Authored By:

Thor Young
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Meet the Presenter
Hello and welcome. My name is Thor Young and I am a moderator with Bear Bull Traders.
I started trading over 3 years ago on the infamous Robinhood platform. After having
some marginal success I decided I wanted to do this full time. Shortly after, I found
Andrew’s books and then the chatroom. I traded in the chatroom as an LTM, progressed
for over a year building consistency and my own edge. After which, I was humbled to be
asked to join the BBT team as a moderator. Since then it has been my goal to take the
complexities of the market and dilute them down to a more tangible view. I still believe
that stock trading is more of an artform than a technical process. It’s subjective to the
individual interpreting the data. In the way a person can interpret an abstract painting.
Once you grasp these concepts you will be able to use them to help you manage every
aspect of your trading. The following presentation is a direct of reflection of my trading
style and how I manage my trading. These concepts have helped me increase my daily
profit by over 50% in the past year. And helped me decrease my commissions by over
30% in the same time period.
In order for me to take a trade I’d like to have it all. An A+ setup will have all the major
elements I need to take a trade. But how do you know it’s an A+ setup? How do you
know it’s a setup up at all? You see there is a pattern, but you really don’t know why the
stock is doing what it’s doing. You have started off in the wrong place. You are reacting to
a sudden change in price direction but that’s the extent of the prep. In order for your
trade to be an A+ trade you need 3 principal elements. I call them, “The Where, The
When, and The How.”

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Introduction of Concept
The quote below is one of my favorite quotes from the great Richard Wyckoff. The quote
reads as, “ “. This quote comes from one of his less popular publications, but I think it really
resonates well. So often we aren’t really putting in the time to really understand the stock or
why it’s doing what it’s doing. We are just reacting to these momentary price fluctuations. It’s
not that it won’t work. It’s just like gambling you will employ a probability system. You will
plan on losing often but having your winnings out balance your loses.
I’m not saying there aren’t very successful gamblers. I’m just pointing out the connection
between the two. If all you are using is a basic pattern, but you haven’t taken the time to
understand why the stock is moving. How will you know where, when, or how to properly
implement a that pattern?

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Introduction of Concept
Let’s start now by defining exactly what I mean by The Where, When, and How. When I say this, I’m
speaking directly to a trading concept to help you prepare, grade, and take a trade. We will in fact be
talking a lot about L2 and VPA in this webinar. However, this webinar’s intent, is to help you take
smarter trades. Trades that are based upon a set of conditions rather than just a random
circumstance. This concept will allow you to fill your trade books with well crafted and defined
trades.
As I see it there are 2 major philosophies when Day Trading. Scalping and Trend. We often have a lot
of other classifications but for the most part they all boil down to these.
If you are scalping then you are looking for a fast movement and quick profits. The concept employs
higher leverage to take advantage of small price fluctuations. Utilizing strategies similar to 2 to 1 rvrs.
This often requires a large number of trades/shares in order to maximize these quick movements.
Done well this strategy can be highly effective.
Trend trading is almost the exact opposite. I like to think of Trend trading more as Intra-Day Swing
Trading. In this concept you are analyzing the stocks price action and direction over time. Speculating
on Key areas of interest and taking trades with more distant price targets. Looking for larger moves
allows you to employ a wide array of strategies.
Both philosophies are equally valid and when used properly will yield results. It just depends on your
style and what works for you. As stated earlier, This webinar is a reflection of my personal trading
style and how I look for Trend Continuations, and Reversals. How I use VPA, L2, and Patterns. And
how I use them to effectively manage my trading.

