2023 ICT Mentorship - Review Of The Interactive Study 09/01/23 NFP NQ Short
Analysis of NASDAQ Futures for September 2023
Overview of the Weekly Chart
- The speaker introduces the analysis of the NASDAQ futures contract for September 2023, focusing on a weekly chart that highlights the previous week's low and high.
- A proprietary concept called "TGIF setup" is introduced, which involves retracing 20-30% of the weekly range. This method has been effective since 1998 and is not widely discussed in literature.
Understanding TGIF Setup
- The TGIF setup indicates a bullish week where a high is formed, followed by an anticipated retracement to 20-30% of that range.
- The speaker challenges the notion that market movements are random, arguing against the idea that supply and demand solely dictate price movements.
Daily Chart Analysis
- The daily chart shows shaded areas representing sell-side balance and efficiency. Key levels are identified based on candle highs and lows.
- Prior to market opening, there was a drop after reaching certain highs, creating a fair value gap which was significant for trading decisions.
Trade Execution Insights
- The speaker discusses observing buy stops from traders anticipating breakout moves. They express skepticism towards trend line breakouts as reliable indicators.
- A live trade scenario is presented where real money is used in a CFTC regulated broker environment, emphasizing practical application over theoretical discussion.
Market Movement Expectations
- Anticipation exists for price movement through specific levels without respect to prior ranges; this reflects confidence in market behavior based on historical patterns.
- The target for weekly range retracement was set at 15,455 with actual trading hitting slightly below this level at 15,454.
Live Trading Experience
- A live account demonstration begins with short positions taken as prices approach identified fair value gaps. Stop-loss strategies are discussed regarding risk management.
- Divergence between NASDAQ and S&P signals potential market behavior discrepancies; this insight adds depth to trading strategy considerations.
Live Trading Insights and Strategies
Legality and Transparency in Trading
- The speaker emphasizes the importance of legality in trading, stating it would be illegal to misrepresent their activities as live fund trading if they were not. They prioritize honesty over gaining popularity or "clout."
Trading Strategy Execution
- The speaker discusses moving their stop loss to better than break even while executing a full entry strategy, indicating confidence in the trade's direction without partial exits.
- They express an intention to watch the price move down into sell-side liquidity, suggesting a belief that the market will continue to decline.
Educational Resources for Traders
- The speaker references a previous promise made during a Twitter space about demonstrating how to generate $15,000 in real money from a real account, highlighting their commitment to transparency.