The video explains how to use Bookmap 📊 to find high probability trades 💰 by: 1. 👀 Visually seeing order book concentration 2. 🔴🟢 Identifying heavy buy/sell limit order levels 3. 📈📉 Watching aggressive market orders push through limits 4. 💥 Timing entries around key support/resistance areas 5. 🔑 Using it as additional confirmation with technical analysis Seeing the order flow 💸 and strength of buyers/sellers at specific prices, combined with other analysis, helps identify higher probability trade setups and entries/exits. 🚀
actually, he covered the basics of what makes price move and he did it in a simple easy to understand way which is exactly what beginners need. Yes, there are a lot more complex ways to use book map, but at its core it is nothing more than a visualization of the relationship between passive and aggressive participants in the market. and he is so right that you should not stare at it all day, but rather watch the behavior of price as it reaches one of your predefined critical levels. Sometimes simpler is better!
Not really using it to its full potential here... just a quick visual reference for general confluence. Your other Bookmap(BM) Vid Forget Level 2 and BM, is notable though to be watched as it will show the market more clearly as it operates in real time and shows much stated below. It can all be traded live from BMap as it is the real feed and not the indicators that are lagging and compiled charts based on the order flow. Typically like you state they are support and resistance levels above and below and also when the price or "balls/orders" go through a level and the level is still there or rebuilds afterwards it acts like a Fair Value Gap; and the price will revisit those areas to recapture those orders before normally heading back to its previous direction of travel. On charts you can see this easily as it retraces and what you are seeing is the market come back to get those other orders before it continues on the next journey up down wherever it was going to. Normally it likes to hit the levels marked orange red and then pull back and the go again at that level to get more orders or test the level and the retreat down or up the opposite way to the next level below or above depending if it is support or resistance or the high or low areas of the day... You can also see in BM the changes in market structure quite easily as the Balls/Orders, exceed or retreat past a previous level of prices and at that point after a full clearance you have a structure change and a good point to enter for a point or few points or so as a scalp as price heads to one of the areas of more orders sitting waiting for fills. Just more current and timely and more obvious in real time than say a 1 min chart for example.
Excellent explanation. Also, I have found that most bookmap tutorials tend to focus way too much on the limit orders as they turn a blind eye to the ultimate deciding factor… Aggressive market participants! In other words, you can have as much merchandise sitting on a shelf as you want but unless people are willing to buy it, it's just going to sit there.
@@jayviz how does " Aggressive market participants" manifests itself visually on bookmap ? i'm on the fence of getting it, i only trade naked charts and feel in the dark, it seems like money management is the only thing carrying me atm i'd love to have a more tangible feel for price action
Thank you sir! Will a default bookmap work even without dxfeed subscription? Or Do I need to subscribe to have a market data in trading MES futures? Thank you
So is it safe to put your but limit closer to the area with high liquidity of Sell limit and go with 4 ticks win ? and vise versa when it comes closer to the lower area int he map where lots of but limit you can enter just 1 tike above it and enter short ??
