Inner Circle Trader Notes

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ICT Notes begin below:

Optimal Trade Entry (OTE)

Timeframes and retracements

Focus on higher (H4+) timeframes and big money moves.
Institutions move the market.

Optimal trade entry is based on buying retracements. An impulse

leg moves up/down and then moves off that level in the opposite
direction (a “break in microstructure”) to enter the optimal trade
entry zone.

Fibonacci Levels
Start by setting up your Fib retracement levels as follows
Level Description
1 100.0

0.618 %$ – 62 percent

0.705 %$ – OTE – 70.5 percent

0.79 %$ – 79 percent

0 0.0 – First Profit Scaling

-0.62 Target 2
-0.27 Target 1

-1 Symmetrical Swing

For any retracement, drawn from the local high-low or low-high, we

are looking for price to enter the zone between 62 percent and 70.9
percent.

First fill is taken at 62 percent. Allow price to extend down to 80

(just below 70.9 percent). (?) Stop is at the initial level (100.0).
What is the point of the 70.9 level then? Do we continue to add to the
position until it exceeds that level? Then stop taking trades once that
level’s exceeded and wait (pray) that it will turn before reaching the
stop?
Take first profits at 0.0, and take further profits at Targets 1, 2, and
Symmetrical swing if price gets that far.

Finding the first level

● Go to the monthly chart. Why switch between MT4 and
Tradingview? Just to show that the pattern isn’t exclusive to
MT4? Why would it be? Look for a local high/low. Note the
price, drop a horizontal line on it.
● Algo price levels break down price increments in quarters
using 0, 20, 50, 80 to the next whole number. So for example if
price broke above 1.1714 we would expect the support level to
be at 1.1720 (round to the nearest). Michael mentions 1.1765
and that it would reach support at 1.1750 but why wouldn’t it
just as easily be 1.1780 since 65 is equidistant to 50 and 80?
Mark this level (the “institutional level”).
● Drop down to a lower TF chart (M15).
● You want to see price rally off your level and take out (exceed)
a “short-term high (low)”. This is a ‘microstructure break’.
Note (mark) that level. Price will retrace again and pick up
 more orders before rallying again (“intermediate high (low)”).
Each time a new high/low is broken mark the new level. Is this
part of a procedure or just the demonstration for this example?
It seems like this is a fast summary of a more complex concept
(“The Market Maker Buy Model”) that includes consolidation,
distribution, re-distribution, smart-money reversal, low-risk buy,
accumulation/re-accumulation. The entire segment described
reminds me of a cycle, as Hurst would define it.

Michael also points out the ‘impulse leg’ and emphasizes its
significance but it’s not yet clear how this was defined and
singled out.
● A high (low) with two lower highs (lows) on either side of it
makes the high (low) in the middle a ‘significant high (low)’
Concept from Larry Williams (author of W%R and awesome
oscillator, good company to keep
● A significant high (low) being broken is more convincing than
the break of the short-term high.

Drawing the Fib retracement

Draw from high/low using the bodies of the candles since brokers
can cheat a little on the extremes (wicks). It’s still not clear how this
particular high and low were selected, except that they occurred after
the ‘significant high’. Is that enough?
3 Bar Swing Pattern (from ICT Live New York Session 2017-10-10)

3 bar swing
The daily TF is the most important (“a goldmine”).
A swing high (low) is a high (low) with two lower highs (lows)
flanking it on either side.
When you have a swing high you want to look at the previous day’s
lows (highs). If price broke through the prior day’s low (high) there is
a good probability that it will continue the following day.
Michael doesn’t define what he means by continuation but I’ll
assume “continue” is defined as setting a new higher high or lower
low the following day.

