2023 ICT Mentorship - ES Live Commentary CPI Release: February 14

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

Next lesson: 2023 ICT Mentorship - ES Live Commentary AM Opening Session: February 15
Previous lesson: 2023 ICT Mentorship - ES Tape Reading AM Session: February 13