Market Profile: Mapping Environments Base Part 2

Alright, so let's talk more about mapping the environment. And with this we're going to talk about how we would look at where we currently sit at any given time and what we would prioritize. So we're always trying to find where the available trades are. Okay. Last video we talked about weekly structures. So looking at a weekly structure that over time was bracketed and we have the same sort of environment right here. And remember, the only time that we're going to be combining structures is when they are in over time relatively balanced area. So when they are moving within a range, we know that individually each one of these weeks represents seven daily profiles. And each one of these weeks is definitely not a balanced profile. The fact that we've been moving sideways within this range for a long period of time within these extremes indicates to us that the market is balanced out over time and is in a bracketed range. Right. It's a bracketed environment, it's a ranging environment. So what we're first going to do is obviously find the weekly level. So again, similar to last video, we're going to combine these and I've already indicated, and put the drawing tools up. But what we're looking for is the week up to the, in this case I think it was June 8th. And we have a month and a half worth of time moving sideways. We have the value area high and the value area low. So again, this is a bunch of profiles compressed into one. You could see that when you're not looking at an individual profile, it's not really obvious where the low volume levels are. You don't get anything that obviously comes all the way to the axis of this profile. So you don't get anything that comes all the way. You're not going to find a massive drop off until you get to the highs and the lows. And that's just because we're compressing multiple weeks. There's a lot of data in this. So we do have relative low volume levels. And we can see that this relative low volume level right here, the lowest volume level within the structure before you get to the extremes is right next to our value area low of our weekly composite. We can see that there is a point of control right here and the volume point of control right here. So we know that this general area is likely the midpoint of the structure where we have fair value established. And we could see that the difference between this being the point of control.

And something like this being both points of control was a very small margin. So remember, this is the volume Point of control right here. This is the TPO point of control. So this is where there is the most confluence within structure. So where we spent the most amount of time, where we spent where we auctioned through the most. But this is where the most amount of volume was transacted. You can see that there is only a slight difference between this and the second largest high volume node right there. And if this was slightly smaller, it would have been both right at this location. So we know that this general area is an area of importance. But right now we're going to just keep an eye on where our value area high is and value area low because that's where things drastically change for the profile. We know that below that is a high volume node. So it's important to understand that that area as well has a ton of activity. So again these are zones and you can use boxes, you can use lines. So we're just going to indicate what this is. And this is again just a very top down approach to how you're going to map your environment. So we know that this is a weekly comp high volume node. Okay. So if we're looking at this structure before getting down in the daily. Because the point of this is that you're getting an idea of where you sit within higher time frame market structure. But it's really important to understand that profile trading TPO chart. Trading using a TPO chart. Rather, most of our focus is on the intraday and it is on the last few days. It's not paying attention to what occurred a few weeks back. More often than not, unless we've been moving within a range in which we're trying to figure out where our extremes are. The purpose of looking at this is again because the weekly chart is where your higher time frame traders are going to be making a lot of their decisions off of and we should say and qualify this level. This was up here. We're all familiar with what occurred before this. A major swing high within market structure. Two prior times, right. So we had that October pump. We had a pump before that. We had I think three, three times we revisited this level. We had the major consolidation for 90 days. But rather than me loading all these days, just off the top of my head, you know that this 10,000 plus level is the area where market structure swung from many times as resistance. And we know that this is an area that is very significant. So if we were going to qualify which is the most important level on this chart right now, it's probably this. So we know that this is where the other time frame participant comes in. And that means within these levels, you might have intraday traders, you might have swing traders. But we know that at this extreme, we're dealing with a lot more flow order of operations. This is the most important level on the chart right now. We always have to have an understanding of where we came from, where our important levels are within market structure. So we know that this is the most important level. So we're going to open this up. You could just see how we moved within this structure. You know that the market was rejected at the high. Okay, the market was rejected slightly higher over time. So this is a consolidation that has been rising. So now let's go on to the daily profile and look at where we would be paying attention to if we were taking our intraday trades or trying to have some type of directional bias. So broken down onto the daily, we have our value area, weekly high component. We know that this is an area where the other time frame participant is likely to get involved. This is probably the strongest level on the chart. If we're looking at these last three days, let's imagine that this is where we currently sit. We just closed out the day of the 14th. The market made an aggressive move up towards the high, was rejected. You can see 1 rejection, 2 rejections. This one occurring even sooner, makes a move down to the low and leaves us with an important level. What is the important level at the low? We have a poor low. So what this means is the market came into this level, it didn't find an immediate buying response. Okay, so what this likely is setting up is a stop run. Okay, you can see that this was into a previous single print. We did not cover the entire entire single print. It is likely that we're going to take out this low at some point. But right now we've been moving within a balanced range. So what we're going to do is pay attention to what the important levels are around us right now. So we know that this is clearly important level up here because that's where the other time frame participant is likely to get involved. And now we have a naked volume point of control. This naked TPO point of control lines up with our weekly high, that weekly value area high comp. So we know that this whole level between 9,800 and 9,900 is likely to be an area of major resistance. If we were going to say, where are some of the potential trades, it might be a short at this high. So through this, most likely not just stopping at this point of Control, not just stopping at the volume point of control, but likely through into this weekly comp. So we know that this general area is an area we're going to look for weakness if we're going to take a trade back to the point of control of this entire structure. So back to the midpoint of the structure rather. So we have three back to back days now that it should be anticipated if you make a move into the high of rejected, do the same at the low and are rejected, you're going to form a balance structure. So now we formed a balance composite. Now of these last three days, what can we surmise? Well, the first day balanced second day and inside day. So we have an inside structure, the high and the low of the structure inside the prior complete value engulfed. So this value area entire inside the previous day's value area. Okay, we closed outside of value but within the prior days value area. So we're still in very much in a balanced level, balanced range. So if we combine these. So I'm just going to go ahead and move this slightly so we can combine this without pulling the entire profile into view to combine this. And now show this profile. You can see that we are moving within the prior day's value area. And for the first time we start to gain more acceptance outside of value. So this is not a clear sign of rejection. The market comes outside of value, comes back within. But over time you could see that what is the market doing? The market closes outside of this composite. So we have a potential break from balance setting up. So our opportunity right now is likely going to focus mainly on this low. If we're seeing that over time we are balanced and we know that the point of control for the entire structure is within this level. The best opportunity is likely going to be something at the lower extreme before the high extreme right before the value area high, we're likely looking for a play at the value area low. Now getting involved at the midpoint maybe not necessarily the best idea, but we have a break from balance. So we can either look for a short opportunity knowing that we're going to likely clean up this low, or look for a long opportunity where we break below this low and then reclaim it. So we're going to open up another day just to get an idea and see how we would prioritize moving forward from that. So pulling this forward, we close outside of value. Right? So we close outside of value. We're likely looking at again a breakdown. We all remember what happened. So the market continues down.

