Goldsmith specifically highlights how to exploit the areas where other traders have placed their stop-loss orders, which act as a source of liquidity for larger players.

by Daemon Goldsmith is a 205-page guide that shifted the retail trading landscape when first published in 2011. While many traders rely on lagging technical indicators like moving averages, Goldsmith’s approach focuses on the "cause" of price movement: the immediate imbalance between buy and sell orders. The Core Philosophy: Why Order Flow Matters

Identifying where "big money" is entering positions by watching for large order imbalances.

By understanding this "X-ray" of the market, traders can identify: