All language subtitles for Stage 1.7 - Amt Part 7-1

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

Which is really is just
an extension of pa be

what you've been
doing and task one.

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

playing around
with volume profiled.

You know all the
settings that I told you

you about really you
need it the better time.

And.

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

few weeks who cares

meatless matter.

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

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

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

and actually start to get you.

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

I just wanna make a quick.

Note before you do the around

so

on

there's

a bit where you may have.

Lowest

at the moment is called discord.

So.

Of got discord room which

you know I explain
in the discord section.

Of the reason
of left the section

separate and offer similar here.

Is because look you
might be watching this

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

These concepts have been.

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

sellers.

Right.

Since human beings.

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

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

but who knows that
might not be a discord in.

Years time two years
time five years time to

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

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

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

discord so

wherever every ease wherever.

Medium

we've got to bring
everyone together.

Ison eventually.

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

The purpose of days and.

War ii is is
obviously I want to.

Replicate

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

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

Is a virtual institutional
trading floor and a space

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

None of this.

No offense to anyone using it.

Technical analysis.

Squiggly lines all that
stuff know this is a.

And I said to you

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

That stuff used before

so.

You know.

It would be unrealistic for
me to have an environment.

Where you doing all
that retail stir fry i'm

trying to create
professional environment.

I can only go by

what my use of experience

and you know I think thus a
decent amount of experience

for me to comfortably
tell you that look.

In a professional environment
all that stuff isn't there

less create professional
environment where we're looking at.

Professional tools right and
professional approaches it makes sense.

So

on a career virtual
institutional trading floor

has loads of people in their.

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

Environment

and exactly how it would be
on a professional trading floor

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

work you've got family
you got whatever but.

Will you there.

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

Popular to be a professional
trading environment.

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

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

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

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

Will you get into full.

Of.

Simulator mode or.

If you even develop further than
than hopefully you do whatever

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

Share openly

does no right or
wrong doesn't matter.

If your analysis ends up being.

You not completely wrong.

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

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

Is more about.

And

you know.

How rigorous was
your analysis and.

How logical and how and.

Analytically rigorous was the
process that you went through.

Put the market decides to do

to a large extent is obviously

in fact to to complete extent

he saw of your control

you don't know so.

You know.

Which connelly's
immune to my next point.

Whenever I was in a professional
environment professional traders.

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

Traders would be quite
open with that prep.

You know.

I

did find this.

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

In particular like.

In some of the market
making areas and

that weren't pure outright
speculative restating.

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

You worked as a team.

There was this

and

camaraderie as of put here.

And

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

each other.

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

I've put the link
there any way and.

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

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

though be something there.

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

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

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

does matter.

You don't get points.

For piano.

You get points.

At the end of the year

end of the month obviously

he is.

You know

why deal that you've made.

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

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

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

Honestly we can worry
about luck I said your

urine.

Combined results over

a month to free mum
six months period

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

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

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

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

what you're doing right
around the arena gonna

have a clearer nor
is any one else so on.

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

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

Just remember
basically the saw of.

Ideals when you're in the room.

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

Is a wound to continue
to work on composites.

Obviously where your.

You've got profiles and

you're obviously
in an ideal scenario.

The gonna be balance like this.

You combine them don't you.

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

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

Marking these.

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

What do we do in the situation.

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

You know what our expectations
those kind of things are.

Really many to any to
show you how I mock.

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

And then.

What a mentioned on
'em really split them out

but

what I'm going to
do in this section.

Is.

A realized

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

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

Is that.

I don't really want to.

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

What I'm going to do is.

I.

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

and I'm literally
going to go over.

As of today.

The last

say three four months.

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

play out of.

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

And

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

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

And

expectations which is
really going to help you.

Develop edge and look for

and.

Building some are rounded.

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

pretty much because

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

The expectations around.

Different market conditions
when the market balanced

rotational or imbalanced.

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

And

to look for

none only algos

and

but obviously the
individual true traders all

and.

People are even

trading like investors on.

Bigger long term value we're
all their expectations generally

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

and it'll become a lot
clearer what I mean

okay so what I've done for you

okay and.

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

I.

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

Institutional

value expectations framework
what he is is this is actually.

All I want you to think of.

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

only because of organize this.

Thus the only reason

because the reality years.

By told you I'm going
to teach you everything

that you would get to
in a professional from.

A no to you some
of these things.

Very well organised

you know

should this is where
my years of experience

are really

and

adding value to you

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

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

Reduce you know as I said.

It took me a long
long time time to.

Really recognize the law of these
things through observation and.

You're still gonna
have to put in a time

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

rather than you
fumbling around look I did.

For long time.

Only to stop with
the expectations.

And

observed and

okay you can amend
them as you warn and.

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

Just about zahra according
to what I have experienced

and by the way and.

If it helps

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

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

tell you and

of obviously been involved in.

Working close

with

algorithmic building
and also traders.

The.

Tray value

essentially

and on talking large
amounts of money.

Trading value.

In the way the of
showed you and I can tell

you this is exactly
what they're looking at.

I've never seen it
written out like this.

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

I don't mean to think the oh

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

Quite complete garbage or isn't

all the series is my logical.

And.

Observations over many
years of war I've seen.

An institutional algorithms

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

She don't to take my word for it

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

You can see when
the market balanced.

Tends to stay balanced right.

Is logical.

This isn't an indicator the of.

Programmed and developed
and is some magical formula note.

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

You could get rid of that.

Thinking

before garbage is not
going to get you anywhere.

Would he is is.

These are just very
logical expectations.

No only in financial
markets by and every

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

So for example.

If the market is
happy selling iPhones.

Are eleven hundred pounds.

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

so gonna.

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

When the market is balanced

stays balance so.

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

thin air.

Or come up with some.

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

The market has told me this.

My exposure

to some of the
world's best traders.

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

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

Volume profile all

this is what they're all doing.

So guys

this is what
professionals at doing.

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

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

On you know written
out there in public.

So.

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

I don't care really

if anything's out
there whatever.

Pod prefer you didn't

have courtesy.

Of this however.

I would really appreciate

not because it some.

Magical indicate er
or tool or wherever.

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

You know

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

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

plastered everywhere.

Alright so.

I would politely request that

by all means.

You know show your
friends whatever who

you think are run

professionally

inclined

and.

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

of silica sand in public
forums and things at that.

I just think is.

Professional courtesy
that you don't Bowen.

You know print it out

take copies of the do
whatever you want with a

keep him from your desk.

Plastered all over your
walls of got no problem with it

but obviously in
the public arena.

And.

You know I think there's
a reason and while

professional firms or
institutional guys or.

Algorithmic traders
don't necessarily

post all the stuff
all over the Internet.

Because you know it's.

Something that

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

And put out there

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

And.

Black box secret that.

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

Is just more about prefer
national courtesy and.

Of have seen the in
professional environments is that.

People like to exercise
a law of that a from.

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

very well but

hopefully you

understand dies know.

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

And.

You know obviously.

Guys the are doing
the soft staff prefer.

Thought it was kept within
professional sir causes.

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

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

A professional.

General using all the.

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

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

exact.

Wording for it

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

docile.

Don't want to put
this out there with

guys that are using.

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

pena

that's not professional way of.

Running the business

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

Obviously put this down for
you been black and white.

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

just wanna make sure there's no.

Misunderstanding basically and.

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

If you think about it rife.

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

conditions

why is that.

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

but would you agree
we want to have some.

Expectations we
want a framework.

By but

we also want to have.

Some expectations
around that so.

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

professional people
doing this is what I do.

And this is will have
observed in the marketplace

bar want you.

To you.

Are gonna keep this is a
hypothesis not not done.

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

I mean a separate hypothesis

to

hypothesis

for yourself.

And.

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

And again I
appreciate if you didn't

plan to this everyone
I know you won't

cause luck I said we're
all professionals now.

I.

Be.

Of poverty.

Be discreet with it but Amina.

Put this in the
download section and.

I want you to test this
hypothesis are one

you can observe this
in the marketplace okay.

So let's go through
them very briefly

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

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

Crude locker said
I don't want to.

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

can spoil etc but.

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

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

got

space for so.

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

Balance rotation

condition.

What is the expectation

in a balanced environment

right.

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

What is the market
doing is just.

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

Like this.

The only this market we showing
cupboards crew he makes.

Obviously the financial
market has much more of a.

Tendency

to do this

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

phenomenal and obviously the price
determination process processes taking place.

Second by second or obviously.

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

are they going to hold.

Are we happy are we
happy here we are happy

to is doing.

When it's balancing right.

So can you see was the
expectation when wherein a

balanced environment

is to test.

The other side right.

So.

It's not great.

Obviously that we
will be because of.

You remember the value
areas really seventy percent.

Said there is gonna be some.

I.

Saw price.

Movement

taking place outside
isn't that like that

almost.

Thus more realistic.

Are you going to get up.

Seventy percent in here.

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

Right.

Can you see if we
take a trade here.

Most of our expectations.

We should have targets
here right the other side.

So

value area to value area.

This is

going to help you develop

trading strategy okay.

Whenever I'm looking
at the mall care.

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

Looking ultimately.

To test the other
side of balance okay.

Now put him mindful of the.

Pok of vive up.

Which is.

In a veba

framework Vera is
obviously the mean.

By it's the

central area of.

Value.

Start central area value.

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

Each were the most
volume took place.

Okay so in the middle

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

You see the point
of control marked

so I'm going to
tell you what I do

and obviously later on when I

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

And

this will become
much clearer for now.

To start to think about this.

Keep you in front of you

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

Maybe have a
pronounced something

she can start developing.

Targets

expectations okay.

I'll be honest you
do even though

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

Cause of see the
market giving me.

And.

You know feedback

as the trade goes on

guys I always have
an expectation.

Amr business.

You know

if you run a business

or if you work for someone

in a business.

They have
expectations about what

the price they can achieve.

When you put some
thing an auction.

He got into mine owner
achieved as price.

Is absolutely crucial.

You know you corn.

Though into a trade.

Thinking.

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

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

Go with it

if momentum comes in

they going to
extend their targets.

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

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

I'm saying have an expectation

and then adjust accordingly

but at least start with a base

expectation on.

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

because.

It think about it logically
when the Marcus imbalanced.

Each got momentum
behind it hasn't it

is got was aggressive
market orders and.

Pete new people coming
come on you know the markets

are just people
they get emotional.

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

and if you read
the order flow and

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

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

forget my initial
expectations I'll change it

but rotational in
vitamins typically.

And.

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

Balance here.

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

At.

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

If he's obviously our
market pro follow the

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

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

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

So for example will
be fading in here.

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

The market will get here

and sometimes it can

just snap back in your face.

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

Take some profits than

economy sentence right because.

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

side of value but.

The reality is

what is.

The fair price the

actual fair price.

His were

in theory.

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

The

theory is where the most.

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

Is where the most amount
of volume took place.

Is where

there was price agreement.

At its maximum.

So obviously

the market and
algorithms I can assure you.

I don't think of come
across an algorithm.

In an institutional
circle that isn't aware.

Of where v y poor.

The point of control is.

A naturally this a
really important point.

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

fill out for you
is so important.

Is because I'm a

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

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

This applies to

all of value

thus far I've written value here

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

Profile.

As you know helps you determine.

Value I kind of
hinted stat a value.

Because it's all history.

Youssif v wap is
exactly the same is.

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

Because think about it volume
profile built throughout the day.

That.

Is v wap

essentially

view up allows US to visualize.

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

In a much more.

Visually appealing

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

Whereas historically.

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

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

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

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

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

And

and everyone else in my

show of

training group got

of much quicker
than me meatball.

Look

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

So doesn't matter

okay.

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

Nine months whatever it is

a year's time okay

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

stuffed you anyway.

Is just a

is important that you
recognize at this stage.

That this value
expectations framework.

It applies to all
measures of value.

Okay

and.

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

using Vera every
single institution.

They're applying
these conditions to it.

Not because

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

Are very explained
them too many times.

Although I might not
have put them as.

One two three four
five six seven like this

when we did ultra market theory

this was all happening okay.

And this happens in all
traded goods services so.

I.

Just remember a

that it

applies to

the veba profile
every single lens.

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

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

and to

just remember.

This isn't something
I've made up.

This is logical

and.

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

You know as I said
for example we saw

on

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

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

The edges of value to see

is he going to hold.

You know businesses
are doing this all the time.

The market no
different it's just testing.

Okay.

So that's why the
expectations there because

the markets telling
US that is doing it.

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

before but important.

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

Hard and.

Rules that envies
may knows is nor.

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

Each basically walked the
market is doing in every.

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

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

So.

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

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

environments.

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

If the monkeys happy.

Why am I going to.

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

That we're going to
do anything else why.

I haven't got crystal ball.

Does she want to me.

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

People get obsessed
with forecasting.

Costs could forget
about forecasting.

Do what the Mark
is actually telling you

the market up there
as you can see here

is clearly telling you.

Were happy with rotational.

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

Change your expectation but.

When the monkees
at she telling you.

What he is.

Why why do you wanna try and.

Be clever and forecast
things that are on happening

okay.

Or know is this happen a law

and.

And

again look I'm sorry
anarchy per about to indicate

but.

This is the danger of
indicator as they set these.

Sought a

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

and thing.

Or this could up in
that do not forget he.

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

She's gyrating.

Within.

Value.

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

Okay

so hopefully thus clear.

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

Aren't necessarily
look at the stuff okay.

And luck I said I never
actually written it down.

I just took you for
granted and for me

it's just normal

but what is I want you to know.

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

Who measures value.

Is looking at.

Their expectation is.

Because expectation
can't be any different right.

At the end of the day.

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

whatever the price lessees
the thousand pounds.

For a long period of time

why oh why.

Would you then go and decide.

To going to be two
thousand tomorrow.

Is ridiculous

do she

I mean.

Though markets telling you.

But at the end of
the day investors.

That'd be silly

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

to does my point these
expectations of based on.

Incredibly.

Basic logic

okay

that's all it is

keep things simple
you've heard this before.

I.

Keep things simple right.

This is what you do

crunch keep it basic.

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

adjust and.

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

time both.

Keep these in might

start of these as a base

and the locker a observed them

and see for yourself

and.

Adjust accordingly

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

Face as you observation goes

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

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

And we can start to.

Develop edge

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

institutional investor Caesar.

Okay

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

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

Sir number three is imbalance.

Right

so we've talked about what

conditions

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

Because if you've identified
an imbalance condition

your expectations is different.

Right.

So let's get rid of

do.

Let me just sorry
let me get rid of

this get rid of it all
actually to clean up

to imbalance try.

You've identified.

Said this is a composite
very badly drawn composite.

The monkees doing war.

Doing this.

And then walk

the market becomes
imbalance try.

So he actually does war

expectation.

Is to stay rotation
balance unless otherwise.

So something changes right.

We start to do what build.

Some value do she
will no longer gyrating.

Around value or
actually Stein to.

Had she signs of
built a value above

to the market is doing
what is going imbalanced.

Expectations is what go to

previous balance

and are going to ride
over this apologize but.

And

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

That could be a
previous balance area.

Okay.

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

services.

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

A car remember though something
about cows or something either

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

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

goes back to

where's the market
going to go back to.

Previous balance right.

So would you think the

is going to do here.

Go to.

Previous balance in the past.

With a mocks been
happy to trade.

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

Some made up

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

This is happening
every day around you

okay.

More than you realize
this is happening.

Okay this happening
in the price serve

and.

Just the most most random
things you can imagine.

Of silly before diet coke salt.

Pepper.

And.

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

Pay Paul.

Jacket

phones.

Everything is doing walk.

If it shifts from value.

Is typically going

to go to see somewhere
where is traded before.

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

case he has to
have to go through a.

Price determination process

where it will just.

Try to it will basically keep
going imbalanced until walk.

Market orders come
in the other way

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

when that happens but.

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

for now let's
just keep it basic.

If we go imbalanced and the is.

And area where the
market has traded before.

Obviously is going
to go there because.

Where else can it go

why.

The end of the day if is traded.

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

And is traded at one
dollar fifty historically.

Obviously if it goes
back to normal.

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

Ludicrous

to have an
expectation elsewhere.

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

In an expectation don't you.

To build a plan to
build a hypothesis

to build a business.

When you go into business.

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

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

Doesn't always happen
but at least actual.

Base scenario your.

Hypothesis

okay

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

we're doing so he can.

Start to develop
a plan for the day.

For hinted at this before.

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

and we see the market developing

a new see this on
the veba framework.

Developing valued.

Here.

I'm going to start thinking.

You know what

I could have an imbalanced

trade

opportunity here.

Where a motto getting

up here.

Ago easily staff order
flow can come in here here

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

You know what

the buyers have run out
of steam market orders

something's changed it could be.

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

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

and the market clearly
telling me is not happy.

Why would a hold it till their.

Is my base scenario.

Right when I started deep.

Expectation

was there when
as title hypothesis.

Hopefully you
don't think I'm just.

Saying on has forsaken
and hope this is really.

Making sense to you

if it isn't

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

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

You know

I'm going to

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

Develop yourself.

Right.

So

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

Okay

so before we talked
about actual conditions

and remaining in
those conditions

and weaving.

Rotational conditions what
should expectation be.

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

Surely doing anything else.

So in those
environments voice is it

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

Where is shifty.

Of course it's
going to be shifting.

It doesn't just suddenly flip

from balance to imbalance

this obviously a
transitional phase isn't there.

Thus what you can
build incredible edge

cause you can identify either.

Right so how do we do that

but we need an
expert station again.

So less Luca

and shifts

so one is balance.

To imbalance rife

how's that going to happen.

Well.

I mentioned above.

We're in this balance area.

If the

value erie is broken.

And what do I mean my
broken we build some.

Transactions of
what happened here.

You start to built and volume.

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

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

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

It's incredible.

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

Imagine

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

building volunteer.

Boise talking about.

Been that the market.

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

humor yet you know off senior

senior thousand times.

Over the last three
months might be boring

by shoulder I know
what envies talking about.

I can look for that now.

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

And

volume profile or market profile
whatever is you want to use

and

and I do combined them

but at this moment you
can imagine autobahn it.

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

stick to market
profile for now but.

Point is.

Market orders are obviously
building and there is.

Profile builder here.

But what is the point.

Value any air is broken

was my expectations when

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

It's first goat.

Imbalanced

okay.

So remember that one.

General what you can
imagine there so logical.

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

That just what the market is

basically doing.

And.

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

at doing this

and if you go and observe this

in the.

Real world

even at your local
supermarket news Adrian.

Bike shop here they're
each and everywhere

this is was happening.

Right.

When.

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

Heavy transactions
agreement above.

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

He always happens
and I'm not talking about.

If we just pop out and
come back in because.

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

Cause she we just
popped I came back in

I'm not saying that.

When not a broken here I mean.

There's agreement.

With buyers and sellers

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

Should we see some build
your own we see some.

To a action some
price determination.

A decent option

taking place here.

Then.

We can say the evaluate
air is broken and.

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

talk about this.

When we finished this
sections of don't worry

I'm gonna talk about how we can.

There's no hard and
fast rules of said this

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

Sipping cocktails

and we just put that into
a computer program and.

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

and they'd be a one.

It wouldn't be a
market basically for this.

Because

algorithms would

identify this before
you and that get in

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

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

In retail

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

If it was the obvious

I can assure you you.

There's people out there were
millions billions building algorithms

that put that in the system

and the opportunity
get wiped out like that.

I showed you how
competitive it is.

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

if you.

Can find ways to
identify this happening.

Not before every single.

Person but obviously before

them

some major players come in
and other algorithms come in

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

Observation and skill then
you will build overtime so.

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

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

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

And.

Now there is a slight
variation on this okay

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

I'm gonna show you.

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

I see this happen a lot.

So is very similar
scenario right

where you've got.

Your balance.

Happening

to remember we
are going to balance

to imbalance.

So we're

flipping rb ballots
to imbalance.

Is if.

The point of control holds.

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

your life easy.

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

tinder the date that in theory.

Is where.

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

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

creme egg it's the same fate.

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

The edges don't they.

To see can we actually hope.

But will will actually happen

and I see this happen a lot.

Is the market will come in and

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

of point of control vb up.

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

Quite frequently
as will start to build.

Some value of here.

Okay

and is a big clue
that was dying to.

Develop

some.

Intention

in this area.

Some pressure

in terms of market orders.

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

Or whatever.

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

In a don't get me wrong
overflows more magical

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

Over time.

But essentially you see.

You find the

building

above the point of control and
the expectation is potentially.

To go imbalance and of put
your expectation want to fail

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

You see rather than.

This happening a

that will fail.

Will hold thus why
take my fifty percent.

When I'm doing wolf.

Testing the up

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

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

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

Your in dreamland
if you think it's like.

Let me just

one stop loss one
take profit know.

Because

can see the market so dynamic.

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

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

going to let my.

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

Have a thesis that
we're gonna go.

Imbalanced and expectations
one is going to fail.

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

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

In the moment to react.

Thus taken years
to oversee develop.

And

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

Slice the of it but also

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

That essentially was
happening there.

And you know what.

I

just realized here that.

I

have put balance to imbalance
pohamba imbalance to balance

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

Of what you see
happening here so.

Images get rid of this.

Okay.

Is literally just the opposite.

Is is know.

Any different

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

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

and then you got imbalanced.

Actually when you go imbalanced
the balance is no different.

In a you market might
be in by balance like this

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

Guys your imbalance is finished.

The end of the day Darcy's over.

So.

He it's the valuable
areas broken.

Outside of the rotation
environment either there.

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

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

balance is the.

Areas still broken.

By

broken from outside
coming in right.

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

you go out rotation.

Of your sry just vice versa

so that's why
didn't put it there

I just wanna clarify that fee.

Let's go on to point six.

So this is.

Very similar to.

In fact is just a repeat of.

Point for where I put your
balance rotation to imbalance.

If the value area is broken.

The expectation is to go
and balance of actually.

Is exactly the same

okay

so.

Of just repeat the
same point really.

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

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

so.

Basically we enter.

Rotation environment.

Okay

so it can be below.

Okay to rebuild value below.

And then became violence decay

by can be above or below

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

Bought I remember
now and is not the oil.

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

The I put this on here.

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

obviously hold.

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

So it's above
and below is their.

Below

and then down

and then.

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

I just want to make sure that.

Hot

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

ninety or whatever.

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

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

So above

and below the valley.

And then.

This is a very very very
very very important think.

Okay

and he

comes back to this and.

Expectation here.

In particular in an
imbalanced environment.

Where.

And let's say that you've got.

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

Cover some of this
stuff I apologize.

But let's say

you come in.

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

You're all th
session opens here.

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

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

we build above basically

and below the value area
arrives the same thing.

Is.

Expectation is what

to go imbalance try.

And remember

when you're imbalance
where's the expectation

to go to the previous balance.

My point is this.

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

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

What have you.

Until you've observed at
on one hundred thousand

maybe

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

Only then can you actually.

I.

Sure of start to.

Use this in terms
of your trading.

And

when you've
observed it for yourself

basically.

Not just cause I
told you this both.

From my experience.

I.

Once made your targets are
achieved obviously made your targets

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

Once you hit this area where

previous fair value is.

What will happen is.

If I let me give
myself a liberal space.

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

Okay so we go up.

Caught so I.

Was thinking of as if.

We'd go up we go up the

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

Previous balance.

And then we consolidate
in this area kois.

Honestly.

Among gay involved in the market

at this stage very rarely

once we've
achieved a big target.

It will.

Peter oh.

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

Mush.

Okay

or wouldn't even look
for rotation environments.

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

you just be left
with algorithms.

Just messing around and
just going to get chopped up.

Okay beginning
get chopped up so.

My suggestion is just just

plenty of hit a big target.

Thus it

time.

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

Whereas here obviously you
know this great opportunities but.

Once you've achieved.

Do.

You know a.

Major target.

Thus it.

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

Okay generally not
always obviously.

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

I don't know for
whatever reason.

Another five reasons of got.

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

but generally.

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

Succeed in the long run having.

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

He can change

luck I said.

Have an expectation
of my expectation.

