieved.

Do.

You know a.

Major target.

Thus it.

Because think about it was it done the market found fair values happy.

Okay generally not always obviously.

If his early on in the day and we see some huge value building here and.

I don't know for whatever reason.

Another five reasons of got.

Where I'm expecting the market to continue then you might go on

but generally.

Don't forget these are not hard and fast rules you never.

Succeed in the long run having.

When a plus be happened this must happen is very dynamic.

He can change

luck I said.

Have an expectation of my expectation.

Generally and you know he is very high usually eighty ninety percent of the time.

Going to switch my computer of when we hear a big target.

You know not crude all I'm just making these numbers up don't.

You don't quote me on this because it will change different environments different.

Average rangers war period were in seasonality will.

Majorly changes number but let's say.

You know somebody not crude oil of made.

Fifty

takes hundred takes.

On the day

of done.

Not because.

Are made one hundred ticks on don't know.

Because you've

achieved something.

A major target

and the markets happy and is likely to bus a terrible.

Balance picture book.

Slightly the balance so.

Anyway look I hope these were useful.

Luck I said oh i'm sorry I went on and on

the starboard you know the etiquette thing but.

He is important you know cause.

Don't want this to be out there in some

in a professional environment turn around to me it's a envy.

Why did you do this why did you put this down.

And put this out there in.

Public not because it's so secret because can you see it just a bit of.

He lacks professional courtesy dazzled.

That's why I said it and bought.

A hope

you find this useful.

I'm

going to make hundred percent use of a plenty of

have in front of you.

Like I said discuss it with of a

professional friends who you think may find this useful.

Will obviously adhere to why say and.

I'd really appreciate.

Your locks and hope you found it usually got any questions.

Of see let me know

or as I said at the stock.

Took by in the discord.

Up with each other

wanna do know is.

I'm Gina quickly

I'm sure you are willing to do and toss to where I want to start marking out out.

The current context to areas for you that you're gonna.

Trained in early.

I do this every single day

a mock them out and I'll show you

I mean.

Une fois for any of these.

Value expectations staff put together.

And

and of sciolino she lets go into the charts.

Okay ladies and gentlemen enter here we are of got crude oil in front of me.

And m why actually decided to duties of when I was doing the.

First part of this.

Section as you may have noticed of at the

you know some sort of

amazing transformation at the click of a.

Her switch and actually is not that I was filming that.

Quite late

at night

and.

Initially our plan to go through about four months worth of.

Data which would have been enough both thought you know what let me just sturm sleep

on a at freshen up.

As you can see I was deteriorating as well with the beard and everything and

and

share

to let me clean myself up

and.

Vc freshen up have asleep and actually let me go through.

Almost an entire year's worth

right so you're in for a treat.

Because I can't be fairer than that can I I don't want

ninety percent of people keep saying that one night center people to get a I'm one

hundred percent of people to get it.

And also want to give you confidence that.

You know I'm not just picking.

Oh

this is where you should merge and then give you the perfect example note.

In at the end of the day trading is about.

Making decisions in.

Tough challenging environments where things are not clear

you know and at the end of the day I'm gonna show you thus what I'm doing.

So it wouldn't be setting a good example if I

didn't show you in all environments and all.

And.

Areas grey areas the I also make these decisions and I want to give you the

confidence to look.

Each sometimes you've got go with it or I am have.

Confidence in your decision-making as long as is logical to you and is done.

Again

the same word is logical you know is comes from a logical basis and

has sound reasoning behind it.

Don't let anyone tell you that

his rival wrong obviously I've said this before his miles apart.

Or I am going to obviously pull you opponents a look.

Probably

so for example this first one.

Here are where value is here of.

Her values hear clearly

there's no balance overlap here so if you merged these two.

You know.

I probably am going to say to you luck I said

in task wine if you do stuff like that.

Is back to the drawing board less less see where the misunderstanding is but.

If those gray areas you know as long as you are applying decision making thus logical

than it's okay so.

Anyway locker said you're him for a tree I'm literally going to go through it's

almost an entire year

in a crack on trying to as.

Quickly as possible by as thoroughly as possible

and

and.

Are also if she want to show you some splits I'm going to refer back to the.

Value expectations framework okay and

I actually would have done is

in the slide

when I was talking about it just now I pod puts her career in front of me here

cause I and I know as she have a front of me other as I said I don't like.

Rules and

to me what is in the value expectations of geological so.

And just too.

The sort of hammered at home that it isn't this set of rules.

Of actually taken my name of it so i'd put envies institution revalue expectations

from a

I said it's only cause i'd.

Never seen it written down like that in the order

and have just taken my name of it and is

literally now called so the printer or give you.

Is called institutional value expectations framework

okay so it's just.

A generic

of

framework logical

and as I said he applies to every traded good and service so.

Couple of things to note look firstly I normally do my film a at night stay time.

Right now and of even though I live on a quiet street and.

Sometimes it can obviously be a beer noise cause it's that eight on to apologize if.

That happens but shouldn't be a problem

and.

And

to be fair live my own anyway.

So does no

in a house nor is it just might be from the street or whatever.

Although my mrs is here.

Because she's working from home today but.

She's a

very very

quiet choirs out so.

There'll be no problems from her I.

Had anyone coming back to all seriousness to the point.

If you've noticed.

I'm using blocks hair okay.

And a movie she looking at crude oil.

Thus because in task one I use letters

and I looked at the ear so I'm giving you.

Every single angle imagine Annabelle okay.

Of told you I liked to use blocks abuse letters in the past just because you using

letters in task one.

Please don't switch the blocks if be like the letters.

You know

of.

Got no problem with either there's really no.

Advantage disadvantage.

Obviously with.

The blocks a do fine and the are can see more information over me.

I like it bought

because it is entirely up to you can always squeezed the.

Lays down by Nina is is is just the.

Is not going to make you winning or losing trader is my points of

less crack on any way

and I'm going to try and refer to the venue expectations framework as much as

possible

like I said.

Cause my habit

for almost an.

You know eight ten years the have been doing this as of me recording this.

Has been not never to have anything in front of me.

Or may forget

to do it every single time.

She left to forgive me but I'll try my best and.

Yet

will just basically cover as we go along the okay.

So now

the offing thing is I do apologize or noma heads over here in the corner quantity see

myself so.

I am some of the lines especially if they're

cutting through will cut through me but that's okay while trying to do is.

Very much wherever we're looking up.

And hopefully I don't forget.

And of cursed myself during the editing when I just go to obviously put this

altogether if I have done a dominant try and.

Really keep all the analysis in this part of the.

Screamer obviously inevitably there will be some stuff clients through

that will make sense of.

Very much in toss to awaits continued doing what you didn't ask one

but now now

are willing to Mark the composite levels okay.

So let's crack on we've got plenty of days we've got law of stuff to cover.

As I said I'm not gonna

merge these to write clearly.

Amen emerge these to.

A and are maven module three days but less of a nook.

Way it looks like.

So emerging next profile right you've got that.

The several oak spirit

boss said

out he was trying to achieve.

See for me.

I'm not going to emerge does because if you think about it.

Thus value area of that day.

Can you see

we built balance we came in.

We rejected right very clear rejection or the point of control and then.

When imbalanced again.

So for me.

This day was very much talking to me saying the feedback was war.

On the interested in

balancing.

Continuing this balance I'm not going merge does.

Case in this do that.

So just

to remind you of merge this in this.

Okay

now this is where tossed to is different.

I'm mocking these every single day.

Sir what I do is a not been Maria Wilshire to do this.

Her mock them like this for it.

And the reason for those or can start using these levels in the future.

Because I've been doing this for years and careless but this is why do every single

day obviously I don't do a whole year's worth I just do.

It every day

is

it takes me like two seconds literally

obviously when we first start take your time

take twenty minutes if you have to make a decision.

I've been doing this for years of senior.

Hundreds of town thousands if not a million times.

So for me I'll just destroy do it

job done.

Move onto the next part more prep.

But see the point is any way the are marking the spot

how do I mock them so.

Look what he is with Sierra chalk right I know at first disappear for are never going

to get my head around this bought I can't tell you the power of this platform

never seen anything like it in my life even.

The platform days to spend a thousand dollars a month on.

You can't customize it as

anywhere near as days.

The speed of this thing.

Blows any of software have seen away and as you know as cheap as chips really lesbian

be

relatively speaking.

So my point is this I want you to also and haunts and.

In a really.

Take advantage of the quality of this platform and

you're going to do that if I keep telling you how to do things right.

There are certain things on that bitch get you started if you get stuck by all means

reach out of course I hope pupa.

Other things you know things like

messing around with it look.

Don't be worried.

Just do it.

Click on things changed them.

You can always delete the.

The templates I'll give you and then reinstalled them if something messes up it's not

a problem.

Sir for example here.

You can go in set your own colors

and chart drawing properties.

Look colors styles.

Few color.

Cause of can't tell you how many of this stuff are went through in the past obviously

for a few years now of stuck with it.

And bought you know when I was initially going

when I initially started using this plugin.

Probably spend months customizing it messing around with it changing.

Though stop effects that don't be scared to do that

but anyway

I like to draw

these said these only two tools I used for the.

Drawing of this.

And that is within here okay tools.

Can you see.

Extending triangle she can either click on it.

Right.

And then you can

be that.

I don't wanna do that every time so let's have a shortcut.

Tools can you see off put it as a.

Right

and I'm gonna show you how to do the in a second.

The other one or use as I showed you is this.

This rate which goes all across to mock.

The point of control

that you don't half the Mark the point of control if you don't want to.

But I like to market so.

I find it very important

thing is.

And of the days where the most transactions took place right that.

Real fine point of

agreement but obviously we know markets and not.

Generally just going to go in a straight line all that they can enjoy rate.

Around it.

But nevertheless.

Point of control is absolutely crucial because

I know that may be a reaction they're so.

And.

Anyway coming back to.

That re right which the horizontal rate f.

Show okay so will you do is.

You go he our global settings onto your main

console.

And then can you see customize keyboard shortcuts clipper.

And then within tools.

You see we clicked on tools before

same thing you just customizing your tools.

And then

some believe poisoner the stuffing customize and this is literally is just the bare

bones or love it.

And.

Where's it gone.

Horizontal ray is f

to see our city.

I

care if you said as x y said shift.

Alt

control s war of you want auto care do whatever you want to do.

I have what I have.

Doesn't matter.

Right.

Horrors on to line

and.

Extending rectangle okay eight.

August.

So like I said if you get stuck or anything bowman's reach out by

play around with don't be scared of it.

Must truly there.

To help you develop as a traitor and if I keep telling you how to do things is going

to actually hold you back on not.

Helping you are mentally.

Doing the opposite.

By not.

Letting you just crack combat

look if you get stuck reach.

Means.

Okay said

would you agree thus balance why do I extend these because I'm going to use these as

contextual levels.

Ooh of the way into the future because the market.

Telling me something.

Is telling me.

Thus where we are happy to transact okay.

So let's move on.

So becoming wop in the next day

look ice.

Does trading opportunities here

okay.

We've got.

Balance when we

do remember when we shift

and I'm going to have to read this cause like I said are a town at she have it

written down or can't even remember what number of prayer.

And.

So yeah do you remember either four or six which is balance rotation to imbalance if

the valuer is broken.

Expectation is to go imbalance right so.

Don't forget overnight that would have been some action and

will not get you using Vera we will look at the overnight session.

And you know

more than likely.

I mean it says it closed there so we may have.

I mean clearly we went.

We probably tested this level rejected it.

Came up.

Okay

so at one stage obviously we were rotational right.

We've come up on wisdom or.

Bill all his value.

Above the rotational area.

And remember when we go

and break the value area the expectation is walked the US to go balanced

furnace exactly what happened.

