2022 ICT Mentorship Episode 29

Episode 29 Review

In this episode, the speaker reviews what took place in the market on Monday, May 16th, 2022. The speaker executed two videos and went into the market looking for a trade in NASDAQ.

Basis for Going into the Market

• The basis for going into the market was the relative equal highs at 12,553 and a quarter level on NASDAQ.

• The bullish bias was warranted for at least the beginning of the week as there was a daily swing low for both NASDAQ and S&P.

Trading Ahead of Fed Chair Powell Speaking

• It's important to know when volatility is likely to occur and when it's likely to shrink up and get lethargic.

• There will be very low volatility as a result of Fed Chair Powell speaking, so it's going to be a small range day.

Smart Money Technique (SMT)

• The speaker used inter-market relationships without indicators using smart money technique or smart money tool (SMT).

• There were no short trades that lined up with this model today; there was only interest in wanting to be long.

Framework Analysis

• Looking at price action like this, you can see there is a rally up. It breaks the short-term low and fair value gap. It trades up into it and breaks down.

Using Camtasia Recording Software

In this section, the speaker talks about using Camtasia recording software to create videos.

Recording with Camtasia

• The speaker uses Camtasia recording software to create videos.

• The software allows the user to overlay text callouts onto a blank chart.

• The website address is added at the end of the recording during editing.

Close Proximity Entries

In this section, the speaker discusses close proximity entries and how they can be used when an ideal entry is missed.

Close Proximity Entries

• Close proximity entries involve getting close to where the model suggests entering.

• It may not be as precise as ideal entries but it can still work.

• If there are entry patterns, it's important to get in where the model suggests entering.

Market Structure Shifts

In this section, the speaker talks about market structure shifts and how they can indicate bullishness or bearishness.

Market Structure Shifts

• When a market trades lower and fails to make a lower low like NASDAQ, it may indicate bullishness.

• A short-term shift in market structure occurs when there is a rally up after failing to make a lower low.

• There were eight opportunities for close proximity entries during one trade.

Managing Positions and Heat

In this section, the speaker discusses managing positions and heat during trading.

Managing Positions and Heat

• The limit order was filled on one candle with seven ticks of heat against them before running in their favor.

• They took off their full position before reaching the highest high.

• Tight placement was used for entering in close proximity rather than fair value gap.

Completeness Sake

In this section, the speaker talks about how all the business was done in the S&P that day. He also tries to illustrate that he doesn't need to defraud anyone and that the things he teaches work.

Speaker's Trading Strategy

• The speaker showcases his trading strategy by demonstrating how he can read price action and see patterns forming before they happen.

• He emphasizes that he is not promising profitability and dubs himself as a demo baller.

• The speaker explains that he is open about paper trading because it's compliance, and he is not legally allowed to give trade advice. He champions paper trading because you cannot make or lose money with it.

Speaker's Ability to Read Price Action

• The speaker claims that he can read price action and see patterns forming most of the time before they happen. He admits to taking losing trades but says when it's really likely to work with the algorithm, he'll be dialed in.

• The speaker asserts that you can't fake what he does since you can see him executing trades, managing them, entering orders, and filling them up without using any replay button or rented MT4 servers.

Speaker's Twitter Presence

• The speaker mentions going back on Twitter for small vignettes where he would do recordings of him either taking a trade or reading price action with some short little clips of music in the background.

• He clarifies that his intent for going back on Twitter is not to troll people who defraud others but rather to showcase his ability to read price action before it happens and teach others how to do so too.

All Business Done in the S&P

In this section, the speaker mentions that all business was done in the S&P that day.

Speaker's Observation

• The speaker observes that all business was done in the S&P that day.

Speaker's Ability to Read Price Action

In this section, the speaker emphasizes his ability to read price action and see patterns forming before they happen.

Speaker's Ability to Read Price Action

• The speaker claims that he can read price action and see patterns forming most of the time before they happen. He admits to taking losing trades but says when it's really likely to work with the algorithm, he'll be dialed in.

• The speaker asserts that you can't fake what he does since you can see him executing trades, managing them, entering orders, and filling them up without using any replay button or rented MT4 servers.

Speaker's Twitter Presence

In this section, the speaker talks about going back on Twitter for small vignettes where he would do recordings of him either taking a trade or reading price action with some short little clips of music in the background.

Speaker's Twitter Presence

• The speaker mentions going back on Twitter for small vignettes where he would do recordings of him either taking a trade or reading price action with some short little clips of music in the background.

• He clarifies that his intent for going back on Twitter is not to troll people who defraud others but rather to showcase his ability to read price action before it happens and teach others how to do so too.

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Safety First

In this section, the speaker emphasizes the importance of safety.

• The speaker advises everyone to prioritize safety in all activities.

• He explains that accidents can happen anytime and anywhere, so it's essential to be prepared.

• The speaker encourages people to take necessary precautions and follow safety guidelines to avoid accidents.

• He concludes by saying that being safe is not just about protecting oneself but also others around us.