All language subtitles for Stage 1.6 - Amt Part 6-1

Hello traders unwelcome back to the
final part of the market profile section.

As I said in the first
pa a was either gonna.

Split out the first in the second of all do
the second of separately obviously the

first off.

Ended up being.

About two and a half hours

and Bob hope you a great was.

It was

it was necessary

you know you
needed to understand.

Obviously the trading hours

why I look at the markets I do.

Both the market profile is why even used
market profile to all of that needed to be

covered thoroughly.

So hope he got really good idea
now of why that's happened but.

Look

pretty exciting now we're going
to get you on the charts this is

very much.

Task

one.

Of.

The pro quos

some gonna get
you on the chart so.

Know.

Bless get you doing some
exercises and get you.

Actually building.

Some practical knowledge of

all the theory and less get you
putting that theory interaction.

You know which is
why I grew here isn't it

ultimately to make
business decisions and see.

If

we can develop some
edge so this is very much.

And.

I was gonna say the first phase but
he isn't necessarily the first phase is it

because you've done.

A great amount of work already
on the depth of markets are really.

That was the first phase
but this is really the main.

First phase on a
chart and very much

you know if you
decide to follow.

Of she the pa
off the I followed.

Then very much the rest of
your career is Stein here because

we move away from the depth of mall
can just get you on the charts now so

but what I'm going to do is essentially
is I'm going to make this the final park.

Of the contact section so.

It's important I say this here
is that that doesn't mean.

The.

Veba fundamentals

and.

And this

day acceptance and rhythm dunk

from Paul context

they very much do

but what is is and

of recognize that this section

at least in terms of.

Hours of learning in and theory

and now this
little bit of practice.

I think it's enough

for this particular section
of was really want to do is.

You see cause a problem
is when you come to.

Look at the market.

From

a little bit more of an.

Cause what you
know is is with the

market profile when we do
composite structure as you see

already started talking about.

I

am looking at a week I'm looking at several
days do you remember I sent the weekly

profile.

And

you know the it gives US
some problems and therefore.

And.

The.

Obviously.

By default the fact arm looking even our
weekly I'm clearly not looking up just one

day by doing composite.

I'm obviously trying to look for
balance areas over multiple days so.

And.

The problem comes is when you.

Go to do intra-day analysis are
using fee weapon an intraday.

The is gonna be some
overlap with the section

and actually.

You see you will make sense when

I

didn't really want
to get too far ahead

and bought

a kind of have to just to
explain to you why I'm cutting.

At least in terms of the learning
why are moving some of this stuff.

To stage to at least in
terms of the modules.

He is because

so coming back to the veba.

Why use v wap.

On a daily.

On.

What I say daily other mean daily time from
I mean on the day essentially saw I user

vb up for the day.

Which is the.

Day.

By also use vb up
for a week so I look at

war is the volume weighted average
price in the standard deviations.

Developing value not don't worry if that
doesn't make sense I'm gonna explain why

it's called developing valued.

And and you can see of rain here
developing valley versus static valley.

I'll talk a little bit about the
obviously with volume profile.

And

as you can see historically they do
tend to be static that I've already formed

but.

Again

more if this doesn't make sense I'll explain
it thoroughly in the view up section by.

View up is a much more of.

A fluid form of
value thus forming.

Throughout the period that you
looking at so it's very much a intra.

Period value measure.

Whereas.

Profile is much more of a

historical and static.

Measure bot will discuss the

coming forward

but again and

the point is that
there's a lot of overlap.

Because I'm looking
at v what pride

over.

And

a week.

Over a month

over a quarter but i'm
also looking the over a day

but when I teach you the

up I'm going to start with the day
so you see what's going to happen is.

Look at vb up over a day I'm going to teach
you but then I'm gonna have to come back.

To the contact section.

And teach you v
wap over the week.

The month.

Right the caught up

the year

since you see I'm gonna have to keep
chopping and changing so what a though is.

At least from a teaching
perspective the way that.

And.

I split it out

his saw thought you
know what it makes sense.

Why don't I put so we've
done it to market theory right.

Stage one

we've done of only profile
obviously theoretically anyway

and we've done market profile so

and they've been huge sections as in
boo finish market profile in this puppy.

So I thought why don't I.

I.

Joined these up.

And then.

Seat with v wap.

A fundamental useless leave
that to the site for now or might

talk a little bit about it I don't really
use them by a think is important that.

At least the add a section
in on them at some stage but

I'm gonna probably
do that much later.

And but with the veba because
luck I said I'm looking at it from a.

Weekly

or monthly

quarterly and
yearly perspective.

These really do belong
in the context section.

And then I'm looking at

this also.

From a day perspective which
obviously belongs in today's action but.

The problem is luck I said I'm going to be
starting here the and then I'm gonna come

back here so

rather than

you know

getting all the

modules all over the place.

Of thought water not just movie you up here
essentially and I'll just teach you the

veep or entire view up here.

Saw do daily weekly
monthly quarterly and yearly.

The wipes will do them.

In stage two to.

Bot and

when you actually come
to viewing the market.

You gotta remember these view
apps very much belong here so.

Hopefully

you know apologize if that sounded a bit
confusing but by the end of it it will make

much more sense

just.

You don't bear with me.

It will make a lot of sense once
we actually finish learning vu up

and then I'll I'll
explain the look

of taught you Vera

across the board.

These particular volume
weighted average price measures.

I want you to use his part
of your contextual prep.

Your preparation for the day

for then of cpu up when you're looking at
from a day perspective of want you to use

it in the Internet so.

Will very much or split them out for you
but just in terms of the modules like I say.

I'm going to end stage
one way of this poppy of

market profile.

And.

Then yeah we can move on

to stage to and
start looking at.

The up next but.

Look for the time being.

I want you to stick to.

Just doing this task.

Which is market profile
and really starting to learn.

How to develop composites.

Yourself elf so

whoa do is let's move on to the
next slide on all of what I've said.

Is going to stop making sense
slowly slowly slowly let's just focus on.

Am looking at

and

value from one perspective.

At this time and point

and the move build.

Value from different
invest the perspectives

as we go along and
develop understanding of.

Obviously be wap across different time
frames and we can look a little bear profile

as well.

But really I'll be
honest with you.

This what you're about to see.

You know our combined profiles.

Is pretty much the foundation of

everything I do.

For the reasons that you saw an
auction market theory I'm looking for.

Balance areas and
obviously it will vary.

And

and I'll explain this
depending on your

horizon if you're a longer term invest
all your composites are going to be

of see much larger than
someone like me who's.

More an intra-day trade about.

And you know we can discuss that
so let's go to the next slide and then.

Finish off poppy okay
so like I said very much.

I'm going to be getting
you to be very hands on.

As soon as this particular section of
me talking finishes I'm going to get you.

On the charts.

Doing composites.

Just going to be really
exciting for you to.

Really get your

feet wet

really and get stuck
in but before I do that

obviously there's some things is
going to be very helpful for you to.

Understand some of the pitfalls you
may face as you're doing this task.

Cause you know with the depth of market
obviously the task wasn't necessarily to get

you to.

Look for trading
opportunities was it.

Is not something I won't you doing for
the rest of your life in fact put on when

you're doing any
anymore thus it done.

If you've done the three four
months the I asked you to do.

You know you should be incredibly competent
at the this as I wanted you to learn the

absorption market orders.

Vs pending orders and.

In a fake bids in offers earned

just understanding her volume
profile develops fry because.

If you've done all of that.

And he can be.

Helpful for you and
you cannot be so far

ahead of any one else
in a professional from.

Who starts looking at profile because
you've put in that time watching her profile

develops and.

You know issue be able to the
more time you point that the market.

Watching profile develop I know is could
bit boring because you weren't necessarily

looking to make money

but there's a very good
reason why I didn't want you to.

Get obsessive over making money and it
will only become much more apparent later.

In as to do have obviously algos and lack
of opportunity and I told me to waste your

time doing something

that isn't going to
get you anywhere

and.

You know I set up before and I don't want
to go off topic here by is important I say.

That

I'm seeing increasingly.

As algorithms that

obviously becoming more and more

pa of the market almost
eighty percent down.

And heavily dominating the
depth of market supply columns.

There's just no
opportunities any more for.

Individuals like there used to be
and of said it before it's release sad.

For me to see even
professional firms.

Just continually try to do something
that isn't working anymore.

And thus why

autonomy to fall into
that trap you know

thus where my experience.

Is really gonna

help you because.

I'm trying to.

Just.

Get you looking at it

and enough said this multiple
times before by is just because

I know some of you will have.

Been looking at the depth of market for the
first time in think know I don't want to

get away from that
because it's amazing but.

Believe me warrior
about to do now is

is ten times more amazing and.

Infinitely more
powerful a new see that.

And which actually leads me on
to my next points of why what is it.

What do we actually looking for.

When.

We're building these composites.

Will if you think
back to the section.

Where I got you to do some of
the exercises on the depth of market

and of explain this a lot during
auction market theory that really.

What is the market noma of what
perspective you're looking at it from.

He he he's the
depth of mall care

right

I got you on the depth
of market for walk.

Into day one day.

If you think of.

Market profile.

And you know I have shown you this obviously
and all that sections by a particular

law section.

Is just profile is
over a period of time

but without that volume
profile on the left ft.

Is microscopic like I said were
on the to me is it's very tick by tick

or whether you're looking at it
from a bird's eye view same thing.

So what do I say that because
in that section wooded I.

Get you going to do.

You know I said that we're looking for
either the market to return back to value

or move away from valley
why he mean reversion.

Or.

You

go.

Out of mean reversion
and move to a different.

Part of the profile
but what we can do is.

We're actually going
to define that now

and we've already defined it

balance and imbalance right.

So.

Thus basically all we're doing
bot which is doing it from a.

Wider lens

and I'll explain what we do that in a moment
but and a have explained it many times.

But you know as
I've said it to do with

and.

Taking advantage of the

edge that we as human
beings can develop

and you very much see that what my
building composite profile because it's.

As I show you his voice
very difficult for an algorithm

to do what we're about to do and
this is an incredible opportunity.

For US to build Alpha.

Which is something I recognized
early on in my career but

I'll come back to that in a
moment because I do want to.

Just come back
to this first point.

About

saw a specific isn't it.

A come back to this
first point about why why

are we actually
looking at this stuff and.

You know why we even.

Combining profiles
while we looking at and.

What we're about to
do and how does a

give US trading
opportunities so.

Coming back to what I had
mentioned before in the.

Believe this module for

where I got you
doing exercises on

depth of market profile.

Remember and the all it was the prefer was
very microscope it you could almost see.

Ten thousand three hundred and thirteen
contracts that the etc so I just made the up

but you know me.

And then the profile would
be what be very thin here.

Than it would.

Sometimes bulge

here and you know i'm
just making up this is a.

Tips of shape you
might have and then

to remember the market was on this would be
your four columns but obviously it's just

the chaw isn't it chart
for columns whatever.

Are moving to draw
the for quality about.

Essentially let's
say the market was.

Trading in this region.

And they're more it would pop out and
then we might get somewhat absorption and

so cetera et cetera and them
would come back when we.

Go into.

She'd already have war.

Balance here.

Right can you see is just balance
the way we've been talking about.

This you only know is the depth of market
because I told you for all you know this

could be.

Pulling profile for a week.

Can be voting profile for a month before
in Perth offered that you don't know that.

And these could just be value area lines
for any period you don't know but you see

what we were doing know.

When I was trading the depth of market
I didn't talk too much about value areas.

Back then cause can you see on him
on the confuse you only to do the whole.

Ultra market the
reception the first

to understood about.

Balance an imbalance

but durable
remember will happen.

In the treasury example of

the market popped out.

A saw absorption
aggression coming into sell

and whether I say
we'd go back to.

Balance.

Snuff thought that
was happening.

Boozy alternative that
could have happened here.

Just get rid of
this bear with me.

A case of what was the
alternative the alternative was.

That we had this area

and.

Balance right am

probably here we'd had balance
earlier on in the day and then we

popped up there
sir sir terrible trauma.

Let me just even this
our to be sorry about this.

Prefer to be accurate

often.

Confuse any one.

And this may have been earlier on in
the day in the treasury market and then we

popped up.

To remember single prince to
remember how I said in the last.

Party if the market comes down.

Very quickly the single prince docile
that is where you get thin profiles with a

single prince

I thought she mentioned
that because it was there but.

Will come back to that that confuse
you don't worry bodied mentioned in party

but anyway.

So we come back to here

and I set the first
example was walk

that we broke.

Above value and I saw the absorption
coming in and you member said return.

Giovanni.

Well

what was the alternative.

Right the alternative was
that we went up broke out.

But we never returned.

We never saw absorption in fact.

Either absorption
came in and it failed.

I e the people who got short
got run over and they had to bail

and they started getting long

or.

We start to see value

and then we go imbalanced.

Okay.

So can you see what's
actually happening

either.

We're looking for enough and I said this
to in module for you may or may not have

Romano is a long time ago.

I said all we're looking for
different areas of balance

in a different area to target.

Would have to see on at that the

is very difficult for me to
explain that to you because.

As you remember

when I showed you the.

Market profile of
a multiple days.

To see now why said
that the depth of market.

Targets could be

away on a different day.

Said that's why we of

dinner of she starts take a bird's
eye view because it allows me to see.

If the market goes

imbalance.

Where's the next area of balance

so

do you remember that

and.

Essentially we've discussed
this to death really but.

That the market is bad balancing

and then.

Is imbalance he.

Then it balances

and then a

imbalance his right that
all is doing all day long.

Why is that

when it's got value here.

Scott value here.

Scott

you know obviously
value somewhere ocean

or I'm not going to repeat this again and
again because we have covered the is quite

thoroughly and ultra market.