Or beginning to get long

rejection excess opportunity to get long.

And then obviously we just closed that day there any kind of petered out.

So this would have.

You would more

be fading this okay

thus more point.

You wouldn't be plain as as a rotational day you'd be.

Playing this is an imbalance day

thus your expectation okay.

Now obviously I got lot of days the cover I'm not going to go through every single

one like that.

You know you go and have a look at how it played out and so on and so forth.

Am and don't forget in terms of targets I said when we're in back balanced what did I

say expectation is to go to the previous balance so.

Basically typically you have a composite level coming from the path we're obviously I

need to start somewhere down I saw him starting.

Basically a random day.

Can't just keep going back forever right so obviously.

I'm gonna assume there's nothing to.

Do.

So I don't have any clearly defined target but eventually that will change of she as

you start to build composites

and that will become clear you see.

So anyway

that was a fairly balanced they bought widow merger bright there's nothing to merge

it with next day comes in.

Nothing.

But water is is always remember if you don't have any.

Levels to key off

to choose the previous day's.

Value area.

So what do we do we broke up outs side we started to built and value.

Expectation when we break out.

See overnight what would have happened here we would have traded like this.

To see we've built value guys.

The overnight

here.

We would be building some value.

You to come into the market obviously you to seen how supportive was an order flow

was that buying.

And then boom

imbalance right because we've.

Been broken out so what was that that was.

Again

number the shifts condition the idea entity identify conditions.

Balance rotation to imbalance.

Okay.

So look guys you seen on terrible are actually even remembering more of written down

and thus because you get to that stage.

Very quickly where will be obvious to you okay.

Obviously if you break out of balance you've gone imbalance tries logical so to me.

I'm no looking at this stuff thus walked to keep referring to cause all don't even.

Like I said I don't remember what numbers of written down your anything to me.

Honestly just comes in or look at a boom imbalance right.

Now hypothesis.

Their outlook

this is obviously

just in terms of composite there are obviously.

It was a million other facts

exaggerating but there's a lot of other factors like I said the v wraps and things

that will.

Possibly.

Do.

You know

counter some of days in terms of.

The conviction I have to get imbalance

basically they're all going to be other factors.

But good just focusing on composites don't worry about all of that for now just.

Think in terms of composite start to get used to wear your expectations for the day.

So you can start building a hypothesis

does it have to work.

Why.

And don't worry they'll be clues throughout the day telling you.

Is it likely has the probability diminished

of this continuing to go imbalance so.

Thus yet to come okay new developed over overtime for now just focus on.

The task at hand.

Tossed number two.

Emerging continue to merge

split if you want and we'll talk about one a second.

Mock them out now

okay.

Sorry just give me a second you can see it's gonna blow a thing of what to hear

degas.

Removed at one.

Sir

caught particular about these things and.

So yeah so we moved on to the next day.

And.

Luck I said we use the area

and then.

The following day

was a balance yeah is clear rights which can emerge those two.

Sorry.

Clicked merge with.

Prior profile by mistake.

Murdered next profile yet.

So again we're going to Mark this.

Okay.

She can you she generally.

We tried to stay in balance for about ninety percent of the day so.

And.

Whether put this in the expectations framework is the first one isn't it.

Balance you expect it to stay balanced so very much.

Excuse me.

We tried to do what we opened we rejected

one side of balance we came in.

We built some value outside you might have tried to get short doesn't matter.

As soon as you came back into balance you to stopped yourself out.

Some nice rotational opportunities.

And thus very late in that they and crude does that

a crude can do that in the final period.

Near the close it can just completely.

Do something crazy and thus you know is this.

This is the point about markets having this different personalities yes.

Volume and players by water the players typically do at certain times of day you'll

notice this.

And so that was very much an end if they move which is quite typical.

Luck I said you get used to this type of

stuff but generally era expected the balance.

For the majority of the day right.

So.

I'm

emerged are ongoing emerged up

and.

At this point of controlling.

Okay and then I'll just the justice.

Here.

Here.

At this day.

From.

Again said this is this is this is the power guys of having contextual levels is.

You see what happened is basically the market opened up.

He came down.

And essentially rejected

the imbalance condition and came in and did what.

Attempted to grow rotational

then war.

Moved to the other side of balance built from value.

NY shooting opportunities because walk.

The condition ch changed it went from.

Imbalance initially tried to go rotational but didn't really build any value.

In the rotational area.

Then imbalanced

shooting opportunities

right and remember was the.

Target is the of a composite right so I'll put here expectation is to go to previous

balance where is it.

Here.

Okay so it's essentially this area.

And look it did achieve it just didn't achieve in the next in the same day so.

Look everyone's different for me.

I probably because of my type of personality

or light to just book profits go to sleep.

So my equity curve tends to be a little bit smoother.

Whereas I know know plenty of people who'd be shooting here and you say look you know

what does.

Ultimately my target so you'll be holding it.

For a couple of days are those of you contact me and say our envy you know what.

Is it possible doing.

Using value analysis to hold for

a period of time of course he as you can see yourself or it so you can have.

Multi day

don't necessarily.

Like to

hold for like two three days if.

I think couple of days is

you know happy medium because.

What is his

arm of the strong opinion that when you start getting into more than two three four

five days.

Fundamental to start to have a heavy impact of course.

And because the same factors can be repeated by honest very short term basis.

Of find fundamental factors on.

In the moment obviously when there's a news release know you don't wanna be

slamming on of your risk of course not.

Bought

investors tend to be quite irrational and emotional and a very short term basis so.

It's very difficult to predict all that stuff

I just go with it.

And have faith.

That.

The market through transactions has told me already voice feeling about.

The immediate fundamental analysis coming up.

Obviously when you start getting into longer term periods multi days and so on.

Hundred percent fundamentals.

Do have time.

To smooth the volatility out and actually make more sense.

And.

Say you know of often two maybe three days Max is a good.

Time period if you will

hold stuff and.

Of units review our call remember if I've mentioned it before but it's definitely

something that.

You know every year have been doing this for a long period of time.

Every year I'm looking for things to improve

and as of become

better identifying what the market trying to achieve.

I have realized i'm selling myself short little bit

just to have the smooth equity curve because if you think about it.

All out to boot process.

Obviously doesn't happen.

Every single day of the year bought.

You know most days

as you've seen with my effects works and things are the approved a new this I do

generally.

But prophets every day so what that means is my equity curve will.

Be quite smooth and then you know my ever a.

Break even day and then maybe a small losing day but.

Generally.

He will be quite smooth

when you're holding like this obviously there's going to be days.

Will you don't make money you might even go into loss

floating loss.

You know you're going to be very

flat until.

The

winner.

The to day whole post rupa look at the end result.

You know what I've of recognize

throughout my career.

The I have a smooth equity curve

and other guys will have quite a lumpy curve.

Ball.

He could make more money holding this thing.

Because you can have more size on

because I'm scaling all the time I'm taking bits and Bobs and.

You know is Philip my curves going to be for

what that does is

a smooth it out my critique of by have noticed when I do my end of year analysis six

monthly analyses.

Quarterly analysis or have noticed stop.

Are missing opportunity.

Bar

obviously I'm gaining here.

Donor

you know

helps me sleep at night knowing the on booking soften.

Of

it fits around.

My lifestyle because I do do this for a living and obviously.

Trading basically pays my bills and things of that so I do bought.

You know.

And

I have built up a lot of capital obviously to allow me.

To really ram home the advani July they say something I'm working on

my point is look don't do what I do.

Do what you suits you

and

and what you think works for you and

is a lifestyle thing as well right I mean.

I'm around most of the day so I can manage these type of positions

for you.

You might want to go and do something else you might be working doing something else.

In a different career in you're doing this part time.

Fine if you seen imbalanced opportunity and a nice.

Big expectations target away.

Switched the thing of.

You know

let it let it run obviously keep an eye on it now and again to make sure.

Something drastic hasn't happened and we'll

talk about risk management and things other.

Which by the is very different to how it's done

generally bought.

You know we can talk about all that stuff but I just thought I'd mention it because

you can see here a great

to day opportunity so.

Anyway

serve.

Go back to the task at hand.

Which is this

you know what.

At the end of the day.

This didn't is kind of a trend day.

So I don't know if it's

the greatest.

To merge.

These days but because it's pretty much in the same region.

I'm going to at least look at it.

I think he's okay to manage it.

Can you see there's a bit of grey they're

just because I emerge the their staff and you done.

Don't do

do but you can see it's actually.

It was basically overlapping.

Completely so

gonna make sense to merge it right.

By was a trend a there wasn't much violence bill.

Within the previous balance but because it was within the day.

To me.

It is pretty good merge so I've merged it again.

This is what I say make a decision and if you're confident in you said you know what.

So let's take out again.

Remove

most margin profile yet.

Can you see is actually a trendy.

The market never really established any.

Violence did it.

He opened and when imbalanced.

Little bit of value imbalance looper value imbalance you see is basically just

constantly going embolic throughout the day.

He never really build any value

within.

To at the end of the day if that was your logic and you thought night you know what I

didn't see any value there.

It's perfectly fine not image it is not going to make.

A big difference these things will even themselves are overtime so.

This why I say just use logic okay.

Me personally my logic is well.

Pretty much within the entire.

In know they call these things like inside days and stuff I don't like to think of it

that way because that to me is like a rule.

You know auto care of it.

This breaks there's a little bear a web of my or die and it has.

Broken it my point is

is basically overlapping.

In our like I said other like to use rooms are like to use.

By analytical thinking capability the and algo corn.

You see and algo would say nope is broken it.

It's broken the route.

And this is where we have a huge advantage obviously because.

We can use our logic and say

know

yeah okay is broken and both.

Within.

Within the previous.

Two days traded

so merger

and as I said have a look at them if in doubt.

So does not right or wrong guys

go to do what.

Make sense to you does your Alpha.

In all build mile for the way that

why do way I'm giving you very good guidelines you can see

but this is why I say we're never going to have the same identical crate.

You know and if you think that's the case.

Although mean this in a harsh where I'm trying to help you

this isn't the right business.

For you.

If you think that view and I are gonna have exactly the same.

Conclusions all the time when know and you

know this this is why and professional circles.

I said this before.

As I became more senior and I saw juniors come in and I used to try and show them the

ropes and.

The the failure rate so high

eight to nine or ten people fail in this why.

Your of east to do with this they're obsessed.

No envy did that he I have to get it the exact same as him.

Know the market doesn't work like that you gonna.

Observe

perceptions of

you.

Are going gonna be different

look so of the or the thing is I think it's cause it's never been pointed out

potentially to you.

When you do retail education is.

What is a marketplace is an option of.

People.

Just every single person perceive.

Value to be identical.

No I know I talked about eBay saying the iPhone is one thousand pounds but.

The same time your perception of the value of that phone.

Is it the same as everyone else is no

coastal.

Might be one thousand and twenty it might be one thousand and thirty.

Someone else's might be happier thousand and sixty.

Why did you think an auction happens in eBay

do doesn't always sell at the same price.

Everyone's perception of value is sometimes slightly different we have to accept that.

Thus the game we're getting ourselves into.

Okay.

So on.

Could be a reality check in its own ball mill going to do that look at the end of the

days better that sometimes I say these things.

As I'm doing them right.

So I'm going emerged her and sorry it took me so long to go through that

is important I want you to see that.

You know my logic is my logic and it works for me is not going to be always the same

for you.

Then you can see here

brilliant trading opportunity gripe.

Ten times I attend I'm gonna be selling this market assuming all the other things I

look at

which will obviously talk about later but.

Look value area low we closed he didn't we saw overnight we clearly did walk

built value.

Here.

Right market condition changed.

I'm looking at shift

would it up for the value estate expectations framework.

