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What Lies Beneath

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Kai Whitney

on 23 February 2018

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Transcript of What Lies Beneath

Auction Market Theory


Markets trade away from value in search of the opposite side.

Balance to Imbalance to Balance

of price in search of value
You only see 5% of the market
What lies beneath is what really matters.
Trading without confirming with order flow is just gambling.
Risk disclosure
Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options (ODD). Copies of the ODD are available from your broker, by calling 1-888-OPTIONS, or from The Options Clearing Corporation, One North Wacker Drive, Suite 500, Chicago, Illinois 60606. The information in this presentation is provided solely for general education and information purposes and therefore should not be considered complete, precise, or current. Many of the matters discussed are subject to detailed rules, regulations, and statutory provisions which should be referred to for additional detail and are subject to changes that may not be reflected. No statement within the presentation should be construed as a recommendation to buy or sell a security or to provide investment advice. DO YOUR OWN HOMEWORK !
Simon Jousef, CTA (Commodities Trading Advisor) Owner Futuresfx.ca

Physics and Mathematics degrees
Trader and Educator of 13+ years
2009 Ninja trader Partner
June 2006 listed as The World's Top 5 FX Traders via "fxtrader.net"
Simon Jousef, CTA, CEO

Market experience beginning in 1994 within Venture Capital, Investment banking

1999 Institutional sales and trading for major firms such as Swiss bank UBS and Bear Stearns & Co.

2007 Trader at HFT Prop firm Sungard/ Assent

2009 Trading Futures for own account
Kai Whitney, Managing Director
Professionals on the desks at the large IB's & hedge funds use institutional-level analysis tools. The are not trading MACD, Elliott Wave or Price.

They need to know exactly WHO is in the market WHEN and at WHAT price ahead of the trade. That is access, technology and transparency.

If this is the case with the institutions, why shouldn't we be doing the same?
HFT & Algorithm Trading
The red pill and its opposite, the blue pill, are symbols representing the choice between the blissful ignorance of illusion (blue) and embracing the sometimes painful truth of reality (red).
The Market is a matrix
For every buyer there is a seller
Markets use price as advertisement
Volume and time spent at price = value
With 13 Exchanges & 40 dark pools, 35% of U.S. equity trading volume is
traded anonymously. More than 62% of daily volume is Program Traded.
Candle Stick Charts

Supply & Demand

Fibonacci Ratios &

Market Profile

Volume Profile
As I Have been giving webinars over the last 7 months, I have noticed something... Over the next few min. I am going to offer out some hedge fund & institutional insider information that is most likely going to be NEW info. to probably 95-98% of you. Its also interesting to note that its the same percentage everyone quotes as to the retail trader failure rate. I don't expect you to get all this today. It took me many years. You probably have not read this in any trading book either. Hopefully I can help you cut down your learning time.
Markets will trade down to find buyers & trade up to find sellers.
The Markets Are Controlled
by Program Trading -HFT

Large Players all use HFT

You can only make money by trading in their direction

If The Bearish programs are in control you have to be looking to sell

Programs cannot hide what they are doing. Those that learn how to read order flow can piggy back on their trades.
The other 95%
Order Flow
Volume Profile
Market Profile
Full transcript