Theories aren't going to
skim over this very quickly.

But the reason why this
is important is because.

There's only two things

that's the point of new
explaining all of this again to you.

Is cause you go to understand.

There's only two
things that the market is

ever

doing

and that is either balancing.

Or is in balancing
are looking for.

Different era is of value.

And we talked about this.

Million times were bred

to remember with chocolate with.

Have many milk whatever example I gave
some milk going to discuss it here again.

Ba a just want to remind you

that there is no
other conditions.

And.

Apart from balance
and imbalance and.

In fact of Autumn
mentioned is here because

look of a mentioned
here market conditioned.

Balance and imbalance spot.

Or if you you know some of you
are from a retail background and.

It's not like this is
never mentioned you

must have heard this
before where people say.

Democracy in a range or
the market is no in arrange.

You know and you need to
be fair very good at identifying.

When the market is
in arrange and you see

indicators and I'm not
going to bash them but.

I'm going to to you.

Do.

In a very very politely

and.

As logically look
think about it yourself.

Indicate don't tell you

when the market is balanced or imbalance
when the markets ranging or not ranging.

Think about it all these.

I mean you know what I think of
them but moving averages and things

why did you think
they don't work

they only work

in.

Imbalanced
environments right trending

when the bulk it's balanced

and god you go under.

About eighty percent of
the time democracy balance.

And you know I've talked about this
when the market was very volatile.

During coronavirus.

And other volatile
periods of sit eu

institutions on involved.

And of showed you
on the depth of market

he goes to a thin.

You think there is.

Because market
because what is his

professional players.

Institutions banks whoever whatever
you wanna call them hedge funds

and.

Basically very active
speculative players.

That are responsible for the bulk of
volume the reason why the depth disappears.

Is because they know this

they know that eighty per

of the time the market is.

Embodied in

balanced not
imbalanced as in I am but.

In a balanced
environment are ye ranging.

Said they're very calibrated.

Towards those
environments are winning.

Goes imbalanced.

Many market players.

They don't get involved
the I'm not talk king.

You know small
imbalances obviously

when.

You know you have say a few
days of balance and then you have.

An imbalance and then you have a few days
of balance know the very active in those

environments.

I'm talking about we have.

You know multiple days weeks even
of imbalance and huge profile out.

The not active
because they recognize.

That those periods
an ideal conditions but

my point isn't
that more point is.

Did you know is how I.

Identified that.

So what this will allow
you to do is it would

develop your
understanding of identifying.

Market conditions and.

Really that's why I wanted
to say all of this cause.

By the end of.

Not necessarily the caused by at least
over the next twelve months you know got.

Obviously this exercise is

just really going to
get you started out

doing the and thus the
point of me game you.

Doing task one is

and why we're doing
this as I said I want you to

really understand the purpose

and how this helps you
identify trading opportunities.

You need to become experts

in knowing when the market is.

In retail terms
ranging I call it balance.

And.

Or.

Not ranging and you
may call it trending

would have you wanna call it.

Expansion or whatever.

And.

Institutions will call it

imbalanced and

we already said why
that is just because walk.

Aggressive

market orders right
market orders on the by side

a greater than market orders
on the southside etc etc so.

Look I'm not going to again I keep saying
this but of explained all of this in great

detail.

About what balance
in imbalances.

Point is.

With now gonna.

Show you or I'm going to show you
how to identify this market condition and.

Really guys

that is all I'm doing and and

ladies thus all I'm doing

okay.

All I'm doing all

day

long.

In whatever market on
trading the snp crude oil

and

all I'm doing

is an identifying.

Is their balance
or imbalance and

what it is as you see is not a
wish it was a simple as that.

Because there's different
investors there will be.

People on the depth of market will
obviously find particular air is that.

On a composite might
be balanced the honor.

Microscopic depth of market

be imbalance so

you know that is
essentially where the.

What guess you could
call it the holy grail

lies but is not an
indicator of is he using.

A bitter of your.

Critical thinking and really
that's where your edge

and your how for comes in you know
where I've said it use your judgment by

will talk a lot more
the about that.

As we develop and introduce
all these different lenses.

Have already showed
you the depth of

care.

I'm not going to
show you composite.

I'm going to show you all the investors
on what different investors are looking at

and how they.

Are perceived value and you're
gonna have to put all of that scared the

look at the end of the day.

Give you.

Sure of my chart book as it looks now
and he's got all these different investor.

Perceptions of value

she can get lost.

Right

a needed to start you
off on the depth of market.

She could look at.

How is

volume profile build up.

And just happened to be that you gone added
bonus of how ago algorithms view value on

a very microscopic timeframe.

Will now going to move on

and Luca

and.

A different lens essentially of.

Static value.

Okay

but

what we're now going to do is.

A static versus dynamic as I said we
will come back said I said down and also I

are we going to know do
is we're going to identify.

This.

And I know have.

Taken a wall to go over
this first bullet for both.

Colonel.

I really cannot.

Do.

So of

say this enough.

Is I essentially.

You've

got to be able.

To identify ballads
verses imbalance okay

that is.

All your ever doing because all
the market is doing is balancing.

Or imbalance in balancing
or imbalance he balancing.

Or in balancing and I have had a
few people ask me what hang on.

Doesn't one invest see

so you see here
yeah this could be.

Balance in

balance balance
imbalance for an algorithm.

And.

This could just be
balance ripe for.

A soft.

Bigger term perspective investor and people
ask me that looked on worry about that.

I acknowledge the another
believe me and we will get into that

and thus where things really do get quite
diff occult uncomplicated obviously are try

and help you manage that but.

This identify conditions first right
and then we can worry about.

Different lenses and
putting it all together for

thus the point is.

Don't worry about all that stuff about
this timeframe that timeframe this invested

that investor.

That's all yet to come.

Just

worry about.

Is the market.

Balanced or imbalanced and

thus it.

Then we'll put

because he all the different

perspectives together okay.

So

again just to
repeat the point and.

The purpose

of why we even doing this and.

Identifying trading
opportunity eighties is

will identify balance or
imbalance and what that will do this

and.

Essentially
o'Connor's hinted at.

The.

You know imbalanced
environment I said institutions.

Are obviously calibrate
of play the environment

and the reason they take
therefore of the guessing in bow.

Or long periods of

back silence is because.

You trade

range.

Or him or balanced
environments differently.

So what you typically be
doing obviously as you be fading

right.

And you show me do
that you saw me do on the

depth of market the
treasure market a faded.

Where I thought the market would remain
in balance to remember right the top.

But if you can identify that
the market is imbalanced.

We are going to be doing.

You're not going to be
fading the market all you.

Fading as in opposing the
market she going to get crushed.

The markets telling you
something is seeking value.

Higher or lower

so let's go with it.

Right you call it
ten trend trading.

Why don't

I call it this particular
names I give it

a cam we're gonna.

Get onto the what
the exact names of

but the market condemn
mission ID that I give it is him.

Balanced okay.

So I always know.

From

any perspective.

Again don't think about the other
perspectives right now but just.

Any pets perspective in particular
whether the market is imbalanced.

I e.

Range.

Balance it's

what imbalance.

To see where it seeking.

Is seeking value higher.

I talked about this in eBay

eBay is doing all the time
but obviously is one direction.

The price will keep
going akiko up until

he finds value.

Or okay.

So we just need to
identify I'll be here

and then we we will identify trading
opportunities wants her introduced the vu up

I'll give you a framework.

For being able to identify how
to actually take bitrate said that.

Very close now.

And and same thing.

When we identify
that the market is.

Imbalanced.

Okay.

Then we will now be able to identify
trading opportunities to go with

the imbalance we're going we're not going
to be trading at the same way that we do

balance so.

We need to identify
the market condition.

Once we've done that
which is why call context

this one of the best
traders in the world.

When

and other.

Bash retail I forgive me look at
the end of that they you know.

And.

Believe me I don't
get any pleasure

of bashing

and

retail that's why I never
mentioned one person in particular.

What all it is is.

It just bothers me that.

Are.

You using all these things
things in all conditions.

Right.

When do you ever say to yourself
you know what of identified.

This market conditions
so I'm going to do

things differently or I
vented by identified.

People just don't to a so
important you have to adapt

and

I'm going to teach
you how to do that no.

By showing you that the market

changes from ballot to
imbalance and the trading.

Style that we used to
take advantage of that.

Is different so first we
need to identify right.

And so secondly areas
to conduct business.

Context.

So what I mean by
that right is exactly this

so what if we'd use been talking
about we said that the market is.

Balanced and then.

Goes.

Once it gets out of balance.

Guess embodied strike.

And it seeks falling
on then suddenly.

The balance toilets.

The how many times
of sheena will you try to

ride the train then
it just suddenly

he goes flat.

Okay.

Now you know what is happening

the market is.

Found value it's no
longer imbalanced.

Okay

so we need to identify that
how do we actually identify that.

Contests next.

Contextually levels.

Okay.

You've already seen it is value
areas basically value area high.

Bulgaria.

Okay.

So if we know that that is the value
area low and thus the value area high.

Ahead of time.

Would you agree.

Can start to book profits.

Right

if we go into.

This previous balance
area which is what.

Just a profile from before

to see why call it static.

Because it's static
she'll changing.

Sure didn't it's historic.

When I get into this region.

Am I going to
start trying to play

what you you call again other.

The as you know I keep
saying it to that on call it trend

okay.

I'll call imbalance by among so
I'm going to use those words the

bar.

Is trend is what you're used to.

So let's just say one final time am I going
to be looking for trend trades in this.

Area

know.

Can you see the power of
identifying market condition.

Cause as soon as we get into.

Balance areas previously

we saw this inbred

to remember the bread press
came down and then he got balanced.

After it had been
imbalance for awhile.

The market happy.

Why why you trying to trade.

Trend as we call it pop or

retail cause it.

Why

why turn to see

it's not what you want
to do when you're in.

A prior area where the
market as clearly told you with

transactions that
look I'm happy here.

As soon as you get in here.

Stop that type of trading.

And switch to.

Balance

trading.

And this will become very clear you
know a luck I said I'm going to have.

The web.

With the standard deviation bands and we're
going to look for trading opportunities

so that's what to
call very exciting.

Stuff and I will get
you very much.

Taking opportunities in the
style the and describing no.

Balance and
imbalance opportunity so

but to do that we
always do need some.

Level stone we.

Were we can say.

And.

So we've got.

Profile here.

We've got profile.

Here.

And and.

You know let's say
the markets here.

We need a level
of don't we to say.

What if we start
to build value here

is asked to balance or
imbalance well we needn't.

Contextual level

to ident eighty five when.

The market condition has changed

what if Weaver if we have this level
which is the whole point of task one.

Essentially.

Your identifying this level.

Okay

so I'm going to show
you how to do that.

Composites joining
up the profiles together

and then you get these
very nice value areas where

you have obviously paradise

and.

Normal distributions
with perfect

not perfect but.

In a more ideal.

Characteristics style Laos to see balance
get repeating a lot of wolf said in the

possible.

You know obviously I like to do
that so just to make sure they're

not ninety percent of people get
one hundred percent of you get it

and then yes like I said if
we start to build value above.

I can say to myself in my.

Prep

oh you know what.

The market imbalanced
right now so let me look for.

Imbalanced opportunities

but to wear.

Anita have areas to
see the I'm targeting.

So always going to
go there but come on.

Was need a business
plan don't you.

Where's your target
what do you expect to.

Achieve

when you run a business
she always looking for what.

Warmer

likely to achieve in price.

This gives US.

The bottom end of

a previous balance.

I expect imbalance to.

Saw of get into

ideally into this range by at least
here can stop booking prophets.

And.

Then if we get in here.

I'm done

a

the looking for.

Imbalance and if I.

Get some

balance opportunities.

Start fading.

Pluck we did on the depth of market
where we look for absorption and then.

Reversion for is here we're not

we're looking for
absorption here.

On the southside to fail

and aggression to come in going
upwards boom and we got a nice.

Context

level up here

can you see how Stein
to develop trading ideas.

Because no longer.

Are we just looking at.

Nothing.

I.

Wrote you looking
at contextual level so.

Thus the point of
identifying and I know I

spoke a lot about that
but it was important.

That I explained why we
even doing this exercise

and

and toscani step

is to identify.

Areas for US to.

Do business but more importantly
identify the market condition so we know

how to conduct business.

And.

Such as soon as speak a little bit
before I move on to the next slide about.

Composite so

I already talked about in pa
eight that we're combining.

Obviously balance
areas together value.

Bar.

You know I cannot
stress this enough.

There's no magic formula.

They're all going to be
time to her is an obvious

what you should do

and the reason I
point this out to you.

Is because I know there's going to
and I've seen it time and time again.

I know there's going to be a lot
of people who get obsessed with.

Oh.

Was envy doing

is he.

Has she so you might have value airy here
for one day and then you might have a value

area.

Here where it slightly overlaps.

Do you merged in

the he not merge them.

Some people will said you know
what I think there was enough.

Value here that

balanced.

You see their

the sort of.

Literary here where they both ballads
some people say yeah do you know what.

Offing that was.

Two days.

The

from a value perspective were very close
together so I'm going to join them together.

Where someone else should
you might say note you know wolf.

It was

and thus my plea.

He couldn't understand
yet there's no magic formula

talk about this eluga
become obvious as we go on.

The.

I would really

be very careful how
you approach this.

The loose with it.

And the reason I
say this is because.

Think about it.

Right disc really comes back to the reality
check and the thing I said about Alpha.

And I cannot stress
this enough of gonna.

I really try and stop myself talking via
too much here because of one or really talk

about this.

More towards the
end of the pro course.

But I did mention and I hinted.

You know although

to generate Alpha.

