2/8/2023: Identifying ICTs 2022 Mentorship Pattern Is Not Enough
I got stopped out for a loss on a valid ICT 2022 Mentorship Sell Model while trading ES
After price stopped me out it quickly ran to my exact target!!
But why?
Let's explore "Correlated Assets" to learn why
I got stopped out for a loss on a valid ICT 2022 Mentorship Sell Model while trading ES
After price stopped me out it quickly ran to my exact target!!
But why?
Let's explore "Correlated Assets" to learn why
First off I had (what turned out to be) the correct Bias (which is the direction you think price is going to go) and even correct Narrative (which is how price is going to get to a location)
Bias: Bearish
Why? The previous days JPow move ended the day straight up. So any traders that swung long were underwater today (overnight didn't make a new high)
On the daily there was a FVG with a FVG Low that lined up with Equilibrium of the previous days move (ES 4143)
Why? The previous days JPow move ended the day straight up. So any traders that swung long were underwater today (overnight didn't make a new high)
On the daily there was a FVG with a FVG Low that lined up with Equilibrium of the previous days move (ES 4143)
Narrative: price would go up (Premium) and then run to the Equilibrium of the previous days move
I entered on ES using ICT 2022 Mentorship Model and saw price quickly drop down. But it didn't drop down very much and then started to climb higher.
I was a dummy and didn't take a partial and the next thing I knew price stopped me out for a loss.
😢
I was a dummy and didn't take a partial and the next thing I knew price stopped me out for a loss.
😢
But what could I have done (not counting taking partial profit) differently?
Well I could have taken a glance at ES's "Correlated Asset" which is NQ.
They both run together (mostly). When they don't they give us SMT.
Well I could have taken a glance at ES's "Correlated Asset" which is NQ.
They both run together (mostly). When they don't they give us SMT.
On the swing high on ES that I entered on, on NQ its swing high didn't make it to the FVG.
So the logical conclusion would be that NQ would seek to fill its FVG in a Premium before going lower. And on ES it would run liquidity again (which stopped me out)
So the logical conclusion would be that NQ would seek to fill its FVG in a Premium before going lower. And on ES it would run liquidity again (which stopped me out)
Even now when I enter trades I still get some sort of tunnel vision. I have to fix this. I have to be able to objectively read price while in a position.
Because the correct way to trade this scenario would have been to realize ES was going to stop me out, exit the trade, and then look to enter NQ in its FVG in a Premium
Or ... do a crazy Turtle Soup entry on ES
LOL
Or ... do a crazy Turtle Soup entry on ES
LOL
Action Plan (for Infinity):
1⃣ Take partial profit!!
2⃣ Be able to read price correctly while in a trade
3⃣ Get comfortable killing trades and switching ideas
I hope you can learn something from my mess up!
👋
1⃣ Take partial profit!!
2⃣ Be able to read price correctly while in a trade
3⃣ Get comfortable killing trades and switching ideas
I hope you can learn something from my mess up!
👋
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