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The Where, When, and How.
When most of us began trading we focused on Patterns and Trade Management. This is
obviously a vital part of the trading process and without these we would not be able to
effectively manage our risk or ensure that we appropriately get profit. However, these
components make up what I consider to be the “How”. I’m constantly asked by traders in
chat or in emails the same questions. Why did my pattern fail? Why am I always watching
the wrong stock? Why did I get stopped out to only have the stock go in my direction a
few minutes later?
These questions all have the same answer. You have the How, but you are missing the
first two parts. The Where and the When.
If the stock you are watching isn’t in the right price range, doesn’t have the right price
action, or the right volume. Then there isn’t any reason to watch it. Move on and look for
a stock with better signals.
As we proceed my goal is to help you develop the mentality to have the confidence to
stay in a position longer. Knowing that you entered with an A+ setup that has a higher
probability of success.
By Identifying a Where and When. You will be ready to take a trade before it occurs. And
if your conditions aren’t met. You will be able to walk away rather than try to force an
early trade.

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Table of Contents
The Where, The When, and The How
1. Introduction 6. Identifying signals
• Meet the Author • Climatic Volume
• Outline the Class • Stopping Volume
• Table of Contents • Igniting Volume
• Other types of signals
2. The Where
• Defining “The Where”
7. The How
• Defining “The How”
3. L2 review
8. Putting them together.
• What is Liquidity and Supply • Building your strategy
• Locating Target Areas • Conditional Trading
• Iceberg Orders • Grade your trade
4. Key Levels and Pivots 9. My Preferred Trend Strategies
• Finding Key Levels with VPA • Indecision Break
• Isolated Pivots • Trend Reversal
• What are Camarilla Pivots • Trend Continuation
• VPOC 10. Examples and Conclusion
5. The When • Examples
• Final Thoughts
• Defining “The When”
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The Where
To begin any trade properly we need a where. So what exactly is it that I mean by
the where? In some ways its extremely simple but we so often trade without it. The
where simply put is the location where you would like to evaluate the stock for a
potential trade. Notice I’m only using the word evaluate. I’m not saying you will take
a trade here or that a trading opportunity will even develop. This is an area of
interest in the stock that you are going to focus on prior to the trade.
A great example of this is a BBT favorite the HOD Breakout Strategy”. The where is
fantastically identified in the strategy’s name, “High of Day.” This trade comes with a
built in where, making this one of the easiest continuation trades to prepare to
take. Many of our moderators rock with this strategy. Many of our newer members
have found this strategy great for a similar reason. Since it doesn’t require a lot of
guess work on where you expect the trade to setup. You don’t have to hyper focus
on a single ticker. You can scan the entire market looking for stocks approaching
HOD.
Every strategy must have a “Where”. In the following couple slides I will show you a
few different ways to isolate areas of interest that are more likely to provide a solid
“Where” for us to use for evaluating a trade.

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L2 Review Finding Liquidity and supply
Let’s start by defining what liquidity actually is verses supply. Liquidity
is Cash $$. No position just an order waiting to be filled. If the stock
starts to sell off large pockets of liquidity will be where the stock runs
to when sellers start to panic. You can find this on the bid side of the L2
Supply which you find on the ask side will give you an idea of the
stock’s strength. A stock in a solid uptrend should have plenty of supply
available on the L2 to the topside. If not, the stock will look much less
desirable. As the stock rises, sellers that bought in earlier will sell to
new buyers looking for a move up. Causing that beautiful lightning bolt
pattern we like so much.
When you look at the L2 you are looking at the order book. In this book
you can see all of the orders that are currently available. Obviously,
there are plenty of orders you can’t see. Most big players use Icebergs
or keep the orders off the L2 until the last minute. But for the most
part the L2 is a great representation of the imbalance between supply
and demand. When looking for your where this is a great place to start.
If the stock is down trending look to these large pockets of orders as
areas of interest. These are the places I expect pivots to occur more
easily.
I have done an L2 webinar for BBT as well. If you find yourself wanting
more L2 information I highly recommend it.

