Notes
- In this lecture, Michael defines the Opening Range (OR) as the price range of the first 30 minutes after the start of Regular Trading Hours (RTH), i.e. 9:30 a.m. to 10:00 a.m. However, he gives the time as 9:30 a.m. to 10:30 a.m. in the ICT Mentorship Core Content.
- The Opening Range Gap (ORG) is the difference between today’s opening price (RTH) and the closing price of the previous RTH session.
- If the price opens lower than the previous day and shows no willingness to close the ORG during the Opening Range, we should be extremely bearish.
- If the price opens higher than the previous day and shows no willingness to close the ORG during the Opening Range, we should be extremely bullish.
- The New Week Opening Gap (NWOG) is the difference between the opening price on Sunday and the previous week’s closing price. This gap often acts as a magnet for price during the trading week.
- Our chart should have shown the NWOG of the current week and the four previous weeks.
- Michael advises that traders should never feel bad about exiting a trade if it’s not working, as protecting capital is the number one priority.
- In addition to stock indices, Michael uses the bond markets, specifically the 5-year, 10-year, and 30-year bonds, to confirm or negate price movements using divergences.
- Bond futures:
- ZF - 5-Year T-Note
- ZN - 10-Year T-Note
- ZB - 30-Year T-Bond
New Week Opening Gaps
SIBI - Sell-Side Imbalance And Buy-Side Inefficiency On 15-Minute Time Frame
Consequent Encroachment And First Quadrant Of FVG
FVG Quadrants
New Week Opening Gap As Support And Resistance
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