He could be doing things that.

Or little be outside the box.

Because otherwise think about it

if he was obvious right where.

Value was one hundred
percent of the time.

I promise you

some one out there with millions if not
billions and there are institutions out there

with that sort of money I
know cause I work there.

And I used to actually
develop algorithms and.

You

saw how much
money these guys had.

If stuff like this was.

To or beer this.

That doesn't mean
there is not useful

for US to do it
in fact is great.

My point is if stuff like this was too
obvious someone with program it.

And believe me the fact
that isn't a new gonna see.

The fact it isn't.

Always.

Clear.

Ism is

an amazing thing.

Because it allows you and I.

To do walk.

Develop edge.

Using.

Human characteristics

are ye analytical capabilities.

That a machine can use

because we have to apply
discretion and therefore.

I don't

think

people will quite grasp this
until much further in their career.

War opportunity I am
giving you to generate Alpha.

Okay.

Now you must think
to yourself genoa out.

Is a cop-out.

Envy not giving
US something very

like a plus be moss equal see.

Because if we don't get it then.

The.

He has an opportunity
to say oh it was you by.

He could start
approaching this differently.

In a you've already tried that way doing
all the retail methods were people tell you.

Though you do this and do
that and this should happen.

At the end of the day
watching the failure

rate is so why even
in institutions because.

We are told the same things coys

when I went and done.

My

do you know of your did had to trainings
as you know in investment banking and then.

Proprietary training I heard.

There's so many people around
me who got told exactly what I did

what did they failed then.

They obviously got told
the same things I did.

Know.

It was because I recognized
early in my career.

Hang on.

I got to start to
recognize things.

Before the crowd does.

The I'm not saying that

you know at the end of the
other people won't recognize

what you're doing they
will when you want them to.

Is just you want to recognize
it earlier and therefore.

You have you just.

Will never realize
until much later as you.

Develop into.

A very consistent
trade up because

he's only going to
happen when you start to.

Things.

That the crowd on doing

okay

and you see this in my trading all
the time is I'm always doing things that.

Is not that no one else is doing

but they're not doing it when
I'm doing it cause I make sense.

Thus although that is our fault.

Why ended the day Alpha is

generating extra while new

above and beyond walk beta
which is what everyone's doing.

Giving you a golden opportunity.

And actually what you call
realize and again or detailing little

too much but I'm just gonna say and on
our repeat in the reality check section is.

If I gave you write this

perfect true sense at guys

when x happens and why happens
merged the profiles together.

What you could
have realized that

I'd actually be doing
you a disservice.

Original going to succeed that way
so why would I tell you something

whereas as you know many other
people are willing to give you rules and.

Because that is what logically seems to
make sense in is what people want both.

That's why the failure rate
so I said let me give you the.

Other side of the co

you're paying me to tell you.

How professional succeed.

Gripes side one a light you how
to professional succeed him why

to so few of them succeed.

They don't use these stupid
rules that you hear about about

oh when this
happens you've got a.

You know.

Could snap out
of that and start to.

Used the guidelines I'm about to
give you on the next paying each

but with a pinch of salt

and you start to think about
whether it makes sense to you.

We can compare.

Fine.

But stick to your guns.

And observe.

Because at the end that they
won't you find a sometimes.

You make

judgments the me in the market.

Would it actually does
will be more aligned

to the decisions you took

okay rough them were appointed.

Because and therefore you're
going to generate Alpha for yourself.

Can you see why.

This concept of
generating Alpha and.

Doing things

and.

Yourself as I said improving
them to of is so important but look.

Does not mean.

Abandoning you at all
we're gonna compare staff

and in fact what you know he
says Amina per section after this.

Where I talk about how

you notice it
just after this as.

At the moment of is your
got this discord or and

don't know how that's going to
look in the future so I'm gonna

put it separately the section.

As to where we're all going to be
doing this spot on very much gonna.

Obviously have this area
where we can compare and.

Help each other grow

but his motto

is different.

And.

Thus won't get paid to do so.

A thing of said enough and that

bit but what is it is important because you
can know is this as we going to the next.

Section that this
is really a brilliant

opportunity to separate
yourself from the crowd.

To thus enough said here

let's go on I'm going to give
you some guidelines about.

You know when you should
be merging profiles together.

And

ba.

Again as I said hairless finish
off on the final point which is that.

This thing about there being grey areas
as you will notice will not give you the

guidelines please
take it as a positive.

A massive positive on
giving you an opportunity.

To separate yourself from than ninety
nine point nine nine nine nine nine.

Percent.

That fail in this game

and that very tiny amount that

generate Alpha lol.

You're never going to given those tools
in the retail environment as you know.

I'm giving me those
tools to generate although.

And

I can only hope you so much
like ninety ninety five percent

gather five percent.

So embrace it
embrace this opportunity

to use your judgment

okay.

And.

And you know

hopefully you you take the
on board and is is you know

going to make your
much better traitor for it

to let's crack corner to show you
how can you generate this Alpha

and where did he stopped
short of grey areas lie.

The you can spot things before many
other people do even before algorithms do

let's go and have
a look okay so.

Was you're doing this to task which is
you know obviously are one you to start.

Creating.

A composite

profiles

and.

And develop contextual levels
that you can be taking trades from.

And identifying market conditions you know
whether the markets balanced or imbalance.

Et cetera.

This just.

Two or three
administrative things

to are wanna talk to you about.

And so you'd have to forgive
me throughout this page

is bit difficult war
is I don't want to.

Copy and paste parts of
the chaw put it on here.

Is much better of now because
we're getting on the chart that.

So I've got my charts in the side i'm
going to keep bring him up charts back and

forth back and forth so
there might be a little bit of.

Back and forth going on she left to forgive
me but at the end of the day is going to

be much better for US to look
at the actual chats rather than.

Me just having
cut out here etc so.

Number one is okay
so this is very much.

Now getting into the task.

Phase.

Task one which is

the merges.

I've mentioned this before the letters or
blocks a case or less have a look here.

Soft got the.

Sep five hundred here.

Okay and I've got
the same period here.

The have written
here letters or blocks.

Quite.

Honestly I don't care

or didn't bother me.

I've had periods in my career.

Where as I said I only looked at
letters I never looked at blocks now.

I have for the last few years
of only looked up blocks cause

I gave you the reasons or don't.

Particularly like game too obsessed
with the letters Baldwin on that journey.

And you know you're only
going to generate Alpha

going on the journey.

You know and

I'm sorry to keep repeating the point but
it's important to make it because I want

you to know i'm
actually giving you.

What you wanted.

Right

why have you come to me.

Because you don't have
returned training course

you want to know how
the professionals to it.

So if.

I tell you.

You have to use blocks.

That aren't just doing what any of a
rito educator is doing know and I'm not.

I'm not

telling you the truth

and the truth is
when you're in an.

Institution environment.

They cannot tell you.

The you can do what
however you want figure it out.

Work he out

as in generate some Alpha.

And

see what works for you there
is no right or wrong answer.

Some people can visualize.

See for me I find it

easier just to look
at their since a.

Balance is their balance is
there at your local emerged those.

Two.

Whereas some people find it
easier and here to Saint genoa.

Balance is here and
of surrey and Jester.

Scope for can see the value

lines then of there
but they are know.

So.

Sorry let me do that yet.

So some people might
find it easier and here to say

know walk.

That balance and that
some overlapping balance

but not enough to our
milk on emerged them.

Okay.

Whoever will ever work to

try both.

Will do some exercises
were both both.

I just wanted to
mention that here.

Because

this is why gave the long speech
tried it on the previous slide.

I know some new though is mv
going to get home of they spot.

A cannot tell you.

I wish

you know what

I

would have saved me.

A lot of money and a lot of time

as in you know as I said I never
really had a period while lost money.

Ba lost money in the
sense that I hold me back.

From really hitting the exponential
curve a lot earlier in my career.

Because I became

too obsessed about.

Oh all.

That guy on the prop

trading floor is doing this or have to
do what he does third you know what.

A drop that stuff

and I just did what worked
for me and I'll want you.

To understand that becoming a professional
trader is all about developing.

This.

Independence.

And.

Entrepreneurial flair which
many of you have already

looked no.

Don't think I'm taking that away from you I
know many of you run your own businesses

or some of your work in.

Incredibly.

In a professional environments that
require you to have entrepreneurial flair.

She stays

timo Glock people don't apply.

That skilled that is within them

to trading

apply here.

Stopped to think of side of the box
thinker by when you start a business.

Is there really a handbook as to oh yeah he
go this how you becomes snow don't exist.

Could have.

There's obviously people
like me who can help you.

But ultimately.

The so many things got
figure out yourself and.

You know that's why

I'm going to keep laboring the
pointed I said in the previous sliders.

And because I know
was going to happen

and is going to keep how

people will say

look envy using blocks.

To am going to use blah fox.

Because he's using box
blocks and thus the right way.

No right or wrong way in this.

Obviously look

guys don't get me wrong and I
hope this puts you are easy staff.

If you combine say this.

Value area with that value area.

Clearly.

I'm going to say to look

stop.

You haven't quite
got it let's go back.

And

and

sort of and develop
your understanding again.

However

if you're doing this.

And you combining
it with des and there's

some overlap and
we're not sure on it's a bit

do we.

See how it works observing.

A and be coming back
to the original point.

For using letters
and I'm using blocks.

Are don't care it doesn't
matter a case of don't

just use blocks cause I am
using blocks go on the journey

try both see what we're works
for you fiddle around with both.

Clara of them in

are gonna see.

Where we're all doing this.

Whether it be in
discord or whatever.

Platform the amusing at the time I said
you know I'm going to talk about that in a

separate section just in
case I change in the future.

Will ever platform.

Also of.

Congregation.

At that were using.

To discuss this I wanna see
both I want to see people using

blocks one a see
people using letters.

Whatever suits you okay.

I said that mindset you've
got a have that all the time that

where there's these grey areas

and there's no right or wrong.

You do what works for you

and prove it to yourself and see
the what you find easier visually.

Enough for me it's obviously
blocks for you it may be letters.

Case offing of premature
exhausted that point

and get it but it was
important I said it.

Because I don't want people go away
thinking oh my god I can use this cause

is and using this
no less than point.

And.

And

the number point number
two is administrator if again is.

Look

the tick settings

and or t h settings I've talked about on
th to death but tick settings or heaven.

And I'm not gonna go
into detail because it's.

It's a very personal
thing that tick settings.

If you go around

and appreciate you may not have
watched the footprint section yet but.

Do.

When you watch the footprint section this
will make a lot of sense because with the

footprint with a ring.

And.

Again if this doesn't make sense you don't
worry but it will when you watch footprint

section is.

I talk about calibrating

you know sometimes I use.

Five tick ranger six takes
for ticks he can varian.

It is a very much a judgment
call you need to make however.

I'm going to show you that
there's some settings okay

women and or not you

look.

At the end of the day.

This never changes
for me I always leave it.

At war I do so I used
three tech settings for crude

and I used to ticks for yes.

You can use what you one

it is not gonna make a massive
difference in the way that.

Volume charts and ring co's and.

Those things do change
seasonally quite a lot.

Because you are
looking very much of an.

Individual boss.

It can have a big impact

but because profile periods are so
big thirty minutes and so on and so forth

and there's only so many periods
through the day as you can see.

Let's.

Have a lookout for example.

And the.

Yes which we just had

right.

You can see there's
very few periods

whether I use

and I'll explain what that means whether
use different take setting is not going to

make a difference so.

You know play around with

by all means if you want
to you can use the ones I do

recommend you use the ones I do

but just make sure that they're
correct when you're in the software so.

Let's talk about that because.

I understand that's not going to
make sense journalists I show it to so.

Lets you or t h settings first.

So if I go to.

And.

So for this a press f six okay.

And it brings up in fact we're doing
the audio settings hippolytus a f five

which brings up with this

and.

Chart settings.

Will you need to worry by as
he starts have in time okay.

Just make sure that correct.

Now.

Why is is okay with
the he many s and p.

Do you remember
I said the or t h

is nine thirty to four fifteen.

Eastern time.

The I have.

Sierra set as

u s time so he to
calibrate eastern.

Now if your Sierra choice calibrator UK time
or different time zone you can change it

but even though I'm in the UK.

I like to have.

U s time

frame or zones on mine
so you know you just have to

accept US what I'm doing and adjust
accordingly docile comfortable for you

but that's what
I like to do both

thus a but be more importantly.

Make sure to remember I said
we're only looking or th provosts.

Oh said it for this
for you what an.

Obviously give you the template by in the
future sometimes you might fill a realm of

things and.

I like to check this just make sure double
check of I got the right time frame and

time zones in so
times one in in.

Now will you may
have no is this.

I have no a some people put
nine thirty to four fifteen in here all.

You don't have one
second before for fifteen.

And.

Now the reason I
do it up to four thirty.

Is because what happens
otherwise is you see the final period.

So let's just split
one of these out.

This final period the n period.

What will happen is
if you think about it

if I only useful fifteen is only
going be a fifteen minute period.

Not

day of know some people are
obsessive luck said and they'd like note

the session ends up
for fifteen so I'm gonna.

I

used as for fifteen

and have done in the past
but as I said as I became more.

Loose.

With things.

This was something or developed
over time or I just started.

Thinking genoa I
don't care what book.

I don't care what
the guy taught me.

I care what observation told me.

And what my own
logic tells me lol giclee.

Do I prefer to see a full

thirty minute t p o period

when all my other periods
of thirty minutes to me

so yeah you know what.

I'm going to do I want to do
I don't care of my boss uses.

For fifteen.

I didn't cave

the other guys know what works
for me logically what makes sense.

Made more sense to me.

And then it wasn't the

thought.