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

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

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

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

Average rangers war period
were in seasonality will.

Majorly changes
number but let's say.

You know somebody
not crude oil of made.

Fifty

takes hundred takes.

On the day

of done.

Not because.

Are made one hundred
ticks on don't know.

Because you've

achieved something.

A major target

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

Balance picture book.

Slightly the balance so.

Anyway look I hope
these were useful.

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

the starboard you know
the etiquette thing but.

He is important you know cause.

Don't want this to
be out there in some

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

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

And put this out there in.

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

He lacks professional
courtesy dazzled.

That's why I said it and bought.

A hope

you find this useful.

I'm

going to make hundred
percent use of a plenty of

have in front of you.

Like I said discuss it with of a

professional friends who
you think may find this useful.

Will obviously adhere
to why say and.

I'd really appreciate.

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

Of see let me know

or as I said at the stock.

Took by in the discord.

Up with each other

wanna do know is.

I'm Gina quickly

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

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

Trained in early.

I do this every single day

a mock them out
and I'll show you

I mean.

Une fois for any of these.

Value expectations
staff put together.

And

and of sciolino she
lets go into the charts.

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

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

First part of this.

Section as you may
have noticed of at the

you know some sort of

amazing transformation
at the click of a.

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

Quite late

at night

and.

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

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

on a at freshen up.

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

and

share

to let me clean myself up

and.

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

Almost an entire year's worth

right so you're in for a treat.

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

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

hundred percent
of people to get it.

And also want to give
you confidence that.

You know I'm not just picking.

Oh

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

In at the end of the
day trading is about.

Making decisions in.

Tough challenging environments
where things are not clear

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

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

didn't show you in all
environments and all.

And.

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

confidence to look.

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

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

Again

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

has sound reasoning behind it.

Don't let anyone tell you that

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

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

Probably

so for example this first one.

Here are where value is here of.

Her values hear clearly

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

You know.

I probably am going
to say to you luck I said

in task wine if you
do stuff like that.

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

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

than it's okay so.

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

almost an entire year

in a crack on trying to as.

Quickly as possible by
as thoroughly as possible

and

and.

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

Value expectations
framework okay and

I actually would have done is

in the slide

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

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

Rules and

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

And just too.

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

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

from a

I said it's only cause i'd.

Never seen it written
down like that in the order

and have just taken
my name of it and is

literally now called so
the printer or give you.

Is called institutional value
expectations framework

okay so it's just.

A generic

of

framework logical

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

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

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

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

That happens but
shouldn't be a problem

and.

And

to be fair live my own anyway.

So does no

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

Although my mrs is here.

Because she's working
from home today but.

She's a

very very

quiet choirs out so.

There'll be no
problems from her I.

Had anyone coming back to
all seriousness to the point.

If you've noticed.

I'm using blocks hair okay.

And a movie she
looking at crude oil.

Thus because in
task one I use letters

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

Every single angle
imagine Annabelle okay.

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

letters in task one.

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

You know

of.

Got no problem with
either there's really no.

Advantage disadvantage.

Obviously with.

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

I like it bought

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

Lays down by
Nina is is is just the.

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

less crack on any way

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

possible

like I said.

Cause my habit

for almost an.

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

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

Or may forget

to do it every single time.

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

Yet

will just basically cover
as we go along the okay.

So now

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

myself so.

I am some of the lines
especially if they're

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

Very much wherever
we're looking up.

And hopefully I don't forget.

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

altogether if I have
done a dominant try and.

Really keep all the
analysis in this part of the.

Screamer obviously inevitably
there will be some stuff clients through

that will make sense of.

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

but now now

are willing to Mark the
composite levels okay.

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

As I said I'm not gonna

merge these to write clearly.

Amen emerge these to.

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

Way it looks like.

So emerging next profile
right you've got that.

The several oak spirit

boss said

out he was trying to achieve.

See for me.

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

Thus value area of that day.

Can you see

we built balance we came in.

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

When imbalanced again.

So for me.

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

On the interested in

balancing.

Continuing this balance
I'm not going merge does.

Case in this do that.

So just

to remind you of
merge this in this.

Okay

now this is where
tossed to is different.

I'm mocking these
every single day.

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

Her mock them like this for it.

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

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

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

It every day

is

it takes me like
two seconds literally

obviously when we
first start take your time

take twenty minutes if you
have to make a decision.

I've been doing this
for years of senior.

Hundreds of town thousands
if not a million times.

So for me I'll
just destroy do it

job done.

Move onto the
next part more prep.

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

how do I mock them so.

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

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

never seen anything
like it in my life even.

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

You can't customize it as

anywhere near as days.

The speed of this thing.

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

be

relatively speaking.

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

In a really.

Take advantage of the
quality of this platform and

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

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

reach out of course I hope pupa.

Other things you
know things like

messing around with it look.

Don't be worried.

Just do it.

Click on things changed them.

You can always delete the.

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

a problem.

Sir for example here.

You can go in set
your own colors

and chart drawing properties.

Look colors styles.

Few color.

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

for a few years
now of stuck with it.

And bought you know
when I was initially going

when I initially started
using this plugin.

Probably spend months customizing
it messing around with it changing.

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

but anyway

I like to draw

these said these only
two tools I used for the.

Drawing of this.

And that is within
here okay tools.

Can you see.

Extending triangle she
can either click on it.

Right.

And then you can

be that.

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

Tools can you
see off put it as a.

Right

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

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

This rate which goes
all across to mock.

The point of control

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

But I like to market so.

I find it very important

thing is.

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

Real fine point of

agreement but obviously
we know markets and not.

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

Around it.

But nevertheless.

Point of control is
absolutely crucial because

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

And.

Anyway coming back to.

That re right which
the horizontal rate f.

Show okay so will you do is.

You go he our global
settings onto your main

console.

And then can you see customize
keyboard shortcuts clipper.

And then within tools.

You see we clicked
on tools before

same thing you just
customizing your tools.

And then

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

bones or love it.

And.

Where's it gone.

Horizontal ray is f

to see our city.

I

care if you said
as x y said shift.

Alt

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

I have what I have.

Doesn't matter.

Right.

Horrors on to line

and.

Extending rectangle okay eight.

August.

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

play around with
don't be scared of it.

Must truly there.

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

to actually hold
you back on not.

Helping you are mentally.

Doing the opposite.

By not.

Letting you just crack combat

look if you get stuck reach.

Means.

Okay said

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

contextual levels.

Ooh of the way into the
future because the market.

Telling me something.

Is telling me.

Thus where we are
happy to transact okay.

So let's move on.

So becoming wop in the next day

look ice.

Does trading opportunities here

okay.

We've got.

Balance when we

do remember when we shift

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

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

And.

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

the valuer is broken.

Expectation is to go
imbalance right so.

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

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

And you know

more than likely.

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

I mean clearly we went.

We probably tested
this level rejected it.

Came up.

Okay

so at one stage obviously
we were rotational right.

We've come up on wisdom or.

Bill all his value.

Above the rotational area.

And remember when we go

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

furnace exactly what happened.

Or beginning to get long

rejection excess
opportunity to get long.

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

So this would have.

You would more

be fading this okay

thus more point.

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

Playing this is an imbalance day

thus your expectation okay.

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

one like that.

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

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

say expectation is to go
to the previous balance so.

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

need to start somewhere
down I saw him starting.

Basically a random day.

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

I'm gonna assume
there's nothing to.

Do.

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

you start to build composites

and that will become
clear you see.

So anyway

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

it with next day comes in.

Nothing.

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

Levels to key off

to choose the previous day's.

Value area.

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

Expectation when we break out.

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

To see we've built value guys.

The overnight

here.

We would be building some value.

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

was that buying.

And then boom

imbalance right because we've.

Been broken out so
what was that that was.

Again

number the shifts condition
the idea entity identify conditions.

Balance rotation to imbalance.

Okay.

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

and thus because
you get to that stage.

Very quickly where will
be obvious to you okay.

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

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

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

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

Now hypothesis.

Their outlook

this is obviously

just in terms of composite
there are obviously.

It was a million other facts

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

that will.

Possibly.

Do.

You know

counter some of
days in terms of.

The conviction I
have to get imbalance

basically they're all
going to be other factors.

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

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

So you can start
building a hypothesis

does it have to work.

Why.

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

Is it likely has the
probability diminished

of this continuing
to go imbalance so.

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

The task at hand.

Tossed number two.

Emerging continue to merge

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

Mock them out now

okay.

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

degas.

Removed at one.

Sir

caught particular
about these things and.

So yeah so we moved
on to the next day.

And.

Luck I said we use the area

and then.

The following day

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

Sorry.

Clicked merge with.

Prior profile by mistake.

Murdered next profile yet.

So again we're
going to Mark this.

Okay.

She can you she generally.

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

And.

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

Balance you expect it to
stay balanced so very much.

Excuse me.

We tried to do what
we opened we rejected

one side of balance we came in.

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

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

Some nice rotational
opportunities.

And thus very late in that
they and crude does that

a crude can do that
in the final period.

Near the close it
can just completely.

Do something crazy
and thus you know is this.

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

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

notice this.

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

Luck I said you get
used to this type of

stuff but generally era
expected the balance.

For the majority
of the day right.

So.

I'm

emerged are ongoing emerged up

and.

At this point of controlling.

Okay and then
I'll just the justice.

Here.

Here.

At this day.

From.

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

You see what happened is
basically the market opened up.

He came down.

And essentially rejected

the imbalance condition
and came in and did what.

Attempted to grow rotational

then war.

Moved to the other side
of balance built from value.

NY shooting opportunities
because walk.

The condition ch
changed it went from.

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

In the rotational area.

Then imbalanced

shooting opportunities

right and remember was the.

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

balance where is it.

Here.

Okay so it's
essentially this area.

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

Look everyone's
different for me.

I probably because of
my type of personality

or light to just book
profits go to sleep.

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

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

what does.

Ultimately my target
so you'll be holding it.

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

Is it possible doing.

Using value analysis to hold for

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

Multi day

don't necessarily.

Like to

hold for like two three days if.

I think couple of days is

you know happy medium because.

What is his

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

five days.

Fundamental to start to have
a heavy impact of course.

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

Of find fundamental factors on.

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

slamming on of your
risk of course not.

Bought

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

It's very difficult to
predict all that stuff

I just go with it.

And have faith.

That.

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

The immediate fundamental
analysis coming up.

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

Hundred percent fundamentals.

Do have time.

To smooth the volatility out
and actually make more sense.

And.

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

Time period if you will

hold stuff and.

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

something that.

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

Every year I'm looking
for things to improve

and as of become

better identifying what the
market trying to achieve.

I have realized i'm
selling myself short little bit

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

All out to boot process.

Obviously doesn't happen.

Every single day
of the year bought.

You know most days

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

generally.

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

Be quite smooth and
then you know my ever a.

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

Generally.

He will be quite smooth

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

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

floating loss.

You know you're going to be very

flat until.

The

winner.

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

You know what I've of recognize

throughout my career.

The I have a smooth equity curve

and other guys will
have quite a lumpy curve.

Ball.

He could make more
money holding this thing.

Because you can
have more size on

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

You know is Philip my
curves going to be for

what that does is

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

monthly analyses.

Quarterly analysis
or have noticed stop.

Are missing opportunity.

Bar

obviously I'm gaining here.

Donor

you know

helps me sleep at night
knowing the on booking soften.

Of

it fits around.

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

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

You know.

And

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

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

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

Do what you suits you

and

and what you think
works for you and

is a lifestyle thing
as well right I mean.

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

for you.

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

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

Fine if you seen imbalanced
opportunity and a nice.

Big expectations target away.

Switched the thing of.

You know

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

Something drastic
hasn't happened and we'll

talk about risk management
and things other.

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

generally bought.

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

you can see here a great

to day opportunity so.

Anyway

serve.

Go back to the task at hand.

Which is this

you know what.

At the end of the day.

This didn't is kind
of a trend day.

So I don't know if it's

the greatest.

To merge.

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

I'm going to at
least look at it.

I think he's okay to manage it.

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

just because I emerge
the their staff and you done.

Don't do

do but you can
see it's actually.

It was basically overlapping.