As Jake Bernstein says, always check things out for yourself. So I did
and found this to be generally true. Kind of amazing that it’s not
better known (or at least, discussed) among traders considering how
elementary and fundamental it is.
ICT W.E.N.T series part 1
● Forex is a good opportunity to make an exceptional living but
you need to be committed
● You should focus on the risk not the reward
● You need to treat it like a business owner running a business
● Go through all the material, don’t cherry-pick
● You are being trained like good sheep to go out and lose
money (“get slaughtered”). The market is a playground for the
banks. When I look at the way Forex is taught on sites like
Babypips I have to agree with this. Brokers want you to lose but
not too quickly, so that they can ‘milk’ you. Hence the oft-quoted
“only risk 1% of your account per trade” even though position
sizing should be tailored to the strategy, and a fixed equity
sizing system is not always the best in all situations. The herd
is taught all the same things on most sites- for ex.
MACD/crossovers, etc.
● Ground rules:
○ Leave your ego at the door
○ Know thyself; spend a week analyzing your personality –
it determines the type of trader you’ll be
 ○ Don’t underestimate the power of forming bad habits
during demo trading. Trade with the amount of leverage
that you’d be able to use in a live account.
○ Treat the demo account like your business equity
○ Learn to walk before you run – you don’t need hundreds
of pips a month to earn a good compounded return; if
you double your account in a year that’s still a
phenomenal result.
○ Keep your ego in check (see #1). Don’t brag on the
forums.
○ Avoid the trader’s graveyard – overtrading,
overleveraging, trading without a plan, trading without a
protective stop
○ It doesn’t require long hours; don’t burn out
● Swing points – a three candle pattern with the middle candle
flanked by two candles that are either lower or higher. If the
middle candle is higher than its brothers, it is a ‘swing high’, if
lower, then it’s a ‘swing low’.
● You should keep in mind the range between the highest high
and the lowest low of these swings. This needs a name.
Maybe a ‘swing range’?
● We can mark the high and low of the range with a horizontal
line. Is this something we should be doing in every analysis?
● “Over time you’ll adopt an eye for price swings and the ones
that will be most useful to you will become obviously much
more apparent as time goes on.” Can this be stated with more
specificity? For example in the form of when you see X perform
Y?
● The OHLC prices of those three candles are sensitive price
points.
● Budget your time. Make time for your family, life, etc.
ICT W.E.N.T series part 2
● It’s not a sprint, it’s a marathon
 ● If we improve stop accuracy we can reduce the pip goal and
still meet total profit objectives
● You can measure distance in pips using a rectangle
● Use the Monthly high/lows, the daily high/lows in swing points
to build levels off which you expect price to react
ICT W.E.N.T series part 3
● Finding your way in price
○ Know your trading timeframe
○ Frame trades on at least 3 timeframes
○ For position trading – monthly – weekly – daily
(trades last months or years)
○ For swing trading – daily – 4 hour – 1 hour (trades
last a week or more)
○ “Short-term trades” – 4 hour – 1 hour – M15
○ Day trading & scalping – 1 hour – M15 – M5
● Starting with the day trade/scalping timeframe gives you
immediate feedback
● The keys to multiple TF market structure
○ Manage trades on the highest or middle TF; focus should
be on the highest
○ Lowest is used to enter and signal potential reversals
○ Highest probability trades are made in the direction of
the highest TF
○ All trades are framed on key support & resistance levels
○ Market profiles help with market structure analysis
● A ‘break in microstructure’ is when price breaks past a swing
high or swing low.
● During periods of consolidation support and resistance levels
should be studied. These areas are more easily traded
because they have discernible price levels.
● A previous swing can be measured to project a price target for
a swing in the opposite direction; identified by a break in a
 previous swing high/low. Is there a difference in the terms
‘price swing’ and ‘price leg’?
● By marking out your swing levels you build a framework that’s
needed to know if you’re in a long-term or intermediate term
price swing within your market structure.
● Traders need to be comfortable with uncertainty and having a
correct directional bias doesn’t guarantee profitability
● Moving from higher TF to lower TF we calibrate likely support
and resistance levels by finding historical areas of
consolidation
● Higher level charts dictate direction.
ICT W.E.N.T series part 4
● Support and resistance is more reliable than lagging
indicators
● Horizontal support and resistance is more reliable than
diagonal (trend lines)
● You need to find consistent trade setups and trade them the
same way consistently; otherwise you’re just gambling;
support and resistance is crucial to this
● There are two types of support and resistance – natural and
implied.
○ Natural types mostly break down into time periods
○ 12 month
○ Quarterly
○ Monthly
○ Weekly
○ Daily
○ Session
○ Intraday fractals
○ Trendline analysis – Channels
○ Implied
○ Fib levels
○ Pivot points
COT Reports
● COT reports – there are 3 groups reporting
○ Small speculators
○ Large speculators
○ Commercials – Users and suppliers
○ The commercials and large speculators are usually in
diametrically opposite positions
○ 12 month and 4 year highs/lows are significant
predictors of change
○ When commercials are extreme long, expect a low to be
forming, when extreme short, expect a top. This could
take months to unfold however.
○ COT Insider Tactic
○ When commercials are extreme long reduce risk on
shorts and start looking for long opportunities
○ When commercials move to net short positions,
there may be a downside correction, but don’t be
fooled; it’s still a bull market.
○ When commercials return to net long (less
extreme) look for swing or position long trades
(market will still be declining, yes? We are expecting
the market to decline while commercials are bullish
and vice versa?)
○ Commercials return to net short, expect more
short-term corrections, ok to take short-term short
trades
○ Commercials return to net long, smallest majority
position to date; look for buying opportunities
○ By the time commercials are at an extreme net
short position the market should have risen near its
top; reduce longs and start looking for shorts.
○ Having an understanding of support and
resistance/market structure along with the COT chart
 can help you get in synch for monster position trades
(1000+pips)
● 90% of the best moves take place in a ‘turtle soup’
environment where there is a false break below an old low.
Assume the reverse is true as well. Sell stops are being taken
out right before price rallies. Smart money taking out dumb
money? Rejections/raids on liquidity pools? ABCD extension?
I’m just going to assume I”ll understand these terms once I’ve
watched 12-120 more videos.
● “Put this in your notes – when you see THIS.” What is ‘this’?
The sudden drop to take out an old low? Ok, it’s already in my
notes, I hope.
● Each low-to-high range (“measured move”) will repeat?
● When commercials rapidly change gears it might not be a
contrarian indicator the way it usually is (? Did I get this right? I
don’t understand the difference between the small bumps and
the big bumps in the commercial chart or the explanation given
for the possible difference.)
● Smart money buys when price is dropping, and presumably
vice-versa. You want to be trading in the opposite direction
you want to see a profit.
● Stop listening to the herd
● Focus on the smart money.
● You want to trade in the direction of the most recent 12 month
commercial net position (??) I think you mean in the direction
of the large speculators? We want to trade in the opposite
direction to the commercials who are hedging against the
actual anticipated price movement?)
● Wait for price to form intermediate swings? (“Intermediate” is
relative to trading horizon?)
● Use the OTE pattern to enter with the large traders (here you
mention you mean the speculators, not the commercials)
 ● Filter longs when commercials are extreme short
(12mth/4year) and vice versa.