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Target Areas Finding Targets on the L2
To the left you will see a screen grab of $LI
from earlier in the week. When looking for
an area of interest or a target, 36.50 stands
out for me in a big way. Not only do we
have a nice psychological round number.
But we also have a large amount of
inventory available there. The stock has
been up trending all day and the bid has
been stepping up. This could be a solid
place for a trade. The idea will be to wait
to interact with that price area and then
take a trade based on that interaction.
It’s not enough to plan a trade yet just an
area of interest. We need more
information to see if we can get something
interesting.
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Iceberg Orders
Iceberg orders are a very interesting tool that can be hard to identify but once found can
be very telling of what is going on with the stock.
In DAS and many other programs you have the ability to select how many shares you
want to display on the L2. If you are a large share holder this can be a very useful tool.
Let’s say you have 25000 shares and need to offload them on a stock that has lost its
momentum. Because of the lack of liquidity available if you try and put all your shares
out you are going to encounter a lot of slippage. So, you need to use a limit order.
However, you know once you place the order on the book everyone will see it. Since
liquidity is a little low this could cause the price to run away from you. So instead of
showing the entire order you will select to show 1000 shares at a time. Each time your
orders get filled and the price moves away. It’ll refresh showing 1000 shares. This
ensures no one knows exactly how big your orders is. Since you can only see a small part
of what’s there. That’s why we call them Icebergs. Like an Iceberg the bulk is below the
surface.
Spotting Icebergs is very useful and can help keep you from trading into an area of higher
resistance then expected. I have an example at the end of the webinar using this.
Icebergs can cause some really big drops in the price. As the bid becomes frustrated
trying to get through the order the demand will often stop. This will cause sellers to jump
in and take profit to try and entice the bid but it’s often to late. The price will fall quickly
as the shorts pile in.

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Key Levels and Pivots
Finding Key levels along with Pivots is a very important part of day trading.
There’s a reason our own premarket show devotes an entire segment to
finding them. We call them magic because of how well they work. But there
is no magic involved. These key areas of interest are used by most traders
and algorithms. Therefore you can expect a lot more action near these
levels.
So I keep tossing around the word pivot. Let’s expand on that a bit. Let’s
start off with clarifying a pivot DOES NOT mean the price is going to turn
around. What it means is the price is going to move sideways. As the stock’s
price encounters high volume or a key level this will cause the price action
to stall. This is what a pivot really is. A stall in price and/or volume as the
stock either continues or reverses. Isolated Pivots created on volume are
slightly different and I’ll speak directly about them shortly. Since large
orders and transactions cause the price to move sideways. These are the
locations we can most often look for the generation of a pivot. Again pivots
are widely used in the industry.
Let me show you an example of $NIO from Monday so you can see exactly
how well the stock price moved in relation to these pivots. Remember
there are tons of patterns in here. You can see them laying scattered all
over this chart. Just remember, these patterns don’t cause the price to
move. There is no strength in the pattern. The strength is in price action
and what it is doing at the key areas of interest.

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 Isolated Pivots Chop is ahead!
There are many names for the price action
during accumulations, distributions, or
High high than Lower high than
consolidations. Some call it chop, while
candles on either
side
candles on either
side others call it congestion. I know at BBT we
really enjoy using the word Chop so I’m
going to roll with that one.
A pivot is the defining point for the start of
Pivot High Pivot Low
any phase. Created by a very specific
pattern it shows that we are reversing. This
may not be a full reversal but perhaps a
pull back to the top of the range. As the
Higher low than Lower low than stock moves up and down these pivots
well help us define ranges that are being
candles on either candles on either
side side

traded. Once we are able to see the ranges

we can use VPA to figure out what kind of
phase we are in and then make a trade
plan based on that information.
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Camarilla Pivot Points
Another incredible tool for helping to find pivots is a study called
Camarilla Pivot points. I don’t have time to get into the full
concept behind how they work but for the purpose of this let's
use the quick definition. The points use previous daily, and post
market data to calculate pivot areas. Some of the calculations
mirror some Fibonacci calculations which I think really adds to
how well they work.
This study creates 4 areas of resistance and 4 areas of support for
you based on the information. You can then use it to judge
entries and exits or gauge where the market may bounce.
In the next slide I’ll show you an example of a reversal I took on
the $SPY using Camarilla Pivots. Its was a fun trade to take.
*if you are interesting in Camarilla Pivot Points. I have done a
couple YouTube videos on them on the BearBullTraders Channel.