Completely so

gonna make sense
to merge it right.

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

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

To me.

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

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

So let's take out again.

Remove

most margin profile yet.

Can you see is
actually a trendy.

The market never
really established any.

Violence did it.

He opened and when imbalanced.

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

constantly going embolic
throughout the day.

He never really build any value

within.

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

didn't see any value there.

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

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

This why I say
just use logic okay.

Me personally my logic is well.

Pretty much within the entire.

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

that way because
that to me is like a rule.

You know auto care of it.

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

Broken it my point is

is basically overlapping.

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

By analytical thinking
capability the and algo corn.

You see and algo would
say nope is broken it.

It's broken the route.

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

We can use our logic and say

know

yeah okay is broken and both.

Within.

Within the previous.

Two days traded

so merger

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

So does not right or wrong guys

go to do what.

Make sense to you
does your Alpha.

In all build mile
for the way that

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

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

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

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

this isn't the right business.

For you.

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

Conclusions all the
time when know and you

know this this is why
and professional circles.

I said this before.

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

ropes and.

The the failure rate so high

eight to nine or ten
people fail in this why.

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

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

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

Observe

perceptions of

you.

Are going gonna be different

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

potentially to you.

When you do retail education is.

What is a marketplace
is an option of.

People.

Just every single
person perceive.

Value to be identical.

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

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

Is it the same as
everyone else is no

coastal.

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

Someone else's might be
happier thousand and sixty.

Why did you think an
auction happens in eBay

do doesn't always
sell at the same price.

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

Thus the game we're
getting ourselves into.

Okay.

So on.

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

days better that sometimes
I say these things.

As I'm doing them right.

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

is important I want
you to see that.

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

for you.

Then you can see here

brilliant trading
opportunity gripe.

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

look at

which will obviously
talk about later but.

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

built value.

Here.

Right market condition changed.

I'm looking at shift

would it up for the value
estate expectations framework.

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

If we build the

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

We've built.

We've come in.

Markets open here

drove up.

Does this law he loves to close

gaps.

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

about in particular

but do you watch out for.

The market will

love to close this gap.

Just a complete the auction

and then

they will drive down so

even if you got your
early and it drove up

personally.

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

stop yourself alive
get back in and then

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

really spoken by.

Previous when.

So.

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

Just love

stuff on the show
are powerful is so.

I won't keep doing that bottom.

Of asleep.

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

a few days yet but term.

Just wanna show you
the power of this stuff so

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

Now.

This is where you can
start to look at split.

Because look at the
end of the day the market

didn't balance from
there to their did it.

What you can do as you can say.

And.

A think I mentioned
it before is.

The period.

The tpm appeared that
came into the balance area.

Way

you've basically
had the next day

sir in fact lemme
bakopoulos will be here is.

What actually
happened is this period

what if we actually done.

It wasn't there at the time of.

This period coming downright

this didn't exist.

So here on this day

what would we be using.

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

Right.

So here's my point

and on this day.

Right this day has formed.

Would we merge with this day.

Personally

odd just merge
them straight away.

Because I don't do
the splitting thing.

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

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

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

And I simply.

Don't do it okay.

I am found for me.

Thus necessarily made
much difference bought.

It is more acura if you
do the splitting procedure

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

So is the period that comes into

the balance pier the

okay.

She.

Click on it remember

to

this period.

And you click on it

split profile here
to see are split out.

Can you see what I'm doing.

I'm getting rid of despair.

They

can you see

perfect balance now.

Okay so you can do that

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

I did this for many many years

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

Sought to you.

I don't do it.

And.

Blank if I merge with.

I prefer

to see.

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

was their minds gonna shift odd.

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

Thus my perception of value

I'm happy with
it that it might be

not exactly perfect.

Cause I'm looking at so
many other things anyway

fine.

But.

Do it properly

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

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

Begin look

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

Do it.

So let me start again.

So the period comes
into the balance area.

Split profile here

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

Balance so.

Image of next profile.

Okay.

Then I'm going to Mark

the.

Okay

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

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

Moved up.

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

Cause what I do is when

obviously the previous
balance is no longer valid.

Cause the market
had fair value here.

Is clearly told US is shifted.

Shifted

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

change.

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

thus

going use these levels.

Thus not the case

it's.

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

That.

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

to all get rid of this

some of the

you to do that.

Casey just click on it.

Caught drawing here okay

says caught.

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

And then

do is our Mark.

This area here

because it's still very
much valid okay the top

with balance.

This era.

Okay.

You can see the market

respects it

very well.

It's just this.

Look

the market build value

over it

is clearly telling me
that is no longer an edge.

Of removed the edge
I hope that obvious to

the case would get rid of it.

I.

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

that probably have.

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

Merge

next prefer okay.

To we're gonna

do what adjust.

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

day.

Or milk

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

Or I and this is
part problem with

half the stuff I see out there

to cherry picking crap.

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

And you need to see this as an.

Amazing opportunity.

What

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

in a.

Systematic way don't happen.

Okay anything systematic
algorithms got the edge

it's going to get wiped out

in not going to be
able to compete.

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

Wooster market trying to do here

aka emerged them
does it look cry

cetera et cetera.

For me

or I it did end up rejecting

wa.

Spend a big part of the day

with imbalance on
good emerged these.

You could argue and say
note you know war envy.

We opened our we
came out we rejected.

Point of control and actually
we ended up slightly outside.

For me.

Not enough of the day.

Was outside of it.

If all of this.

You know about

sixty seventy percent of
the day was outside fine.

To see

I made a decision based
on my logical thinking.

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

And.

You know.

You just deal with the
consequences because the market.

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

and you can see
end of that they.

There must have been some.

Investors who perceived it.

The way that.

I.

I see it which is the

merge the two and then
obviously look clearly the market.

Did respect this edge.

Of value here

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

Take

and I would have adjusted it.

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

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

You know

we're not talking a
million miles apart rv.

It was either.

The areas here

or here okay.

And look at the end
of that they hear.

Yours got more it respect it

being slightly lower you
see evens itself out honestly.

Of just learn overtime
make decision move on.

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

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

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

If you tried to come up
with a perfect method.

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

Use logic.

And 'em stick to

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

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

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

Army was imbalance would
you agree those two are.

Of see balance now.

There's an important thing here

I would have mentioned he.

When or if Gore.

One old

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

Each obvious right the recent

reason.

Composite is going to trump

old value

obviously because
this is new investors.

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

Have come into
the market in July.

And this

is kind of off topic by
so very important point

where again

you can really

start to think.

Logically and.

In an amazing way that

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

In the traditional space.

Do you know is how I said their.

Investors.

In July that participate
that weren't there June.

The day that out
the box thinking.

Could have start thinking
like that and you know off.

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

going to to either.

Nothing.

This indicator

okay and I'm not
patronizing anyone.

In fact embrace it.

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

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

giving you an amazing
opportunity to do the.

Okay.

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

Approaches his new
perceptions of value.

Is always going to
trump old one so.

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

This value area and this one.

Obviously the new or
one is going to take.

Presidents and I
hope that obvious

okay.

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

bothered

marking kinda.

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

Options

that you can make decisions
on through observation so.

I got no problem
of you get rid of.

The entire thing

and just not marking this line.

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

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

This is still here are much

and the market clearly
telling me as not respecting it.

To you see here we
just traded through it.

We traded through a single days.

Here respected it quite
well here are respected him

quite well this there
was a bit of trading

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

That just trait over
and over and over it.

Almost going to cut it.

Basically is my point.

So hope that make
sense it gives you some.

Really good food for thought

so these two clearly
we can emerge.

Okay

at this stage I am
probably just gonna.

Either you can cut it.

Sorry.

Caught Troy here.

We can just any obstinately

okay.

So anyway let's move on.

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

don't get rid of them until.

A new composite
comes in and we overlap.

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

rotational and then
when imbalanced.

I'm not going to
emerge anything.

Here still.

Then we had this
day and this day.

And.

I'm gonna merge these two.

A pretty good balance.

That because I
merged them on the to.

Mark the composite.

Okay so we when.

Rotational here.

We had fairly good rotation.

So they may have been
opportunities in there.

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

I look we build valley below.

Condition change what did I say

balance to
imbalance of the value

is broken

and we built value.

Here where's your target.

Next composite look
at a beautiful day.

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

Saw an indicator

just transaction to transaction

value to value

like I said

balance to imbalance
to balance the imbalance

the balance thus
Wallace doing all day long.

This just helps you identify.

Fair value so you can
build training opportunities.

So.

I personally wouldn't.

Merge any of this stuff
but again what you can

is.

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

Where you've got no.

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

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

this day types.

Cause I got no time
for all that stuff to

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

a

trend day this shape is a.

This distribution day or no more

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

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

Nonsense

and that they are
driver just make that.

Decision on
potential data myself.

Or distribution shapes a
unique in their own investors as.

Behave differently
slightly every day.

Solar to be loose with my.

Definitions of
data for in theory.

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

To

imbalance.

Those are the
days where you get.

Value overall

is almost like what I
said to where you have

this weekly profile
and I said I like to.

Split them out

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

Day

basis as opposed
to the whole week.

Which is what this could be.

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

image

the previous.

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

You know the problems with
weekly profile says they can.

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

And do what.

Merge.

What we're doing now.

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

And that will obviously huh
open when you get these.

W distributions.

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

Merged here but

here

you could argue.

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

Do it I ako

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

For whatever reason.

In use of watching
this of just found.

That for me

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

I'll do it so you can see.

How to do it.

So juicy this whole.

Balance is in here so
you can just split out.

Essentially split
prefer here to see the.

Then if he won.

You can imagine

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

We've got my reasons for apple.

Sub to you.

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

Then.

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

She and you.

Half a day and half a day and.

Okay.

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

In theory what you
should be doing is.

Doing that.

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

Let's have a look.

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

Why am I going to.

Remove such a
powerful composite.

The of got here.

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

night.

Could not going to
do in a million years.

Purge pro

begin merge prefer end.

Alright

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

Is meaningless
Muslim just be a day.

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

So I'll leave that there.

Even here.

Look in theory.

Can you see.

This is.

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

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

Grey area should I do
they should have no no

let me try and
make my life simple.

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

Do it.

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

Until you observe and you
think do you know what.

Maybe I won't do it
because will envy showed

me here where you
start to get into these.

Having to make these
silly decisions about

and.

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

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

It might make me
merge as I showed here.

This half-day with
this one day and.

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

As in multi-day.

Composite value here.

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

it with

something like one day

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

Epson.

Luck I said it's up
to do the splitting

do displaying keeps flitting.

Is different if.

I've gone.

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

of this.

With a split.

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

On the doing ama.

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

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

Just.

It's just an imbalance market.

The deceased balance right.

That this is a balance day.

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

The skies is just.

Nothing

the market couldn't

agree.

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

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

making their body.

Is on

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

Law life's perfect

up.

Indicate er.

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

Show am looking to
merge the of the staff.

You can see the
market essentially

went from imbalance.

Didn't find value here but.

Went balanced in
this environment.

Good trading
opportunities right.

We come in

from an imbalance perspective
we build value here was target

to member

in a balance rotation environment
environment expect to test.

The office sign of banners.

For me take some profit there.

Where do we go of
aside abundance.

That with some or put the as.

And.

Number one.

Cake so

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

Not even covered a month.

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

Those two

to see we respected it there.

Let me marketer anyway.

Kate merge.

Whereas of you

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

That clearly.

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

Submerge does to the norm read

next parental.

Mccain

that nice.

Drive of the point of control.

Heading towards
the end of the day.

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

Is completely crazy voice.

I generally don't

trade that last.

Two to two thirty towards
the end of the day.

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

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

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

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

tend to behave itself

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

let one period put
you off is meaningless.

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

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

habit of doing.

And.

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

you can see it's
obvious that the market.

Is.

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

and

I would probably.

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

Sort of period.

Okay

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

To argued have.

Diary there.

Than here

you can see

very much respected by the
market very very strong area.

Confluence.

Confluence of transactions
not fifty percents

fib bottom trendline
that makes no sense.

If you saw more footprint
example we saw what

happens the trembles
when you switch from

minute base chats of
owning base Charles

so garbage guys.