Balance to imbalance if the value areas broken or put it in six sixers walk.

If we build the

above or below the various value area where have we done here overnight.

We've built.

We've come in.

Markets open here

drove up.

Does this law he loves to close

gaps.

And to value areas okay so does something to watch out for haven't really spoken

about in particular

but do you watch out for.

The market will

love to close this gap.

Just a complete the auction

and then

they will drive down so

even if you got your early and it drove up

personally.

If the all the flow is correct ought be adding you know you could always

stop yourself alive get back in and then

you'd have a great move and where's your target

really spoken by.

Previous when.

So.

I know I said I will open every single one up.

Just love

stuff on the show are powerful is so.

I won't keep doing that bottom.

Of asleep.

Cause time will get we haven't even done was free for

a few days yet but term.

Just wanna show you the power of this stuff so

anyway obviously here there's no merges right there's nothing to do.

Now.

This is where you can start to look at split.

Because look at the end of the day the market

didn't balance from there to their did it.

What you can do as you can say.

And.

A think I mentioned it before is.

The period.

The tpm appeared that came into the balance area.

Way

you've basically had the next day

sir in fact lemme bakopoulos will be here is.

What actually happened is this period

what if we actually done.

It wasn't there at the time of.

This period coming downright

this didn't exist.

So here on this day

what would we be using.

The area she can see brilliant trading of between is again.

Right.

So here's my point

and on this day.

Right this day has formed.

Would we merge with this day.

Personally

odd just merge them straight away.

Because I don't do the splitting thing.

Of got my own reasons for it's more personal reasons okay.

And a lot of the is to do wave it takes time of to see have to take longer i'm

looking at so many factors in the morning when I'm doing my ipo.

And I simply.

Don't do it okay.

I am found for me.

Thus necessarily made much difference bought.

It is more acura if you do the splitting procedure

which I said I'd show you and then you can make your own decision.

So is the period that comes into

the balance pier the

okay.

She.

Click on it remember

to

this period.

And you click on it

split profile here to see are split out.

Can you see what I'm doing.

I'm getting rid of despair.

They

can you see

perfect balance now.

Okay so you can do that

do it if you want odd recommend you do it at the start of your career.

I did this for many many years

just to get the perfect balances and technically is correct isn't it.

Sought to you.

I don't do it.

And.

Blank if I merge with.

I prefer

to see.

All right your value areas going to be a little bit more accurate pump wherever it

was their minds gonna shift odd.

I've got my reasons for and luck I said.

Thus my perception of value

I'm happy with it that it might be

not exactly perfect.

Cause I'm looking at so many other things anyway

fine.

But.

Do it properly

and then later on in your career as you get more advanced than.

Cause you're going to be taking your time over these things.

Begin look

do it how you want to do a of shown you how I.

Do it.

So let me start again.

So the period comes into the balance area.

Split profile here

you can see actually is the right way to do it is an ex again the right.

Balance so.

Image of next profile.

Okay.

Then I'm going to Mark

the.

Okay

to can you see here we've got overlapping balance now.

Sir what I'm going to do person is I'm going to.

Moved up.

Pointed control air new see why I'm doing that.

Cause what I do is when

obviously the previous balance is no longer valid.

Cause the market had fair value here.

Is clearly told US is shifted.

Shifted

right ceremony condition change on the day we've actually had a composite condition

change.

This is still very much valid obviously if we go here you

thus

going use these levels.

Thus not the case

it's.

We've got overlaps clearly the market has told you.

That.

It's perception of value in this area has changed okay

to all get rid of this

some of the

you to do that.

Casey just click on it.

Caught drawing here okay

says caught.

And and just like to tidy up a ban I just get rid of it.

And then

do is our Mark.

This area here

because it's still very much valid okay the top

with balance.

This era.

Okay.

You can see the market

respects it

very well.

It's just this.

Look

the market build value

over it

is clearly telling me that is no longer an edge.

Of removed the edge I hope that obvious to

the case would get rid of it.

I.

Okay then we come into the next day then I'm going emerged those who obviously

that probably have.

Some sort of half day in the markets or something I don't know.

Merge

next prefer okay.

To we're gonna

do what adjust.

I again know we get into a gray area can you see why I wanted to do every single

day.

Or milk

showing your perfect cherry picking cause doesn't work rather.

Or I and this is part problem with

half the stuff I see out there

to cherry picking crap.

The end of the day you're gonna face tough decisions.

And you need to see this as an.

Amazing opportunity.

What

algorithm in the world is going to be able to make this decision

in a.

Systematic way don't happen.

Okay anything systematic algorithms got the edge

it's going to get wiped out

in not going to be able to compete.

This on the other hand you can really start to think hang on.

Wooster market trying to do here

aka emerged them does it look cry

cetera et cetera.

For me

or I it did end up rejecting

wa.

Spend a big part of the day

with imbalance on good emerged these.

You could argue and say note you know war envy.

We opened our we came out we rejected.

Point of control and actually we ended up slightly outside.

For me.

Not enough of the day.

Was outside of it.

If all of this.

You know about

sixty seventy percent of the day was outside fine.

To see

I made a decision based on my logical thinking.

You can think of it different he has absolutely nothing wrong with that.

And.

You know.

You just deal with the consequences because the market.

I'm not going to be the judge in this situation is right around the market was wholly

and you can see end of that they.

There must have been some.

Investors who perceived it.

The way that.

I.

I see it which is the

merge the two and then obviously look clearly the market.

Did respect this edge.

Of value here

either way respected it doesn't really matter almond emerged them.

Take

and I would have adjusted it.

And fight my way ended up being slightly more accurate but again is not.

You can find times where you make decisions on the market respects that.

You know

we're not talking a million miles apart rv.

It was either.

The areas here

or here okay.

And look at the end of that they hear.

Yours got more it respect it

being slightly lower you see evens itself out honestly.

Of just learn overtime make decision move on.

Don't get hung up over it cause if you look for that.

You see this is the problem sometimes of being to system take.

Is you keep chopping and changing and you'll drive yourself nuts.

If you tried to come up with a perfect method.

Cause it will always even itself out typically as was found if you.

Use logic.

And 'em stick to

you know your way of thinking and don't let other people's things cloud your judgment.

It's going to work how much better few and.

So yeah so the next day came in we opened up we went out.

Army was imbalance would you agree those two are.

Of see balance now.

There's an important thing here

I would have mentioned he.

When or if Gore.

One old

the saw a value area I'm looking at and I've got more recent on guys.

Each obvious right the recent

reason.

Composite is going to trump

old value

obviously because this is new investors.

New participants that may not have been active in June's.

Have come into the market in July.

And this

is kind of off topic by so very important point

where again

you can really

start to think.

Logically and.

In an amazing way that

you know I'm trying to bring this thinking to you that you may not have seen.

In the traditional space.

Do you know is how I said their.

Investors.

In July that participate that weren't there June.

The day that out the box thinking.

Could have start thinking like that and you know off.

These a new participants that may be weren't there were indicator in the world is

going to to either.

Nothing.

This indicator

okay and I'm not patronizing anyone.

In fact embrace it.

I'm sure there's many times where you used indicators and though getting fed up of

one to rely on this thing I wanna be able to think for myself

giving you an amazing opportunity to do the.

Okay.

So my point is this was recent value it's obviously new investors his new.

Approaches his new perceptions of value.

Is always going to trump old one so.

If I have to make a decision in the moment between.

This value area and this one.

Obviously the new or one is going to take.

Presidents and I hope that obvious

okay.

And I'll even be honest you provide period of my life where of actually just not even

bothered

marking kinda.

Because it can sometimes get messy I'm just trying to give you.

Options

that you can make decisions on through observation so.

I got no problem of you get rid of.

The entire thing

and just not marking this line.

I like to have it because it's quite recent.

You know if we start to move on in time and.

This is still here are much

and the market clearly telling me as not respecting it.

To you see here we just traded through it.

We traded through a single days.

Here respected it quite well here are respected him

quite well this there was a bit of trading

he it did respect he was okay but what I mean as if we get a day.

That just trait over and over and over it.

Almost going to cut it.

Basically is my point.

So hope that make sense it gives you some.

Really good food for thought

so these two clearly we can emerge.

Okay

at this stage I am probably just gonna.

Either you can cut it.

Sorry.

Caught Troy here.

We can just any obstinately

okay.

So anyway let's move on.

Because she are not getting rid of any of these have only gotten rid of the that are

don't get rid of them until.

A new composite comes in and we overlap.

So here we've got balance then we move on we heard this day which was fairly

rotational and then when imbalanced.

I'm not going to emerge anything.

Here still.

Then we had this day and this day.

And.

I'm gonna merge these two.

A pretty good balance.

That because I merged them on the to.

Mark the composite.

Okay so we when.

Rotational here.

We had fairly good rotation.

So they may have been opportunities in there.

Your final rotation and play you may have got a little stop

I look we build valley below.

Condition change what did I say

balance to imbalance of the value

is broken

and we built value.

Here where's your target.

Next composite look at a beautiful day.

Why self explanatory this stuff like I said this this stuff is unbelievable.

Saw an indicator

just transaction to transaction

value to value

like I said

balance to imbalance to balance the imbalance

the balance thus Wallace doing all day long.

This just helps you identify.

Fair value so you can build training opportunities.

So.

I personally wouldn't.

Merge any of this stuff but again what you can

is.

So will you know is is typically the best times to use the split saw.

Where you've got no.

Balance days but way you've got double or triple distribution days.

And if you've read markets in profile all the of books that I told you to reduce see

this day types.

Cause I got no time for all that stuff to

me is all very rules-based or this shape is.

a

trend day this shape is a.

This distribution day or no more

are call remembered looked at this years ago there's all these datatypes you see.

Go through the process and at you observe it for yourself but for me.

Nonsense

and that they are driver just make that.

Decision on potential data myself.

Or distribution shapes a unique in their own investors as.

Behave differently slightly every day.

Solar to be loose with my.

Definitions of data for in theory.

Is a trendy because what is it balance to imbalance the balance.

To

imbalance.

Those are the days where you get.

Value overall

is almost like what I said to where you have

this weekly profile and I said I like to.

Split them out

to see that's all you're doing you're just doing it honor.

Day

basis as opposed to the whole week.

Which is what this could be.

Hoped I make sense you know where I said I was looking

image

the previous.

Sections of stage one I think I was showing you guys that.

You know the problems with weekly profile says they can.

Have to distributions that's why I like to split.

And do what.

Merge.

What we're doing now.

That all you're doing when you're using the splits.

And that will obviously huh open when you get these.

W distributions.

To see that's just one distribution one value of a sea of.

Merged here but

here

you could argue.

You've got to distribution so you want to split the I'll.

Do it I ako

is no that can't be bothered by it's.

For whatever reason.

In use of watching this of just found.

That for me

what I want to do to split thing like I said it's a personal decision but.

I'll do it so you can see.

How to do it.

So juicy this whole.

Balance is in here so you can just split out.

Essentially split prefer here to see the.

Then if he won.

You can imagine

to she doesn't make much difference while I just don't do it.

We've got my reasons for apple.

Sub to you.

Then you've got this balance and this balance and you see you can.

Then.

Split the profile their does it make sense hopefully it does.

She and you.

Half a day and half a day and.

Okay.

Now what you can do is or not gonna do it.

In theory what you should be doing is.

Doing that.

Remember to do it why is that cause what is this what exactly is this.

Let's have a look.

It's half of this day and it's half of that day can you see is a day.

Why am I going to.

Remove such a powerful composite.

The of got here.

One tooth guys for days on going to remove for what one day

night.

Could not going to do in a million years.

Purge pro

begin merge prefer end.

Alright

if you want to do it do it by is not.

Is meaningless Muslim just be a day.