Has more piano changed because I

decided not know.

Does it make any difference to me
no actually I'm getting a better reflect

reflection of that loss periods.

Full of thirty minute tps

and.

Unit period.

So I use for thirty okay.

I don't want my as imperial period to just
be fifty percent as in fifteen minutes.

Because think about it is her behalf an
hour isn't it from nine thirty so be neither

it's turn tends to the e.

Cetera et cetera et cetera
until you get to four o'clock

then the last period if you only put
for fifteen it's just going to be a fifteen

minute periods gonna cut it off.

And actually

if you think about it

e t h goes on to walk.

Five o'clock isn't it.

She still got another forty five minutes
before the maintenance period starts so.

I.

Said personal port

I just prefer to leave that.

As for thirty so
sought to you again

like I said don't do I do.

Test it

to for fifteen

does it make a difference

for a month.

Then do for thirty.

Does it make efforts

to see this is why

of always said to people
this journey as a trader

don't let anyone tell
you is quick is not.

You're gonna have to figure this
stuff out might take you a month or two

to even work how.

These little it will settings
you know do I want blocks

or more letters to r one.

For fifteen to I want for thirty

two I want.

This going to confuse
you do I will on

the overnight profile.

Here

I don't necessarily put it here by
have in the past about overnight and.

T h split out.

So I could see.

That we rebalanced
when we came into the.

Open session.

Of going a little bit way to advanced
here but my point is these things take time

to figure out god's
going to be http patient.

And am.

I haven't put it here but I will talk about
towards the end of and this another thing

and he is important
I mentioned that is.

How long do I want you

to spend doing tasks.

Whoa.

You know hate
playing timelines to her.

Isn't ideal timeline is you know for this
is going to be like couple of weeks been

doing merges and care if
you take you three months.

Spent three months

it's going to make
you a better trader.

The small small things figuring them out
the advantages when you do this you can do

at the weekends

to any time.

Right there will
stats icc profiles

squeeze in exercise you can do any time
of day off the work you come one evening

after dinner.

Weekend's

doesn't matter.

To keep doing it.

But anyway so
those are the settings

for.

E s.

That gimme a second
set just got a go and find

crude oil okay sorry
took me a moment as

the find crew dog has things
are low but will over the place that.

Show again this time in go
chart settings which is a five.

Can you see my time zone.

The time sorry my
time period or t h

so is right up until.

One second before
obviously because

the bell is basically are.

Three o'clock so I just.

Saw a to thirty so
the r t h r end it so.

Just make sure the all

age hours because what will happen is
if you don't set this obviously is going to

give you a profiles for.

Longer than or.

M have already
been through this to

in the last part where
you don't wander.

Okay

so.

Thus essentially the all
change settings dealt with

just make sure that in
the template or give you

other and she built the template because
of one up a v wiping them were going to do

vb up.

Before I give you
the template and.

Saw him and under yet

bar

and.

Yeah when I do it will
be obvious anyway and

then just go in there
and do the settings

so with this tick
setting so we've

dealt with the rt h less some.

Deal with sorry she
can be a second.

Best deal with to
take settings now so.

I'm not going to change the take settings
because I am just going to tell you what I

use 'em what it means okay.

So let's start with
the he many snp first.

Okay so.

There's this thing where is he.

Okay this is quite of stuff
rid of the top this as not.

Have you obviously
is not visible barr show

so oppressed f six right to bring up the
chart studies where my t p of it and then I

go into settings.

That there's this thing letter block
price increment in ticks and I've got to.

Okay.

To think about it
what he said he.

Letter.

Block.

Dream what I said you can oh
letters or blocks it doesn't matter

less says letters.

Increment in Texas to.

Then you'll also see it
here we go to chart settings.

Can you see.

Zero point five.

Thus to takes in the e-money s
and p zero point two five is one take

the report five is to takes

by.

Thirty minute periods.

All

saying is each
one of these letters.

Changes.

Every three

to takes

to see I could have it as one take
and you get loads of east he won't.

Change the obviously high to low because
the high to low will be the high to low.

But all is going to do
is Robyn and printing

and he every to takes
or printed he every

one take

okay

just more granular.

If I do three takes the
new do every three to.

Quantify find

to

to be a nice

happy medium for me

you can play around with it or you can just
see what Utah Utah not to face I would.

Normally as you know I say look

do what suits you about.

Personally off
into is pretty much

okay Ivan changed
here I don't think.

I except when I fiddled with it right
the star of mccree I think has been.

I can't even remember
ever changing the setting

is been

even through all
the virus period and.

All the.

You know shop staff of hit the
economy throughout the last few years

of never changed is.

The setting.

Saw

know I like to what
have you to stick with it

I would suggest just use the
same as I do by years up to you.

And and then in crude
or I'm slightly different.

And the reason for that is an
auto he was very obvious actually.

I'm.

Sorry just give me one
second I'll give artist

minimize crude oil I need
to can find a against one sec.

A case of there's crude oil

and series because I
thought of my template of

building this template
for you guys are not.

So little bit messy
that's why I've had to.

Go and look for it otherwise normally if
it was my own template which are use

obviously every day then.

I

would just be up but.

Anyway we've got it
so thus the point the

exactly same thing.

We go to have six.

And

there you can see
I've got three ticks

so the way you changed our

is you go to settings
and you can see.

Literal price increments
of this time I want.

It to show me this a period.

You see how I've got thirty seven that eight
though not forty and then it will jump.

Okay.

The reason of Korea slightly
higher if you think about it crude oil

small veneto isn't it

it moves more.

Than the snp.

So I.

Don't because the thing
as if our city at the same

as yes and be

of

all these tiny is
everywhere be too much.

So I found war
is a nice balance.

For me.

In terms of not
having too many as.

The we got
remember is it doesn't.

It doesn't really change
much in the sense that.

The high and the
low of the a period.

Is going to be the same

okay.

The high in the low.

All is the number
of as it shows you.

Okay.

So you don't want.

Too many.

And you don't want to little

because it is going to be meaningless
and you don't want to many.

Cars in

it'll be meaningless as walk.

From los balance

and I found

for me.

And that day you can see a three to
makes works really nicely and crude oil.

Can

other thing I ever changed I am
talking years the have been using

your profile.

And.

A dumping of ever
changed it you know

however many years has it
been since I've been using

of

has start looking at it
may be a ten years ago.

Never changed it.

Okay so.

You can if you want by look as
you know I want this to be the best.

An.

Education in the market
and the most reflective of.

A professional environment.

Thus why tell you these things.

Is easy for me just to.

Give you market profile and just

not even talk about this
and you'd be none the wiser.

So hope you can appreciate
why I really spend time and effort.

Explaining every
little thing to you.

Sure you understand

you understand everything.

Right

and your knowledge.

Becomes best in market.

You need to know the
stuff you know no point me.

And not telling you just saw I
can make this a lot quicker than an.

Ideal but not destroy.

Of the best way
to do it sorry I.

Said thus why tell
you all of this stuff

both look those a

saying you can do

you want really there's
no royal romance her.

Do what works for you by in
those instances where it comes to of

r t h

using on t h.

I would highly suggest
you do use the or th hours

because thus war of
she everyone's doing.

And

and of is he explained in pa
a eight why kanga bit messy

and then the tick settings out suggest
you use the ones I do cause he gives you a

night balance bot.

Try them out see for yourself

and then if you want to
revert back to where I do then.

I think that's a good idea

and then this bit using
beatty basic or t h chart

to guide you.

I'm gonna come
back to that because.

Walsh I'll show you his how.

And

a don't do it anymore.

While of think is quite nice is something
the August doing early and mom.

Career.

Roster

merging profile is I used
to use the chart sometimes.

Scrunched up

to help me identify whether.

Is

it saw make sense for me to.

Merge profiles together so

general lim of put this up
here dunno why put up here but.

As in whining put it down
here but let's come back to that.

A cave of.

I'll just leave that there is a
reminder by will come back to that.

And.

Basically that's it for the admin
albeit or come back to the.

Let's get on with the guidelines

alright so less.

What I want to
do in this final bit.

Before I get you actually doing.

Merges for yourself
and doing task one.

He's.

I'm going to do.

Some guidelines here
where a show you what I.

Saw of guidelines I use

again.

Use your discretion.

Generate although.

And

and in fact I even said it here of another
thing I say a couple of times cause.

I said this the deaf in the last page on
local a repeat what was saying are you can

see why said it so much
in the last page because

it's great opportunity
for you to do that but.

Let me show you why the opportunity exists
and some give you some guidelines as well.

And to help you really develop

will hone your

skillset in at least.

Making what

I think he's a good decision.

Not necessarily he

always the right or wrong decision by
a good decision that's going to give you.

A higher probability of
having good contextual

levels to do business from so.

Let's start with the first ones a warm
actually going to do is I'm going to keep

bringing the chart
back and forward.

As I.

Do

show you this rather than
just showing you cut out here.

So

I.

Let's do the first month.

Okay.

So to save time warming
to do is you will see

me editing this at
little bit where I just.

Bring the czar a show you
then I take the jaw of bow edit me

obviously going and bringing
chart back and forward just to.

Of she cut down the time
so let's do the first one.

What do I mean by.

Guideline number one.

If the overlapping value.

Is clear

we merged and

less Luca an example okay
soft brought over here crude oil.

Cause.

You can see this quite a lot but unfortunately
is not always the case but you know it

may be.

A thirty forty fifty
percent of the time that

you go to merge you
will get really noise.

And.

Balances

that you can merge okay show

when I say
overlapping value okay

so we got remember his.

And

the good thing is I did the supermarket
the reception and obviously I talk to you a

lot about.

Thinking of the Marquis
in terms of value.

Remember what is
our objective here.

Were merging

value okay.

Value and valley.

And

general war

and.

Is up to you how you do this i'm
going to be quite honest review.

Yes.

Is nice to have.

These value area
lines and we can say.

That is

so you got two ways of thinking of
this you can either say to yourself.

And.

That this is strictly
speaking value is.

Is this area which is
the seventy percent.

And this area which
is to seventy percent

see

the thing is you couldn't understand and
this is why I did the probability section.

What you can find is decent not
hundred percent accurate wise that.

German by took to buy in the
probability distributions action

where is he.

Can you see that.

There's no volume here.

There's no prominent.

Like clear area

where you've got this mode this.

Value you see here this is
actually quite nice will you see.

Quite a nice perform
in an area where.

Transactions took place.

Think of the eBay example a
million other examples of giving you.

That more volume you can
get a in a particular area.

The more people.

Found that to be.

A fair price

value.

But what you find is

that a lot of
distributions on the day

and.

To get him not
make sense from a.

Balanced perspective in terms of
a statistical does distribution and.

Therefore devalue area lines

and not gonna be like
hundred percent perfect

we talked a lot about
this in the previous section.

So

is up to you how you do this you can either
do it mechanically but of talked about

the trap of doing the

but you can start
like that if you want

you can do it

the way I do all to he honestly.

I don't really pay much
attention to these value.

Launch until I emerged them
and you'll see why that is.

What I like to do is and you know what
believe or off by starchy mock these with

their some.

Funny enough that's how I
heard about this is called an.

Epic pen though you can

wherever you want
you can use a little too.

I don't do this anymore

by used to do this a lot

and boys to do is eyes to
mock them with this pen like this.

Balance.

Violence okay

and I would just kinda say well.

Genoa as balance here.

And that balance kind of.

Here.

So it's close enough but you
see this this balance area my.

Saw visual.

Balance is slightly wider

and thus because
you go to remember

an individual day.

You can get imperfect areas
where the market didn't fill.

In a smooth pattern and therefore
the value areas one be slightly up.

But coming back to this

can you see.

Perfect.

Balance

on

Wednesday.

And Thursday

that's about as clear as you're going
to get where is an overlap in value.

Okay guys.

Will not talk him out high to low don't
forget we're talking about where value took

place because.

Okay they might have been an extreme mood
move down here by essentially the market if

that in it and we're
looking for walk.

The general that a terrible

so apologizes
actually pretty terrible.

Do that again.

Marketed walk.

Kind of.

Did that their k

and what we're saying is.

The bulk of it took
place in that region.

Okay

so.

And in fact while do is he I'll show you
the basic or thr show you why the used to be

quite useful for me but.

In this instance I
hope is obvious.

Basically.

Balance here.

Balance here so i'm
going emerged them.

So how'd you merge

to we do is write you click on

you right click

ok.

When the provo
merge with next profile.

On this provoq can she

wore.

This one.

Merge with

prior profile is up to you
so in this instance Amina do.

Merge with

next prefer.

Guys.

Look can you see now why.

Why now play
much more attention.

To the value area long why look

how smooth eyes.

Beautiful.

Can see what difference
it makes why stop.

Now we've had more data.

The markets had opportunity

to do what let me
just undo this again.

He go to understand this law as a
mathematician but just very much from a.

Comments but sense logical
perspective about worst violence.

Even.

What was the normal
distribution is even.

Don't worry about the muffed I

just worry about.

What we're your to measure here.

Balance so obviously we want

and nice symmetrical oh.

And.

Violent shape.

K.

And yet to some extent you gotta take
my word for it that these value areas have.

Perfect.

Not perfect but very very strong
statistical properties that give US.

Very nice standardized
value areas both

the more symmetrical

this is.

The federal would
you know agree.

The and economy sense to
let me just on merged these on

edge.

So to merge you just do
undo all merges in this profile

a

lot of his staff you can play
around with a new figure out

we your try and
tell you as much as I

can.

So.

Undo all merges in

provo hips I took it out.

Can you see it feels in

some of these problem areas.

Though I had

it gave the market
what opportunity.

Cost is unbelievable
how the market does this.

When there's
typically areas of I this.

