Notes
- Michael uses these two economic calendars:
- Forexfactory.com - Simple and clear.
- Econoday.com - Detailed, with additional information on events and reports.
- The price tends to return to clusters comprising NDOGs and NWOGs.
- Michael uses quadrant levels when the gap (NDOG, NWOG, FVG,…) is large.
- Journaling helps make patterns and behaviors significant. Over time, logging builds intuition for identifying setups and trusting entries.
- We should always use stop losses, as mental stops can lead to significant account losses.
- Losses are a cost of doing business, not a failure.
- Michael doesn’t need SMT to be part of his entry setup. However, it gives him more confidence that the subsequent movement will be fast and strong.
- Success in trading requires discipline, focus, and the willingness to accept short-term setbacks.
- A supportive trading community can be instrumental in maintaining motivation and perspective.
- The ICT concepts work because markets are algorithmically controlled, and prices move in repeatable patterns.
- Trading is a skill that requires time and dedication. Beginners must commit to the learning process without rushing into results.
NQ - NDOG And NWOG Cluster
NQ - Balanced Price Range
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