Continues down. And what is the sign of acceptance. You can see that in this volume profile, there's already a sign that the presence here is being accepted by the increase in volume. So you would see this in real time. As soon as we get into the order flow material, you'll see this much sooner. But we're looking at an indication of presence outside of value. We know that this area will likely act like a magnet. This is the first area that we're going to consider that would be cleaned up and tested. Okay, so we'll pull this forward, see how the order of operations works. Moving this forward, we come below that level and immediately set up for that perfect long opportunity. So we know that one of the areas after establishing that this would likely be the level we're visiting first. Since we lost our balance structure, one of the trading opportunities, if we weren't taking advantage of the breakdown, would have been the reclaim of this level. So we know where this level is. We've seen that this was an area that had been respected. But we did not see that the market came into this level and showed any kind of excess or buying tail. And it still didn't down here. So now we have another area to extend forward to indicate that a significant level is still within proximity. So in this case, the market moves back up and closes the back within a prior composite. So right now our bias might be shifting. Okay, our bias might be shifting to at least at this point, definitely. Since we came down into this low and successfully tested it, the first thing we're thinking is we're more than likely going to revisit the high at some point. Okay, We've had a rejection, clear retest, came back to this balance area. We know that this is fair value. We know that a range does something like this, okay, where it'll auction from high to low, it might take a good amount of time, but generally when you have this kind of momentum off of the low, with all the volume down there, we're going to have some continuation up to the high. It's just a matter of seeing how the days transpire to see if that is coming first or if we're potentially going to come lower and form another range. So we're going to close this day out. So we have a day that closes above value. This is a trending day, closes above a prior day. So now we will see how some of the next day transpired. You could already see the entire thing. So market opens within value.