I hope you can see that to amil going to do that.

So I'll leave that there.

Even here.

Look in theory.

Can you see.

This is.

In fact I'm glad frustrated this is another reason why.

I don't necessarily like to use displays cause I don't want to get into these.

Grey area should I do they should have no no

let me try and make my life simple.

That's why I don't do it bought.

Do it.

Do it for the next six months keep splitting keep splitting.

Until you observe and you think do you know what.

Maybe I won't do it because will envy showed

me here where you start to get into these.

Having to make these silly decisions about

and.

A popular game rid of old composite style so powerful four days value

and replacing them with half and half now I don't wanna do that and then.

It might make me merge as I showed here.

This half-day with this one day and.

Then I would have to get rid of some of this powerful stuff.

As in multi-day.

Composite value here.

For investors have told you for four days the happy with value why would you replace

it with

something like one day

balance one and one an off day I'm looking at the a guys okay.

Epson.

Luck I said it's up to do the splitting

do displaying keeps flitting.

Is different if.

I've gone.

Balance stay here have got balance they here of got balanced a here in emerging all

of this.

With a split.

Different kettle of fish fine then I will chop all this.

On the doing ama.

Emerging like literally this half a date which wasn't even balance

show me whereas the balance here there's no balance.

Just.

It's just an imbalance market.

The deceased balance right.

That this is a balance day.

This is a nice balance day this but you can't see that cause of coveted.

The skies is just.

Nothing

the market couldn't

agree.

So you know at the end of the damn not gonna do it.

This sua like showing your day by day by day you see you can see the decisions are

making their body.

Is on

carry picked examples where it's just everything's perfect.

Law life's perfect

up.

Indicate er.

Or whatever's told me to merge so night doesn't work rather and reality.

Show am looking to merge the of the staff.

You can see the market essentially

went from imbalance.

Didn't find value here but.

Went balanced in this environment.

Good trading opportunities right.

We come in

from an imbalance perspective we build value here was target

to member

in a balance rotation environment environment expect to test.

The office sign of banners.

For me take some profit there.

Where do we go of aside abundance.

That with some or put the as.

And.

Number one.

Cake so

I'm going to try to speed up a little back so she we've only just.

Not even covered a month.

And then we come down yep I'm gonna merge.

Those two

to see we respected it there.

Let me marketer anyway.

Kate merge.

Whereas of you

just going into a I'm not really gonna give you my logic for it's just obvious.

That clearly.

Has a bit of a wild day so nothing doing there.

Submerge does to the norm read

next parental.

Mccain

that nice.

Drive of the point of control.

Heading towards the end of the day.

Remember what I said that last period towards the closing crudo.

Is completely crazy voice.

I generally don't

trade that last.

Two to two thirty towards the end of the day.

Crude as this thing where can be balanced all day and then it can just.

Go imbalance to switching the last half period it's crazy how does it.

By fine at the end of the day we trading from nine in the morning US time.

To two o'clock you've pretty much got ninety percent of the session where it does

tend to behave itself

to some extent said don't worry about I don't

let one period put you off is meaningless.

I think earlier on we were looking at a and it did die one of the early.

Days when she's Lola every day by it does have a

habit of doing.

And.

Then we've got I'm not going to cover every single day it

you can see it's obvious that the market.

Is.

Respecting this value area here we had a bit of a choppy day

and

I would probably.

Merge this decent this right cause it's all within the same.

Sort of period.

Okay

can you see the low evaluate state the same amazing isn't it.

To argued have.

Diary there.

Than here

you can see

very much respected by the market very very strong area.

Confluence.

Confluence of transactions not fifty percents

fib bottom trendline that makes no sense.

If you saw more footprint example we saw what

happens the trembles when you switch from

minute base chats of owning base Charles

so garbage guys.

Thus no confluence.

This is confluence of.

Demand and supply not.

That demand and supply

know nonsense I see people drawing on

and.

You know that

there are.

Charged is

more.

Factual demand i'm talking market orders.

Right value area of

more

how are these value areas formed.

Statistics based on

actual market orders transactions.

And die is incredible confluence.

So we opened up yet we didn't test the upper side of the value we drove down.

You may have tried to get sure in here doesn't matter you got

take a little hit.

And as soon as you see value building here.

Amazing opportunities

to go to the other side

bright.

And in fact

at the end of this day I would have.

Merged it obviously i'm going to emerging into that.

Why.

So there is some overlap here

nor enough for me to necessarily want to get rid of this look is such a.

Small amount for me thus incredible confluence.

Or look at our.

Beautiful day.

Absolute killer of a day.

You should be killing it on this day guys.

Balance balance environment stay imbalanced as I said value expectation is what to

stay imbalanced.

If your balanced why would you want to.

Target of banners you wouldn't.

Obviously the expect an exception to that is if we start to build.

As I said around this area and.

Then you can think of about.

Breaking.

Early

and preempting at fault.

Unless those clues are they're.

Just just do what the market telling you to do which is it wants to stay rotational.

She a very much the market stayed within.

Violence make sense.

Can emerged up.

Can adjust the slightly.

This day

nothing doing right.

Supt you have you Mark these point of controls

you can just take 'em off if you one.

And just remember where they are about to remember like I said a day comes in and it.

Just drops off and on

to maintain a

sought to.

You.

Do

can get bit messy but I like to keep on the.

Then you've got.

This day.

Nothing doing

I

got this day.

Case of believe that reach and you see are still leave these on

for come

two months later to this area I need to know where was fair value.

Were

in this area between sixty and sixty five.

Did the market.

I mean.

Fair value to the on a composite basis.

Again into August now.

I'm really going to be quick with a.

Their salman emerge.

Because I'm rushing a little bit for make him an obvious mistake.

The whilst you're watching his back.

You think all why didn't he do the apologize but I'll try my best to be as accurate

as possible.

Cause I really want to get through a lot of this just because I want you to see.

Day by day by day by day.

Almost one year period if I'm not missing it that you can't say to me or envy.

What happens in this environment he wasn't clear

know.

The show you everything covering all bases.

So that when you face this you have a good point of reference to come back to.

The case of clearly are merged that we went imbalance nothing doing their nothing

doing their.

Terms of merging.

This nope

because we had these periods in between some of his arm local emerged that.

This and this yep.

See I'm going emerge these days

this and this a thing is a fairly.

Good balance you can have a look at it.

For me.

Okay of said this to before.

Is kind of a gray area you could argue to me year but envy to know what.

We came in we rejected

value point of control we came out.

With built a little bit of value there.

For me that wasn't enough.

For me to say

though is not Paul I'm quite happy to merge that and I'm going to market.

Make a decision move on.

Docker said when are always going to be identical and I've said this before.

It's not the right bribe.

You know it doesn't work

in this business.

People and luck I said that perception the value can be different as yours or mine

can be different.

So what am I going to do them

can see the overlap when a cut it.

Caught this.

Drawing here.

She the older.

Not going to use dining.

Finished.

Point controlled get rid of that.

Mark this product control.

Luck I said look if I make

a

blatant mistake obviously I'm not mocking.

However many two hundred days there are here.

Every day rights obviously i'm rushing through the moment makeup.

Glaringly

obvious mistake and I do apologize for the in advance by trauma best not to.

This day we went rotational broke out and obviously

when imbalance so.

Amazing digest literally strop for everything then it happens.

Hotkeys aren't perfect.

The problem is are caught merge this with decent desk cause we've had.

This

is couldn't look if I try and.

To Shiva.

We're going to do that cause it's just nonsense.

So when we have days in between went out of balance we come back into balance we

don't merge the okay.

So for now.

Very happy with all of this

see how powerful this is.

Market condition guys here.

It's balanced here we went imbalance then you could he keyed of some of these

previous levels.

Obviously you'd have tools to help you do

this guide you like the v op is a framework.

That all institutions are using.

Is agree.

There's going to be greer is in that but I'm going to give you the frameworks you can

start to develop the understanding of it.

As I said in the next section stage to.

Which after this we're going to get straight onto the.

And.

She here we've got.

a

very much the market is respecting this rotation you see here.

Respecting to I'm going to emerge these two.

Okay.

And therefore this old on cut it.

Yeah

great.

Because it's game.

Overlapped with new value.

New investors have come into the market.

They've told US.

That perception evaluation amen emerged that

we had a nice rotational day there which you could have taken trait of using.

Obviously contextual.

Levels from this composite area.

Will come back to this the actual.

Specifics of entry don't think I sit here.

With my pen going oh yeah you know what of just.

Yep

we opened it none of

the actual.

Intricate detail of getting into trays outraged that done on the chalk

using the v wraps said don't worry.

I'm just trying to get you thinking in terms of the would record of the value

expectations framework can you see the.

I'm shauna help you.

Develop some hypotheses thinking this the very the first part of it.

I don't need to think our investors common in Boise he doing here saying oh I would

have done this I would have done that no no no no.

There's no one doing it all in fact them.

Slowly laying the seeds in your mind of why we have.

Expectations and why we build them.

Up and how we do them and why we're doing them.

In terms of the composite gonna then combine this with the view up and.

These levels.

I'll have the marked on the chalk okay and I'll show you how to do that.

In the future

so.

And.

Merge with next profile yet some and emerged

those to clearly cause I was balance there.

Okay then we kind of didn't respect this at all in this day.

We had a bit choppy day there.

And then we came here which agree looked at just overlapping guys I'm going emerged

of to.

No questions asked.

Investors came in and they told US to know what we've got no interest.

In.

This voluntary and this balance area

this is now a new balance

is within.

Two of them but.

Clearly.

And.

Walk it changes its mind

you know.

Locker said this is normal was a good thing the markets giving US feedback.

The actually is no longer interested in this area.

To get rid of that.

Caught drawing.

Kucoin coin here.

And we just keep moving on

so you see that now got rid of that cover to

gorilla printer control camera that.

Train.

For forget to Mark these point of control again forgive me on August she alternative

load in one go.

It's been years since I did this I used to do this obviously when at first I looking

at this.

Surprised.

In a relationship I suspend we can bear market replay doing this stuff literally

slight seven days a week.

Sticks or commitment and requires fee

to.

Of she into a around your job and staff bought what I'm saying is is not always going

to be jewelry market our try going to be doing this stuff at weekends evenings.

And just doing loads of merges obviously these days I don't do it I'll just do my.

One day and then I go off by Peter.

Just normal that can take me as her.

Now here.

And.

I'm not necessarily gonna.

Or Morgan emerged that and that right because the majority of the time it spent

outside of value.

Bought

to remember what I said.

When another day comes in it can change things completely.

Because the markets telling US actually.

Amin find you that aren't gonna merge the for

so this is the point where sometimes three days might not be emerge but fourth day

comes in

gives US a bit of information I

to buy this in task one.

Similar manage.

The

emerge.

The okay.

See.

That needs to adjust.

Thanks to my chest.

What might do so much speed up a little bit just because some of these a quiet.

Clear so I don't wanna

obviously go through one by one by

look these three days I'm going to merge rise of this day a wouldn't have merged new

day out of merged.

Right

and I would have drawn lines and I would have caught the out but just to save time of

his helmet emerging with that one as well.

So I recognize it won't happen

oversee all at the same time.

I would have had two days merged that I would have grown in.

Mind caught and then I would have done it by just to save time and just can do all in

one go.

Police caught that.

Hope is becoming clear one doing here.

Those.

Are all of these will no longer using them.

She's no no coincidence point of control big.

Value was there then he was there.

You see little things like this all the time.

That make you stop and think oh okay that's what the market is trying to achieve.

Giving me a little clues.

So here we've go.

A new day

where we've obviously gap.

We haven't necessarily.

Should have a look at this.

Yeah we closed there and then we kept up and we so.

