Summary of ICT 2024 Mentorship \ Lecture #3 August 7, 2024

Video Summary: ICT 2024 Mentorship / Lecture #3 (August 7, 2024)

Main Ideas and Concepts:

• Trading Sessions and Timing:
  • Importance of timing in trading, focusing on the morning session (7 AM to 11 AM) and the afternoon session.
  • Morning session can be volatile; requires experience, while the afternoon session may offer clearer opportunities.
• Economic Calendar Awareness:
  • Monitor the Economic Calendar for significant news events that could impact market behavior.
  • Use the bond auction scheduled for 1 PM Eastern Time as a trading opportunity.
• New Day and New Week Opening Gaps:
  • Introduction of "New Day Opening Gaps" and "New Week Opening Gaps" as critical reference points.
  • These gaps serve as magnet points where price tends to gravitate.
• Relative Equal Highs and Lows:
  • Identifying relative equal highs and lows as potential targets for price movement.
  • Observing price action around these levels to anticipate future moves.
• Patience and Observational Skills:
  • Encouragement to practice patience and observe market behavior.
  • Importance of journaling observations and experiences.
• Entry Mechanisms and Strategies:
  • Having 81 Entry Mechanisms; mastering one or two is sufficient for success.
  • Strategies include waiting for price to reach predetermined levels and using partial exits to manage risk.
• Mindset and Emotional Management:
  • Discussion on managing emotions and expectations in trading.
  • Encouragement to trust personal analysis and experiences.
• Teaching Approach:
  • Desire to pass knowledge to his son, Caleb, emphasizing learning through experience.

Methodology and Instructions:

• Homework Assignment: Check the Economic Calendar for upcoming events and their potential impact on trading.
• Charting Techniques:
  • Annotate charts with New Day and New Week Opening Gaps.
  • Identify and mark relative equal highs and lows.
• Trading Strategy:
  • Wait for price to gravitate towards identified gaps and levels before entering trades.
  • Use partial exits to manage risk and lock in profits.
• Journaling: Keep a Trading Journal to document observations, emotions, and outcomes of trades.

Speakers or Sources Featured:

• The primary speaker is identified as ICT (Inner Circle Trader).
• The speaker references his son, Caleb, as part of the mentorship audience.
• Mentions of other YouTubers, specifically a YouTuber named Kimmel, in the context of the broader trading community.

This summary encapsulates the key lessons and methodologies discussed in the video, providing a clear guide for traders looking to enhance their skills and understanding of market dynamics.

Notable Quotes

— 07:59 — « Don't look at me as a hero, don't look at me as your Guru, don't look at me as your master. »

— 34:26 — « It's 2024 baby and it's about time you start making some money around here. »

— 61:45 — « You're going to worship other people on the internet hoping that they're going to grease your palm and give you something special and easy and it's never going to happen. »

— 123:25 — « I'm the anti-guru. I'm doing everything opposite what a guru would do. »

— 141:40 — « I want you to think of it as a tool that yeah you can make it, you can make more of it anytime you want. »

Category

Educational

Video