Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

jperl

Trading with Market Statistics X. Position Trading

Recommended Posts

Position Trading is generally described as a trade which you enter and expect to hold for a considerable period of time during the day. Such a trade can be entered at any time after the open. My personal preference for a position trade is at the beginning of the trading day using market statistics from the previous day as my guide for determining entry, profit target, stoploss and scale in points if necessary. The direction of the trade is based on interpretation given in the last 9 "Trading with Market Statistics" threads but using the previous days statistics as the starting point. Position trading is thus no different than any other type of trading that I have previously described.

 

Here is the idea:

 

a)Set up a chart with yesterdays volume histogram, PVP, VWAP and SD's on it. Leave sufficient room to the right of yesterdays close so that at the open you can continue to add to the statistical data as todays market begins to unfold. In effect you are continuing to update yesterdays volume distribution as more data is added to the chart.

 

b)Before the open, decide on your trading plan. Pick a direction for the trade, an entry point, profit target and stoploss based on what you see in the volume distribution function. It will help to reread the previous threads to determine what you should be looking for.

 

c)When the market opens, execute the plan.

 

In the following video on trading the ER2 (Emini Russell 2000), you will see that the previous days volume distribution ended the day in a symmetric state with the VWAP = PVP. I then concluded that I should look for a countertrend trade back toward the VWAP as described in [thread=2285]"Trading with Market Statistics Part VIII"[/thread].

 

Watch the video to see what I did on September 06, 2007.

 

ER2PostionTradeSep06

 

This trade was a good position trade which would have been even better if I had traded more than one contract. After having climbed up to the 2nd SD above the VWAP, the price action continued on down below the VWAP to the 1st SD and then evenutally to the 2nd SD, a very typical signature of a symmetric distribution.

Edited by jperl

Share this post


Link to post
Share on other sites

Very interesting video Jerry. Thank you very much. I will be spending some time this week pouring and reviewing your threads so I can hopefully understand your methodology better and have some good questions for you.

Share this post


Link to post
Share on other sites

Do you ever use the average of the past few trading sessions for the opening play? Or do you only take the previous session data?

 

I usually use only the last trading session for a position trade. Once I decide on a trade entry, I will then take a look at the VWAP and SD's from previous 2 days, 1 week, 1 month, 2 months and 1 yr data to see if there is anything that would block the progress of the trade. I haven't gotten around to preparing a thread on this for want of time. Probably do so when I get back from my China trip.

Share this post


Link to post
Share on other sites

not much discussion in 'market profile' area.... thought I would point out that we closed today with a reasonably 'normal' distribution, price closed right on VWAP at 1498.50 and PVP was close by.

 

here is an example of combining statistics with a pattern or two. I put a short on very late in day at 1498.00 to play for an overnight gap. we've had 3 up days in a row but I am unimpressed by the last few days. I did try a long this morning but it didn't fill (missed by a tick) so I took the day off. I came back and this Head & Shoulder pattern had become evident but I did not want to fight the market while it built higher value so I waited until very late in the day to enter as the market appeared to find a home at 98.00 and could come out of this balance to the downside overnight. Effectively, I want to find a short in the morning and this trade is a hedge in case the short works overnight instead of in the morning (both could still happen too).

5aa70e015d586_sep13ES.thumb.png.58fae4485592f85e90b26a6f2df861e6.png

Share this post


Link to post
Share on other sites
Once I decide on a trade entry, I will then take a look at the VWAP and SD's from previous 2 days, 1 week, 1 month, 2 months and 1 yr data to see if there is anything that would block the progress of the trade.

 

Jerry, does this apply to all your trades or just position/breakout/no skew to the market trades?Or even just position trades/no skew?

Also, if yesterdays close is a HUP I take the high and low of yesterday is also a HUP?

If I ask you any stupid questions I'm sorry. This is kind of why I never did good in math classes in highschool or college. I get the first few videos but I learn top down then fill in the details where your building on the details.

 

Have fun in china, I don't know how you could not. That should be an interesting time to say the least.

 

When you get back though, HUP theory, please? I'm dieing to understand what you see there.

Share this post


Link to post
Share on other sites
Jerry, does this apply to all your trades or just position/breakout/no skew to the market trades?Or even just position trades/no skew?

Also, if yesterdays close is a HUP I take the high and low of yesterday is also a HUP?

When you get back though, HUP theory, please? I'm dieing to understand what you see there.