Obviously I'm looking emerged that with that right.

Then this day comes in.

It's a tricky one.

It's a tricky one isn't it don't keep repeating myself but you can see.

It's very very tricky or milk and emerged them

to mba said if in are opening up see worcester market trying to achieve

and here we spend such a huge amount of time.

Outside of balance I'm not going emerged of to abela to you.

That make sense to me.

I've got pretty good.

Composite here.

And there you can see I'm going to do duties of the I keep saying I'm not going to do

it all the time but you can see some.

Decent value been built here and trading opportunities.

To get sure and target walk

previous composite again it happened over

two days this time.

More it a hold of know is this genova

know is this show much over the last few years.

And.

As my obviously understanding of value is got better and better and better.

Is just become clear to me that.

I am shortchanging myself a lot by.

You know I might get short haired take my profit book prophets be done for the day

smooth equity curve I told you already.

I could potentially be holding some of the stuff much longer but.

Is not a negative thing.

Yours called recognize potential opportunities you're missing out on and do something

about it.

Don't dwell on the Potter and care.

You know.

About an.

Amazing.

Career up till now and you know trading has.

Given me an amazing

lifestyle

and.

In according to how.

The sort of things I want to be doing so I'm very grateful that don't get me Rhonda.

In

Albany regrets is not that I'm always thinking how can I improve and this is one of

the things I'll be honest with you and I'm showing you just because it.

Like I said I like to say these things as they crop up.

Is I have no is this a lot.

Is a market will achieve.

What the expectations are it just won't necessarily do

in one day or in a smooth motion to.

Knows Canada trade of I told you about where.

Do you want.

A smooth equity curve or to one.

Curve like that.

But the end of.

Period you end up.

With obviously and sometimes you could argue you know what

emerged was in the bank account the end of the month and if at the end of the month.

You

to end up with that much rather than that launch but you may have to take more

drawdown and it's a bit more lumpy but manageable.

Wanting you to it this way.

Each to their own.

I'm just putting these things out you so you're aware of them.

For most of my career I've always

preferred the smooth curve and just accepted that may make less at the end of the

month though.

You can always.

Make the up by of she trading bigger size bar.

Tender as its trade of his walk psychologically and.

Risk wise obviously has its trade of said.

Just to appoint those things are too so.

I said a milk can emerge those two about.

This in this.

Pretty good balance I think.

Clear ballot so

you can split these outright remember I said you that was up there we came down.

Into this period.

Savoured.

Split profile here and in fact.

Probably even.

The latino

and this this profile split.

We can probably to scared of top whole a

t p o that came in.

Okay.

So as I said I want you to be doing this stuff

and then

if like me you'd been cropping UK.

So we've got balance here funny enough soft change your mind know.

It's very much on the egg isn't it

majority of the timeless below.

Not enough in

in the.

When in fact you can see it came down respected

the age of previous value very well.

Same here we.

Initially would have been rotational overnight the condition change cause we broke

out the value area low.

And

and potentially would have had some shorty opportunities and you might have tried to

get short they're obviously.

You know going to win one hundred percent of the time that could have been.

A stop power or even.

A break even though it depending on how you manager began to get into that later.

Then we very much come back in.

Know merging.

Token emerged than that am I not going to understand that.

The and that you could argue

we see again is a gray area and is

a want to be honest revealed show you.

The is imperfect

you're gonna have to.

Learn to make decisions for yourself which look at the end of the they know what a

child watching US.

You make decisions I totally respect you and I know you make decisions in your work.

Every day or know you're perfectly capable of doing it.

I don't mean to say learn to make decisions as in generally of coastal.

I totally get it

in most things in life you probably making a

meal little better decisions than I ever him.

I'm just talking specifically when it comes to this apply

what you already have

just apply here and just try and.

Use

a logic and buner.

You can do very well if you do that just accept.

Chinook is not perfect this different people in this marketplace with different

perceptions of value in.

Scott train.

Work around that basically to the best of my billion actually a great advantage

because of or keep saying it.

Algorithm can't do it you can.

So.

I'm in two minds about this

I like to just make a decision and go with it.

You see if these were quite.

And.

Balanced in the sense that had decent ballot and this just

maybe had some nice overlapping and.

That this is the key decision maker for me if this had good balance

it doesn't buzzy it it was quite a strong trend day.

And if you think about it what all trend days.

And.

Obviously I did say I don't like to use the word

trend trendy by

is used in that book markets in profile

but I mean more in terms of profile.

A trend a imbalance day

and terms of profiles.

And.

Putting really build any value anyway he did we we tried.

But really we just had.

A lot of imbalance

imbalance in Ballard's

slug what you call the triple distribution day.

Really

because of that if it was nice.

This was nice this was nice would emerge these three

sorry that a terrible corona that it was day.

But it wasn't.

So I'm gonna leave it.

Let's move on.

Clearly that and now I'm gonna

merge these two.

You see you cards split this out.

If this had happened.

First and the second

you could split this our and merged it but you see this got in the way.

She got no choice but to just merge as is.

The sure you are me.

You can split the south fry.

And

do that correctly.

Sorry.

By with me.

Join a backup

and.

You can split this.

Outright but the problem is.

You can't merge this with this cause

in the way.

She have to merge all of them anyway.

To for me thus pretty good.

Pretty good it's good enough.

The waterways

Bible.

As the decent.

And they have faith as a little bit of overlap here.

Not ideal is a

obviously I'm going to get rid of this not right.

Can you either got all the way back to the.

Chopper of Capri here.

What if you want you can just cut it.

Here.

In this area just before it starts.

So because they're very close together these two Autumn like.

Obviously if.

This was down here I would have caught this.

But.

The clues in the profile

very little volume traded here the market still happy to respect.

This area or omsk and a lever

no harm in just leaving her.

Can I'm sorry I know a cover some of this stuff I did say at the start with football.

Which she has nothing I can do about

the.

Scientists.

Can the second.

So the next day we

do.

Rejected the point of control which at the

other death of forgot to Mark this and or the previous ones up in.

Pa think I got the point in control it most of them by anyway so rejected we came

down and obviously bounced of the next.

We went straight through the valuer and then we came down and bounced.

The point of control.

Than we had this they clearly no merging these two clearly gonna emerge them.

Okay.

Cause I've been doing this for years energy if you go back to even my very first I g

t v video she will see.

This going on while more choice you see all of this and now you can see why I'm doing

essentially.

I.

Believe we had a

big gap hop.

Just double check.

Twilight to show you crude because.

Crude can be.

The crazier Thompson.

Forces US to make.

Decisions.

So we kept up.

I.

Obviously that was a huge fundamental event.

No merging there I'm not gonna emerged that then we came in here.

And.

This day

and this day I'm not gonna.

The little bit of overlap thought.

We spent the bulk of the day outside of this value area.

Okay.

She that.

This was falling in bulk of value

lacazette he can not sure keep saying it but

is important because the first time you senior.

Spoken up see what the market tried to do I agree it came back in

but that was towards the end of the day was in enough for me.

If I had seen this much www.

It's coming back later into the day

yeah would merge them both in.

Can make a decision to me.

My perception of value might be different to yours bar.

Thus happens.

And is true why say right you and night before on eBay or work done male where we are

tesco eBay Amazon wherever.

All perceptions of value for something consultants be different

and it plays itself out even here so.

Look.

Emerged them just to show you that but it looks like and you could argue.

Envy

it looks all right to me.

Fine go

it see what happens.

That the market agree with you will know

and that's how you learn.

The end of the days no movies and even if we're for on.

eBay whatever is Amazon or keep going on about this stuff but.

This stuff isn't beyond you because

you go to accept even in the real world if you are now our bidding on something on

eBay are we going to

have the identical perception of value of course long be marketplace.

The world won't be able to function if we always thought everything was exactly the

same new and work other.

So you know if you will emerge them the market to I'm not.

Going to.

Unlucky eventually even itself out anyway right because of

our movies you can emerge this in this.

And then

this they came in and the whole thing gets merged or.

So.

Accounts skipping merging and drawing and but as cause obviously.

Of wanna.

I'm conscious of time and I just wanna.

Start to speed this process opened it up and keep saying up and

bearing it.

We've got.

The.

Cannot do like to Mark the point of controls are not keep saying

I sought to you if you Mark

or.

I just want to repeat one of the rules don't forget this

when balanced was the expectation of a side of ballots okay.

And actually do you know what this and.

Thought on done everything were split in this chops of she could start again because.

Of showrunner.

Merge them or backup for you of income may have.

Forgotten this form for some weird reason.

But anyway.

So yeah these are three separate day so obviously we've had they saw rotation

environment that we go imbalanced.

And.

Then I would merge obviously that.

Right

and you would have.

Balance airy here I'm not going to draw in and then Katya and then.

Nokia boggs y'all would emergent with done and adjusted and so on and so forth.

Or I would have caught

this area else i'm going to do only

go just stop sheep save time.

But yeah politician father or thought thou had

on merged every single thing in this chalk.

And to do it from scratch both.

Theory happens.

And.

So clearly ancona corner.

Peanut put up to their and doesn't really matter.

How much put out there

be neat.

I move on

essentially.

Said this

areas of very balanced period but as we know crude oil.

This year has been completely.

Crazy in the sense that with had load of imbalance has been a historical years.

Thus thus I really want to.

Just fly through a lot of this because I want

to show you different environments and how.

Throw anything at me and I'll make a decision

okay.

Thus the key

to really building edges

here.

Said this whole period is imbalanced imbalanced imbalanced imbalanced.

And just to keep reiterating the law of why do say box good reminder few.

You see this day we didn't really have anything to key of.

Like this area was of seek

choir above.

So you can always key of.

This you know so.

We opened in a rotational environment you might have taken a little here and then

we'd go build value and then we can

taken in butter to trade down

and you could actually see you there is.

Trading thus taken place historically in this area I'm not going to go back there but

you probably have a composite there.

To help you build expectations

but as I said there's only so far back you can go.

Yeah.

To

be through a little bit.

So I'll make any played him mistakes I do apologize this decent

som can emerge them I think release gonna.

See what they look like.

She that was pretty good isn't it.

This is obviously not gonna merge with that then we come back in I don't really like

these three have mentioned it before.

I wanna see just a little bit more within here.

If you merge it is not wrong okay at the end of the day.

Only keep repeating the same points make a decision.

And room of a sure perception of value I talked about it a few minutes ago.

Make a decision to move on.

These two clearly you're going to be emerging them.

Okay

down can obviously keep

this you can see how many caught the sauna.

Cuts.

The.

Get rid of that.

Control.

And put up opponent controlling.

Apologies i'm

trying to speed up a little bit.

Could we have got a good six months left to go up.

Not gonna give you.

A good as I said.

So of range of.

Scenarios where you can put your inevitably going to face in the future.

So emerged are thus outside of ballots cleaning or emerged at.

This.

Point is obviously you're going to be trading this is in a rotational way targeting

what officer to balance.

You see the market as respected.

This for multiple days said

this would have been.

Hopefully of grey period of.

Alpha generation fee because you've identified.

Confluence here between.

The edge here

the value area low here and the value area high heel.

Confluence.

Then take him trait of

lunar could this when we introduce the view

obviously.

Okay so clearly I'm going to mercies one by one then I have a new new lion than him

emerge.

So what I mean is at merge.

That.

Then I would draw a new.

Area here.

Going to get rid of this.

Right.

That I'm can keep merging them.

And adjust a emerging and adjusting some of the do that now.

That I wouldn't bring in but then the next day comes in and I would merge all of them.

Right hopefully thus making sense to.

Okay so of would adjust.

I would have been adjusting obviously every hallmark.

Ploy in a new merge.

That they were broke her of rotation both the expectation to go imbalance stain

balance go to.

The next.

