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lol, Bookmap is a great tool if you know how to use it, but it isn't the holy grail and of course there will be losing trades as well, but I've never seen someone who said every trade is a winner
I was waiting for someone to say these EXACT words. Here you go for my response as to why I wrote what I wrote there:
The way someone said some posts above that charts are not important, ONLY Bookmap shows the real, live picture, blah blah blah, then why do you get stopped out, IF YOU HAVE THE OPPORTUNITY TO LOOK AT MARKET INSIDE OUT, AS IT IS?
If you and only you can see EVERYTHING as it is happening this very second, why there are losers? Why?
Why can't you go with the market pushers and have a nice ride stopping us out?
Reality is, charts DO matter, because previous prices matter. Not everything can be just live as it looks like and can be ridden on a bandwagon easily.
If the tool is really, insanely, IMPECCABLY perfect, then don't you think the market pushers also know about this and what to do counter act whoever is using this? Are they here to give you free money and show you what they're doing everyday?
No one has ever said that Bookmap is "impeccably perfect". If that was your takeaway, then you're not seeing the big picture. It's a tool, not a crystal ball. Either you like what the tool does, or you don't.
I think Scott is taking a lot of hits in this thread from people misinterpreting what he said. A tool is like riding a bicycle - you can't comment on riding a bike until you've actually done it. The same goes for Bookmap. If you don't try to understand what the tool is doing, then commenting on it is rather meaningless. Whether you use charts or not is irrelevant. Killing the messenger without understanding the message is ignorant.
The way he has marketed Bookmap here is like no tomorrow.
Of course I know it's a tool - but the way he was portraying it in a such a way that WHATEVER other tools you're using it, they're completely useless. Only and only Bookmap is THE KING. And if you're not using it, you're doomed.
I have to admire his confidence though in his sales pitch - for a moment even I thought he is a floor trader.
So I'm coming to this discussion a bit late and if you're still around, could you explain what you mean in point 1)?
From what I understand you mean, "they blast orders in their direction " so if the smart money want to get short they're not actually buying, but they are underpinning the price with large sitting buy orders just below the price (or near it) as it rises. This means the dumb money gets on board into the longs, and then the smart money pulls their unfulfilled buy orders and initiates an iceberg routine. They willingly absorb the dumb longs and it is at this point that we should actually be looking to go short. Trade with the iceberg and sell.
In order to exit you then wait for a second iceberg to form ("fade the iceberg", is that correct?
And if the initial iceberg position doesn't work for then (going short) then they will liquidate their short positions and instantly flip to long and in double the size of their initial short iceberg position.
And in point 2), in order to ascertain if it's a real iceberg then you want to see price go in the direction of the iceberg. Orders get pulled (the iceberg sell orders in this example?) which allows prices to rise and then the sell iceberg is reinstated which is in order to get as many contracts short as possible. And then these longs are also taken out.
I hope that makes sense and many thanks to anyone (or dsheehan) who can tell me if I have this the right way round!