ICT Mentorship Core Content - Month 08 - Essentials To ICT Daytrading | Summary and Q&A

TL;DR

Learn the essentials of ICT day trading to capitalize on the movement within a 24-hour period and aim for 65-70% of the daily range.

Key Insights

• 📈 Day trading in a single day is challenging, but precise and profitable if done correctly.
• 📊 Day trading model focuses on capturing 65-70% of the daily range.
• 📉 Directional bias frames a large portion of day trade setups. ⏰ Time of day is paramount in day trading and affects market movement.
• 💰 Day trading entries help lower initial risk and can be used in swing trading as well.
• 📅 Different days of the week have different probabilities for successful day trading.
• 🔢 Weekly range can be forecasted using Sunday's opening price and PD arrays on a daily chart.
• 📚 Blending PD arrays with Sunday's opening price helps frame the weekly range and find trading setups.

Transcript

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Questions & Answers

Q: How does the ICT day trading model differ from everyday trading?

The ICT day trading model focuses on capturing intraday movements within a 24-hour period, rather than trading every day. It aims to capitalize on the majority of the daily range, typically around 65-70%.

Q: What role does directional bias play in day trade setups?

Directional bias is crucial in day trading setups. Traders look for specific criteria to align themselves with institutional order flow and aim to day trade in the direction of the weekly time frame. Finding higher time frame ideas that support the day trade increases the odds of success.

Q: How can day trades limit stop losses on all trades?

Day trading allows traders to limit stop losses on all trades. By using day trade entries and the small stop losses permitted in this time frame, traders can lower their initial risk for long-term position trades or swing trades. This discipline also helps reduce risk and increase profitability.

Q: What are the ideal times and days for day trading?

The ideal times for day trading are the London session open, the New York session open, the Asian session open, and London close. However, it's important to consider the specific times of day for optimal trading opportunities within these sessions. Certain days of the week, such as Tuesday and Wednesday, tend to have higher probability setups.