I

see the perilous

bill or value when imbalance target

edge of the next profile the next composite.

As I said in.

Hesitant

to even use the word rules.

The expectations go to a previous balance typically composite so.

I.

Have move on.

To be using all of these historical levels to.

Off until we get new perceptions of value.

So.

We had this imbalance they imbalance the balance balance balance a case of I would

obviously I'd be trading this as a rotational day.

Based on

this earlier composite unmarked.

Then

would merge with the next profile hand.

Century you can see this becomes redundant doesn't it.

That because I'm rushing are no haven't been marking these edges

sought to you if you were at the luck I said I'll go through periods where a markham

and I don't.

But you can see it starts to become a little bit messy.

It will be quite clear when we're on the veba chalk this will be nicely spread out so

don't worry too much ball.

Sometimes I'll go through periods where it easy as look it's not it's not long just.

Arbitrarily deciding or don't want it

you see there's always logic behind everything I'm doing.

So I would probably maintain it was his being respected is my point.

Right so.

Here we respecting

the edge of this old valley even though if.

Ah sorry

that hadn't actually formed at the time by

the second a route

once this is form so here we respected it.

But then here look we just ignored it the corner of.

The

value.

Over it.

So.

Scared of it.

And same with I don't know what this is by is probably a previous point of control

they get rid of that.

I can you can split the south split this out by Sony going to be half and half a day

or not going to merge them anyway so why and baba.

Then this day comes and goes rotational and

you see it respects this historical composite.

Disrespects here can you see guys

market respect value.

Why because

I said it before when I was building the expectations framework.

This is how.

Algorithms are programmed.

Because

they've come up with this amazing robot because he's how it works in the marketplace.

Is if we have gone through the so many times this why went through

and deed

and spent so much time in option market theories you understand.

Mawkish always looking for old valley

member milk.

Something up and disruption fundamental dish

whatever.

And happens in oil or have has water supply

disruption demand disruptions.

The always go and seek.

Old areas will be established.

And

with the Mark is happy to trade

obvious.

Sculpture market theory eyes finest thus what it is.

Don't think of this is roofs think of as.

Logically this makes sense to me I see it happening in the marketplace this is just.

A marketplace.

Okay so.

But anyway.

With regards to this particular exercise is nothing for US to do that own balance

imbalance days we come here.

I'm not going emerging in this stuff they're all just so.

Outside of each other in terms of value.

Then we come in

to this period.

Again

like I said it can get

messy cause you're marking the point of control

of to I like to have them if you don't want them get

him

but

I find that

the very important for me.

You

the distorted blue line is the point of control of the composite.

Even here of forgot her market dinner.

Take off the.

Repeated this day comes in nothing.

Then the next day comes in clearly balance or less merged them.

Okay we can stop feeling this up then.

Case

clearly this profile.

Gonna cut it

and this summer coffee.

A great.

Because swap.

Days.

Balance.

Overlapped they said clearly told US this is no longer.

An edge.

Jaci see what the market Spain he

talked about his in pask one by the market loves the fill-in.

Areas of low value so I can complete the auction.

Soonest started boys this this is just a previous balance area.

This is just a previous combat Ontario was the market done.

Filled in

guys.

Okay.

When it's doing

so what it's doing all the time.

Okay so.

This is an idea is a trend a while probably would merge in any way cause is.

Overlapping

it's not the crater spot

to make a decision and move on.

Got bigger things to worry about.

Kate on grammar obviously up an image

that.

Because we haven't gone anywhere right some gone anywhere.

Easy decision to make.

It's going to keep merging these and adjusting them throughout this whole parrots i'm

not gonna do if every single one.

Obviously as everyday comes along you just keep merging and adjusting and adjusting

and trading a rotation varma.

There should be an incredibly profitable period because you just doing walk.

To

the expectation you're in a wooded I added I write it out.

The

rotation expectation is obviously to stay rotational should see that.

In the conditions.

a

framework and then expectation is just a test the office side of balance each just

be.

Constantly playing as as a rotational environment.

Keisha eventually you'd end up with that.

Mark the prayer of control.

Okay I hope this is useful for you to see I'm not skipping days.

Off just every single day for almost a whole year.

She you've seen

either.

Douglas sound like a broken record bulk

this is how

is course.

I hope you can see the islam perfect indicate don't exist.

Go stop.

Dump all that stuff.

Perfect indicator as you.

Start to have.

Confidence in your own abilities and I know you do again is not.

Refer to speak to and like a child because end of the day of said this before many of

your older than me a.

Of respect for you

but you've probably achieved in life is tent out Berlin wall ever achieve.

But when it comes to trading in particular.

Poppy very fortunate to have seen the light

essentially the.

I'm going to let some squiggly line dictate to me.

For I should be thinking no let me make the decision right a hope you see is

so good thing that we have all these grey areas cause we can start to

add Alpha.

So again I could split this out but because it's only half a day a and one day i'm

not going to both.

Play around with it you know sir locker said you can.

Split it out

if you want

and actually I wouldn't split

because you see

most of that period is within this balance you domino.

And.

Just undo this.

So we want to do is you were actually split it there.

Case of that you can in theory.

Merger and have a composite their Bob

I either do okay so I'm gonna.

Market by in theory if you really wanted to

you could change up.

Sufi run with it cause this

see this is a very strong composite obviously the more days you have.

Is going to take something big for me to cop get rid of this but here.

What was it Wednesday Thursday was a pretty small composite wasn't it.

He has just two days.

And.

Portal of spot place unfortunately.

Yeah I said you could merge this is an ip I'm not going to.

Get rid of that but you can if you one.

With gone imbalanced and we've got one two three four five six oh look I'm not going

to do them one by one by one clearly.

There you gonna do nothing next day you can emerge in is going to keep doing the

right.

Here.

Case a nice overlap here and look how the market just.

Respected the area very well.

Cape to.

Can pick up the pace now.

To clearly

this day comes in nothing this they are would merge it with that day then I'm going

to do the same

here and here.

Okay.

Colonel obviously I'm of caught this.

So I did say I apologize because i'm going to foster may forget sometimes to.

Mark

twain of controlled for.

Cause don't forget money doing this literally

once a day if the

does emerge.

Put out Mark

otherwise I won't.

Who is he right now important day about.

Convener.

Couple of under time so.

Not pace so it can get.

Me unfortunately forget to Mark that point of control.

So here is a

tricky one.

See come in.

Let's have a look.

It's pretty good

mean.

It's obvious that gray area to show I mean.

We've actually normally I say hi if we just spend a couple of.

Tpl period to have in here mogul market by here.

She put.

Decent amount of time at least fifty percent and market cleared rejected going

imbalance almond emergent.

Keep saying it if you don't agree with me is fine.

Slope.

I've said this before obviously if you start to emerge something up here with days.

All

if we clearly our value and emerging it then of course I'm going to say look.

Maybe you shouldn't do that but.

You're not doing.

So we're going to Mark.

Sorry.

While there's going to contests.

And I'm actually going to

this as well.

Because what we developed a volume Roy over the top of that value very high so.

Why we developed volume.

Case at this day comes in I'm not going emergent this day comes in emerged to.

Quiet of a new profile here and I'll just call

to see as new profiles and new investors come in and perception of value.

Don't worry about looking messy and won't it will.

It will saw itself out very quickly cause Lucas already Stein to become.

Quite cleaning taught me to get rid of that for

to get that.

Camera that.

To she's already cleaned up this area.

Get rid of this.

I like to

have these lined up honestly doesn't matter it's just me.

Or.

A neat freak but.

Go your printer control their.

She shall all of this is old know

you're only interested in this this this.

She's very clean.

Very very clean.

And this and this album merge year

you see this rotation environment Bob merged that the noticed adjust accordingly.

Then this and this I'm gonna merge them

pretty much inside isn't it sir.

To

clear.

Sure you could argue either way.

He really good.

I'm not going to do it

but up.

Assume when you merge it looked decent yeah looks pretty decent honorable merger.

I.

Amazing even on different days your perception of how you can be different.

Asked me on this particular day

he knows what I would have done the.

As it stands

can you see

to me.

I like to open them up sometimes and just apply the of logic clerk.

That's why cause I could see any way with my

boy.

And I'll tell you whether is is because I can see the open and close.

Can you see the blue open and close so I knew that the bulk of it had built.

In a manner that.

Was above.

So even though year I agree we came back in in the last period.

Ultimately let's be honest

or cavalli was outside.

On the.

It

thus my logic

make a decision move on.

Know.

It's not just one day and then thus it for the rest of your life it is

market every everyday right.

Listen this

not local emerge this and this I'm not gonna merge

this and this unlock at emerge.

And

this and this

would merge.

Okay this is bev a gray area.

Happens

but ultimately the bulk of it was outside so I'm looking emerged that.

This day comes in and really was outside of that I'm not going merger these two I

would merge.

To knows I'm not opening them up and going through the conditions run up cause of

such when the gap ever move on.

Said as your rotational condition plane either side.

Then we broke or imbalanced play it has an imbalance trade.

Okay.

Smoke the player controls.

She this is a really good example of.

What was it to fool.

On the framework.

He is the.

Trade.

Balance to imbalance right if the.

Point of control holt.

So this is a really good example of that to remember why said you could be in this.

Balancing environment right market opens their in a building to value on the point of

control.

And it starts to.

Surreal my Pennsylvania knowing every time a wholly done.

The circle apologizes to stick neural her.

It built value and then.

We look to.

Break this.

Okay.

Soft said expectation want to failed.

Because normally you'd be playing this as walk.

By fading environment.

By here.

If by see value building on the point of control and we.

Build value and there's all the flow coming in guys obviously.

Precious buildings like a pressure cooker

pot is going to pop out of.

This area isn't it.

She could recognize that could be very good at recognizing the moon new look at.

How your rotational environment.

Market condition maybe.

She'll always going to do this perfectly law that sometimes this value.

Might start to build here

but nothing wrong with her.

Now who are we to say to people know you can't have.

You can't start to change your perception of value early of course you can't

who she felt.

You may be.

Just balancing here and rather than.

Go to the other side of balance you may stop to remember I said I'd like to take some

profiteer.

Who might see the.

Value building

and which we do

here.

And I love to preempt it sometimes I will

look for US.

Could start getting long in this area and look for US to pop out.

Breakout and change market condition early.

The alternative is what you wait.

For valley to build here.

Which is the different condition isn't it

the

value

he is broken.

While like to sometimes get in early therefore see of received basil.

Conditions on the v weapon waterflow coming in.

You can be safe

and do it there for then you get me later you obviously.

Risk reward if you like to call it is

going to be.

Different.

Serve

you know

there's no free lunch in market of she's all about trade-off so.

Where were we so anyway so we build in.

These three clearly balanced.

Said

Mark the out the next day comes in mock the out.

I probably wouldn't marked out except rejected then it.

Can see it straightaway winning

tried to develop.

So he tried to test opponent control and this balance and just rejected as had no

thank you.

And earlier and that they were atomic and emerged as cause.

These two probably would market.

She bulk of it was inside.

So I'm gonna.

Merge that.

A them

as you can see the markets.

Got a new perception of value.

Case or clear

cut the.

Right.

Go up

with emerge these two.

Can very gray area Bob.

Decent.

You can only see how it looks like I said.

If you're very unsure and you still logically think well.

Because don't forget.

I think I said this in task one.

Often rye a worm be like really Rouge based around or have to use.

Because you remember the maps the maths.

Is better

the statistics on the value areas they're just statistical probability.

It value areas right.

There

gonna be more accurate when you use market data on a volley profile.

Don't forget.

Market profile it's.

Basically using and.

As it's sampling and variables is using.

And.

Dots

bulb letters or whatever it is.

I met the end of the day.