The market will come very early
on and it will feel the them out.

You know why the east and
Munich because the market is.

Really.

Wants to.

Develop.

Value and fill-in

and test.

The market

to really see that there
was true value there so

the market does that
because he was to.

Does value stick

in the air area
before we move on

and seek valuer

elsewhere really complete.

The auction process

why auction market
theory auction process.

That goes on there so.

You see this and law the market doesn't
law essentially loves to fill in areas

ba this is one of the reasons
here you see why emerged them.

Because as soon as a merchant.

Cash beautiful girl
really prominent area.

From our point of control
as what was really important.

And

instead of war.

An alarm going on
and on about this but.

Believe me this
this stuffies her.

Magical really.

Though in a holy grow away
by in terms of identifying

where the market as I.

Really.

Like equating value to be

very very very powerful.

In terms of
statistical properties

so.

Back to the point of was talking
about which is the point of control.

Can you see here.

Theory.

I see too many people
did it though say nope.

Thus the point of control
hang on a minute what by that.

In my mind that was decent amount of volume
taking place there and there was decent

man only taking prayer place their what
are you say that's the point in control.

Very advanced I noticed this
through years of observation

of learned.

That just because
the software or some.

Guy sitting

there who's written a book says
no that's got to be the volume all.

P o c for market profile obviously
volume point of control for.

Of epoch not surrey

to do what makes logical sense to me
and if I see a lot of volume here as he low

volume here.

For even.

But look what happened when
I combine it with the next day.

Image with next provo both.

Can't be argued.

Really nice.

Prominent.

Area

black in terms of
the point of control.

But also more
importantly than that.

It gives US war

contextual levels.

This is what you're
building know is trading.

Levels okay.

Do you think it's
any coincidence that

broke her of violence.

Right.

Look what actually
happened here.

And I promise you you will
see this time and time again.

This is honestly this is literally of just
randomly picked her day last October.

Ivan

obviously are traded
this probably by.

Many months ago I don't remember
what the supplies you just random example.

And I'm going to show
you loaded this stuff.

That how.

Magical is not the right word cause it
sounds like some sort of holy grow but it

isn't it's.

Truth

basically about what the market is
doing and voice trying to achieve.

Jimbo I said to once we identify contextual
levels and sorry I know I said I'm just

going to give you
guidelines but look

I like to talk about these
things are you actually know

what's going on and
is not just some rule.

That emerging cat crack on know.

On a show you what's
actually going on and why

were emerging and what

what is telling US.

Right.

Remember what I said
to that the market is.

In balance in this area

and we can then
identify if we're in.

This region will fade.

We'll look for.

Absorption and aggression to come in the
same way we did all that that the market no

difference.

War when we go out
and we build value.

Imbalance.

Now what actually happened here.

Think about it.

Market opened here.

What did he do.

Drove down.

Tested.

Value.

Failed.

The value.

Long

opportunities

here.

To buy the Mark.

Okay

imbalance can you see.

Why these levels.

Are

absolute

lie crucial as part of your

urine the.

Pyramid the seventy
potential present context.

That's why I've got you're doing this a
stage one because this is gonna be the core.

Part of your prep the a want you to start
doing once of showed you the weapon

everything going to get
you doing prep and stuff

hypothesis with a day.

You can be using these levels.

Essentially what you're going to do is
you're going to common in the morning.

Right

of have been doing this for
years coisa this is this is what I do.

If you're in a trade the way
professionals do the way I do.

Obviously not every professional

but at least the way I do and how I
see the top professionals doing it.

And.

Is you're going to
common in the morning

you're going to see
where the overnight traded.

Say it's like this.

In your prep is going
to say can walk.

From a composite perspective.

Where are we

imbalanced.

Okay

we're not in

balance will not
in a range market

and look at the market did.

It

went over night

and then it opened up.

We drove down

and then what you can look
at all the flow air and see.

Does it reject or does
it come in and except.

Okay

and then

it didn't in rejected
dinner then it went up.

Boom let me look for
trading opportunities to.

Imbalance who
as you call it trend

of is yellow not
to call all it up but.

Ultimately it's the
same principle.

But then look what
happened the next day.

Image.

We broke here.

To remember I told you

are you going to be looking for imbalance
opportunities when you're a previous

balance though you know.

Crucial it's ludicrous.

These have now become
contextual levels for you.

Will do this.

After this any
room the show you.

But look with open here

she very dangerous
to be looking for.

These type of traits.

What you want to be
doing his work fading.

Fading.

We got some rejection
here we came back in

bounced.

At war.

Faded here.

Then we ended the day here.

Kitty.

Kitty very clear the market.

Balanced

in.

Side of

to see what did he
do just balanced.

Inside.

Of a.

Previous

value.

And strong value
composite value.

Right.

Wednesday and
Thursday merged together.

This the power of.

Merging progress so

we've covered the overlap overlapping value
by actually what I want to do is this was

crude oil.

And.

Let me show you just one other

and the image is here.

Let me show you the e-money US and piano
she had very clear example picks one to show

a couple of monkeys
isn't a Robin and just one.

No is Hampshire
new letters here.

Blocks letters doesn't matter
this was my point earlier.

I'm just doing this because I know some
of you would like to use the letters are

first

the is actually quite nice to start
off of letters and then progress.

Bar.

In the future you see me very
much doing this on blogspot

I want to do both
kiss on the cover.

Of both and show to be

it doesn't really make
that much difference.

What can you see here.

Balance.

Balance.

Easy decision.

Overlapping value.

Merge.

Perfect less merged them.

Remember how
we do it right click.

Merge with neck profile.

Boom.

The go.

Okay.

So you got your room.

There you are trading levels.

Keiko the area.

And you will.

Tire.

Okay.

You've seen him all
these levels all the time

my Charles.

Okay

take I look.

Market opened

left

value.

Your a huge opportunity.

To trade short.

And then

rejection

or.

Previous.

Value

and then we came back out
and it what which balanced here.

Which is for balanced and
then look when we came back in.

Blue we shall up
to the other side.

The valley

again

and then.

We broke out for me went up

and I'll show you
how to identify it

and.

Saw of trading
opportunities within here bulk

that he can see.

And then we

broke

up the next day we came back in

but there was no value being
built his are no trading opportunities.

And then we broke out

and then potentially walk.

Trading opportunities
to go short go sure.

Because we were imbalanced.

Okay.

Then we got rejection same as
we did hear where do we go back.

To previous fatty

okay.

I'm going to show you
again look how to identify.

Opportunities to look for
rejection you see the access here.

These rules will it all
obviously more specific.

Trading framework using volume.

Weighted average price v wap.

That lot of institutions or using
and I'm gonna show you how to.

Do that but the point is first
who need to be able to identify.

Contextual.

Levels where we can
actually say walk is the market.

Balance to imbalanced.

So here.

Very much out
of balance isn't it.

Here

it's very much out of balance.

Whereas obviously and.

Although is not merged.

There is a good
example of balance here.

Just undo emerges
in this purple.

Charlie to

bear with me.

Forget.

So you can see
it here essentially.

This day.

Miss very much.

Within.

The profile

of the previous day so I
was very much balancing.

The reason have shown in this
example is because our wooden.

Or don't have any obviously clear example
fry now because I've only got four profile

here of

and why showed you
in crude or which was.

The balance within a previous
balance here the above

and.

Let me see at me for
confined on luck I said I don't.

Ever.

Undo or merges for this

three.

Thus.

And.

Are actually

fr.

Pick any of these in advance.

So.

Let's see if I can just
find one here for you.

Where we had some.

Saw

balance.

Clear balance and then we.

Balance the following day.

Within the area.

Okay so we.

Those those dot under

of would merge them.

And that I would merge them some
people wouldn't buy or combat to.

By just wanna.

Show you that within

a balanced day.

See again days law thus.

Clearly imbalance
where you've got

balance her that doesn't work.

The fact one

to do a good Monday's I'm gonna.

Faint difficult years because I didn't
have expanded I looking at it from such a.

Small prospect of Diego.

Club you can actually see
the benefit of me doing this.

Is the not carry picked
or much be showing you.

In a few months ago don't even
have a clue what this look tired

likes of these aren't pre

picked example only
show you this works.

All the time.

So did you see what I did
they're basically saw found

was.

Looking for.

An example of.

Balance within

previous balance as opposed to.

Were you see imbalance right so.

This was.

Salem just under

those to to remember
I said Ahmad.

Person he emerged days.

Where you emerge them here.

Okay and you've got your
contextual levels to trade from.

Can you see what the next
they actually did it went.

Imbalanced

right in broke out.

And he tried to.

Seek initially.

Value elsewhere and then it
came back and then it's settled here.

Pregnancy when him
balance the was wasn't.

Within

this of balance okay.

But look at this.

Subject show you balance
vs imbalance thus why.

I wanted to do that.

Would you agree this is
a nice example of where.

Balance and balances

soon emerge these two days

right can immerse
them to give obvious one.

Very very clear.

Merge.

Next prefer.

Okay.

So what do we know half we
have contextual level citrate from.

Okay.

There.

And

there

to see

this was what I
was trying to find.

The next day

is walk.

In.

Balance.

So I'm very much
going to be looking for.

Trading opportunities of either
side where I get rejection okay.

Said dust the the difference you got
imbalance and you've got balance here.

Cedar.

What the market.

Did.

Guys all I can tell you
every algorithm in the world.

These trying to find

this market condition

balance imbalance and
they will trade it accordingly.

When there's.

When we're in a
balance situation.

Are you rotational.

Like this

and then we come in the
next day and were within.

Where the market
has been in value.

Every are groom the world is going to
be looking for absorption in these areas

to then go to the
other side and test.

Was going to look for
absorption in these areas

of the of a sudden does.

Until we break out and then we start to
form value and you see everyone bailing

and then it will go
imbalance decay.

And.

And essentially.

That.

The opposite

of what happened
on the imbalance day.

Where we

do.

Essentially broke out
so can you see it here.

We broke outside of value.

We came out because
some balance.

Everyone in the world knows
okay we're building value.

Outside of the value area lower.

With outside of previous.

Rotation

balance.

When him butter so.

Paul algorithms will be
selling very early on in this.

Environment and then obviously.

People took prophets exhaustion or whatever
and then everyone starts bailing cc that

bridge version.

Coming back in these are things obviously
you need to identify dynamically throughout

the day and.

You know.

That where you build
our farm that's why.

Being a traitor is much
more than just poke.

This indicator gave me some rules
I'm going to do that nervously garbage

to start to.

Think.

Outside.

Something old.

You know as the day goes on.

The market got very short here
because we were imbalanced will happen.

We had access

in this period.

So and then we're building value
here we're failing to go down any more.

The people that got long into a she
saw a sure into this they're gonna bail

boom

to see this is all dynamic

you're going to develop
misunderstandings over.

Many many months son obviously.

As you develop your career you couldn't
develop this type of understanding.

Will you can up getting that read obviously
there's a lot of things going on here nah

don't want to.

Confuse you to watch but it
all starts somewhere doesn't it.

With identifying.

Areas for US to do business
in and identify conditions and.

Thus bought my point
was why I tried very hard.

Even though may have seemed like

I couldn't find.

While looking for

and

just because I do

pre-plan any of this all the examples
that show you and will be showing you.

Is this are like to do it not pre-planned
pics then come very much show you that this

is happening everywhere.

And not just mean cherry
picking something or whatever

I.

Think it may have happened before
known doesn't does not the case at all so.

I just wanted to show you why
obviously here we're looking at

because it helps US
to identify the next day.

Are we.

In the rotational environment or
I'll be out the rotation environment.

A case of let's go back to.

The next place of
whistle next point.

Next point is

where is unclear

okay.

And.

And I'll be on to you

they're all going
to be situations.

Where you and I do
things differently so

give me a second let
me just go and pull up.

Either crude oil or
the minis and will find.

And there's loads of them is
very easy for me to pull these of.

He is where there's some.

I am areas where
is not very clear so.

Just thinking what to do first luxury of
example of should I just go through these

guidelines very quickly about
want me to do in the example.

So let me tell
you this actually.

If is unclear you
go ask yourself.

What is the market
trying to achieve.

What is actually trying to do

and you go to start
thinking in terms of value

okay.

Suggest remember these points.

And.

And then we'll come back

to this.

To just me a second let me

going to find because again of
minimize the norm enough to can find it.

Okay to are managed to
bring this backup and actually.

I.

Haven't actually gone through
that section as you know about.

Hopefully we'll be able to find some really
good examples of where it's grey and in

fact is easy to find
examples of where it's.

Not clear cut because
markets aren't clear

cut so there's plenty
of examples of both bar.

And.

What I'll do is I will do that by just
realized one thing and that is that.

And.

So where is great

and you see what I mean by various where
is not clear what we don't have this clear

overlap.

In terms of to value areas for
two days three days whatever.

And

we do need to ask yourself why is he trying
to do was it trying to achieve and i'm

gonna show you how to do that.

I am but there's another thing.

Absolutely crucial

if is still unclear.

Merged

any way and see

how balance

it looks.

Okay

so let's do that

and for to do that.

Am woman do so
much can maximize this.

To let me just get rid of

this inc.

Julie.

Silica said I'm just I'm and looked at
US in donkey saw don't actually know.

The from.

There's going to be great example
of spot yes he's you can see

low to them here actually.

Was probably easier as
if I just go through a hole.

Saw of section.

Lists desire to the cause otherwise you're
going to be wandering are looking for

something and I'm not actually.

I'm trying to look for.

Like really good examples where I can
make my point but it doesn't my lustrous go

through them.

Together and in fact I'm sorry to
keep jumping this is just literally how.

Glossary I'm a traitor or not

a.

Presenter so you know
he left to forgive my.