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16
What is volume by Vwhat?!
price? As we talked about before in the VPA
webinar. Volume by price looks at the up
tick and down tick and plots that according
to price.
VPOC – or volume price of control
Is a handy tool that allows us to drill down
to the specific price that is seeing the most
transactions. The most ticks. VPOC will
highlight the price with the single highest
number of ticks.
High Volume Using VPOC we can isolate exactly where
highlighted by
VPOC the most transactions are occurring. This
can also be very helpful in identifying if
your price is accumulating verses
distributing.

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The When
“The When” is the hardest part of the process. As I described in the beginning certain
parts of trading are more subjective. Deciding exactly when to take your trade is often
the separating line between winning and losing. Almost anyone can trade a pattern. But
only an elite few have the ability to identify and wait for the perfect moment to take a
trade. I myself aspire to such perfection but still have much room for growth.
A great example of the when involves one of my favorite strategies “The Mountain Pass”
developed by our own Peter. This strategy requires all three elements which is why I like
it so much. But most specifically it requires a volume indicator making a new HOD to
draw your attention to the stock. After that you can begin to evaluate the stock to see if
the pattern sets up.
Keep in mind, “The MM Battle.” We are not the only ones who can get taken advantage
of in the trading world. There are multiple MM’s on each stock and they have to worry
about each other as well. As they make their moves other MM’s will react. This causes
some obvious signals we can see as this battle unfolds.
In the following slides I’m going to go through what I like to refer to as “Signals.” It’s a
pretty common term. And I think it perfectly describes what we are waiting for when it
comes to “The When.” We are waiting for that signal to tell us “When” it’s time to enter
our position. Here are a few of the signals I use the most. There are many different things
you can use as a signal. And not all of them are VPA based.

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Climatic Volume This moves over!
In this diagram we show a stock that has been
trending up for a quite a while. So far we have
little concern as the volume profile has been
behaving nicely. We are getting a little
extended near a key level. With the stock
being a little over bought it may be time for
the price to fall back down.
Strong move As the stock approaches the key level you will
see the stock price race for that level on very
high volume. Most often for a large order on
the L2. The price will often slam into the level.
Like the cruise ship I spoke of there has been a
big change and everyone will feel it. The
makers are making a last effort to dump the
Sudden and very
rest of their shares before the price comes
Average volume large increase in
volume as the
back down.
price pushes up in
a strong engulfing
wide range candle
or wick.

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Igniting Volume Ready to Launch!
Here we have an diagram of a stock in a
solid that has just bounced after showing
some signs of bottoming. Once the market
makers and insiders are ready for the stock
to start moving you will often see a very
obvious signal. We call that signal igniting
volume.
Strong move

Think of it in the sense of a rocket launch.