Those are like what three tick periods don't forget every time the market moves three

tech so.

Is not going to be hundred percent accurate so I don't mind visually thinking of value.

As may be something light

like that for I said can you see.

For me that in.

Pretty much

to ongoing emerge these are to yo our merchant.

Okay

it's not perfect bulk.

Make a decision move on.

And take responsibility for really.

And let the market to you and actually.

Pocket feedback was dire great.

Okay.

Should always going to be the case that the decision I make is the magical.

Keys to the kingdom and this happens he doesn't he just so happened that the monkey

agreed that time.

Three plenty of occasions where you decide to.

Not merge them in the market agrees with you because.

Different investors different days right.

This the mistake

I

think a lot of people make even when they're coming through institutions.

Because I don't want to keep saying is will return this will reduce know the failure

rate in institutions I keep saying is very high as walk.

Because I knew is to get obsessed with thinking is the same people trading every day

isn't.

Do the same people go into test go and buy bread every day notice different people.

Different people every day

different perceptions of value.

So some days the market my agree with you as long as.

You make a logical decision I keep saying.

You'd be right

you'll be alright.

And believe me you see you got much bigger things to worry about when I.

Introduce about five six seven eight nine different.

Lenses to you.

You going to be like

to know what whatever just take it and move on you'll understand why have this kind of.

Not blows a bot.

I'm not gonna argue about.

In a little.

Value every being healed he always.

I don't care because at the end of the day.

Sure that okay I recognize.

That it's

there's

other.

Lenses and.

I.

Saw a views of value.

Need to worry about.

That is all when I put it together it's not only composite as you see them looking at.

Although this is all about expectations helped me for my expectations are is very

very important.

Don't get me wrong but it's not the only thing I'm looking at.

Said there we had a huge move.

These two I would emerge but these three a wood and this is

a good.

Opportunity for you to split this outright because you've got distribution in

distribution is so.

Very much you can

split it out.

Can I want to be honest review of wouldn't

I don't do it.

I would just merge these to you but US.

You know why though I just.

Of of explained why I don't thought.

Nothing wrong with her naturalist more accurate if you split them out do it for a few

months.

Until you make the decision whether it's something you want a donor.

To clearly thou be cut.

Okay.

She can you see market open their bang showing opportunity guys.

This stuff is.

The a magic but

he is

very very powerful.

All you're essentially doing is.

It's almost like.

Ideally you'd want to send a survey out

to millions of people as a.

Was your perception of value today right diet is the best.

And most accurate the method of trading.

Right.

In a

in this alternate reality.

This the closest thing you're going to get to that is almost sure you doing a survey

and asking people.

Where's your perception of value in the telling you.

That's why this stuff is so powerful.

Right.

And.

So these two obviously you'd emerging them.

Okay.

Mark their.

Then if go.

Then I would merge these days potentially I mean this was out but this was in.

I'm gonna merge them anyway.

Right then I would adjust their then I would merge all of these together.

What is it

I would merge.

The property would emerge that day until this new information came in dinner with

mental of them.

Hooked that make sense.

Which I

forgot some of these.

Take the off.

I'm sure you understand I'm gonna try and

really speed as much as possible just because.

Obviously we are.

Lacking torn.

Said this was a period where the market was very unbalanced.

I don't need to merge any of this I can key off.

All of these levels

right.

Previous levels this is where.

It just really comes into its own.

I can open.

What am I doing here.

Look at this dishes from ages ago

months ago we drew this.

Look how powerful the stuff is.

You opening outside of valley you come in you build what did I say.

You either go balance the imbalance by breaking

and building value the other side a value.

And.

She break the value area you go imbalanced from imbalance to rotations are imbalance

the balance.

Rotation

and you build where's the target.

Of a sort of any.

Proof with

this composite lines for months ago.

This why do guys I'm using this okay this will be my target take some profit here.

Scale

obviously point of control as I said

and then.

A target the outside of value

I know people who don't target

you don't even use look at this point of control don't just say no ongoing going to

the other side of value.

Can he comes back to a critique of mine's going to be smoother.

There's might be more lumpy and they might end up with more

smarter

never a room.

Holy if you want and then take a full stop.

But then when you actually make it can make money on the whole amount.

So what is going to even out you may even be ahead of me that is for everyone

everyone's different.

You have to understand that everyone is different.

I.

Confidence in levels as many factors that come into play.

Imbalance

in balance imbalance.

Okay but still be using all of these levels all the way down.

This area you can see it.

And I will show you when we do the view app stuff that.

The market has.

Respected this area so obviously.

Here he comes into rotation where it there were definitely shooting opportunities.

Of here.

But just open up.

To see that is clear isn't it.

Can see the shopping opportunities.

Okay.

Short

shorts

into rotation.

A detail liked scale out here thus wipe off.

Some people will target the other side which is in theory

would do with arrest them opposition but.

Of see everyone plays differently

up of got my way of playing it.

I'll show you the options and you can develop over time.

Said this

obviously of and there's no merges all the way

down this in this clearly you could emerge.

Quiet from the

to give you.

New investors have come in

they've balanced and.

Said not to know what this doesn't work for US.

A pinch I

keep saying up as on eBay.

Few months later people come in the perception of value for items.

Will change.

Obviously in the real some items can be distorted because they have a.

Shelf life and they become obsolete

thus different.

Riot crew do

doesn't necessarily become obsolete so it's was fresh.

Perspectives valued

something I haven't really talked about before.

But

doesn't matter the end of the basil the same principle is exactly the same.

If we strip out

that.

Obsolete effect.

Is exactly the same as in it.

Perception of value over a few months is always going to.

New people come in

they're going to perceive value within this area slightly different legal they may

perceive at the same.

So you might be saying well if death receiving indefinitely why am I using old valid

because until they do.

What else is there that's all there is.

Right.

You're wasting your time looking at this indicate that NATO unifying

this tells you where the market.

Cora perception of value is which are still valid

for months for years whatever.

Until.

I'm not.

Obsessed and you're not going to stick with the ope.

Value if new people come in.

And tell me

as they've done

here.

Note this is new value of cuso get rid of it

but until this happens.

Of got so much opportunity.

To take advantage until

new values bill.

Hooked US always he.

Cause this is what every institution looks at this can see.

What else is there.

Really were oh sister.

I'm not saying there's no other wasted rid of course there is as algorithmic trading

for as

using volume.

It might be doing in a slightly different way

but the still using volume and I can assure you that still using.

The guidelines I gave you the expectations.

Obviously the entries exits bought that.

How they're doing it how much risk they put on.

He's going to be wildly different

and thus why one guy doing this and another gone doing it

can obviously

still not make money and of a

coming or caught is going to vary by person.

Lots of factors that come into a v wipes and.

Of mentioned this is not only that

though.

The underlying principle in every single institution is say.

And he has to be.

Kind of the day of talked about this inuit market theory.

The markets

telling you this is where we think fair value is.

Why would you ignore that and you say no well actually my into care

fifty percent this moving tells me some indifferent.

Garbage.

Listened to the market right that's all I'm saying.

Apologies of the Gulf and

that nope ever run their thereby.

Just want to make sure everyone's getting a docile

to have got balance here imbalance sorry imbalance imbalance in Berlin spot.

In fact that some nice oval up there is a messenger.

And emerge though too.

Investors have come in and they've started.

To remember I said market

balance dame by the silliest on

she can imbalance

unbalanced.

Found fair value.

Right.

People all the time monkees just constantly in.

A state of flux until.

It finds

balance then it will rest their.

Market orders

by ansel will oppose each other and field.

Value until one side.

Decides all the market as a whole.

Decides there's a fund the mental shift or

whatever so they need to seek value elsewhere

and either they going to seek that were previous failures as I said.

Are they going to establish new value.

Happening

it's happening everywhere.

Keep saying is happening in.

Chocolate

milk.

Eggs.

Kids toys cause anything you think of this is the process auction process happening.

Okay so.

Genuine so we broke out here we had imbalance opportunities

we came back in rotation environment plenty of opportunities there.

I'm not obviously going to keep repeating the framework

guidelines have given you but you can see is pretty clear.

To potentially here in fact.

Even though this spots out with combat keynote probably emerge these days.

Okay

and I would oversee a justice I'm not going to keep doing that but then you.

Adjust it next day comes in.

I want you to do it in the much slower man the arm doing it of she i'm.

The whole year.

On a video so I'm gonna try and be practical.

Okay.

But value here you got valley in and this.

Though know.

Are probably would.

See have played out.

To tricky one isn't it.

Have a look at it.

This is why do this or warn you to see

I.

You have to make a decision.

Maybe you could argue.

That is within.

So maybe you could argue those who have been to I'm gonna I'm gonna merge them

actually and.

You see they're all going to be grey areas will not going to make a shoe difference.

Minutes adjusted the area slyly but I like it

she.

Looks.

Pretty good but the upper side of.

Didn't really change much.

And.

Then which merged those two.

Cape.

Balance to imbalance.

These two data bank holiday clearly because it was very short pirates are Morgan

emerge those.

Are probably merged his whole area here.

Kane.

I know is not perfect shape was pretty good try.

Just just balanced in one area.

Of.

In

guys look at as he just it's just amazing.

How many slot amazing

geological

obviously the market.

There's been a fundamental.

Maybe not fundamental shift by smooth shift

in crude oil is only less less not exaggerate fifty eight

to fifty seven fifty eight fifty to fifty seven.

But obviously some.

Thing may have happened a small.

Localized issue in the market walk I told you I don't look at fundamentals in the

short term basis clearly.

Something's changed and the markets looking for value

to shift where's it gone.

Easy.

That's why it's happening some market is going to test.

Can we hope this area schools dishes electoral process.

Case you can see

respected respected really nice.

Opportunities to be rotational on all these days.

Then obviously these two.

On probably

so tricky will.

Not

let me see what it looks like.

Yeah

I probably wouldn't merge them.

Just because this is such a powerful merge

got so many days.

I'm making a decision based on.

Some.

Thinking.

Logical.

That doesn't mean if you said you know and be know

there is some value overlap here.

The market didn't really.

Go anywhere between these two price is ongoing emerged them.

And.

Get rid of this

slot the room decision at the end of that they look

to see actually just know is this a great example of why said only look.

Had you done that.

New investors agreed with you

to remember I said earlier would even itself out.

See all wouldn't have merged this and am I have her to.

Take a little bit at all downfall.

Is fine I'm okay with that.

Make your decision move on

so you don't become obsessive this the problem.

I keep saying you of indicators the indicate will try and look for a perfect waited

there is no perfect

don't exist.

So stop chasing is a liberating feeling when you said you know why.

Buy you some logic and it seems to r.

Be okay.

Used to get to the stage where it was like my boss retain maybe you should.

Care.

Know you trade your piano alt-right mine and on.

Live by it.

Because

das ultimately what happens when I go home at the end of that they are when I used to

work in a.

Obscene institution environment.

I was the one on

her to be responsible for that right.

The end of their days my bank account is my.

Piano yeah obviously I was trading from capital don't get me wrong I don't knit

literally physically mean by bank account although.

Or is he now that I'm a private trader is my bank account but.

When I was an institution obviously I would be trading from capital.

By

me in a bank account

belongs to.

Kind of me in terms of the trading account was mine right.

And the prophets that were being paid to me after I split it with the from.

Why am I

so it was my bank account.

Ultimately.

I was responsible for the right.

I can turn around to my boss and say well you told me to do the.

I'm work like that kois.

In I just make the decision move on

and

I keep saying about.

Sooner make sure that everyone just.

Understands the power and doing it.

Said this is all imbalance imbalance imbalance nothing to do.

This day in this day I would emerge but you can potentially split them out.

To Shiva.

I used to do this for years at don't don't think.

That you know do it.

