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.