Presentation skills not being so polished
as you might be used but I think is better.

Cause I can actually show you
how I'm thinking from the day ear.

And and as she was.

That let's just cover
all of the basis of.

Cause what I'm going to
do is I'm going to go through.

Rather than me

trying to

find ones that match these
bullet licious cover them all of as.

I merge throughout the day.

So.

Where I've said here.

And.

Some days may not be value.

But when new days
form will be value

I mean there is cause
I just noticed at here.

Is.

Can you see here.

This day

and this day.

I'm not going emerged him
because walk value was clearly hear.

From value is down here.

Then look at the next day.

I'm going to emerge these three
cars what's actually happened.

Well as the market
actually done.

So opened here as in it.

Scott up.

She's actually.

Gone anywhere.

That.

Is balance

okay.

Though when you look
at it as to individual days.

Is not balance

when you've got that not

is the third

to see and thus what I mean.

By saying.

Where two days may not

be

value where you merge

but then when a new day forms.

You can balance

because the third day

kind of

doesn't take you anywhere

you don't get value.

Moving anywhere so.

Know it's important to
remember that essentially.

And.

So let's just remind ourselves again if
that so this is what we're going to do and I

know it seems a little bit all over
the place at the man but it's not.

Because what is I'm trying to make sure
that a cover all these items off without me

jumping here jumping
they're jumping everywhere.

Lets you try and cover them of
eyes the market moves day by day.

She you can see.

You're gonna have to make
these decisions every day

sir number one is
was it tournament chief.

I.

Number two is.

Merged him any way if
is not clear said these are

these are all where is unclear.

Why is it turn on the chief.

Merge them any way
and then remember.

Sometimes it may not be
value but them when it is.

Obvious you get the extra
third day it becomes value.

So

I just what is just wanted you to remember
all those three points because I'm not

going to have them.

In front of US when we actually
go through this or less now.

Tried to look for examples

where all those three
points come into the fall.

So actually what
I'm going to do is

I'm going to start here

cry.

And I'm going to work my way and
I'm gonna show you what I would do.

From this day

all the way less

light.

Quite a few days now together.

And I want you to do this

task one.

Okay

so

only stay Tuesday the fifteenth

value was there.

Balance

values here.

Nor can emerge that mama luck.

Okay ptarmigan
emerged those too.

And then

what happened we came in here.

So.

When you go anywhere for three days did
we would have you do we actually balanced.

In this area.

And remember why I
said if you're still unsure

merge them anyway
see what they look like.

Let's do that.

Okay

to remember I'm not gonna go home and
actually going to go through all of these with

you to governor.

Magic next.

Merge with next.

Kate.

So to me

I like this.

I know there's a chunk missing here but
that's okay while still think it's pretty

good balance for me.

Thus a decent area where.

The marxist on nothing.

Can you see why this is a great
opportunity to generate Alpha because.

Honestly you might decide de.

Janeiro what I'm going to wait

for this volume

to remember how I said to the market those
feel volume in and a willfully and he does

fill in the next day.

You might wait

for that to get
filled in and say

actually.

I don't.

Necessarily want that to
be a contextual level so.

Sought to you guys at the end of
the day whether you merge or not.

Thus were recently or be unclear

and you have these grey areas

is up to you by if
you were to ask me.

I'd be.

Okay with even decision you made

in this instance.

Okay.

So less

and.

And to emerges.

You can leave a as it is

and.

What

the other thing
is when there's no

and I will explain
this a little bit later but

when there's no.

So of merging happening and
there's no previous contextual levels.

You can just trade of the prior

value

she can see the
markets clearly doing the.

So you know.

I did not emerge any of these.

You could basically.

Get short below here
look for imbalance.

And then

the next day we have
value area high heels.

Can look for

imbalance which
swept the market does.

He come into the next day

when you can look forth.

In ballers.

Downwards

to showed me this is where
you can actually start to add value

as a trader.

Or build although.

Cause

you know.

You may have decided not
to emerge these and heal.

Your decision paid off.

And you generate Alpha
for yourself whereas.

Block a set

of probably would.

Half merged these three and

to see my value area would have ended
up being slight more context to level.

Wasn't as good as yours it was
down here so I would have had to wait.

Basically for some.

Build

to happen here

then go down

down.

And actually want body is is.

This the difficult you about
teaching someone or trade is that.

This is just one loans.

More than likely

I would have seen stuff in
here that would include me in.

That we're going to attack this

and maybe go down to some
to a previous while new but.

At the end of the day that way beyond the
scope of task one you're just going to get

confused right now.

All I want you to do.

Is get used to.

Finding areas where balance

overlaps over.

Multiple days

so these valuers become.

Accurate to the point

that you can use
them to tradeoff.

Okay so.

We knew loads of example set
don't worry you know if if it looks like.

Arm lost or I don't know I
need to see more of this to

make sure no one they don't
work we're going to do loads.

That's why I'm actually going
to go through the whole period.

And

and show you.

That

he is very subjective

at times Norway's always.

Have shown you were
value is very clear.

So anyway I said the I would
merge this of merged that.

Can you see clearly.

Even emerges

why.

I'm going to anyway

because I see valley air.

Receive valley here

to me.

You're pretty much the

bulk

of value is inside.

The previous Friday and
clearly the market was just.

Filling in this area.

And again what did
I say you contest.

If you're not sure.

You can test the a

and you can see what was
the market torna achieve.

So what do mean by that
split it out to look split profile.

Sorry not split
profile where we are

letters blocks in
their own call him.

Splitter l.

Obvious to me.

What was the market
trying to achieve.

Opened up went
rotational for a bit

tried imbalance that it
succeed nothing have failed.

Came straight back into.

Balance.

The I'm gonna merge them

cause to me.

The market failed.

Going imbalanced
and came back in.

Two

more rotational environment.

A so his past that
litmus test the I gave it.

And then be.

When I merged them
does he give me a nice.

Uniform saw.

A symmetrical distribution.

The secular

merge with next profile.

It does is pretty solid

to be honest.

I'd be obviously is Wanda.

To be filled out the
gospel group you go to

understand trading is
imperfect are actually.

Very very nice.

Contextual levels.

Hundred percent I would be.

Merging those.

You can see if.

They're.

Very very nice.

Area of balance and them
we can use these levels.

To trade from identify.

That that is a
rotation environment.

Okay.

Camera.

Okay so we've done
that with merge that.

Would you then.

She

luck I said I don't want to cherry
picks so be sure to keep going.

Let's see ward I do.

You know I'm literally
be put on the spot here.

And.

So I can show you in Detroit in real trading
environment where would I typically be

doing and have you seen the
discord and stuff lot I'll show you

my merges

we can compare the luck.

My point is I want to see that
they can be of a subjective him.

I liked that.

I embrace that.

Because I know do you know what.

May be all be able to spot
something that the algos.

Can you see my
whole point here is

and I really want
you to see that.

I don't want you to look at me something
oh my god I'm never going to get this is so

confusing.

Is not clear to me when
I merge them or not.

I want you to flip.

Traditional status quo
thinking on his head.

And realized this is
where here you will.

Really

a com a trader.

Because

you remember I talked about and

you might think this
is off topic but it isn't.

To remember I talked about
algorithms and I said algorithms.

A very powerful the depth of market and we
do have edge there because of the see that.

Their sporting absorption the spotting
aggression that spotting sp oof him.

In milliseconds

and is quite obvious
is happening.

If you have the eye for an algorithms
obviously a developed to see the.

Because the speed is happening.

Cause he's earning over days

why.

Algorithm I haven't got
an edge over US in this.

a

and b

can you see because of
this subjective and is not.

Let's be fair right is no.

Lie

completely subjective and

you lie not ten people in

going to give you didn't
know is not that let's be honest.

Is pretty obvious that.

You know that is a
decent balance area.

All I'm saying is.

There is a little bit of grey.

Which allows US this opportunity

to have an advantage
over an algorithm.

Because an algorithm
won't be able to do this.

And algorithm wouldn't be able.

To sit there and think and say

hang on.

What is it looked like

wanna balance all of them.

More what's the
market trying to achieve.

A certain about them.

They are

because it's
quite late right now

is Friday night help
actually doing this it sir.

It's just settling

to is the market about.

Doing some settling motions or or whatever
is certainly the maintenance period to

thus

just did the.

a

go bit distracted by the the.

So I was I

so yeah the algorithm is not an

able

to do this type of stuff

let me split it out.

And we haven't even got to the splits year
where you can actually start to split some

of these out.

You know like I said.

If and.

Something doesn't take your fancy
you can split it up and obviously in this

particular example I wouldn't.

For now at only to do
displace less just and.

Keep her.

Sorry

second.

Let's just keep her as.

Merges and on merges will go
will come to the splits a little bit later.

For now.

Let's just say would we merge
you're not merger merge with.

And and you remember I said
I would merge these two days.

Okay so we're back
where we started.

Right.

So luck I said algorithms
obviously can't do this stuff.

Right

a corn

and.

Just.

Remove fry merged
merchant prefer degas.

Shall took the out.

Remember what I'm saying
booster market charter achieve.

Will it

when rotation of a
when imbalance here.

Came back.

And basically ended.

There wasn't able.

Within two of the violence here.

To achieve any imbalance.

In my opinion

to see

how would you program
that into and algo Yukon

huge edges human being.

This is my point.

You know embrace this.

This is when I
saw this I realized.

Off gone opportunity
here to actually do what.

Gain edge.

Okay.

Think about it

if you work for a company
and you want to get promoted.

Can you do what everyone
else is doing na acoust nor.

Could he do it
differently you gonna look

for opportunities where
you might be able to.

Get an edge you might be able to see think
so slightly differently to other people.

I'm not saying the market
isn't going to do this anyway it is

but

what we trying to
do which on a spot

what the market might.

Be trying to achieve

before anyone else

and docile my point is.

You see if I am able to spot this
before the next all th session begins.

When I do my hypothesis.

I can get in.

Before most other.

People do

and and I can make
money off the back of

when everyone
else thought to see it.

Thus all we're trying to do and
this enables US to gain that little.

Age

this is what edge really is
okay you heard lobbies edge.

This is where edge really
is and I honestly I wish.

Someone had sat me
down and told me this

and told me.

This is the secret sauce is no.

You know some magical indicate a combined
with this combined with Diana you'd be

wasting your life.

Looking for that stuff thesis.

Start to become good.

Identifying.

Balance and imbalance those
two conditions I told you about.

So.

Apologies are did go slightly wasn't really
of track but Buddha is is a lot of times

when I'm doing a lot this stuff I
realize it's a golden opportunity.

For me to share
these things with you.

And thus why I do them
a little bit off the cuff

but let's get back to the point.

Would you merge.

This

and this.

Ah.

The balance

somewhere either.

Completely out is enough
to personally know I wouldn't.

Then let's go to the next
day Tuesday would you merge

business I wouldn't.

Slip balances here.

But here

on the good emerged them.

Okay.

Then we come in here.

And we've got this.

Do you remember that.

Are not rule but
guide where I said you

you might have a few
days where we imbalanced

and the new information comes in

and actually the
whole period might be.

Balanced.

That

to me.

Thus what's happening
here and if in doubt.

Jacket see what it looks like.

Bar can tell you.

Are just looking at
this I probably would.

Am going emerges any way by will
check it but are we just want to make.

My point clarity.

So do agree here we've
got a composite year.

He got individual day no
balance with decent this.

This and a spy
Luke what happens.

We come in here

when you look at
this period as a whole.

Movie actually done.

Thing

it's balanced

from gone anywhere

to

going emerged the.

Or at least I'm going to
see what it looks like when I.

If.

So let's do that.

Magic next proud fall.

Murder of next prefer
to see doesn't look cry.

When I merge of
next profile initially.

But when I've merged
with this profile.

A figure looks
quite good actually.

Finish really good.

Okay ideally that's
there and you wouldn't

want it to people call
markets are not perfect.

Do we have a general
really strong distribution yet.

A war can assure you is

I'm going to be watching this.

Violence area
months into the future.

Because staff.

Is your

camera price of.

It's been so long since out on a
webcam example was at one o five

the waters and it
under five hundred.

Christ.

That

hundred and five pound.

Equivalent

da is a very very very strong.

Balance Harris.

Thus the markets telling you.

That

for US

the

many s and p.

In this region were happy.

To transact.

By market orders and sell market orders are
happy to transact how do we know that and

camel

volume bill in this area.

Okay.

So more poignant where you going to do
when you come into this area in the future.

Is

you can away you're going to built and
finding you're going to start play balance the

he going to try and play trend.

As you may call it all
imbalance you going to play.

Rotation

balance.

Necessary if you ever
came in in the future

and I'm going to show you this anyway how
I'm Mark these areas and identify them and

then I leave them on my chop.

Point is right now for
task one I just want

you to practice merging
and getting used to.

The first time you see seen it.

Is.

Let's take a step by step
you know so you don't

I.

Get analysis paralysis.

Gentlemen learn
much if you do all of the.

And.

See what what

is there is this option here where you've
got quite a few rye and either you can

merge them individually but.

You see you can put
merged profile begin.

And emerge profile.

And.

Okay.

She can do that.

Then we had this to me
at this area come in so.

The fact that to the again it was
actually this whole area was in it.

Merge profile begin and that
was the last will merge profile.

So before I do that can
you see that is actually.

Very very balanced.

This area.

They said.

For his balance isn't it.

So one emerge all of these.

Together.

So I'm going to merge profile.

Library.

Merge proof of to either

software had a pair of of dinner have a
moment is cause I press begin on the same

profile got be confused.

Merge profile begin.

Okay.

And merge prefer end.

Baker.

Okay.

So we've got that

area that we were
looking at before.

Now would I
emerged the next day.

