ICT Mentorship 2023 - September 18, 2023 NQ Market Review
Trading Insights and Market Analysis
Daily Trading Results Overview
- The speaker shares their trading results for the day, noting a profit of $37.40 before commissions on a live account, focusing solely on NASDAQ.
- Acknowledges the presence of market consolidation, indicating that both sides of the range were tested before returning to the middle.
Market Conditions and Strategy
- Discusses buy-side liquidity observed in a 30-minute chart, highlighting how prices traded up into this level before pulling back.
- Warns about potential market volatility due to an upcoming announcement scheduled for Wednesday at 2 PM, suggesting traders should be cautious.
- Advises keeping trades light during uncertain market conditions and emphasizes waiting for more symmetrical movements between ES and NASDAQ.
Trade Execution and Adjustments
- Initially aimed to short NASDAQ using a small gap but faced aggressive price movement against their position.
- Describes closing a losing position and using the stop-loss level as an entry point for going long instead, demonstrating adaptability in trading strategy.
Market Structure Analysis
- Mentions observing buy-side efficiency while trading up into specific levels identified as fair value gaps.
- Highlights shifts in market structure after taking buy-side trades, referencing a model taught in 2022 that aids in understanding these dynamics.
Key Levels and Price Action
- Identifies critical price levels where opportunities arose to enter short positions as the market broke lower.
- Discusses algorithmic precision at key candle levels (15,387.5), emphasizing how these points are not arbitrary but based on established trading principles.
Market Analysis and Consolidation Patterns
Afternoon Market Movements
- The market experienced fluctuations, initially encouraging movement around a specific gap before settling at the level of 15,387.5.
- As the afternoon progressed towards 3 PM, there was notable consolidation in the market, indicating a lack of decisive direction.
- The trading activity resembled "chopped wood," suggesting indecisiveness among traders as they approached the market close at 4 PM.
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