Favors the low side of value. So we're favoring the low side of value. And Making no move at the high. Okay, you can see that there is a little bit of excess here. It was just the market opening. Market is favoring the low end of value, though. So break from balance setup is when you gain acceptance outside of value. We know that this day right here, even though it was part of this structure, we have a poor low right here. So we have a poor low from moving forward. If we were going to rate, if we were going to maintain pressure on the low end of the structure. Remember, this is a day candle. So you have a day candle that opened right here, closed right here. If the market sees that we're closing through a prior day's open after this move up, it's more than likely that we might test a little bit lower than that. Okay, so where would our targets be from here? Well, would they be this poor low? Would they be the low end of this value area or would they be within this structure, the first sticky area? Okay, so with the first sticky area within the structure, if we're talking about a breakdown of this composite over here, the first sticky area where we might find some support would probably be this point of control. So we're going to indicate this as so before moving this forward, this is just an exercise. So we all know what happens after this. We know that this is the first sticky area. So if we're looking for a target to potentially either build along for the move up to the high to find a base, to find some strength, or in this case, if we're taking this unattractive break from balance that we might be setting up, this is the first area that we might need to consider should act as resistance on the way down, so should act as support rather. So we know that that's an important level. We have a naked point of control right there in our volume profile. We know that we have a TPO point of control. So we're going to box that out. This is a general area we could expect price might land. So we're going to move this forward. Market retests the high. This is intraday. So the market tests above the prior day's value area and in this time with this time is rejected very quickly. So we get a break outside of balance, clear rejection and fake out. And the market immediately moves back down to the prior day's value area. Immediately moves through the prior day's open. So this is a sign of a fake out and that the market wants to temporarily move in the opposite direction. Right. If it was a breakout, we should have seen that this continued Instead, market moves to the upside. Above that day's close. So above that day's close, above that day's value area, moves into a previous low volume level and. And then aggressively moves back down to the other side. So it moves back down to the other side of that open through the point of control, through the entire day's value. It's more than likely that. What are we gonna do? We're probably gonna come to the next sticky area, which in this case is this naked point of control. So just moving this forward.

See that we're extending this market front, runs it so we don't get that move all the way down to it. Okay. Comes back into balance. Let's just treat this day by day. We just opened up too many days. Now, this is a good lesson, though, because what we end up having is a market that is auctioning lower over time. So maybe we want to come down and test these lows again. Maybe we want to do that. That would be a bad thing, though, if we didn't find support intermediate, because at that point, we'd be retesting this low again, again and again. We'd probably be looking for a breakdown. So within these structures, we don't have balance right? We have balance right here. We have an inside day. So this is the last time the market was imbalanced within these three days. We have no balance right here. So sign of no balance imbalance. Instead, the market is trying to move lower. Right. The market is not trying to. The market is not in agreement. The value area in this case migrates lower. We have an inside day structure right here. So the first time the market is imbalanced, this is an inside day setup. Inside day setup. If we combine these composites, we get a more clear idea because we have two back to back days where one engulfs the other, and the entire value area is in the prior. So we're going to close this off. So we know that of the significant levels right here, this level right here lines up with our previous range composite from back here. So we see that this was a previous range we were accepted within. All we've done is move down to the low, aggressively move back up, fake again to the upside. So we were unable to move to the upside and fall back within balance. So let me just erase these drawings and highlight what we're looking at. So we're looking at a market just coming back to an area where it was previously in agreement for three days. So we're in two days over here. We know that this area Is significant over time. If we were to combine all these composites, we would see that over the course of this, most of the volume was right here and most of the participation was. If I do that right now, it's going to pull all the other profiles out. It's going to destroy the learning process. So the market breaks outside of value. Right? One important thing to pay attention to. We're closing towards the low value as well. So we have to talk about that first. Open these up. I think you guys get the idea of this experiment or this exercise. We are moving down, have an inside day, but we're closing at the low end of value. This is a closing. This is a downward candle. We have the green box here, the red box there. That means the candle's obviously moving downward. We have a value area that is smaller, more compressed. We have a point of control migrating downward. We have a market that's trying to move down. Or do we see that the rotation factor is negative 12, negative 6? The market is not trying to move upward, it's trying to move downward. You can see that within the last two days it's done less work in trying to do that. But still we have a balance level. We're looking for a break of around 93.60 to potentially come down to this 9200 zone as a first target. Because that is the first sticky area within this four day structure. So with where we sit right now in terms of priority, if we're looking for a setup and it's a breakthrough, this level more than likely a stop above this high and a target of down here at a minimum. Right. The first sticky area right there. So let's pull this forward. We close at the low end. I could open this up without fully showing it. Market immediately gains acceptance into this low. This is just a market that wants to move lower. You're seeing that over time, auctioning back up. But still value has been migrating downward over time. So it appears that even if the market is not breaking down, it might be forming a base. But over time it's not making any kind of aggressive move upward. This is still a market that's trying to move downward, which ultimately might mean that we come clean up this low. But it's more than likely we're going to test this sticky area over here. So open up the next day. This actually shows what happened. Market comes into this level and now we're starting to see a buying response. So let's just roll this back.