No.

Why cause

das balance.

There and look

was evaluated was value.

Can you see.

Clearly there.

Two different areas.

Value has moved.

During

her we said one one five.

Or we're now looking for
as Amazon change the price.

Not don't wanna go back to all those
examples by is important I show you.

Moved as and it moved.

Value has moved.

To the don't think in terms of individual
parchment are thinking as price been value

valley has.

Shifted.

Its.

It up.

Okay.

Can you see I'm not sharing

of basically done every
single day from the fifteenth.

To the twenty fourth I in skip days i'm
showing exactly what I would do it how.

I would identify context.

Next day nope.

No merge right next
day no easy know much.

More skipping any days.

Okay

next day

know obviously I would emerge
stuff because was the previous.

Value hill

was value here here.

This is my point

this is what I was
trying to make before

and I know I did he in a bit of a round
about way by hope you can actually see vows

beneficial to you.

Because

the point is can you see if I had all these
prepacked examples and agree already.

You wouldn't.

See what I experience on a daily
basis I do sometimes sit here and think.

Shall I.

Actually.

Let me see was

trying to achieve
okay for merger.

How does it look to see
I wanted you to see that.

Even I face these decisions
every day and if I had show new.

Pre prepared examples on hadn't
gone through that little bear the.

In know all over the place.

I.

Saw of approach the I did.

It wouldn't have been reflective
of my date my trading day.

You know

the is never

I mean

when you get two days like
this obviously is great is nice

and love I said it does happen
a good fifty percent of the time.

You come into the mall
care and you'll notice this.

Take off balance in your

the are easy or
merge the two together.

Easy don't even
need to think about it

fine crack on be
the rest of my prep.

But my point is

him

the show you that
type of staff because.

Have been
reflective of the truth.

Thus why.

I.

Took my time about a I wanted to

be a little bit

all over the place because I wanted you
to see that actually you know what that's

what is like.

Even for envy.

The market is imperfect and sometimes you
do after use your discussion generate Alpha

brilliant great things.

Not a bad thing.

Look look for opportunities
where you can

spot things before
anyone else and actually.

Think outside the box on it.

You know.

Think about it
when you're at work

such

great you look for
opportunities where you can

gain edge I know it sounds
awful over your colleagues

why

you can progress.

How is in firms

when you're self employed.

Ten the same thing you go other people
that are self employed in your business.

You're looking for opportunities to
do what do the job better than them.

That's why I love this stuff.

Because I realize.

If there's something that unclear I have
an edge over an algorithm cause and

algorithms going to get confused
is only as good as it's program.

I can actually start
to think for a little bit.

All maybe there's
an opportunity here

that people won't

realize.

Until the next day.

When they're actually doing it

by then it's too late the crowds
come in and everyone's doing it.

Said thus while of this stuff.

Anyway.

So to the next day.

So

literally which is going day by day
one we so emerged these two days.

Am I going to emerge this.

With

for this.

There's some overlap here.

Well

let's see.

I personally it's obvious that we
wouldn't rope the value is an overlapping.

Bought.

How can we check.

We can always open it

on we can actually see it clear.

That

the market came out
and year I agree of went up

but he never performed any balance here did
it look at the Jane k periods forestry up.

He basically when
imbalanced right up through it

but the point was the book
bulk of the day what did he do.

Balanced outside of the main been someone
could emerge those two is obvious while not

to merge them.

So if these grey areas you know I'm gonna
repeat the point that I said before which

is the.

I got no issue where there's grey
areas if you merge and I don't merge and

you know at the end of
the day or power to you.

You

know.

Thus wine a professional from know everyone
makes it because people sometimes do they

don't make.

Decisions doubt.

Generally the rest of
the market agrees with

of obviously been making
the right decisions bot.

At sometimes I get it wrong

and it's okay because those
days you might get it right.

To don't despair

is just.

Over a period of time
yeah I happen to be

you know in the most humble
Wyoming this very good.

At identifying these
areas over a period of time.

Was going to be days where.

The market doesn't agree.

My definition of value

and only find out the next day when the
market concentrates the alternate session you

will obviously.

Give me that feedback
in terms of actual.

Trading bought thus more
point individual they don't

worry too much.

Just realize over time
through your own trading.

The only reason i'm
saying or of this is because

the the points
where a will tell you.

Is if you stop merging this

with this

obviously I'm going to say.

Okay bloke can I walk.

Maybe we need to go
back to the drawing board.

Cause he got balance
here in your balance here

why you merging these two.

Okay.

And as not a criticism at always the first
time you during the even if you're doing

stuff leather is fine.

Only point is I probably will
be telling you look is wrong.

But where you've got these grey
areas and I my merge you may not merge

in as we saw before.

Who am I to tell you you're
wrong the market will tell you

okay.

Remember that.

Don't be.

Light.

Shy and you know

stop.

Having confidence
in your abilities.

And looking for market feedback on
the and the market with the best judge.

Because other people will

tell you whether where you've
identified their perception of value.

Is correct to.

Okay

so.

Apologized I went
on a little bit there but

I felt it was important I say these
things as they crop up in my mind.

Shop personally

yeah like I said.

A mercies to.

This.

To me.

Think it's pretty good.

Feel like.

That area actually we could.

Call it there.

I'm going to emerge these okay I'll tell
you right now I'm can emerge these if you

want to.

Obviously.

You know that
starve your career.

If you want to do all these little tests
every single time thus great and in fact

that suggestion but.

I will tell you I would merge these cause
I know what I merged these two they're

going to look like a nice distribution
I think and I hope I'm not wrong.

Lacazette check them

to see look at our

beautiful.

What is I could tell I mean obviously don't
forget the doing this for years yeah I

could tell stray away because.

Think about it.

What's this area
doing is just filling in.

That trunk prisoner.

I could see it straightaway

that thus what was day but.

That's why I always give these

these guidelines to people as I say loved
you know until you've seen thousand ten

thousand and one thousand.

My time your seeing probably hundreds
of thousands of seen of these things

to develop da of she

him.

Check 'em anyway.

How does it looked as if
balance yet brilliant balance.

Very very nice balance there
so I'm gonna merge those two.

Okay

so.

Do.

With basically.

Gone so far.

That was balance there
that was balanced this

will we agreed

he wouldn't balance it.

Okay this and this.

Is a tricky one.

Very very tricky one.

And.

Now

a.

I think I already
looked at this early on

I probably would balance these.

And I think I did say this already
we were looking at this section.

But honestly there's
no royal romance her.

And.

For me over two days.

Again for the reasons
that I described before.

I think that this area does.

Filling this area quite nicely.

Right.

Hopefully thus the case
less merge them together.

Bob show you why
you could actually sorry.

Can you see the

very very nice.

I'll actually the market
feedback the next day was.

Pretty decent isn't it.

Cause will you got some nice morning
opportunities at the rt eight open.

To play some imbalance
traits down and then

of she came back in.

So I do like that.

And I believe earlier in
this section I did say that.

But there's no rival Alonso

okay.

On this one.

Because you could

also

argue.

That

German border sent both
the market trying to achieve.

Could argue

and.

I think very strongly unfairly.

That.

The market has rejected
this value ariyalur

isn't it.

I mean.

And I think the markets give
a good feedback year the.

A lot of participants
agree with you.

Pena

and.

And you know is one of the things you can
do if you don't have any composites to work

of his you can just use the.

Previous day's value.

For k.

In the market kind of agree to
view is a bit messy was in it part.

I dunno I've given you my reasons I
actually think what the market was trying to

achieve here is just feeling.

This gap is a bit more of an advance thinking
because obviously have been looking at

this for years and.

I just got a few I think.

I know what the market
trying to achieve here.

Is is trying to fill
in some of this stuff

what is is

I sent you before that
sometimes you gap.

Profiles like this where
the market will just.

Blatantly common filled the sin.

But where is not
so obvious is here.

Were actually if you
think about voice doing is.

The

gap.

Is actually very subtly.

There.

And bought the
markets Donald's it's just.

Basically filled that

that lay all.

Section in their

thus was happened here.

Thus what I personally
would merge it Bob.

There's no rival answer.

At the end of the
day if you said to me.

What a what is is
what on one happening

and I know is that.

And.

And altitude the failure rate was eighty
to ninety percent even a professional

circles when I
became very senior.

Obviously I used to have a lot of junior
guys even in professional environments woke

up to Maine a.

Would you would what would you do in this
situation where I was trying to help out

some the younger guys on showing
them why I was doing the market profile.

A lot them would say to me.

What would you do
would emerge the switch.

Entertain these grey areas where ideally I
want you to do is I want you to say genoa.

Envy.

I think according to the guidelines
have given you the markets.

Trying to achieve.

A shift

in balance into this area.

So i'm

and emerged

to can't argue with you.

You've given me
a very good reason

and you traded that way.

Unless see what the
market tells US the next day.

Why was the point of people

what he is is I know is
this when people say.

What would you do what's
your room for merger ring in this

to see.

How to use an indicator of.

Where's the edge

if it was obvious every are groom in the
world will be doing this and the be no money

to make.

Can you understand the.

You could as sometimes.

Bite the bullet and
said you know what.

I'm using more critical
thinking the way that.

Financial analysts read.

And.

Which call them the performers in the
financial statements of companies and then.

Look for intrinsic value to be.

Wherever they think he is or.

Basically price to be
away aware of surrey.

Going to speak properly.

Away.

From where they
think fair value is

for stock price
individual stocks.

If you think about it company stocks
people are looking at these things

pretty subjective.

The best analysts are the ones.

That use some sort
of critical thinking and.

Look to see

where they think that things are

or the market may give them feedback that
they were right because they identified.

Something that may
be someone else hadn't.

A head of when the rest
of the market realizes it.

Really does what

he is he's giving you a
great opportunity to do that.

You know.

When you got some easy
indicated that everyone has

come as no age.

If it was the obvious

everyone be using
any be on a beach.

This stuff is

giving you a great opportunity
and I know or keeps saying it is just.

The voice of realize how.

Golden this is.

As an opportunity
to develop Alpha.

As opposed to you can been.

Downbeat.

Unthinking know you know war is
not clear I don't know what to do.

If it's logical

and you can think
of a good reason

to merge

merging.

He doesn't make sense to you

know merging.

Fuel have a discussion with me.

Happy to do that but he
should be from a place of.

Genoa know is this
it wasn't very clear.

Would you think an ominous
as yes good good analysis try it.

But like I said if you're down
here in the emerging of that

time really make sense or if
you're just looking for some.

Rule for me to tell you

whether these two should merge.

You're not going to find it
you're in the wrong business.

And the I'm doing
your favorite by telling

you that known as going
to be honest with you.

So I gave you the reason
why would merge them.

You gotta make that
decision yourself.

Okay

and the is things that we
can look at later where we can.

Obviously look too.

Almost split this out look split
profile here to see than a commercial.

Allow me to do this right now.

She she marker naturally

starter split stuff our.

The thing is general walk
quite hesitant to even start.

I'm gonna show you

doing this stuff but i'm
going to be honest review.

It the whole process that I just
showed you that by splitting let US out.

A did it

for do.

I think about three
years and I dropped it

I didn't do it any more.

The reason I'm in two minds
about showing years because.

On will need to
go on that journey

and a wound to figure out for
yourself over it works you are not for me.

I just found it was

just trying to be
too precise with

precision.

Essentially the
markets not perfect.

Do you know what I just
said you know what Phillips

okay to me to merge or
merger of thousand our merger.

I don't do this the first
time I'm telling you.

Are into all displaying
stuff out bomb thinking.

The reason initially

author let me show you his cause
I thought lemme show everyone.

Let them split stuff out go on that journey
themselves and figure out whether it

works for them.

Because I did it I
had the benefit of that.

Then.

When I was doing this after all.

As you may be a she
I should have because

of see I don't
do it by actually.

I am going to show you cause I do want
you to do it but just nor in task one less

leave that until
a little bit later

let's just get you merging.

For the time being.

And.

Profiles.

So essentially

of merged those two so
locker seduce fifty fifty.

The some local
emerged the next day

let's just do a few more days
and then I think we're pretty much.

Dawn.

Okay so I'm gonna
take it up to here

I think of pretty much
covered all bases Elena.

Listen day some
not on emerge done

this a modern
emerging with of not

easy decision.

This

I going to murder of
that not easy decision.

Clearing balance
was here of balance

mobile a merchant.

This.

Easy decision

merge them

to see see a lot of
the time to is easy.

The is easy I just wanted to.

Show you some
tough areas because

when I'm not there you you're going to
be stock software let me show you since.

Let me just be fair and go through
then one day by one day but one day.

Robin and just looking for
particular areas and thus why got.

Apologizing cause I realized I was
miss then also looking for stuff before.

But.

You know at the end of the day.

I.

Wanted to show you

the this is why go through
every day as a trader.

This the very foundation

wandering every day so.

I.

So we didn't merge that

will emerge that.

And potentially.

Could merge these three.

Because.

Then really go anywhere.

Did it for those three days.

So what did I say just merge
them see what he looks like.

Does he look like is got the.

Symmetrical.

Caution shape they call it.

Does she not.

To see that.

Is amazing isn't it how
the market does this.

This is auction market.

Process this is the auction.

Process eyes finest.

Can you see.

I told you would not
merge those two about.

Can you see how we had this

and it needed to be filled in

a weapon.

Market filled in beautifully.

Anyway we said would look what
the three days look like to less most.

Yet you see other like it.

I don't like it.

And I'll be honest with
you I didn't like it when I am.

Soy any way because a.

So we had this area

we've got this and this
which obviously we did merge

and.

That's why call the three
days at least four days.

You see what it eases I don't like
I'll tell you why didn't like here okay.

Is because and.