 

You are right on track Darth. There are two kinds of HUP, static and dynamic. The static ones are for example yesterdays high, low and close. The dynamic ones are all the VWAP and SD's from yesterday, 2 days ago, 1 week, 2 weeks, 1 month 2 month, 1 year ago. I think you can see that how these cluster will be important for determining price action. The rest of the story you will have to wait until I come back.

Share this post


Link to post
Share on other sites

Hi Jerry, great thread I hope you will find soon the time to explain us your HUP concept.

In the meanwhile I invest the time to code the theory (I am using AMIBROKER) and practicing, no doubt it improved my stats.

I wonder if and how we can implement Market statistics trading strategy to longer term trading style such as swing of several days?

Thx

Karish

Share this post


Link to post
Share on other sites

Im glad someone mentioned HUP's again before I did! I have a broad idea what they are but do wonder how Jerry uses them in trade decisions. Last I recall he was not quite sure how to present this. I hope that he comes up with something as I have enjoyed this series immensely and miss my Market Stats fix!

 

Cheers.

Share this post


Link to post
Share on other sites
Hi Jerry, great thread I hope you will find soon the time to explain us your HUP concept.

I wonder if and how we can implement Market statistics trading strategy to longer term trading style such as swing of several days?

Thx

Karish

 

I'm still working on a presentation for HUP. Hope to have the beginning of it sometime this week.

As far as swing trading goes, I don't do swing trading, but longer term stat analyis should be useful for swing trading as for day trading. The standard deviations will be considerably larger so you will have to have a larger risk factor to do swing trades.

Share this post


Link to post
Share on other sites

I dont know if this is the right place to ask but does anybody have a volume histogram that prints on the Y axis intra day for trade station they would be willing to share?

Share this post


Link to post
Share on other sites
miss my Market Stats fix!

 

haha, yea maybe we need a little methadone maintance hit before the big HUP fix.

Jerry, any chance you could do a video on how you use the longer time frame stats? I think I remember you said you look at longer time frames stats even for intraday, maybe that ties in with hups though.

Share this post


Link to post
Share on other sites
haha, yea maybe we need a little methadone maintance hit before the big HUP fix.

Jerry, any chance you could do a video on how you use the longer time frame stats? I think I remember you said you look at longer time frames stats even for intraday, maybe that ties in with hups though.

Well if you read the position trading thread, you saw I used the previous days volume distribution data to decide on a trade for today. That's an example of using a longer time frame for today's trades.

You will see that HUP is an extension of that

Share this post


Link to post
Share on other sites
I dont know if this is the right place to ask but does anybody have a volume histogram that prints on the Y axis intra day for trade station they would be willing to share?

 

I have inquired on the Tradestation forum about this and they don't have it. They have an analysis study called 'activity bars' but they aren't any good. that is what they reference though when you ask them about it.

 

what I do is screen-capture the daily intraday volume histogram from the 'matrix' window each day. I then put notes on it and save them in a folder for future access.

 

I have actually found this process to be quite insightful. I summarize the daily daily volume distributions by hand into an excel spreadsheet. Doing this process every day really helps me understand 'value' (higher-volume) zones that tend to get re-tested and imprints on your brain important pivots.

5aa70e16d3454_Oct26FriFinalESVolDist.png.a37bf4bbaf838950b15b577b93eabe03.png

Share this post


Link to post
Share on other sites

Is it possible to put in relation the differents Market Profile openings and the Jerry' strategy ?

 

Or, Jerry, would you have managed to use tools of your system to get ready for types of days of trading (as Dalton) ?

As the hubs !

 

With impatience, best regards.

 

bye Alex

Share this post


Link to post
Share on other sites
Is it possible to put in relation the differents Market Profile openings and the Jerry' strategy ?

 

Or, Jerry, would you have managed to use tools of your system to get ready for types of days of trading (as Dalton) ?

As the hubs !

 

With impatience, best regards.

 

bye Alex

 

Alex,

The only tools I use to get ready for today's trading are the HUP lines from previous trading days, weeks,month and year. I don't use anything else. These are my support/resistance lines that will keep me in a trade or tell me to exit

Share this post


Link to post
Share on other sites

Hello to everybody and to you, jerry,

 

I wondered how reacts jerry's system when the day is a trend day!

 

How react the standard deviations ? What are then the points of entry ?

 

Is there a means to foresee this type of day and trade with it ?

 

Too, I wish you the good end of year and merry Christmas !

Share this post


Link to post
Share on other sites

Or, Jerry, would you have managed to use tools of your system to get ready for types of days of trading (as Dalton) ?