Thus no confluence.

This is confluence of.

Demand and supply not.

That demand and supply

know nonsense I
see people drawing on

and.

You know that

there are.

Charged is

more.

Factual demand i'm
talking market orders.

Right value area of

more

how are these
value areas formed.

Statistics based on

actual market
orders transactions.

And die is incredible
confluence.

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

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

take a little hit.

And as soon as you
see value building here.

Amazing opportunities

to go to the other side

bright.

And in fact

at the end of this
day I would have.

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

Why.

So there is some overlap here

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

Small amount for me
thus incredible confluence.

Or look at our.

Beautiful day.

Absolute killer of a day.

You should be killing
it on this day guys.

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

stay imbalanced.

If your balanced why
would you want to.

Target of banners you wouldn't.

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

As I said around this area and.

Then you can think of about.

Breaking.

Early

and preempting at fault.

Unless those clues are they're.

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

She a very much the
market stayed within.

Violence make sense.

Can emerged up.

Can adjust the slightly.

This day

nothing doing right.

Supt you have you Mark
these point of controls

you can just take
'em off if you one.

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

Just drops off and on

to maintain a

sought to.

You.

Do

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

Then you've got.

This day.

Nothing doing

I

got this day.

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

for come

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

Were

in this area between
sixty and sixty five.

Did the market.

I mean.

Fair value to the on
a composite basis.

Again into August now.

I'm really going
to be quick with a.

Their salman emerge.

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

The whilst you're
watching his back.

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

as possible.

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

Day by day by day by day.

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

What happens in this
environment he wasn't clear

know.

The show you everything
covering all bases.

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

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

doing their.

Terms of merging.

This nope

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

This and this yep.

See I'm going emerge these days

this and this a
thing is a fairly.

Good balance you
can have a look at it.

For me.

Okay of said this to before.

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

We came in we rejected

value point of
control we came out.

With built a little
bit of value there.

For me that wasn't enough.

For me to say

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

Make a decision move on.

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

It's not the right bribe.

You know it doesn't work

in this business.

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

can be different.

So what am I going to do them

can see the
overlap when a cut it.

Caught this.

Drawing here.

She the older.

Not going to use dining.

Finished.

Point controlled
get rid of that.

Mark this product control.

Luck I said look if I make

a

blatant mistake
obviously I'm not mocking.

However many two
hundred days there are here.

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

Glaringly

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

This day we went rotational
broke out and obviously

when imbalance so.

Amazing digest literally strop
for everything then it happens.

Hotkeys aren't perfect.

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

This

is couldn't look if I try and.

To Shiva.

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

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

don't merge the okay.

So for now.

Very happy with all of this

see how powerful this is.

Market condition guys here.

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

previous levels.

Obviously you'd have
tools to help you do

this guide you like the
v op is a framework.

That all institutions are using.

Is agree.

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

start to develop the
understanding of it.

As I said in the next
section stage to.

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

And.

She here we've got.

a

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

Respecting to I'm going
to emerge these two.

Okay.

And therefore
this old on cut it.

Yeah

great.

Because it's game.

Overlapped with new value.

New investors have
come into the market.

They've told US.

That perception evaluation
amen emerged that

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

Obviously contextual.

Levels from this composite area.

Will come back
to this the actual.

Specifics of entry
don't think I sit here.

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

Yep

we opened it none of

the actual.

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

using the v wraps
said don't worry.

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

expectations framework
can you see the.

I'm shauna help you.

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

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

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

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

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

Expectations and
why we build them.

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

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

These levels.

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

In the future

so.

And.

Merge with next profile
yet some and emerged

those to clearly cause
I was balance there.

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

We had a bit choppy day there.

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

of to.

No questions asked.

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

In.

This voluntary and
this balance area

this is now a new balance

is within.

Two of them but.

Clearly.

And.

Walk it changes its mind

you know.

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

The actually is no longer
interested in this area.

To get rid of that.

Caught drawing.

Kucoin coin here.

And we just keep moving on

so you see that now
got rid of that cover to

gorilla printer
control camera that.

Train.

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

load in one go.

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

at this.

Surprised.

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

slight seven days a week.

Sticks or commitment
and requires fee

to.

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

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

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

One day and then
I go off by Peter.

Just normal that
can take me as her.

Now here.

And.

I'm not necessarily gonna.

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

outside of value.

Bought

to remember what I said.

When another day comes in it
can change things completely.

Because the markets
telling US actually.

Amin find you that aren't
gonna merge the for

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

comes in

gives US a bit of information I

to buy this in task one.

Similar manage.

The

emerge.

The okay.

See.

That needs to adjust.

Thanks to my chest.

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

Clear so I don't wanna

obviously go
through one by one by

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

day out of merged.

Right

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

his helmet emerging
with that one as well.

So I recognize it won't happen

oversee all at the same time.

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

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

one go.

Police caught that.

Hope is becoming
clear one doing here.

Those.

Are all of these will
no longer using them.

She's no no coincidence
point of control big.

Value was there
then he was there.

You see little things
like this all the time.

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

Giving me a little clues.

So here we've go.

A new day

where we've obviously gap.

We haven't necessarily.

Should have a look at this.

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

Obviously I'm looking
emerged that with that right.

Then this day comes in.

It's a tricky one.

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

It's very very tricky or
milk and emerged them

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

and here we spend such
a huge amount of time.

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

That make sense to me.

I've got pretty good.

Composite here.

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

it all the time but
you can see some.

Decent value been built
here and trading opportunities.

To get sure and target walk

previous composite
again it happened over

two days this time.

More it a hold of
know is this genova

know is this show much
over the last few years.

And.

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

Is just become clear to me that.

I am shortchanging
myself a lot by.

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

smooth equity curve
I told you already.

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

Is not a negative thing.

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

about it.

Don't dwell on the
Potter and care.

You know.

About an.

Amazing.

Career up till now and
you know trading has.

Given me an amazing

lifestyle

and.

In according to how.

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

In

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

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

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

Is I have no is this a lot.

Is a market will achieve.

What the expectations are
it just won't necessarily do

in one day or in a
smooth motion to.

Knows Canada trade of
I told you about where.

Do you want.

A smooth equity curve or to one.

Curve like that.

But the end of.

Period you end up.

With obviously and sometimes
you could argue you know what

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

You

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

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

Wanting you to it this way.

Each to their own.

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

For most of my
career I've always

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

month though.

You can always.

Make the up by of she
trading bigger size bar.

Tender as its trade of his
walk psychologically and.

Risk wise obviously
has its trade of said.

Just to appoint those
things are too so.

I said a milk can
emerge those two about.

This in this.

Pretty good balance I think.

Clear ballot so

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

Into this period.

Savoured.

Split profile here and in fact.

Probably even.

The latino

and this this profile split.

We can probably to
scared of top whole a

t p o that came in.

Okay.

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

and then

if like me you'd
been cropping UK.

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

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

majority of the timeless below.

Not enough in

in the.

When in fact you can see
it came down respected

the age of previous
value very well.

Same here we.

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

out the value area low.

And

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

get short they're obviously.

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

A stop power or even.

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

Then we very much come back in.

Know merging.

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

The and that you could argue

we see again is
a gray area and is

a want to be honest
revealed show you.

The is imperfect

you're gonna have to.

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

child watching US.

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

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

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

I totally get it

in most things in life
you probably making a

meal little better
decisions than I ever him.

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

what you already have

just apply here
and just try and.

Use

a logic and buner.

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

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

perceptions of value in.

Scott train.

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

because of or keep saying it.

Algorithm can't do it you can.

So.

I'm in two minds about this

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

You see if these were quite.

And.

Balanced in the sense that
had decent ballot and this just

maybe had some
nice overlapping and.

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

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

And if you think about
it what all trend days.

And.

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

trend trendy by

is used in that book
markets in profile

but I mean more
in terms of profile.

A trend a imbalance day

and terms of profiles.

And.

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

But really we just had.

A lot of imbalance

imbalance in Ballard's

slug what you call the
triple distribution day.

Really

because of that if it was nice.

This was nice this was nice
would emerge these three

sorry that a terrible
corona that it was day.

But it wasn't.

So I'm gonna leave it.

Let's move on.

Clearly that and now I'm gonna

merge these two.

You see you
cards split this out.

If this had happened.

First and the second

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

She got no choice
but to just merge as is.

The sure you are me.

You can split the south fry.

And

do that correctly.

Sorry.

By with me.

Join a backup

and.

You can split this.

Outright but the problem is.

You can't merge
this with this cause

in the way.

She have to merge
all of them anyway.

To for me thus pretty good.

Pretty good it's good enough.

The waterways

Bible.

As the decent.

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

Not ideal is a

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

Can you either got all
the way back to the.

Chopper of Capri here.

What if you want
you can just cut it.

Here.

In this area just
before it starts.

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

Obviously if.

This was down here I
would have caught this.

But.

The clues in the profile

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

This area or omsk and a lever

no harm in just leaving her.

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

Which she has
nothing I can do about

the.

Scientists.

Can the second.

So the next day we

do.

Rejected the point of
control which at the

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

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

down and obviously
bounced of the next.

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

The point of control.

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

Okay.

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

t v video she will see.

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

essentially.

I.

Believe we had a

big gap hop.

Just double check.

Twilight to show
you crude because.

Crude can be.

The crazier Thompson.

Forces US to make.

Decisions.

So we kept up.

I.

Obviously that was a
huge fundamental event.

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

And.

This day

and this day I'm not gonna.

The little bit of
overlap thought.

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

Okay.

She that.

This was falling
in bulk of value

lacazette he can not
sure keep saying it but

is important because
the first time you senior.

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

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

If I had seen this much www.

It's coming back
later into the day

yeah would merge them both in.

Can make a decision to me.

My perception of value
might be different to yours bar.

Thus happens.

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

tesco eBay Amazon wherever.

All perceptions of value for
something consultants be different

and it plays itself
out even here so.

Look.

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

Envy

it looks all right to me.

Fine go

it see what happens.

That the market agree
with you will know

and that's how you learn.

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

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

This stuff isn't
beyond you because

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

eBay are we going to

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

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

same new and work other.

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

Going to.

Unlucky eventually even itself
out anyway right because of

our movies you can
emerge this in this.

And then

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

So.

Accounts skipping merging and
drawing and but as cause obviously.

Of wanna.

I'm conscious of
time and I just wanna.

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

bearing it.

We've got.

The.

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

I sought to you if you Mark

or.

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

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

And actually do you
know what this and.

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

Of showrunner.

Merge them or backup
for you of income may have.

Forgotten this form
for some weird reason.

But anyway.

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

environment that
we go imbalanced.

And.

Then I would merge
obviously that.

Right

and you would have.

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

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

Or I would have caught

this area else i'm
going to do only

go just stop sheep save time.

But yeah politician
father or thought thou had

on merged every
single thing in this chalk.

And to do it from scratch both.

Theory happens.

And.

So clearly ancona corner.

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

How much put out there

be neat.

I move on

essentially.

Said this

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

This year has been completely.

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

Thus thus I really want to.

Just fly through a lot
of this because I want

to show you different
environments and how.

Throw anything at me
and I'll make a decision

okay.

Thus the key

to really building edges

here.

Said this whole period is imbalanced
imbalanced imbalanced imbalanced.

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

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

Like this area was of seek

choir above.

So you can always key of.

This you know so.

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

we'd go build value
and then we can

taken in butter to trade down

and you could actually
see you there is.

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

you probably have
a composite there.

To help you build expectations

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

Yeah.

To

be through a little bit.

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

som can emerge them
I think release gonna.

See what they look like.

She that was
pretty good isn't it.

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

these three have
mentioned it before.

I wanna see just a little
bit more within here.

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

Only keep repeating the
same points make a decision.

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

Make a decision to move on.

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

Okay

down can obviously keep

this you can see how
many caught the sauna.

Cuts.

The.

Get rid of that.

Control.

And put up opponent controlling.

Apologies i'm

trying to speed up a little bit.

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

Not gonna give you.

A good as I said.

So of range of.

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

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

This.

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

what officer to balance.

You see the market as respected.

This for multiple days said

this would have been.

Hopefully of grey period of.