You have value here

corvallis here.

And you've got

valley here but.

Can you see you've got.

This bear valley here.

And almost you
could say it was here.

And I don't like held this
is very much outside of.

Were

the main value area is
you've got this little chunk here.

I don't like it is very subtle.

You might be thinking
woozy talking about

is very subtle.

Mode is I

it because of you could have on the stand
of done these probably a million times so I

can

was visualize how it looks
when you combine them.

Don't get me wrong I
still combined them.

At times just to check 'em out one
or it takes him takes a few seconds.

But the point is

you can kinda see you
see that prominence

there.

Just didn't like it

basically.

And.

Can see release.

I just don't like Harriet.

This area sticks Harlow.

And any way you got
another problem here

to be fair.

Even if I had.

Emerged and then
looked of a wooden

liquor da.

Was the problem can
you see it to distributions.

She Connie got this
dish which I don't like any

cause got this this little.

Bit of prominence there

and then

this you've got can you
see is to distributions.

And tibialis.

Gossip even more important reason
than me just being finicky about that.

Is essentially core
value very handy

value it

was no much

less.

Right.

This is one of those
were are probably.

Board if you came and
asked me and say should I.

I would say look.

In my opinion that's
not correct is no all.

Is not

statistically.

The balanced proposition

and more even statistically

forget about
statistically logically.

The balance is to balance is.

Clearly the market was balance here and
balance here this imbalance in this area.

That make sense.

Some are going to merge them.

However

I

do believe.

The we would start to merge it
when we get this area I do like that.

Cause if you think about it

we've got

and.

These days he and I look it up.

Really filling in.

This bit of.

Low volume.

That we saw when we merge
the four days together right.

So let's merge Jimmy you
can either emerge prefer begin.

Or the here

merge profile.

The.

End.

And

a Muslim

will do them one by one anyway.

Merge.

Merge.

Sir Jim Ross said are
probably wouldn't merge this.

The ogden merger.

But then

when you bring the eighties

should probably start to.

I and

or probably even
though you still got that

or punitive you up.

To see is very it can be
quite subjective for me.

Okay we've got this little
bit that needs filling in bot.

I can and like it because

what is easy is right.

I like

I can see what the
mawkish trying to achieve.

Right can you see the

is is.

This is what I'm saying why.

I don't mean this in an arrogant
by actually I'm saying is Cassandra

and I hope you see
I'm trying to help you.

I think this is really.

What differentiates

saw of even people coming into
professional environments and why.

You do have this.

This fact.

That I love them.

What able to apply this thinking

okay.

And the reason I'm telling you this because
I want to give an example of that type of

thinking.

That they can't teach you.

Okay the can't teach you that.

These.

Okay so let me give an example is they
may be able to show you and I may be

to show you.

Guys look market profile value
this will Mark is trying to achieve

all this stuff written in
ultra mocking theory but.

You know at the end of the day.

She

said day in the s and p
five hundred a new day.

And.

You're going to rules-based like I say
merge them see how they look or whatever.

But

ultimately.

Okay

I understand when new.

I said here are probably wouldn't merge
these because he still quite prominent

the fact that this to private.

But then you might ask me
when I merged the next profile.

Still quite prominent both.

The end of the day i'm
also applying a bit of logic

and critical
thinking and saying.

Hang on.

The smoke have been
doing for four days.

Go nowhere.

Why

watermark had she done here.

Okay I told you I didn't like
that be sticking out at the top.

Posts

what is the market
clearly told me.

This is almost like here the markets
talking to me and saying envy.

I agree with you

the area was an idea about
look we're gonna show you that.

Actually.

The value is here.

Because why.

The whole day.

It.

In this area though was
considering for the last four days.

Said you see

that's what I'm applying some
sense that okay to know what.

This market is rotational.

In this.

Five day period.

To on gonna.

Trade this day.

Within.

Balance of that day.

Nina.

Okay

it wasn't ideal from a
statistical perspective.

According to the
guidelines or gave you

this is where you can add.

Alpha.

To me it's quite clear.

What is the market trying to do.

Is try to rotate

and look what
happened here next day.

So are all ok I said I
would merge these.

There's no royal remote
a honestly if you didn't

know going to be a failure
as a traitor or anything like

ridiculous but.

I'm just trying to give
you an example of.

Decisions that you
can make over time.

That will be the
difference you know if you

keep doing this over
and over and over again.

Obviously.

You're going to be able to
generate grey Alpha by trading this

day.

Said rotation of date right.

These are going to be
my contextual levels.

The arm going to be looking at.

The trade-off

so.

You know.

Forget some access
here's some absorption

I'm going to be looking.

For the excess here absorption
I'm going to be looking.

To do mean reversion.

You see that

in these.

Textual aires.

So look thus enough there.

And.

Whoo we can do
some examples as well.

And.

In fact what I'm going
to do after this is.

Let me just go back to
the slide make sure the of.

Covered

everything.

And.

And in fact.

Or

haven't covered is

this.

And

more haven't covered.

This.

Okay so.

I'm going to in this
section in a second.

Let me just set up this or th try and show
you something that I used to do to help

guide me I don't do any more
is up to if you wanted to way.

I'm not going to use it

and show you
cause I don't use it.

Bow show you why used to do early my
career sometimes which was kind of helpful.

And for me anyway but term.

The.

An amnesia anymore so

such you have your usual not the

to give me a second
let me just bring the up

a case of

I've often here is of loaded up here and
all th chart kimbra are said you can use the

basic on th jaw.

She can see your score
gaffes basically here.

To hear open to close and.

Basically the if you think about
it what is this chart this is the.

Market profile was in at period.

Because as I said is.

The r t h

to oldest represent each.

Market profile period

you think about it what
we've just been looking at.

And I hope of got these

days find of correctly
so can you see.

Here Thursday.

The seventh.

Is that.

It's basically this isn't it.

Then the next day is there.

And so on and so forth so.

Basically one of the
things that I used to do is.

You know if I wasn't sure.

About particular.

The know how I said.

The

and.

You know I would
merge these days

even though he didn't look
quite clear when he emerged to.

For less of a look so war with
do is I'll take looked the seventh.

To the thirteenth is

this.

Suburb.

To the thirteenth
that can you see.

Prices

are basically wise
Clay you can get.

Balance.

Right why don't
you use this both

August a corner shows

more point the I
was trying to make to.

About why I was thinking
to myself and gone.

Well.

Or I don't care for
profile looks a little bit.

Wasn't that

bad bar.

Know me see my point.

I'm going to use be allergic
here and say well actually.

What we actually been doing for
these days and you can see it very clear.

For all th charts her.

In a are probably put this in the
template if you want or give it to you can

just have a look at
the individual days.

And sometimes by looking at what the
price is doing and boy's trying to achieve.

Makes it quite

get your way sometimes from
being to rules-based is more point so.

I used to find a

useful

I don't use it any
more about your like I

said I want you to go
through the journey so.

All means to fuel
use that user either

pilots have

thought give you
that they will tip.

Moment adobe to do that

just seem logical to me let me

going to have a look what does
he look laughlin a scrunched up.

And price jaw.

Of see no indicators cause air
just literally pure value price action

kind of stuff we
saw in the Amazon.

Stuff I was showing you with the bread in
the cadbury's creme eggs and you remember

we had.

Price literally just going on
than I said whoa you know what.

Values coronet seventy
percent in that period and.

Different perspective is in a slight is
Lawrence to look at two perspectives.

And he can kind of.

You know sometimes you can get start to
get be to stuck in your ways of wontons of

used to find through a useful.

Many years ago

obvious you're
dropped acknowledged.

Know.

Dhaka said

obviously developed.

That critical thinking now ball.

You know takes every one
time in is good of it's good.

To look at it in that way
sometimes if is not clear to you then.

You can look at that but I don't
do any more but again luck I said

free tip.

And.

For me to give you a and then the
final thing we are going to end now.

Is.

The long term versus short term.

The freezer of put that there.

Is because basically
or have no idea him get.

Don't

to just cherry pick.

Was on a see if I
can actually find you.

A good example of this.

Onto on the
emerges in the chart.

His boy what is it you get like
long periods of time when the in this.

Like of sorry.

The polymer motors.

Given up.

Showing a mouse
had a moment that.

Boy is is you find and period

you find long
periods of time where.

And.

Basically the market
won't really go anywhere.

Though.

I'm not going to.

I merge all that
area because if my.

Timeframe perspective.

Suggest give me a second
are all r woof the must be.

Somewhere on here
where we've had.

That type of period.

Probably do need to

like I said I'd like to look
at this stuff him blocks

or I there you go
there there's a good.

So of example of it but will
after scrunch up a little bit.

Right so.

I shall have to move just
cause I think my head.

Probably dushku but right.

Perfect

so look

and.

This air be here.

Cause marketing
me to go anywhere.

Guilty that I can.

She can see from a.

Sure.

If you were intra-day player.

You'd probably have

balance here then you'd have
balance here couple of days.

The balance here three days.

Then you might merges
valeri air and then.

You'd have some

balance here.

Right

because some intraday
player looking for walk.

They opportunities
to play from there.

Down to their.

That's a good.

Range ten points you know
thirty four he takes in the yes.

And then I've got two days here where I
might be looking to of see play this range.

Or if I'm going.

Imbalanced I might
just be looking to do that.

Thing is we got
realizes actually.

To some people.

The entire thing is balance

a cake.

Do I module of that no I don't

bot.

Delivery room over

because if you think about it.

Thus actually balance.

Right for.

Think about this
whole every here.

She's balance isn't it.

For someone.

For summer move along the term
perspective so fewer longer term.

Trader.

You know.

Nothing wrong with thinking.

Shall Archie look at.

Boise up to their.

Never done it.

Looks like

it's not bad.

No it's not bad.

I actually

think about it.

And look the market feedback was

he agreed.

I know that you've got a lot
of areas that need finian but

the

the end of the days nope.

He's slot back

to the honest.

That that top here we are.

Probably isn't.

Sorry.

So when don't say to Bury the
valley very low is pretty accurate right.

Iroquois is
probably a bit higher.

Someone at this.

Such a pretty accurate.

And she think about it

was the market on is rejected.

This area of balance.

Fundamental shift and
look what happened.

Stray out this area.

Are naturally.

Combat contest the day
so some great opportunities.

To actually play this doubt if you're
a longer term player is my point.

Show what is is just

that is why I put
down the slide.

Because it just don't them
might be some people who do.

Identify.

You know I said that.

Remember I did say that
dash public been no but.

Why whatever it was

and looker the
market Greece look.

There.

Some great opportunities
to play the edges.

Walk at feedback on

and never

general have never done this before it's
veggie sure looking for example randomly.

Since carry bit.

First time I've looked at this.

If you're a higher timeframe
as you call the in retail

I call it obviously a different

perspective I saw.

There's a word for is
called o t f if you read the.

Market profile books I told you a box
other the timeframe participants both.

Actually for me is more

and

in

guys that

are like room money
funds people who are.

Playing longer term strategies
even longer term edge one strategies.

And are playing
this but clearly look

remember the edges.

You and I a we might be playing.

To see imbalance

here.

Some winona.

In a figure perspective they wouldn't they
be playing this as a rotational play right

up to the other side.

So I just wanted to
make that distinction.

Obviously decide what you are or I
personally wouldn't do emerge like this.

Locker told you Alma
he shall perspective.

Obviously an intra-day.

Person.

So for me.

Are going to look at her

as one I'm going
to look at a as.

Know

few days balance so

balance he.

Got sorry.

Berlin's here.

Volunteer.

Silence here.

Balance here where someone else.

Look for the homeland

violence is my plan I
just showed you the.

She looked at the end tossed
one of want you to spend.

A couple of weeks what i'm
going to do stray off the this is.

I'm going to obviously show
you how the splits can work and.

I'll do a little bit more

we the

you know maybe some

s and p and also
definitely crude oil.

Show you how I

would necessarily approach.

Marriages and you
can have a look at that

and.

And that will then form part of.

Task to where I show
you how I actually identify.

Them using

this horizontal square.

Which would then be
shown on my chart.

And.

So I'm going to
show that to you.

As a supplement to this by
essentially this is the end of poppy.

Start to just merge profiles
get used to the software.

Incredible software

can't believe this thing
how much it costs cause.

On telling you to do this type of work or
market profile even on seek e g which you

several hundred.

Dollars you know up to one thousand
dollars a month if you want to spend it

still doesn't compose to this

this thing is instant

and he allows you

to merge profile was in such an.

Easy manner.

You know and.

So yeah

enjoy and look finally I
do and apologize because

of feel like

he he have been a little bit.

Disjointed bono in a bad way
in this and you can remember.

This isn't theory annual.

This is practice

so hope you can appreciate that
robbed me going away and finding.

A list of ten examples and
then I can show you everything.

Done on the spot.

So I can show you what
go through every day

he hasn't been.

In my opinion disjointed
actually be better.

To have had to be a lie or bit
aimlessly looking around for themes and.

Kisses how easy trading.

You know.

Don't let any.

Educate or whatever I'll give
you cherry he picked examples

of them.

Prepare this all nonsense okay.

The end of the day.

And.

Monkeys going to be different

every day and thus why I.

Thought you know what let me just go and
look for stuff whilst I'm actually filming.

And

because then they'll
really get a feel for.

How it can be.

Difficult and
subjective every day

by a great opportunity.

To generate Alpha so
let's get you merging

and.

See how you get on with.

Of he get you doing
that no necessarily time

limits may be couple
of weeks or whatever.

And then.

I'm going to introduce obviously v
wap I'll try and put some more examples.

Stray off the days
but don't wait for that.

And to be a template

and yeah just get get cracking

with letters blocks whatever

and as he a gown cheers guys.