As the hubs !

bye Alex

 

Other than putting the HUP lines on my chart, I don't do anything else to begin the day. I just follow the statisitics and what the price action tells me.

I will be cautious around key economic events that usually come out around 10:00 EST, but other than that there is nothing else that I do premarket.

Share this post


Link to post
Share on other sites
Well if you read the position trading thread, you saw I used the previous days volume distribution data to decide on a trade for today. That's an example of using a longer time frame for today's trades.

 

Hello Jerry;

 

On certain days it appears that using the previous day's volume distribution data, is better suited to the price action, to decide on a trade even in the afternoon.

 

Have you developed a process to identify when this course of action is appropriate

OR

do you have a means to recognize this fact early in the day, and thus not switch to using today's volume distribution data?

 

Thank you.

Unicorn.

Share this post


Link to post
Share on other sites
Hello Jerry;

 

On certain days it appears that using the previous day's volume distribution data, is better suited to the price action, to decide on a trade even in the afternoon.

 

Have you developed a process to identify when this course of action is appropriate

OR

do you have a means to recognize this fact early in the day, and thus not switch to using today's volume distribution data?

 

Thank you.

Unicorn.

 

Yesterdays distribution would always be more important than today's, early in the trading day during the period when today's distribution is still developing. If there is rapid price action early in the day, today's price action is not going to help you much. You can tell this by comparing the range of each bar to the standard deviation. When the bar range is the same size as the SD, you can't tell much by looking at today's statistics. So you either have to go to a faster time scale, or use a distribution that has developed over 1 or more days such that the SD is larger than the bars range.

Share this post


Link to post
Share on other sites
Yesterdays distribution would always be more important than today's, early in the trading day during the period when today's distribution is still developing.

 

Hi Jerry;

 

When watching yesterday's and today's probability function and statistics, and both lead to the same trade assessment, the decision is easy.

How do you deal with situations when one trade assessment contradicts the other?

Do you go with today's assessment or yesterday's ?

 

I guess yesterday's statistics over-ride during the morning and noon.

How do you decide in the afternoon?

What is your thought process?

 

cheers.

Unicorn.

Share this post


Link to post
Share on other sites
Hi Jerry;

 

When watching yesterday's and today's probability function and statistics, and both lead to the same trade assessment, the decision is easy.

How do you deal with situations when one trade assessment contradicts the other?

Do you go with today's assessment or yesterday's ?

 

I guess yesterday's statistics over-ride during the morning and noon.

How do you decide in the afternoon?

What is your thought process?

 

cheers.

Unicorn.

 

I was wondering how long it would take for someone to see this. Congratulations Unicorn, you are an astute observer.

If you are a NEWBIE trader, and you see a contradiction, you of course do nothing.

 

An advanced trader however would look at the VWAP's and SD's from various days as a series of HUP's (read the HUP thread to see what this is). The HUP lines are then treated as simply support/resistance lines. Decision to enter a trade would then depend on several factors:

a)The separation of the HUP's----is there enough open space for a trade or are they close together for just a quick scalp

b)The placement of the HUP's in case scale in would be necessary

c)is the HUP below a VWAP or above it?

d)Am I looking for a reversal or a continuation at the HUP?

e)Can I use the Shapiro effect for entry?

 

As you can see there are numerous things to consider, but after you practice this for a while, it becomes second nature. Sort of like learning to play an instrument.

Share this post


Link to post
Share on other sites
there are numerous things to consider, but after you practice this for a while, it becomes second nature. Sort of like learning to play an instrument.

 

Thank you Jerry;

 

I would appreciate a few examples i.e. charts with your comments, at your convenience, as the market may provide them in the following days.

 

I think that I have understood the theory, but applying it real time is still a challenging task.

 

Take care.

Unicorn.

Share this post


Link to post
Share on other sites

Hello Dear Jperl and all. First thing first, Jperl I really want to congratulate you for your excellent work on Market Statistic Threads. They are simply incredible and very much interesting.

 

I really like your way of approaching the markets with the PVP, VWAP and how we can use their relationship to decipher setups according to our trading style.

 

I have read all your threads in the past few days and will certainely read them again and again to incorporate every nucance of them.

 

As I am also using the Ensign Software, it is easy to get the same type of profile with the PH and VWAP and bands.

 

Right now, I just need to use a lot of screen time in real time (even with the playback feature of Ensign) to see the setups emerging in real time.

 

So, just wanted to say my deep gratitude to you to have started these great threads and as Unicorn said, hope to see others examples and videos when you have free time.