It takes a little while to get everything
ready and to the launch pad but once it’s
time to go the price needs to be moved
quickly up into the range to help support
the move and keep the price from falling
back. This volume should stand out as a
Low volume
Sudden increase in
volume as the
high volume even and should correspond
price pushes up in
a strong engulfing with an appropriately large wide bodied
wide range candle.
candle.
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 Stopping Volume AKA Stopping Volume.
As in most of these examples I tend to have a real life analogy that helps me
visualize what is going on in the price action. For me I relate a lot of things in
stock trading to my experiences to common life items. I really enjoy the
boating. Like the cruise ship I referenced earlier the stock can’t simply switch
directions. It needs to slow down a bit before it can turn directions.
Stopping volume of this nature often signals a smaller reversal or a pull back
before continuing in the prior direction. Remember our relativity concept. If
the stock is going to reverse we are going to need something climatic. But for
a pull back this will do just fine.
Remember stock prices need to ebb and flow in order for the selling process
to happen in a consistent way. As short sellers start taking profits, insiders
and makers will come in to buy. Allowing the price to rise. The makers will
Previous area of
Lower wicks are naturally sell the shares to other buyers that get interested. Pocketing the
Heavy Buying
deep and the
bodies are closing
difference in the spread. Shorts will come back in forcing out the longs and
in the upper half of driving the price back down where the makers can again buy from the shorts.
the candle Makers love short sellers. Short Sellers flush longs out of their positions
generating liquidity for the makers. They also help the makes drive the price
down where the maker can buy at wholesale.
High Volume
The main aspect to focus on is the volume will continue to build and be well
above average. At the bottom of the trend you should see a hammer or long
legged doji highlighting the reversal.
Building Volume

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Other Signals
There are so many signals that I could almost do a webinar on just those. I’ve just
shown you the most common VPA signals but there are many other signals out
there. You can create your own signals and define them yourself as you gain
experience. Take our own Aiman’s Parabolic reversal. It doesn’t need a volume
trigger. He uses the extended position from the averages as his Where, the new 2m
low as his When. The Parabolic reversal is a strategy that take advantage of that
over extended position to get a quick and sudden move back to the moving
averages.
So keep that in mind as you start to build your own play book. There are an infinite
number of possible signals. That’s why the When is so difficult. It takes time to find
what works for you and what works with the market.
I like using VPA signals because I feel like it gives me a better since of the overall
market on a particular stock. When market makers and large funds make their
moves they can’t hide the volume. Which is what I use to find them.
Now let’s move on to the part we should all be quite familiar with.

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The How
“The How” makes up just about everything else. I’m not going to spend to much
time on the how since as new traders we already spend a vast majority of our time
on the how.
Simply put if you haven’t figured it out already. “The How” is your pattern and risk
management.
Let’s differentiate quickly between a pattern and a strategy. A Double Top pattern is
a how. The Mountain Pass, is a strategy. There is a big difference between the two.
Using a Double Top pattern without the other elements has very much less chance
for success. Because the Mountain Pass Strategy requires all the elements before
you can take it. Its success rate is much higher.
In the following slides I’ll talk about the How and the ways it can be combined to
form strategies you can use. At BBT we call this your playbook. A playbook isn’t just
a bunch of patterns. It’s patterns for sure but combined with other criteria that
must be met in order to execute them. You need it all remember. The Where, The
When, and The How.

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 Build your Strategy
Where When How For this example I’m going to be
As volume increases breaking down Peter’s mountain pass
1-5 6 strategy. I think it’s an absolutely
after the failure go
fantastic strategy and I wanted to high
short at new low s/l light it here. If you want a more in
HOD. Targets 50sma depth look at this. Peter has done a
and VWAP. webinar on it that I would highly
recommend.
I created 3 columns to the side above
the strategy to show the Where,
When, and How.
Every strategy you use needs these
elements.

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What is Conditional Trading
Conditional trading is a trading concept that I highly recommend you work into your playbook. Not to
over hype our guy Peter but one of his many talents is his ability to require the stock to setup exactly
the way he wants it to take it. He does it so well we often play a game in the chat called, “Name that
Entry.” I can guess his entry 90% of the time. Which isn’t a testament to me by any means. It’s a
testament to him and his consistency in following his strategies. Since I’m well versed on his
strategies I can pick his trades out very quickly. A trader’s trades is almost like their thumb print on
the market. You could probably send me a trade from each of our moderators and I could likely tell
you who took it. Each of our mods trades very differently which makes it easier than you think.
Since I come from an IT background I mean conditional in the same what you’d think of
programming. Everything in programming is IF/THEN statement. If this happens then do this. This
translates to strategies for trading well, and is what I’m looking for in a conditional trade. For
instance this is what one of my trades would look like if spelled out.
“I’m looking at $AAPL around 124.30. It has been consolidating at this level for a while and everytime
the stock drops it get’s bought up. VPOC has now moved and is at the level we are consolidating on
showing a large amount of volume over time. So “IF” the stock breaks the consolidation I’m going to
go long. If it holds the break after a pull back then I will add into the position. If that holds I will take
profit after achieving 2 to 1 on original entry.”
The following slide is what that trade looked like.