So we have more days in balance down here. So Two back to back days, not an inside day, but we have inside value.

So the market is potentially, what is it maybe doing forming a base at this low. So it might be forming a base at this low. And we're still thinking that we're going to test this high at some point. Okay. So what we're doing is trying to find sort of the levels that the market is ping ponging in between. And depending on where we sit within structure and what direction value has been migrating, we're going to give more weight to one side than the other. So you could see that the market was in this case came out of the low very aggressively, but didn't do anything to follow through. Okay. So instead value was declining over time. Market is trying to move downward. You could look at something like rotation factor. You're seeing compression, so you're not seeing a whole lot of activity that's taking place. So what the market is doing is it's still just balanced out over time. There's really no sign that the market is making any aggressive movements until you get to this final day, which is a trending day. If we were to combine all these structures and form a composite, this is the first place that the market starts turning. If we were to open these up, you get a more clear idea of where these turning points occur because of this excess. So in this case, the market has excess at this low, but gains acceptance into this excess in the two days that follow. So you're more than likely at that point going to move lower. Because this is an area that rejected price, we know that it should reject price because it had previously. This is also an area where we would expect price to interact with because of this naked point of control. But in the two days to follow, once you gain acceptance into a level that served to kick back price previously, it's more than likely you're going to get breakthrough. This, this wick, it would be a wick, but it is in this case excess. So moving down for the second time in the last four days, we in this case print an excess excess at the low. So we print a tail. It's called tail excess. Depends on what you know, how you want to interpret what that means. You're looking at it as a buying tail. It's excess at the low. So we're seeing that there is a buying response at an area that we already marked out as likely being significant. So if you're starting to see that the market is finding its footing, that it has been auctioning sideways, what is one of the first things that you're going to pay attention to, aside from this sign of a buying tail at this level that we've already indicated, this is the first time the value begins to shift to the upside. So your bias in this case because of this is no longer going to be to clean up this low. It's if the market came into this low right here and didn't have this printed, if the market came down here and continued to spend a good amount of time in this level, print volume in this level, then we might anticipate that lower was sooner. We might anticipate that we needed to come lower rather, and that maybe this was starting to roll over. But instead, what we can see over the course of these days is that we're still in relative balance over here. Aside from this one test of the low, the market has been drifting lower. But really it's just trying to find its footing. And for the first time, we found at one of the significant levels a good amount of buying activity. Right here we have value migration to the high. So at this point, your bias is going to shift. You're going to be looking at this as price finding its footing. The day type in this case is pretty balanced. We have back to back days within these three days that are more aligned than any of the previous. So you can see that over time, the value area moved down. But what we have here is we'll clear these drawings, just compress these will indicate where that value area is. What we have here is the value area that is beginning to shift upward. We're in relative agreement between this range. So between you'd say 9240 and 9400. So in this case, if we're considering where the next important level is, where the next opportunity is, we're gonna have to mark out where our sticky areas are at the upside.

So where is the first sticky area at the upside within the structure? Okay, so we know that we have a poor high here, so potentially a stop run at these highs. Right? Because the market was ranging over here. So we know we have a poor high here. This was an area that served to previously reject price. But price merely just rolled over, more or less over here. It wasn't that we had any kind of major excess. So the market might move up into 9,600. Okay. If we begin to range up there, we're still looking to the first important level being this naked point of control right here. So you can see that within this structure, we have a naked point of control. That blue line right There that has yet to be tested. So extending forwards that red line. So we know that this area right here, potential between 9,240 9,800, is likely going to be revisited and could be a potential good short opportunity if we come into this level. So you could take a long off of any kind of structure that forms over here. But more than likely, since price has respected this range for so long, if we revisit this level, it's going to present a short opportunity. We're not likely going to just come into this level and break out of this range. We're more than likely going to return to this level and, and have a good amount of kickback that could potentially pull back to the volume point of control before continuing upwards. So we're going to unravel this a little bit.