 

Sincerely

 

Shreem:)

Share this post


Link to post
Share on other sites
Thank you Jerry;

 

I would appreciate a few examples i.e. charts with your comments, at your convenience, as the market may provide them in the following days.

 

I think that I have understood the theory, but applying it real time is still a challenging task.

 

Take care.

Unicorn.

 

I don't know if I will have the time to post more videos on these topics. Each one takes a considerable amount of my time. I have posted over 15 videos and 10 charts in these threads dealing with market statistics. There is of course considerable room for further expansion. But the basics are here for all to use. When there are topics related to this that I deem important I will make additional posts.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Bitcoin Cash (BCH) Breaches More Resistance Zones, As Bulls Gain More Grounds Key Resistance Levels: $275, $300, $350 Key Support Levels: $200, $160, $120 BCH/USD Price Long-term Trend: Bullish Bitcoin Cash has maintained its bullish run as the resistance at $240 and $260 were broken. Unfortunately, BCH reached a high of $280 but was resisted. The bears pulled back to the low of $260. The market is holding above $260 support. On the upside, if the bulls sustain price above $260 and the $280 resistance is broken, BCH is likely to reach a high of $350. On the other hand, where the bulls fail to overcome the current resistance, price will fall to the low above $260. BCH/USD – Daily Chart Daily Chart Indicators Reading: Bitcoin cash is above 80% range of the daily stochastic. This means that BCH is in the overbought region of the market. It also means that sellers may emerge at the $280 overbought region. The downward move has already began. Although, the extend of the downward move is unclear. The 26-day EMA is acting as resistance to the coin BCH/USD Medium-term Trend: Bullish On the 4-Hour chart, BCH is in an uptrend. BCH is making a series of higher highs and higher lows. BCH has reached a high of $280. The price is retracing from a high of $280 to a low of $260. BCH/USD – 4 Hour Chart 4-hour Chart Indicators Reading BCH has risen to level 54 of the daily Relative Strength Index period 14. BCH is above the centerline 50 which means that it is in an uptrend zone. The moving averages are sloping upward indicating the uptrend. General Outlook for Bitcoin Cash (BCH) Bitcoin Cash has moved closer to the uptrend zone as the market reaches a high of $280.The bulls are yet to break above the current resistance after being resisted twice. The price is currently consolidating above $260 to resume an upward move. Source: https://learn2.trade   
    • GBPJPY Recovers Momentum Beyond The Level At 134.00 GBPJPY Price Analysis – April 8 The British pound got some momentum and pushed the GBPJPY cross to fresh session highs, above the level of 134.70. The claim that UK Prime Minister Boris Johnson has been reported to be in a stable state, although he continued in ICU, appeared to be the only variable that contributed considerable strength to the pound. Key Levels Resistance Levels: 147.95, 138.68, 134.72 Support Levels: 130.49, 127.54, 122.75 GBPJPY Long term Trend: Ranging In the broader context, ongoing development implies that market behavior at a level of 122.75 (low) is simply a horizontal consolidation trend which has been concluded at 147.95 level. Bigger downward trend from level 195.86 (high) and that from level 251.09 (high) may continue. The 122.75 level break may approach the 195.86 to 122.75 forecast of 61.8 percent from the next level of 147.95 to 102.76. The trend would in any way stay bearish as long as the level of resistance stays at 147.95. GBPJPY Short term Trend: Ranging GBPJPY stays in the corrective increase from the level of 123.99 and the trend remains intact. Another increase may be observed, but the upside would be constrained by a retraction of 61.8 percent from 144.95 to 123.99 at 136.92 levels to restart downward movement. On the downside, a break of 129.85 minor support levels can alter the downside bias for a low level of 123.94 retests. The sustained break of the level at 137.00 may, nevertheless, improve the chances of trend reversal and shift emphasis to the level of resistance 144.95. Instrument: GBPJPY Order: Sell Entry price: 134.72 Stop: 135.00 Target: 133.39 Source: https://learn2.trade 
    • Date : 9th April 2020. FX Update – April 9 – 4 Key Events Today.Narrow ranges have been prevailing in currency markets ahead of some big event risk items on today’s calendar.Asian and European stock markets, and US index futures, have retained buoyancy amid hopes that the peak global coronavirus infection rate may be approaching, which could mark the end of “phase 1” of the pandemic, with “phase 2” being how to exit from lockdowns while there is, as yet, no vaccine or cure.EURUSD has posted a 40-pip range so far, with a two-day low at 1.0840 marking the downside limit. USDJPY has been idling in a 26-pip range, with 109.06 marking the upside cap. Cable has settled in the mid-to-upper 1.2300s, below yesterday’s one-week high at 1.2421. UK Prime Minister Boris Johnson remains in intensive care for what is now a fourth day. Official updates, as of