Notes
- Michael constantly monitors whether the FVGs being created remain unfilled as the price moves towards liquidity (DOL). Unfilled FVGs indicate weakness in the opposite direction and he uses them as Measuring Gaps.
- If we are bearish, we want to see the upper half of the FVG unfilled. However, if the price touches the upper edge of the FVG, we want to see the price start moving downward immediately afterward.
- If we are bullish, we want to see the lower half of the FVG unfilled. However, if the price touches the lower edge of the FVG, we want to see the price start moving upward immediately afterward.
- ICT Silver Bullet Setup Times:
- 3:00 a.m. to 4:00 a.m. - London Open.
- 10:00 a.m. to 11:00 a.m. - New York AM session.
- 2:00 p.m. to 3 p.m. - New York PM session.
- Trading should focus on making small, incremental gains rather than taking huge risks for the chance at a big win.
- Michael emphasizes the importance of backtesting and logging trades to measure progress. Without backtesting or documenting our trades, we are wasting time.
- He also warns that individual effort is required to succeed in trading, not just follow someone else’s instructions.
- The biggest barrier to success is often the traders themselves. This includes issues like discipline, impatience, and emotional control.
- CPI announcements can create sharp and unpredictable price movements, and therefore, Michael advises against trading before CPI as the market reacts violently to it.
- Patience and discipline are crucial in trading. Success is about consistently following a clear and tested method.
NQ - 5-Minute Chart
NQ - ICT Silver Bullet Trade Example And Standard Deviations
NQ - Price Respecting FVG
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