ICT YT - 2024-09-04 - ICT 2024 Mentorship - Lecture 22-summary

# Summary

ICT YT - 2024-09-04 - ICT 2024 Mentorship - Lecture 22

The speaker discussed the importance of understanding market dynamics, particularly after large range days. He emphasized the significance of the fair value gap and the opening range gap, highlighting that markets often revert to mid-gap levels 70% of the time. He advised against trading in the morning session after large range days, instead suggesting waiting for afternoon sessions. The speaker also stressed the importance of journaling and observing market behavior to gain experience and avoid overtrading. He concluded by encouraging students to focus on their progress and not be influenced by external noise.

 Outline

# Morning Routine and Weather
- ICT greets the participants and mentions feeling a bit lethargic.
- Discusses the changing weather and the upcoming Bitcoin analysis.
- Mentions not dealing with crypto but focusing on the NASDAQ.
- ICT clears the previous day's artifacts from the chart.

# Introduction to Caleb's Learning Journey
- ICT explains that Caleb is learning to talk about trading concepts.
- Caleb is not yet proficient in trading but is learning the language and journaling.
- ICT emphasizes the importance of understanding the over and over repeating phenomenon.
- Mentions that Caleb's channel will initially focus on basic concepts.

# Trading After Large Range Days
- ICT advises against trading in the morning session after large range days.
- Explains that large range days can lead to fickle market conditions.
- Suggests trading in the afternoon session for better clarity.
- Discusses the importance of understanding the market's behavior after large range days.

# Fair Value Gap and Market Analysis
- ICT highlights the August 13 daily fair value gap and its significance.
- Discusses the large discount gap and the opening range.
- Mentions the importance of journaling and noting large range days.
- ICT explains the concept of the fair value gap and its role in trading.

# Market Behavior After Large Range Days
- ICT explains the distortion in the market after large range days.
- Discusses the importance of sitting still in the morning session.
- Mentions the 70% strike rate of the mid-gap being traded to the first presentation fair value gap.
- ICT emphasizes the need for flexibility and low expectations in the beginning.

# Trading Setups and Market Conditions
- ICT discusses the importance of understanding the opening range gap.
- Explains the concept of the first fair value gap and its significance.
- Mentions the need to observe the market's behavior and not rush into trades.
- ICT highlights the importance of journaling and taking screenshots for reference.

# Market Manipulation and Trading Strategies
- ICT addresses the concept of market manipulation and its impact on trading.
- Explains the importance of understanding the market's logic and behavior.
- Mentions the role of smart money and street money in market dynamics.
- ICT emphasizes the need for a structured approach to trading.

# Live Trading Examples and Market Observations
- ICT provides live trading examples and explains the market's behavior.
- Discusses the importance of understanding the market's liquidity and inefficiencies.
- Mentions the role of high-impact news events in market dynamics.
- ICT explains the concept of the new day opening gap and its significance.

# Trading Psychology and Student Experience
- ICT discusses the importance of having a positive mindset in trading.
- Mentions the impact of social media on trading perceptions.
- Explains the need for students to focus on their own progress and not compare with others.
- ICT emphasizes the importance of journaling and self-reflection in trading.

# Final Thoughts and Closing Remarks
- ICT provides final thoughts on trading after large range days.
- Mentions the importance of understanding the market's behavior and not rushing into trades.
- ICT encourages students to focus on their own progress and not get influenced by others.
- ICT concludes the session and provides information on the next live trading session.