Alpha generation fee
because you've identified.

Confluence here between.

The edge here

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

Confluence.

Then take him trait of

lunar could this when
we introduce the view

obviously.

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

emerge.

So what I mean is at merge.

That.

Then I would draw a new.

Area here.

Going to get rid of this.

Right.

That I'm can keep merging them.

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

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

Right hopefully thus
making sense to.

Okay so of would adjust.

I would have been adjusting
obviously every hallmark.

Ploy in a new merge.

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

balance go to.

The next.

I

see the perilous

bill or value when
imbalance target

edge of the next profile
the next composite.

As I said in.

Hesitant

to even use the word rules.

The expectations go to a previous
balance typically composite so.

I.

Have move on.

To be using all of these
historical levels to.

Off until we get new
perceptions of value.

So.

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

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

Based on

this earlier composite unmarked.

Then

would merge with
the next profile hand.

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

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

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

and I don't.

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

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

don't worry too much ball.

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

Arbitrarily deciding
or don't want it

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

So I would probably maintain it
was his being respected is my point.

Right so.

Here we respecting

the edge of this old
valley even though if.

Ah sorry

that hadn't actually
formed at the time by

the second a route

once this is form so
here we respected it.

But then here look we
just ignored it the corner of.

The

value.

Over it.

So.

Scared of it.

And same with I don't know what this is
by is probably a previous point of control

they get rid of that.

I can you can split the south split this
out by Sony going to be half and half a day

or not going to merge them
anyway so why and baba.

Then this day comes
and goes rotational and

you see it respects
this historical composite.

Disrespects here
can you see guys

market respect value.

Why because

I said it before when I was
building the expectations framework.

This is how.

Algorithms are programmed.

Because

they've come up with this amazing robot
because he's how it works in the marketplace.

Is if we have gone through the so
many times this why went through

and deed

and spent so much time in option
market theories you understand.

Mawkish always
looking for old valley

member milk.

Something up and
disruption fundamental dish

whatever.

And happens in oil or
have has water supply

disruption demand disruptions.

The always go and seek.

Old areas will be established.

And

with the Mark is happy to trade

obvious.

Sculpture market theory
eyes finest thus what it is.

Don't think of this
is roofs think of as.

Logically this makes sense to me I see it
happening in the marketplace this is just.

A marketplace.

Okay so.

But anyway.

With regards to this particular exercise
is nothing for US to do that own balance

imbalance days we come here.

I'm not going emerging in
this stuff they're all just so.

Outside of each
other in terms of value.

Then we come in

to this period.

Again

like I said it can get

messy cause you're
marking the point of control

of to I like to have them
if you don't want them get

him

but

I find that

the very important for me.

You

the distorted blue line is the
point of control of the composite.

Even here of forgot
her market dinner.

Take off the.

Repeated this day
comes in nothing.

Then the next day comes in
clearly balance or less merged them.

Okay we can stop
feeling this up then.

Case

clearly this profile.

Gonna cut it

and this summer coffee.

A great.

Because swap.

Days.

Balance.

Overlapped they said clearly
told US this is no longer.

An edge.

Jaci see what the
market Spain he

talked about his in pask one
by the market loves the fill-in.

Areas of low value so I
can complete the auction.

Soonest started boys this this
is just a previous balance area.

This is just a previous combat
Ontario was the market done.

Filled in

guys.

Okay.

When it's doing

so what it's doing all the time.

Okay so.

This is an idea is a trend a while
probably would merge in any way cause is.

Overlapping

it's not the crater spot

to make a decision and move on.

Got bigger things
to worry about.

Kate on grammar
obviously up an image

that.

Because we haven't gone
anywhere right some gone anywhere.

Easy decision to make.

It's going to keep merging these and adjusting
them throughout this whole parrots i'm

not gonna do if
every single one.

Obviously as everyday comes along you just
keep merging and adjusting and adjusting

and trading a rotation varma.

There should be an incredibly profitable
period because you just doing walk.

To

the expectation you're in a
wooded I added I write it out.

The

rotation expectation is obviously
to stay rotational should see that.

In the conditions.

a

framework and then expectation is just
a test the office side of balance each just

be.

Constantly playing as as
a rotational environment.

Keisha eventually
you'd end up with that.

Mark the prayer of control.

Okay I hope this is useful for
you to see I'm not skipping days.

Off just every single day
for almost a whole year.

She you've seen

either.

Douglas sound like
a broken record bulk

this is how

is course.

I hope you can see the islam
perfect indicate don't exist.

Go stop.

Dump all that stuff.

Perfect indicator as you.

Start to have.

Confidence in your own abilities
and I know you do again is not.

Refer to speak to and like a child because
end of the day of said this before many of

your older than me a.

Of respect for you

but you've probably achieved in
life is tent out Berlin wall ever achieve.

But when it comes
to trading in particular.

Poppy very fortunate
to have seen the light

essentially the.

I'm going to let some
squiggly line dictate to me.

For I should be thinking no let me
make the decision right a hope you see is

so good thing that we have all
these grey areas cause we can start to

add Alpha.

So again I could split this out but because
it's only half a day a and one day i'm

not going to both.

Play around with it you
know sir locker said you can.

Split it out

if you want

and actually I wouldn't split

because you see

most of that period is within
this balance you domino.

And.

Just undo this.

So we want to do is you
were actually split it there.

Case of that you can in theory.

Merger and have a
composite their Bob

I either do okay so I'm gonna.

Market by in theory
if you really wanted to

you could change up.

Sufi run with it cause this

see this is a very strong composite
obviously the more days you have.

Is going to take something big for
me to cop get rid of this but here.

What was it Wednesday Thursday
was a pretty small composite wasn't it.

He has just two days.

And.

Portal of spot
place unfortunately.

Yeah I said you could merge
this is an ip I'm not going to.

Get rid of that but
you can if you one.

With gone imbalanced and we've got one two
three four five six oh look I'm not going

to do them one by
one by one clearly.

There you gonna do nothing next day you
can emerge in is going to keep doing the

right.

Here.

Case a nice overlap here
and look how the market just.

Respected the area very well.

Cape to.

Can pick up the pace now.

To clearly

this day comes in nothing this they are
would merge it with that day then I'm going

to do the same

here and here.

Okay.

Colonel obviously
I'm of caught this.

So I did say I apologize because i'm
going to foster may forget sometimes to.

Mark

twain of controlled for.

Cause don't forget
money doing this literally

once a day if the

does emerge.

Put out Mark

otherwise I won't.

Who is he right now
important day about.

Convener.

Couple of under time so.

Not pace so it can get.

Me unfortunately forget to
Mark that point of control.

So here is a

tricky one.

See come in.

Let's have a look.

It's pretty good

mean.

It's obvious that gray
area to show I mean.

We've actually normally I say
hi if we just spend a couple of.

Tpl period to have in here
mogul market by here.

She put.

Decent amount of time at least fifty
percent and market cleared rejected going

imbalance almond emergent.

Keep saying it if you
don't agree with me is fine.

Slope.

I've said this before obviously if you
start to emerge something up here with days.

All

if we clearly our value and emerging
it then of course I'm going to say look.

Maybe you shouldn't do that but.

You're not doing.

So we're going to Mark.

Sorry.

While there's going to contests.

And I'm actually going to

this as well.

Because what we developed a volume Roy
over the top of that value very high so.

Why we developed volume.

Case at this day comes in I'm not going
emergent this day comes in emerged to.

Quiet of a new profile
here and I'll just call

to see as new profiles and new
investors come in and perception of value.

Don't worry about looking
messy and won't it will.

It will saw itself out very quickly
cause Lucas already Stein to become.

Quite cleaning taught
me to get rid of that for

to get that.

Camera that.

To she's already
cleaned up this area.

Get rid of this.

I like to

have these lined up honestly
doesn't matter it's just me.

Or.

A neat freak but.

Go your printer control their.

She shall all of
this is old know

you're only interested
in this this this.

She's very clean.

Very very clean.

And this and this
album merge year

you see this rotation environment Bob
merged that the noticed adjust accordingly.

Then this and this
I'm gonna merge them

pretty much inside isn't it sir.

To

clear.

Sure you could argue either way.

He really good.

I'm not going to do it

but up.

Assume when you merge it looked decent
yeah looks pretty decent honorable merger.

I.

Amazing even on different days your
perception of how you can be different.

Asked me on this particular day

he knows what I
would have done the.

As it stands

can you see

to me.

I like to open them up sometimes
and just apply the of logic clerk.

That's why cause I could
see any way with my

boy.

And I'll tell you whether is is
because I can see the open and close.

Can you see the blue open and close
so I knew that the bulk of it had built.

In a manner that.

Was above.

So even though year I agree we
came back in in the last period.

Ultimately let's be honest

or cavalli was outside.

On the.

It

thus my logic

make a decision move on.

Know.

It's not just one day and then
thus it for the rest of your life it is

market every everyday right.

Listen this

not local emerge this and
this I'm not gonna merge

this and this unlock at emerge.

And

this and this

would merge.

Okay this is bev a gray area.

Happens

but ultimately the bulk of it was
outside so I'm looking emerged that.

This day comes in and really was outside
of that I'm not going merger these two I

would merge.

To knows I'm not opening them up and going
through the conditions run up cause of

such when the gap ever move on.

Said as your rotational
condition plane either side.

Then we broke or imbalanced
play it has an imbalance trade.

Okay.

Smoke the player controls.

She this is a really
good example of.

What was it to fool.

On the framework.

He is the.

Trade.

Balance to
imbalance right if the.

Point of control holt.

So this is a really good example of that
to remember why said you could be in this.

Balancing environment right market opens
their in a building to value on the point of

control.

And it starts to.

Surreal my Pennsylvania
knowing every time a wholly done.

The circle apologizes
to stick neural her.

It built value and then.

We look to.

Break this.

Okay.

Soft said expectation
want to failed.

Because normally you'd
be playing this as walk.

By fading environment.

By here.

If by see value building on
the point of control and we.

Build value and there's all the
flow coming in guys obviously.

Precious buildings
like a pressure cooker

pot is going to pop out of.

This area isn't it.

She could recognize that could be very
good at recognizing the moon new look at.

How your rotational environment.

Market condition maybe.

She'll always going to do this
perfectly law that sometimes this value.

Might start to build here

but nothing wrong with her.

Now who are we to say to
people know you can't have.

You can't start to change your perception
of value early of course you can't

who she felt.

You may be.

Just balancing here
and rather than.

Go to the other side of balance you may stop
to remember I said I'd like to take some

profiteer.

Who might see the.

Value building

and which we do

here.

And I love to preempt
it sometimes I will

look for US.

Could start getting long in this
area and look for US to pop out.

Breakout and change
market condition early.

The alternative
is what you wait.

For valley to build here.

Which is the different
condition isn't it

the

value

he is broken.

While like to sometimes get in
early therefore see of received basil.

Conditions on the v
weapon waterflow coming in.

You can be safe

and do it there for then you
get me later you obviously.

Risk reward if
you like to call it is

going to be.

Different.

Serve

you know

there's no free lunch in market
of she's all about trade-off so.

Where were we so
anyway so we build in.

These three clearly balanced.

Said

Mark the out the next
day comes in mock the out.

I probably wouldn't marked
out except rejected then it.

Can see it straightaway winning

tried to develop.

So he tried to test opponent control and
this balance and just rejected as had no

thank you.

And earlier and that they were
atomic and emerged as cause.

These two probably would market.

She bulk of it was inside.

So I'm gonna.

Merge that.

A them

as you can see the markets.

Got a new perception of value.

Case or clear

cut the.

Right.

Go up

with emerge these two.

Can very gray area Bob.

Decent.

You can only see
how it looks like I said.

If you're very unsure and
you still logically think well.

Because don't forget.

I think I said this in task one.

Often rye a worm be like really
Rouge based around or have to use.

Because you remember
the maps the maths.

Is better

the statistics on the value areas
they're just statistical probability.

It value areas right.

There

gonna be more accurate when you
use market data on a volley profile.

Don't forget.

Market profile it's.

Basically using and.

As it's sampling and
variables is using.

And.

Dots

bulb letters or whatever it is.

I met the end of the day.