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26
Grade your trade!
I don’t believe this concept will be difficult to grasp but I find so many traders don’t
use it. Which is trade grading. As you are evaluating your stock for a position you
need to look to key identifiers to figure out how good of a setup it is. I like to use a
grading systems similar to old school grading from when we were kids. As you setup
the criteria you are going to use eventually you will end up with a specific number
of things you need in your strategy.
As the trade starts to setup you will use your conditions as things to be checked off.
I like to use a 5 point system. Any missing point lowers the grade of your setup. So
for instance if you are looking for a large volume event but don’t have one yet. If
you take this trade despite other variables this trade will be given a “B” cause you
were missing a vital part. I don’t take trades that are “C” quality or less.
Once you get more comfortable with this you can start changing risk based on the
quality of setup. Allowing you to take advantage of better plays while avoiding the
ones you don’t want.

27
Indecision after a
Go long at the break of the candle
bounce from large bids
using the loss of PML as your stop.
at PML.

28
 Target of VWAP achieved.

An unusually large
amount of volume has
signaled the bottom on
Go long at the break of the
$MRNA. After
indecision using the loss of the
bouncing indecision
candle as your risk.
immediately follows.

29
$LI along with the rest of the
EV sector is trending well.
After breaking R3. The stock
Pulled back to R2.

After the reclaim I see some

indecision at VWAP giving me a
chance to get into the trade. I
R2 and the Opening range have enter at the break of indecision for
held as support after bouncing off a move up to HOD and beyond
a large bid and the price moved Good partial on volume push.
back above R2.

30
Just wanted to show you a pure example of
the $SPY from the same date as this
webinar. Levels and pivots are used all day.

Each time the $SPY consolidates or “chops”

it right on one of these areas. Your best
trades will happen when the $SPY traverses
between these areas.

31
A great example of
Igniting volume on $SQ
today. Partials!

Since the stock ignited through R4

I decided to use it as my S/L.

32
No trades just a clean
example of a stock
following all the rules.

Multiple tests of VPOC

as the stock
Look how $DKNG moves through
consolidates on R4
the pivots. When trading you want
before moving up.
to ride the transition between
these areas.

33
Fun example of what
using an Iceberg order.
I spotted it around
1:50pm but wasn’t
sure about it. But the
price fell quickly.
As the stock price slowly rose I I held for a bit
took a short position. With a s/l and added in a bit
above those orders. If it held I more for the
would add. I did add after the break down. Got
Iceberg held. an awesome
drop!

34
I ended up netting about $150 on this
trade by the time it was done. I never
risked more than $50 if I stopped out of
the position.

35
The Conslusion.
Now that we’re approaching the end of this webinar. I wanted to take a moment to
review the main purpose of this webinar. Remember, certain parts of trading are
quite easy by themselves. But after you add in the complexities of the other
variables things get very complicated in quick fashion. The main purpose of this
webinar was to help you build stronger strategies by using strong levels and
indicators that will help you grade your trade. With a better system of planning out
your trade you will find yourself on the right side of the trade more often. Not only
that but if you aren’t on the right side you now have a defined set of criteria you
can use to evaluated your own strategies. Log your trades, make changes, and try
again until they are dialed in just the way you like them.
Stop reacting to a sudden change in price or direction. Watch stocks as they
approach your areas of interest. Evaluate the price action and grade the setup. Then
take and manage the setup using your pattern and risk management system. Do
these things and you will have it all. The Where, then When, and the How!

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