Notes
- When trading CFDs such as the US500, US100, or US30, it is still better to analyze the futures markets as they offer more accurate data.
- High-resistance conditions mean that the price resists making quick, clean, and efficient moves toward areas where we expect to draw on liquidity.
- Tomorrow’s CPI (Consumer Price Index) data release is anticipated as a significant event, leading Michael to lower his expectations for any major market movements on this day.
- Michael advises caution ahead of the CPI data release, noting that the trading environment is likely to be choppy and less predictable on this day. He anticipates that the real action will occur after the CPI release.
- He points out that while watching the price, tape reading can help develop a feel for what the market will do next, even if price action on the day before the CPI announcement is not ideal.
- As the session ends, Michael reflects on the importance of journal-keeping and how reviewing market observations can improve trading skills. He encourages traders to practice patience, analyze their trades thoroughly, and avoid unnecessary trading during high-resistance market conditions.
- We should always use positive self-talk in our journals.
Possible Trade Entry On Bullish Breaker
High-Resistance Conditions On Day Before CPI
Next lesson: 2023 ICT Mentorship - ES Live Commentary CPI Release: February 14
Previous lesson: 2023 ICT Mentorship - Market Review: February 12