Those are like what three tick periods don't
forget every time the market moves three

tech so.

Is not going to be hundred percent accurate
so I don't mind visually thinking of value.

As may be something light

like that for I
said can you see.

For me that in.

Pretty much

to ongoing emerge these
are to yo our merchant.

Okay

it's not perfect bulk.

Make a decision move on.

And take
responsibility for really.

And let the market
to you and actually.

Pocket feedback was dire great.

Okay.

Should always going to be the case
that the decision I make is the magical.

Keys to the kingdom and this happens he
doesn't he just so happened that the monkey

agreed that time.

Three plenty of occasions
where you decide to.

Not merge them in the market
agrees with you because.

Different investors
different days right.

This the mistake

I

think a lot of people make even when
they're coming through institutions.

Because I don't want to keep saying is will
return this will reduce know the failure

rate in institutions I keep
saying is very high as walk.

Because I knew is to get obsessed with
thinking is the same people trading every day

isn't.

Do the same people go into test go and buy
bread every day notice different people.

Different people every day

different perceptions of value.

So some days the market
my agree with you as long as.

You make a logical
decision I keep saying.

You'd be right

you'll be alright.

And believe me you see you got much
bigger things to worry about when I.

Introduce about five six
seven eight nine different.

Lenses to you.

You going to be like

to know what whatever just take it and move
on you'll understand why have this kind of.

Not blows a bot.

I'm not gonna argue about.

In a little.

Value every being
healed he always.

I don't care because
at the end of the day.

Sure that okay I recognize.

That it's

there's

other.

Lenses and.

I.

Saw a views of value.

Need to worry about.

That is all when I put it together it's not
only composite as you see them looking at.

Although this is all about expectations
helped me for my expectations are is very

very important.

Don't get me wrong but it's
not the only thing I'm looking at.

Said there we had a huge move.

These two I would emerge but
these three a wood and this is

a good.

Opportunity for you to split this
outright because you've got distribution in

distribution is so.

Very much you can

split it out.

Can I want to be honest
review of wouldn't

I don't do it.

I would just merge
these to you but US.

You know why though I just.

Of of explained
why I don't thought.

Nothing wrong with her naturalist more
accurate if you split them out do it for a few

months.

Until you make the decision whether
it's something you want a donor.

To clearly thou be cut.

Okay.

She can you see market open
their bang showing opportunity guys.

This stuff is.

The a magic but

he is

very very powerful.

All you're essentially doing is.

It's almost like.

Ideally you'd want
to send a survey out

to millions of people as a.

Was your perception of value
today right diet is the best.

And most accurate
the method of trading.

Right.

In a

in this alternate reality.

This the closest thing you're going to get
to that is almost sure you doing a survey

and asking people.

Where's your perception
of value in the telling you.

That's why this
stuff is so powerful.

Right.

And.

So these two obviously
you'd emerging them.

Okay.

Mark their.

Then if go.

Then I would merge these days potentially
I mean this was out but this was in.

I'm gonna merge them anyway.

Right then I would adjust their then
I would merge all of these together.

What is it

I would merge.

The property would emerge that day until
this new information came in dinner with

mental of them.

Hooked that make sense.

Which I

forgot some of these.

Take the off.

I'm sure you understand
I'm gonna try and

really speed as much
as possible just because.

Obviously we are.

Lacking torn.

Said this was a period where
the market was very unbalanced.

I don't need to merge
any of this I can key off.

All of these levels

right.

Previous levels this is where.

It just really
comes into its own.

I can open.

What am I doing here.

Look at this dishes
from ages ago

months ago we drew this.

Look how powerful the stuff is.

You opening outside of valley
you come in you build what did I say.

You either go balance
the imbalance by breaking

and building value
the other side a value.

And.

She break the value area you go imbalanced
from imbalance to rotations are imbalance

the balance.

Rotation

and you build
where's the target.

Of a sort of any.

Proof with

this composite
lines for months ago.

This why do guys I'm using this okay this
will be my target take some profit here.

Scale

obviously point
of control as I said

and then.

A target the outside of value

I know people who don't target

you don't even use look at this point of
control don't just say no ongoing going to

the other side of value.

Can he comes back to a critique
of mine's going to be smoother.

There's might be more lumpy
and they might end up with more

smarter

never a room.

Holy if you want and
then take a full stop.

But then when you actually make it
can make money on the whole amount.

So what is going to even out you may
even be ahead of me that is for everyone

everyone's different.

You have to understand
that everyone is different.

I.

Confidence in levels as many
factors that come into play.

Imbalance

in balance imbalance.

Okay but still be using all of
these levels all the way down.

This area you can see it.

And I will show you when
we do the view app stuff that.

The market has.

Respected this
area so obviously.

Here he comes into rotation where it there
were definitely shooting opportunities.

Of here.

But just open up.

To see that is clear isn't it.

Can see the shopping
opportunities.

Okay.

Short

shorts

into rotation.

A detail liked scale
out here thus wipe off.

Some people will target the
other side which is in theory

would do with arrest
them opposition but.

Of see everyone
plays differently

up of got my way of playing it.

I'll show you the options and
you can develop over time.

Said this

obviously of and there's
no merges all the way

down this in this clearly
you could emerge.

Quiet from the

to give you.

New investors have come in

they've balanced and.

Said not to know what
this doesn't work for US.

A pinch I

keep saying up as on eBay.

Few months later people come in
the perception of value for items.

Will change.

Obviously in the real some items
can be distorted because they have a.

Shelf life and they
become obsolete

thus different.

Riot crew do

doesn't necessarily become
obsolete so it's was fresh.

Perspectives valued

something I haven't
really talked about before.

But

doesn't matter the end of the basil
the same principle is exactly the same.

If we strip out

that.

Obsolete effect.

Is exactly the same as in it.

Perception of value over a
few months is always going to.

New people come in

they're going to perceive value within
this area slightly different legal they may

perceive at the same.

So you might be saying well if death receiving
indefinitely why am I using old valid

because until they do.

What else is there
that's all there is.

Right.

You're wasting your time looking
at this indicate that NATO unifying

this tells you where the market.

Cora perception of value
is which are still valid

for months for years whatever.

Until.

I'm not.

Obsessed and you're not
going to stick with the ope.

Value if new people come in.

And tell me

as they've done

here.

Note this is new value
of cuso get rid of it

but until this happens.

Of got so much opportunity.

To take advantage until

new values bill.

Hooked US always he.

Cause this is what every
institution looks at this can see.

What else is there.

Really were oh sister.

I'm not saying there's no other wasted rid
of course there is as algorithmic trading

for as

using volume.

It might be doing in
a slightly different way

but the still using volume and I
can assure you that still using.

The guidelines I gave
you the expectations.

Obviously the entries
exits bought that.

How they're doing it how
much risk they put on.

He's going to be
wildly different

and thus why one guy doing
this and another gone doing it

can obviously

still not make money and of a

coming or caught is
going to vary by person.

Lots of factors that
come into a v wipes and.

Of mentioned
this is not only that

though.

The underlying principle in
every single institution is say.

And he has to be.

Kind of the day of talked
about this inuit market theory.

The markets

telling you this is where
we think fair value is.

Why would you ignore that and
you say no well actually my into care

fifty percent this moving
tells me some indifferent.

Garbage.

Listened to the market
right that's all I'm saying.

Apologies of the Gulf and

that nope ever
run their thereby.

Just want to make sure
everyone's getting a docile

to have got balance here imbalance
sorry imbalance imbalance in Berlin spot.

In fact that some nice oval
up there is a messenger.

And emerge though too.

Investors have come
in and they've started.

To remember I said market

balance dame by the silliest on

she can imbalance

unbalanced.

Found fair value.

Right.

People all the time
monkees just constantly in.

A state of flux until.

It finds

balance then it will rest their.

Market orders

by ansel will oppose
each other and field.

Value until one side.

Decides all the
market as a whole.

Decides there's a
fund the mental shift or

whatever so they need
to seek value elsewhere

and either they going to seek
that were previous failures as I said.

Are they going to
establish new value.

Happening

it's happening everywhere.

Keep saying is happening in.

Chocolate

milk.

Eggs.

Kids toys cause anything you think of this
is the process auction process happening.

Okay so.

Genuine so we broke out here
we had imbalance opportunities

we came back in rotation environment
plenty of opportunities there.

I'm not obviously going to
keep repeating the framework

guidelines have given you
but you can see is pretty clear.

To potentially here in fact.

Even though this spots out with combat
keynote probably emerge these days.

Okay

and I would oversee a justice I'm not
going to keep doing that but then you.

Adjust it next day comes in.

I want you to do it in the much
slower man the arm doing it of she i'm.

The whole year.

On a video so I'm gonna
try and be practical.

Okay.

But value here you
got valley in and this.

Though know.

Are probably would.

See have played out.

To tricky one isn't it.

Have a look at it.

This is why do this
or warn you to see

I.

You have to make a decision.

Maybe you could argue.

That is within.

So maybe you could argue those who
have been to I'm gonna I'm gonna merge them

actually and.

You see they're all going to be grey areas
will not going to make a shoe difference.

Minutes adjusted the
area slyly but I like it

she.

Looks.

Pretty good but
the upper side of.

Didn't really change much.

And.

Then which merged those two.

Cape.

Balance to imbalance.

These two data bank holiday clearly because
it was very short pirates are Morgan

emerge those.

Are probably merged
his whole area here.

Kane.

I know is not perfect
shape was pretty good try.

Just just balanced in one area.

Of.

In

guys look at as he
just it's just amazing.

How many slot amazing

geological

obviously the market.

There's been a fundamental.

Maybe not fundamental
shift by smooth shift

in crude oil is only less
less not exaggerate fifty eight

to fifty seven fifty
eight fifty to fifty seven.

But obviously some.

Thing may have happened a small.

Localized issue in the market walk I told
you I don't look at fundamentals in the

short term basis clearly.

Something's changed and
the markets looking for value

to shift where's it gone.

Easy.

That's why it's happening
some market is going to test.

Can we hope this area schools
dishes electoral process.

Case you can see

respected respected really nice.

Opportunities to be
rotational on all these days.

Then obviously these two.

On probably

so tricky will.

Not

let me see what it looks like.

Yeah

I probably wouldn't merge them.

Just because this is
such a powerful merge

got so many days.

I'm making a decision based on.

Some.

Thinking.

Logical.

That doesn't mean if you
said you know and be know

there is some
value overlap here.

The market didn't really.

Go anywhere between these two
price is ongoing emerged them.

And.

Get rid of this

slot the room decision
at the end of that they look

to see actually just know is this a
great example of why said only look.

Had you done that.

New investors agreed with you

to remember I said earlier
would even itself out.

See all wouldn't have merged
this and am I have her to.

Take a little bit
at all downfall.

Is fine I'm okay with that.

Make your decision move on

so you don't become
obsessive this the problem.

I keep saying you of indicators the indicate
will try and look for a perfect waited

there is no perfect

don't exist.

So stop chasing is a liberating
feeling when you said you know why.

Buy you some logic
and it seems to r.

Be okay.

Used to get to the stage where it was
like my boss retain maybe you should.

Care.

Know you trade your
piano alt-right mine and on.

Live by it.

Because

das ultimately what happens when I go home
at the end of that they are when I used to

work in a.

Obscene institution environment.

I was the one on

her to be responsible
for that right.

The end of their days
my bank account is my.

Piano yeah obviously I was trading from
capital don't get me wrong I don't knit

literally physically mean
by bank account although.

Or is he now that I'm a private
trader is my bank account but.

When I was an institution obviously
I would be trading from capital.

By

me in a bank account

belongs to.

Kind of me in terms of the
trading account was mine right.

And the prophets that were being
paid to me after I split it with the from.

Why am I

so it was my bank account.

Ultimately.

I was responsible for the right.

I can turn around to my boss
and say well you told me to do the.

I'm work like that kois.

In I just make the
decision move on

and

I keep saying about.

Sooner make sure
that everyone just.

Understands the
power and doing it.

Said this is all imbalance
imbalance imbalance nothing to do.

This day in this day I would emerge
but you can potentially split them out.

To Shiva.

I used to do this for
years at don't don't think.

That you know do it.