yesterday, reported that he was responding well to treatment, but after downplaying his condition ahead of him being admitted to hospital and then an ICU, there is a degree of uncertainty about the accuracy of this. AUDUSD has edged out a 24-day high at 0.6246, buoyed by the current optimism in stock and commodity markets. USDCAD has posted a range of 1.4000-14054, holding within yesterday’s range. Ahead today, attention will be on:   The recommencement of the EU finance ministers’ meeting, at 15:00 GMT after yesterday’s meeting failed to find an accord on a region-wide fiscal plan to offset the impact of virus-containment measures. The OPEC+ group of oil producing nations will also begin its teleconference meeting, from 14:00 GMT.Markets are looking for an agreement to slash crude output by 10 mln barrels a day. There is significant scepticism among oil analysts that even a cut of this magnitude would be sufficient to offset the level of recent demand destruction. In the US, the weekly jobless claims report will once again take top billing (it’s expected to once again paint a dismal picture), along with ongoing deliberations in the US Congress on fiscal relief measures. Finally, FED Chair Powell is scheduled on a conference call from the Brookings Institution in Washington DC. Note that trading will thin into the long weekend and tomorrow’s Good Friday holiday.Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Date : 8th April 2020. April 8 – Europe and EUR update.Sentiment collapsed further in European session on the news that EU finance ministers failed to reach deal and also on the announcement from German institutes, which they estimated nearly 10% contraction in Q2, the sharpest decline since records began in 1970. This topped the concerns of pandemic and related shutdown of the economy.EU leaders will meet again tomorrow. Discussions on how to finance a European wide response package to the pandemic have not yet found a compromise. Demands for Eurobonds clashing with the red lines against mutualising debt in countries such as Germany, which would make the introduction of new financing measures a lengthy affair even if officials were to agree to such a step. The southern European states (especially Italy) are keen to have debt mutualisation (“coronabonds”) as part of the package. The most likely outcome is a use of ESM funds to finance immediate aid measures, coupled with funds from the EU budget and the EIB investment bank to finance economic measures not just through the immediate crisis, but to kick start the recovery once lock downs have been lifted.Last but not least for European economy, is the fact that ECB lowers collateral standards, to keep credit flowing. The central bank announced that it will temporarily lower standards for the collateral that banks can use to access ECB funds. The move is aimed at keeping credit flowing through the crisis and will also allow Greek debt to be used. Furthermore the haircut applied to collateral, which will allow banks to borrow more money against the same amount of collateral. As a result the ECB will take on more risk onto its own balance sheet, but the hope is that by strengthening banks’ access to funds the central bank can boost lending to households and businesses. For Greece it will also give the government more room to finance its measures to get the economy through the pandemic. The central bank stressed that the “measures are temporary for the duration of the pandemic crisis” and will be reassessed later in the year.Hence as risk-on has turned today into a risk-off, the EUR weakens so far today on USD strength. It will be very important for the long term stability of the bloc that there will be a clear signal of solidarity at tomorrow’s juncture.EURUSD concurrently declined by almost 0.5% in making a low at 1.0829, resuming the bearish outlook in the daily picture for the asset. Yesterday’s rally spread concerns whether the EURUSD possible trend revernsal however today’s swing lower again along with the decline for 7th consecutive day below 20- and 50-day SMA suggest that yesterday’s rally was just a correction.In the 1-hour chart, EURUSD is moving within a tight downchannel since 1.0925 peak, with lower ups and downs seen since then. Hence in the near term any recovery within the channel could be interpret as a correction prior a pullback. Intraday momentum indicators are mixed with RSI at neutral zone posting lower lows since yesterday, while MACD lines have been zeroed suggesting that bulls have lost the control today. Additionally, the mark of a hummingbird by Bollinger bands pattern, which indicates a bearish signal in the daily chart, could signal further weakness in the near term.In order the near term picture to turn to positive again, the hourly RSI needs to sustain a move above 50, while we need to see a swing outside the channel and above the confluence of the latest up fractal and the 20-hour EMA, at 1.0892. Meanwhile, in the medium term outlook, the asset is facing a strong Resistance area at 1.0950-1.0965 (50% Fib. retracement from 1.1146 downleg and 50-day SMA). A decisive breakout above this area could imply to the continuation of a recovery for the asset.Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.