2024 ICT Mentorship - NQ Tape Reading: October 15

ICTShark · December 31, 2024, 3:11pm

Notes

In this lesson, Michael teaches how to trade in the premarket during times when the market goes sideways.
This model uses an overnight range, starting at 12 a.m. and ending at 5 a.m. EST.
We apply a Fibonacci tool with values of 0, 0.25, 0.5, 0.75, and 1 to the above overnight range to obtain quadrants for price assessment. Michael calls this procedure “grading”.
If we are bullish, we look for entries in the lower half of the overnight range.
If we are bearish, we look for entries in the upper half of the overnight range.
Our trade entries should take place during these macro intervals:
- 5:50 to 6:10.
- 6:50 to 7:10.
- 7:50 to 8:10.
- 8:50: to 9:10.
Michael uses this model on days when there is no trend during the Asian session.
Every trading day at 8:30, the algorithm starts to spool the price in a specific direction. This particular time is as significant as the macro intervals or the 9:30 opening.
When the Opening Range Gap is more than 75 handles (points), Michael looks for a reason to open a trade and does not wait for the first FVG to form.
When the Opening Range Gap is too small, there is a chance that price delivery will be terrible during the AM session.
High-probability bullish PD arrays are always in the discount area, while high-probability bearish PD arrays are always in the premium area.