Merges next profile to see.

Such a pretty good isn't it.

What's really nicely.

Okay

and just a case anyone's game
confused or they might predict controller.

Of just want to

make it absolutely clear we

only caught.

This.

Profile.

When we get

composites multi day.

Cause this is much more
powerful than a single day okay.

So I agree

this day diet.

Is just one day

I'm not going to caught.

They said you shouldn't make that clear
not gonna cut it when there's just one day

okay.

If another they had come in

and we merge the
two yeah I would cut if.

Of day.

Days come in whatever is
not going to be perfect but

to

what I mean I want
at least two days okay.

Ducati.

I'm not gonna caught one day

over.

A monk

that

doesn't make any sense.

Day to day investors
coming going both

when they stick around for.

Couple of days three
days obviously that

value.

Build is going to
be much stronger

and then I will cut only

when I get second

okay hope that's clear.

Fought mentioned that cause like I said
it was a good opportunity to mention it.

And.

Said this initial

you can emerge them.

Right.

So again same apply Sarah
cause I jumped ahead the.

Yet you see what it means
a single day I'm not gonna

get rid of this.

And I would emerge these two.

Why because we rejected it.

Does she went in rejected him we'd
had a fair few periods of so I clearly.

To me.

The power of talking to each other in the
discord or wherever is asked each of will

you do.

You know.

You're gonna learn a
lot by doing that process.

Crews had one of
his erratic moments

are decided to.

Disappear from me.

This.

Obviously this was
the coronavirus period

to see.

I'm not hiding behind and saying no these
a perfect example I'm actually shown you in

one of the most.

Insane pier so

obviously the period we started off with
was a very balanced period and generally

oil does believe or not tend to be
ladder ninety percent of the time.

This was coronavirus obviously
a unique period in history.

And I'm going to show you how I
emerge even in this period okay.

I embrace year I take
the decision or make it.

Should clearly hear
you're not gonna.

Do anything next day comes
in clean you can emerge.

Can.

Throat and I keep saying
this throat anything at me.

I will use logic

to merger

k

and the

tougher it is sometimes
the more I think.

Maybe on

be able to spot an
opportunity here.

That the rest of the street

hasn't seen

that doesn't mean don't
forget are making this decision.

Before all th opens.

This as actually happened when
I've made this decision right of call.

The air is here of your
Mark the point of control and.

And the market I'm not saying
that the market won't do this as well.

But the point is I'm just trying to
spot it before the session opens.

And and others come in
and realize it but often me.

I have to be front of everyone
obviously there'll be people overnight

you may have spotted.

This and I can assure you.

Institutional investors.

Look

the small guys than looking
at this stuff okay they know

value.

Go and have a look going

into any professional from and
asked talked to know about profile

value

the wap

pok

the pok guys.

To them they going to talk to
you luck is their first language.

The going to put their hand
around you and say oh this guy.

This guy knows what
he's talking about okay.

If you go in there and say
oh fifty percent fable all of this.

Is not going to cut him.

Speak to them about this stuff

any

institution in the world

and they're gonna make
time for you and dig in know.

The going to be able to have a

a

discussion with you

to want to sit down and
talk to about all these things.

The oh okay so your
perception of value was here.

This is where the
point of control

for according to your
perception of values it was here

what will you doing where you
going for the other side of value.

Oh no actually are scaled
our the point of control kois

institutional language.

You know

really.

Happy for you

and I'm so happy to be able to

share this with

people outside of
professional circle

and bring you in.

So we can have
conversation dinner.

Using professional language so.

You know have
confidence in all of this.

And a know that not every person is going
to see this the same way or no or keep

repeating it what.

Is important.

She clearly I'll be.

Doing using this is.

So he trendiness irritation
environment merge with the next one.

I.

See them all can
respected it well we.

Of she went imbalance this day we came
back in we tested the point of control.

Then we went balance
great shooting opportunities.

Even in coronavirus.

I obviously did say I
didn't trade march because.

In as beyond the scope of day spice
you cannot be combined g t v or the the

coronavirus analysis

I showed.

The range of markets and how.

Are plotted on a normal distribution
Sean and I showed were extremes.

And obviously institutions
models are calibrated differently.

To trade imbalance
periods overtime.

I mentioned this in one of the
previous videos to remember I said.

Not Missouri where market is
balance in balance imbalance more

balance imbalance.

Thus fine but when I said we
have long periods of imbalance.

The depth disappears to member mentioned
on institutions they switched to algos of.

Don't forget democracy
fox and algorithms.

When the markets
algorithm to switched off in

depth is switched off
in the supply column.

What the market going
to do is going to go crazy.

And I said I don't want
to trade it for that reason.

So identify the however.

Can still merge profiles and
the country default one to.

According to value.

My point is I want to show you
indifferent environments so we.

Basically cover
every single angle.

That you ever gonna see

and you can make decisions.

In case I hope you
appreciate magic doing.

This even though in

obviously trade the.

Of ours period to to
show you the look.

Make a decision if you want to.

Forget volatile periods
he doesn't matter if.

You still got make the decision.

So here like I said there's nothing down
here you can use previous value and then

over here you can use the
composite I will merge these two.

Let's move on

boomers done now.

Sure you're sick of
hearing the voice sewer.

The

the pain is almost over.

So what merge that

a wouldn't merge these to
potentially actually there is.

Julie.

She thing is I was thinking
could split this out prior.

And he could merge these two.

Kate nice balance that

very nice.

Out of a woodmont the point
of control apologize for forgetful.

The market opponent controls.

Okay look at is
completely crazy.

She our power actually
powerful profile is

straight away you
can see west valley.

Market is more able to.

Agree on value.

You can see this straight away
you don't even need to look at Shaw.

She straightaway okay
market is not able to.

Agree on any value

so let me stay out the market.

Why would you trade it.

It's ridiculous.

Kate.

Theory you can manage
these if you won.

Merge this of this with this.

But you see.

The market is telling you
devalue area so wide.

Why is that

the market corn agree.

Hm

revenue.

It's perception of value
is there but it's very wide.

Okay.

Then you can see that

even hear the market does.

Half that perception of value being very
wide by actually in between I think that

worse images.

Show here obviously
you wouldn't merge

proof that

mean you could.

Maybe you could actually.

It is basically overlapping resume is filling
in this area apologize I jumped the gun

their loader.

Cause of she's just

threw me a bit how wide that was
by yeah of course you can image

that.

He is not grape.

Casino going to trade the

look

white this thing is

it's just.

Ridiculous for.

Talking light.

Five handle six hundred.

But all means put them on and
look at them but of personally.

I just wouldn't trade this
environment I'll go to the many.

Gop able to recognize
these conditions as a appear.

To see what the
markets doing here

just filling his in

look.

She.

The Mark is completing
the auction process.

A.

Testing.

Twenty doing.

Don't care about

keeps saying it and
caravan indicate of.

Testing

to auction.

Sterling or eBay does while
Amazon does every day

to look her in detail

do they.

They look at.

Therapy pool

willing

to buy and sell

market orders guys
these are all market orders.

They see what had your nothing.

Will need you to understand
the auction process.

Going on in the depth of market
is going on across multiple days.

It's just a bigger lens

swollen is.

Okay.

Imbalance than these three were of she
can emerge them so I'm going to rush head

obviously you would.

Draw the in.

The

look it up.

Amazing trading opportunities when you're
imbalance you stay balance you target the

other side.

Okay so much that.

Cause I'm going to be
seen merges in my sleep till I

literally have done
that many people

I really hope he can
see have done this

to help you.

Enter

of want this to be the
best education in the world.

And.

Thus why I do this.

Why would I want you know

although wanted to show you
one perfect example this example

they may just skip
forward and got no

of literally covered the entire.

Year guys.

At though means

a by hope you see not going
to get this anywhere else

just not.

Not going to get someone.

Doing this making
tough decisions.

I want to show you the I have
to make the decision so you.

Can do that with confidence.

Yourself.

There were going
to merge those two.

Sorry or the skip ahead but clearly
we're not going to merge any of this stuff.

Is gone imbalanced

not what emerged.

Merged those two you
can seek a well respected.

I'm not gonna merge these two.

Completely crazy market.

Place.

Theory you could all you
can emerge them but i'm.

Not going to be trading or you.

Let's be honest.

You see what happened.

Even in

this environment.

He has to be right.

The whole price
mechanism process is walk.

And auction so this has
to be happening even in.

The most crazy environment
was he doing just filling in guys.

Just filling me in.

Okay okay.

Eighty percent of the monkees algorithms
now I'm showing you what algorithm that

doing then.

They are reading
volume they know

that there's a cavity he.

Lets go and test it

let's go and see.

If the market is happy.

To continue.

To hold value

if not we'll go elsewhere.

Simple.

Okay.

So in theory you can

cross and but you

here.

Literally almost done.

It's just.

Two three weeks left.

Of his you're going to contests.

Curtis.

And I did say I do.

Mark these right.

I know how many
was doing obviously.

The interest of time.

K.

Clearly not going to
merge dashed that they are

own

imbalanced imbalanced.

Imbalanced may be potentially those
two yeah those it does pretty good.

Case I'll merge the.

Okay.

This is where we had
this historic randomly.

Down to almost zero

crude.

But his ma.

Still merchant.

Case

went down went down went down.

Okay

what that for know what to say to
you about that he looked quite moved.

Almost

ten dollars in a day.

So.

I'm looking to monitor.

You can put on the painting.

Okay.

Then we obviously gap top or mokoena I won't
even be trading this let's be honest she

be completely crazy but.

And.

He still merge them.

Is my point i'm
going to show you

in all environments
keep saying about really

want to show you in
all environments though.

Because what the stasis is good to my
merchant at least mock them I'll keep them

marked because.

It will help you as the market progresses
to see has the market calm down as the

condition.

Got to such a stage
where may be I can.

Potentially

and.

Look I tried to they're
obviously we had

balance we broke out.

We had an imbalance day here.

Would you potentially could
have traded on the short side bar.

Obviously in my mind I'd be thinking looked
the market incredibly volatile right now

I didn't treat this
period as you know.

Do.

I was very busy trading

but

putting this course
together but also.

I was trading.

Effects and also the many had calm down
during this month as walks I gave some great

opportunity so.

Whilst I was doing the merges.

Because you can
see can still do it

works.

Pocket still doing on auction process
I don't care if org oil goes down to.

Someone's perception of
oil was zero is an auction.

Perfectly valid and
you can see it look nice.

Really nice value got bill.

Had twelve dollars in crude got.

You know this
stuff is incredible.

Then became a bloke
trading opportunities there of

obviously the
edge of all balance.

Came up.

When imbalance build value yeah
we spoke down but then came back up.

And here we are today.

Or it goes I hope that
was hopeful of basically

almost covered an
entire year for you.

Apologize if I made any glaring mistakes
but look at in it they was about two hundred

profiles of however many it was

hope

give me a really
good idea of from.

Efficiencies and beer

gone questions let me
know but hopefully thus.

Pretty much given you a Bible.

Pretty much every scenario

that

has been thrown at me there

and.

Go with it have confidence.

And.

One thing you'll have to.

Have a mentioned in a
might do a separate journey I

decided to is

when a rollover period comes you
will have to adjust all of these balances.

Going back.

When you

the new rollover over period
conscious because if the way that.

Road over adjustments
have to be made for.

Different periods to be joined
up because don't forget in theory.

These all different
contracts and a.

Slight

every month obviously
in oil especially of in.

New contract right so.

Those contracts have been sewn
together using this role of a process.

Which can read
about the Internet.

Do.

Otherwise you take me
hours to explain or think tuba.

Essentially does
cause the mobile

profiles to go.

A little bear.

They're very similar
to me to adjust them.

I took her by it may be in a separate
video but just so don't throw you off.

If you come in.

Obviously one this
role of rolls over.

He's going to be the
next month contract.

Right.

So.

Does an adjustment process
to make them equalize.

So just means the
the profiles will get.

You only to reemerge them but for example
it might just have moved down like that.

You just need to

come in or just.

Just by

you'll notice this
when it happened so

but anyway have a good
day hope that was useful

and.

Yeah

I'm gonna move on.

Cheers.