So the market actually breaks out right after this last day. So this is the sign that the market was shifting when this value area begins to turn. In this case, the market does interact with the last high of that range. So if we establish what this level is right here, that's that point, poor high. But there wasn't much of a rejection over here. So it's not that we're going to anticipate that it's going to really serve to reject price on the way up. This moving forward is just a temporary stall. So we take out the high, but then we sit on the top side of this range and the first area, the first opportunity that sets up is that naked point of control within this trending structure. So we'll just pull out now. We have up to the last day. So you could see that all the market is doing in this case on the higher time frame is auctioning within a larger range. But the days that the day types, the value migration that is occurring on the low time frames, and the important levels that we're printing are serving as these temporary speed bumps within the structure. So again, what this second part of this video was is just an indication of how we're going to go about mapping our environment. So if we're looking at any environment, if we change these days and go all the way back. So we're gonna erase all these drawings.

Select these, and just go to any point back within market structure. Again, remember, this is not. We're not. We're not looking at setups right here when we're going through this. Just an exercise to show you how we're looking at the market. If we're going back to this structure over here. So we'll highlight this Structure right here.

We see that over the course of these seven days, the market is balanced, Market is balanced. But there is a whole lot more balance within the last four. So you're looking at a larger range here. But more importantly, within more recent context, you're looking at the only area within this range where after this value migration downward, where the market really was balanced out. So we had value area four times in a row within the same level. So our important levels within this structure and important considerations are that within this entire structure, most of the volume is at the high.

So let's get the drawing tool out again.

So here is a significant level because this is where most of the volume occurred. So this should act as resistance if we were going to be approaching it again. But within the last day of the structure, we end up closing at the low end of value and below value. So the first area that we're going to look to when we're mapping our environment within the structure is more than likely we'll open this up again to get an understanding of what these individual days look like. So since this area was an area that previously rejected price, the last thing we want to do is gain acceptance into this level. The next areas that we're going to look at would be the single prints.

Change this drawing size.

Single prints in these levels. So you're looking at these tails down here. But ultimately the naked point of control is within the lower structure that have yet to be tested. These are the high volume nodes within this structure. You can see that this was previously a naked point of control within this trending day that was tested on the way up. But we have an understanding always, or we need to have an understanding always of where our significant levels are with respect to where we currently sit. So we know that this was the last four days that we were very balanced. We see that on the final day after closing at the high, previously we auctioned down to the low close below the previous day's value area. So our bias is going to be shifting lower at this point. If we see that we are within a range for seven days, in the case of this range, we've been slightly rising. And in the last four days we've been pretty even within balance. If we're closing at the low end of value, our bias in this case is going to be shifting to the low, to the low end of the structures. So we don't have any really higher time frame participants within this structure upward. The resistance is above the high. So the other time frame participant is likely above the High, maybe even lower. You'll have dip buying position traders and swing traders. But we're within a gap within this level. So relative inactivity until you get to this naked point of control. So the first area we're going to look for, and again it's just about mapping where the trades are available would be acceptance below this value area, a test of this naked point of control, which sets up potentially a long scalp opportunity, a short breakdown opportunity. But you could see that all we're doing is trying to identify what levels are relative to where we currently sit.

What we are more likely to visit first based on that information. So if we look at, let's just keep in mind this day right here, so we see this day right here, we know that at the low so far we've tested this low, the market has moved up, closed above value. This could be a base forming. So the next area of significance within this entire structure is more than likely where you have all of these point of controls overlap and this naked point of control at 9200. So as long as the market stays balanced right here, we have a ledge right here, we don't want to see it break down below 8,700 because then it will likely lead to a further breakdown. As long as the market stays above this value area down here, we're more than likely going to cover to 9200 within this structure. These are the first areas we're paying attention to. What do we have around us? Well, we closed above value, we have a naked point of control above us. Okay, the market opened at this low, closed back, tested the previous value area of this breakdown. But what we know is that there is upside energy in this case. The rotation factor in this case is 14, so it's pretty high. So the first sticky area, the first opportunity we're looking to is likely to this 9200 level. Roll this forwards, market stays in balance at that lower level, pull this forward. So as long as it stays in balance, that's fine. Let's get the drawing tool working properly.