Merges next profile to see.

Such a pretty good isn't it.

What's really nicely.

Okay

and just a case anyone's game confused or they might predict controller.

Of just want to

make it absolutely clear we

only caught.

This.

Profile.

When we get

composites multi day.

Cause this is much more powerful than a single day okay.

So I agree

this day diet.

Is just one day

I'm not going to caught.

They said you shouldn't make that clear not gonna cut it when there's just one day

okay.

If another they had come in

and we merge the two yeah I would cut if.

Of day.

Days come in whatever is not going to be perfect but

to

what I mean I want at least two days okay.

Ducati.

I'm not gonna caught one day

over.

A monk

that

doesn't make any sense.

Day to day investors coming going both

when they stick around for.

Couple of days three days obviously that

value.

Build is going to be much stronger

and then I will cut only

when I get second

okay hope that's clear.

Fought mentioned that cause like I said it was a good opportunity to mention it.

And.

Said this initial

you can emerge them.

Right.

So again same apply Sarah cause I jumped ahead the.

Yet you see what it means a single day I'm not gonna

get rid of this.

And I would emerge these two.

Why because we rejected it.

Does she went in rejected him we'd had a fair few periods of so I clearly.

To me.

The power of talking to each other in the discord or wherever is asked each of will

you do.

You know.

You're gonna learn a lot by doing that process.

Crews had one of his erratic moments

are decided to.

Disappear from me.

This.

Obviously this was the coronavirus period

to see.

I'm not hiding behind and saying no these a perfect example I'm actually shown you in

one of the most.

Insane pier so

obviously the period we started off with was a very balanced period and generally

oil does believe or not tend to be ladder ninety percent of the time.

This was coronavirus obviously a unique period in history.

And I'm going to show you how I emerge even in this period okay.

I embrace year I take the decision or make it.

Should clearly hear you're not gonna.

Do anything next day comes in clean you can emerge.

Can.

Throat and I keep saying this throat anything at me.

I will use logic

to merger

k

and the

tougher it is sometimes the more I think.

Maybe on

be able to spot an opportunity here.

That the rest of the street

hasn't seen

that doesn't mean don't forget are making this decision.

Before all th opens.

This as actually happened when I've made this decision right of call.

The air is here of your Mark the point of control and.

And the market I'm not saying that the market won't do this as well.

But the point is I'm just trying to spot it before the session opens.

And and others come in and realize it but often me.

I have to be front of everyone obviously there'll be people overnight

you may have spotted.

This and I can assure you.

Institutional investors.

Look

the small guys than looking at this stuff okay they know

value.

Go and have a look going

into any professional from and asked talked to know about profile

value

the wap

pok

the pok guys.

To them they going to talk to you luck is their first language.

The going to put their hand around you and say oh this guy.

This guy knows what he's talking about okay.

If you go in there and say oh fifty percent fable all of this.

Is not going to cut him.

Speak to them about this stuff

any

institution in the world

and they're gonna make time for you and dig in know.

The going to be able to have a

a

discussion with you

to want to sit down and talk to about all these things.

The oh okay so your perception of value was here.

This is where the point of control

for according to your perception of values it was here

what will you doing where you going for the other side of value.

Oh no actually are scaled our the point of control kois

institutional language.

You know

really.

Happy for you

and I'm so happy to be able to

share this with

people outside of professional circle

and bring you in.

So we can have conversation dinner.

Using professional language so.

You know have confidence in all of this.

And a know that not every person is going to see this the same way or no or keep

repeating it what.

Is important.

She clearly I'll be.

Doing using this is.

So he trendiness irritation environment merge with the next one.

I.

See them all can respected it well we.

Of she went imbalance this day we came back in we tested the point of control.

Then we went balance great shooting opportunities.

Even in coronavirus.

I obviously did say I didn't trade march because.

In as beyond the scope of day spice you cannot be combined g t v or the the

coronavirus analysis

I showed.

The range of markets and how.

Are plotted on a normal distribution Sean and I showed were extremes.

And obviously institutions models are calibrated differently.

To trade imbalance periods overtime.

I mentioned this in one of the previous videos to remember I said.

Not Missouri where market is balance in balance imbalance more

balance imbalance.

Thus fine but when I said we have long periods of imbalance.

The depth disappears to member mentioned on institutions they switched to algos of.

Don't forget democracy fox and algorithms.

When the markets algorithm to switched off in

depth is switched off in the supply column.

What the market going to do is going to go crazy.

And I said I don't want to trade it for that reason.

So identify the however.

Can still merge profiles and the country default one to.

According to value.

My point is I want to show you indifferent environments so we.

Basically cover every single angle.

That you ever gonna see

and you can make decisions.

In case I hope you appreciate magic doing.

This even though in

obviously trade the.

Of ours period to to show you the look.

Make a decision if you want to.

Forget volatile periods he doesn't matter if.

You still got make the decision.

So here like I said there's nothing down here you can use previous value and then

over here you can use the composite I will merge these two.

Let's move on

boomers done now.

Sure you're sick of hearing the voice sewer.

The

the pain is almost over.

So what merge that

a wouldn't merge these to potentially actually there is.

Julie.

She thing is I was thinking could split this out prior.

And he could merge these two.

Kate nice balance that

very nice.

Out of a woodmont the point of control apologize for forgetful.

The market opponent controls.

Okay look at is completely crazy.

She our power actually powerful profile is

straight away you can see west valley.

Market is more able to.

Agree on value.

You can see this straight away you don't even need to look at Shaw.

She straightaway okay market is not able to.

Agree on any value

so let me stay out the market.

Why would you trade it.

It's ridiculous.

Kate.

Theory you can manage these if you won.

Merge this of this with this.

But you see.

The market is telling you devalue area so wide.

Why is that

the market corn agree.

Hm

revenue.

It's perception of value is there but it's very wide.

Okay.

Then you can see that

even hear the market does.

Half that perception of value being very wide by actually in between I think that

worse images.

Show here obviously you wouldn't merge

proof that

mean you could.

Maybe you could actually.

It is basically overlapping resume is filling in this area apologize I jumped the gun

their loader.

Cause of she's just

threw me a bit how wide that was by yeah of course you can image

that.

He is not grape.

Casino going to trade the

look

white this thing is

it's just.

Ridiculous for.

Talking light.

Five handle six hundred.

But all means put them on and look at them but of personally.

I just wouldn't trade this environment I'll go to the many.

Gop able to recognize these conditions as a appear.

To see what the markets doing here

just filling his in

look.

She.

The Mark is completing the auction process.

A.

Testing.

Twenty doing.

Don't care about

keeps saying it and caravan indicate of.

Testing

to auction.

Sterling or eBay does while Amazon does every day

to look her in detail

do they.

They look at.

Therapy pool

willing

to buy and sell

market orders guys these are all market orders.

They see what had your nothing.

Will need you to understand the auction process.

Going on in the depth of market is going on across multiple days.

It's just a bigger lens

swollen is.

Okay.

Imbalance than these three were of she can emerge them so I'm going to rush head

obviously you would.

Draw the in.

The

look it up.

Amazing trading opportunities when you're imbalance you stay balance you target the

other side.

Okay so much that.

Cause I'm going to be seen merges in my sleep till I

literally have done that many people

I really hope he can see have done this

to help you.

Enter

of want this to be the best education in the world.

And.

Thus why I do this.

Why would I want you know

although wanted to show you one perfect example this example

they may just skip forward and got no

of literally covered the entire.

Year guys.

At though means

a by hope you see not going to get this anywhere else

just not.

Not going to get someone.

Doing this making tough decisions.

I want to show you the I have to make the decision so you.

Can do that with confidence.

Yourself.

There were going to merge those two.

Sorry or the skip ahead but clearly we're not going to merge any of this stuff.

Is gone imbalanced

not what emerged.

Merged those two you can seek a well respected.

I'm not gonna merge these two.

Completely crazy market.

Place.

Theory you could all you can emerge them but i'm.

Not going to be trading or you.

Let's be honest.

You see what happened.

Even in

this environment.

He has to be right.

The whole price mechanism process is walk.

And auction so this has to be happening even in.

The most crazy environment was he doing just filling in guys.

Just filling me in.

Okay okay.

Eighty percent of the monkees algorithms now I'm showing you what algorithm that

doing then.

They are reading volume they know

that there's a cavity he.

Lets go and test it

let's go and see.

If the market is happy.

To continue.

To hold value

if not we'll go elsewhere.

Simple.

Okay.

So in theory you can

cross and but you

here.

Literally almost done.

It's just.

Two three weeks left.

Of his you're going to contests.

Curtis.

And I did say I do.

Mark these right.

I know how many was doing obviously.

The interest of time.

K.

Clearly not going to merge dashed that they are

own

imbalanced imbalanced.

Imbalanced may be potentially those two yeah those it does pretty good.

Case I'll merge the.

Okay.

This is where we had this historic randomly.

Down to almost zero

crude.

But his ma.

Still merchant.

Case

went down went down went down.

Okay

what that for know what to say to you about that he looked quite moved.

Almost

ten dollars in a day.

So.

I'm looking to monitor.

You can put on the painting.

Okay.

Then we obviously gap top or mokoena I won't even be trading this let's be honest she

be completely crazy but.

And.

He still merge them.

Is my point i'm going to show you

in all environments keep saying about really

want to show you in all environments though.

Because what the stasis is good to my merchant at least mock them I'll keep them

marked because.

It will help you as the market progresses to see has the market calm down as the

condition.

Got to such a stage where may be I can.

Potentially

and.

Look I tried to they're obviously we had

balance we broke out.

We had an imbalance day here.

Would you potentially could have traded on the short side bar.

Obviously in my mind I'd be thinking looked the market incredibly volatile right now

I didn't treat this period as you know.

Do.

I was very busy trading

but

putting this course together but also.

I was trading.

Effects and also the many had calm down during this month as walks I gave some great

opportunity so.

Whilst I was doing the merges.

Because you can see can still do it

works.

Pocket still doing on auction process I don't care if org oil goes down to.

Someone's perception of oil was zero is an auction.

Perfectly valid and you can see it look nice.

Really nice value got bill.

Had twelve dollars in crude got.

You know this stuff is incredible.

Then became a bloke trading opportunities there of

obviously the edge of all balance.

Came up.

When imbalance build value yeah we spoke down but then came back up.

And here we are today.

Or it goes I hope that was hopeful of basically

almost covered an entire year for you.

Apologize if I made any glaring mistakes but look at in it they was about two hundred

profiles of however many it was

hope

give me a really good idea of from.

Efficiencies and beer

gone questions let me know but hopefully thus.

Pretty much given you a Bible.

Pretty much every scenario

that

has been thrown at me there

and.

Go with it have confidence.

And.

One thing you'll have to.

Have a mentioned in a might do a separate journey I

decided to is

when a rollover period comes you will have to adjust all of these balances.

Going back.

When you

the new rollover over period conscious because if the way that.

Road over adjustments have to be made for.

Different periods to be joined up because don't forget in theory.

These all different contracts and a.

Slight

every month obviously in oil especially of in.

New contract right so.

Those contracts have been sewn together using this role of a process.

Which can read about the Internet.

Do.

Otherwise you take me hours to explain or think tuba.

Essentially does cause the mobile

profiles to go.

A little bear.

They're very similar to me to adjust them.

I took her by it may be in a separate video but just so don't throw you off.

If you come in.

Obviously one this role of rolls over.

He's going to be the next month contract.

Right.

So.

Does an adjustment process to make them equalize.

So just means the the profiles will get.

You only to reemerge them but for example it might just have moved down like that.

You just need to

come in or just.

Just by

you'll notice this when it happened so

but anyway have a good day hope that was useful

and.

Yeah

I'm gonna move on.

Cheers.