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ICT Mentorship 2023 - Evolving ICT Silver Bullet Example
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ICT Mentorship 2023 - Evolving ICT Silver Bullet Example

Introduction and Setting Up

The speaker introduces the topic of the video and discusses their plan for the morning trading session.

Setting Up for Trading

  • The speaker mentions that they will be focusing on a specific sell sign.
  • They plan to change the color of certain elements on their trading platform.

Placing Orders and Setting Stop Loss

The speaker explains their strategy for placing orders and setting stop loss levels.

Placing Orders

  • The speaker sets a limit order just above a certain level.
  • They mention using 10 contracts for this trade.
  • They consider adjusting the entry point to four contracts below the initial level.

Setting Stop Loss

  • The speaker places a stop loss order just above a specific figure.
  • They mention managing the trade as it progresses.

Assessing Risk and Potential Price Range

The speaker discusses potential risks associated with the trade and analyzes price ranges.

Assessing Risk

  • The speaker expresses concern about a large range of closed candles to the left of the current decline.
  • They note that this may create a balanced price range, potentially affecting their trade decision.

Potential Price Range

  • The speaker mentions waiting for subsequent or later fair value gaps before considering another entry point.
  • They acknowledge the risk of missing out on potential moves but prioritize avoiding chasing trades.

Monitoring Trade Progress and Adjusting Strategy

The speaker monitors trade progress and adjusts their strategy accordingly.

Monitoring Trade Progress

  • The speaker notes that they are inside their ICT Silver Bullet time window.
  • They observe tapping into a previous low, which was an area of drawdown liquidity.
  • They anticipate a potential shallow drop below the low before a possible upward movement.

Adjusting Strategy

  • The speaker considers adjusting their silver bullet target based on price movements.
  • They aim to see if the candle closes below a certain level, indicating confirmation of institutional order flow.

Evolving Silver Bullet Strategy

The speaker adapts their silver bullet strategy based on evolving market conditions.

Evolving Silver Bullet

  • The speaker adjusts their silver bullet target based on new information and price levels.
  • They plan to trade back down into the new week open and gap high.
  • They consider layering their exit strategy for better risk management.

Executing Trades and Managing Exits

The speaker executes trades and discusses managing exits.

Executing Trades

  • The speaker fills all 10 contracts for their short position.
  • They set stops at a specific level.

Managing Exits

  • The speaker plans to take off four contracts just below the newly opening gap high.
  • They aim to capture the bulk of the move while adjusting stop levels for remaining contracts.

Price Analysis

The speaker discusses the price movement and highlights a specific shaded area that represents the difference between Friday's closing price and the current opening price on Monday.

Price Movement

  • The speaker wants to see the price aggressively drop below the shaded area and retrace back to the current week's opening gap high.
  • If this happens, it is expected that the price will continue to decline towards a specific level of 4193.5.

Desired Price Movement

The speaker emphasizes their desire for the price to wipe out the shaded area mentioned earlier.

Key Points

  • The speaker wants to see a significant decrease in price that would eliminate the shaded area.
  • This desired movement would align with their observation and analysis of market conditions.

Opening Gap High

The speaker mentions the importance of observing how the market opened on Monday compared to Friday's closing price.

Observations

  • It is crucial for them to see if there was a significant gap between Friday's close and Monday's open.
  • This observation will help determine whether or not their analysis is accurate.

Potential Risk

The speaker acknowledges that there is a risk associated with their analysis and desired price movement.

Risk Assessment

  • There is a possibility that instead of following their anticipated pattern, the price may deviate completely from their expectations.
  • Despite this risk, they still believe in their analysis and expect further downward movement in prices.
Video description

CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN Trading performance displayed herein is hypothetical. Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance trading results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results. U.S. Government Required Disclaimer – Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results. Trade at your own risk. The information provided here is of the nature of a general comment only and neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person’s investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade. You should seek appropriate advice from your broker, or licensed investment advisor, before taking any action. Past performance does not guarantee future results. Simulated performance results contain inherent limitations. Unlike actual performance records the results may under or over compensate for such factors such as lack of liquidity. No representation is being made that any account will or is likely to achieve profits or losses to those shown. The risk of loss in trading can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. If you purchase or sell Equities, Futures, Currencies or Options you may sustain a total loss of the initial margin funds and any additional funds that you deposit with your broker to establish or maintain your position. If the market moves against your position, you may be called upon by your broker to deposit a substantial amount of additional margin funds, on short notice in order to maintain your position. If you do not provide the required funds within the prescribed time, your position may be liquidated at a loss, and you may be liable for any resulting deficit in your account. Under certain market conditions, you may find it difficult or impossible to liquidate a position. This can occur, for example, when the market makes a “limit move.” The placement of contingent orders by you, such as a “stop-loss” or “stop-limit” order, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.