So again, don't want to see the market break down below the ledge at 8,700, market stays in balance, we have a rising value area. Okay, so when you see the market rising over time, we do have a lower close, but the value area is rising, the point of control is rising. This is all setting up for a break to this previous sticky area, this most recent sticky area that is yet to be tested. So that's all we're doing. We're identifying where we Sit within greater market structure. We're looking at what levels are around us currently. So what we're likely to visit, where we're likely to have trouble, the level of response that we're getting as we're visiting these levels. So are we closing through with volume? Are we seeing that the market is being rejected at the lows and then closing and moving upward off of the lows, rather opening and then moving upward? Are we seeing that the market is in balance and rotating upward slightly? See the value area moving up, the point of control moving up. Okay. All things that we're keeping in mind to sort of weigh what is more likely to occur next. Okay. And this obviously would be much more substantiated when we're looking at something like order flow. Because all we're doing with market profile is mapping out the environment. All we're doing is trying to get an idea of where these sticky points are, where the market is having trouble, where it's spending the most amount of time, where it's being accepted. So if you see that the market moves down like this. So after moving down to the low, ranging back upward again, testing the low, keep in mind the higher time frame trend, what's it likely to do? It's likely to continue back up and test the high. Alright, so testing the high within the structure, where is the next sticky area at the high? The first one would be not the high, not the value area, but would be this naked point of control that exists. Okay. If you look back at this prior structure, we'll go ahead and composite that. So those four days.

So remember these four days were imbalance of this seven day range. They were the closest value overlap that we had. So moving this forward.

This is one of the opportunities because that is the naked point of control from those four days. So we know that when the market finds its footing here, the first sticky area is the point of control from an intraday basis. But upon making our way back up to the high, we're more than likely going to interact with a composite point of control that was formed from four days that we had inside each other. So inside value rather. So this is all we're doing. We're keeping in mind where we sit within current market structure. We're looking at how the day type is forming, how value is evolving over time, how it is shifting, is it balanced, is it imbalanced, are we moving upward, are we closing higher or lower relative to value? And then where are our important levels within structure? Okay, if we see that for example, the market in this case has a large move upward, like this is rejected, or rather this came from this way, makes a move upward, forms a balance area, is rejected, and leaves this double distribution. Well, this would be technically the first level you're looking for, right? You're looking for acceptance back into the single prints once you gain acceptance back into the single prints. So let's just use this as an example because you're mapping your environment so we have a naked point of control over here. We know that this is an important level because this is where our single prince begins. So if the market comes back into this level, you're looking for this level to act as resistance. If we start gaining acceptance into this structure, the order of operations in this case would be moving from this low back up to this point of control. So covering this gap. So we're always keeping in mind where we sit. In this case, the market is not just existing on its own in a vacuum. We're sitting with relation to a structure that had a great deal of imbalance. If you're looking at this on a candlestick chart, you're not going to see this gap once we start to rotate upward, even though the market came off of this low.

Came off of this high rather aggressively, then settled right here, just to draw this a little bit more accurately. So the market opened down here, settled, broke down, closed back above. Even though we had a violent rejection at the high, the fact is our value area and we're closing above, back within this gap. So back within an imbalance. If we gain acceptance into this imbalance, we're not still thinking, well, we're going to move down before anything else. We're more than likely going to be setting up for a covering of this gap. Okay, so ultimately you'd be looking for this point of control, but more than not, you're going to be looking at just this gap closing before anything. So you need to see that, not you need to see, but covering the gap is what I would say be more of a minimum than getting up into the previous structure. So again, we move sideways, we end up coming into this high, but the market gains acceptance into a previous gap, spends a good amount of time moving sideways, but really just forms a balance again. But still the market is not continuing downward. It's gaining acceptance back into an area where there was previously really no trading activity. So it's an inefficiency and you're likely to cover it. So this is all we're doing. We are literally just going throughout the structure, looking at it from the higher time frame down and then looking at our individual sessions to map out where the closest and best opportunities lie. And we could see, based on the distribution type, based on the level of reaction we've had in previous levels or previous areas, what we could expect moving forward and how we are going to start weighing out what our potential options are.