Inner Circle Trader

Recommendations
Larry Williams – Trade Stocks & Commodities with the Insiders –
Secrets of the COT Report
Larry Williams – How I made $1M trading commodities last year
(info on commercials and open interest)
Stephen Briese – Commitment of Traders Bible

How to Capture Explosive Forex

Profits
● The weekly high or low usually forms between Sunday’s open
and Tuesday’s London open 80% of the time. If it doesn’t then
before Wednesday London Open. (How would anyone know if
the high/low has formed on Monday/Tuesday if the week isn’t
over yet?)

My initial check of this bold statement seems to indicate this is

not quite accurate. If this were true a good strategy would
simply be to trade the opposite direction of Monday-Wednesday
on Thursday and Friday. Trading might be simple but it ain’t that
simple! See testing results at
https://docs.google.com/spreadsheets/d/1-W0zLc9-oqQ1uIuA
CLKnjX6DHE58KETlNxZxxmOKZ6s
Even if we sum the highs and lows for Monday, Tuesday and
Wednesday from Oct ‘16-Oct-’17 their total percentage of the week is
around 58%. Monday is the clear winner at 30%. The trouble is there
is still a 70% chance that the high or low will be on another day.
Checking 2010 next.
2010
Back in 2010 the most likely day of the week that a high or low would
fall was Friday (31%) , not Monday or Tuesday or Wednesday.
Combined percentage of 56% for M/T/W

None of this invalidates the notion of the ‘Judas Swing’ necessarily,

but I think we can safely say the 80% figure quoted is an
exaggeration, unless things are much different in other instruments,
which they may be, I haven’t had time/inclination to check yet.
My preference would be to explain this phenomenon as a result of
price bouncing off the sides of price channels, in other words,
cyclicality, but I’m trying to keep an open mind.

USD/CAD Analysis
● London ICT Killzone? (I presume this was explained in another
video or maybe I missed it.)
● Barcharts.com – click ‘add study’ and choose ‘commitment of
traders’ (name changed since video was made) Using 5 year
period.
● Daily chart – using 18 & 40 period EMAs.
● Open interest – no longer on Barchart.com? Or is ‘volume’ the
same as total volume? Contract volume is also missing now.
What should we try using now?
● Trading on the higher timeframes puts you in synch with the
smart money.
● The opening of the distance between the MA’s is indicative of
‘stacking’. Which basically just means price was rising? Or
smart money was re-purchasing at every dip?

ICT Swing Trading Method

 ● Smart money is driven by greed.
● Larry Williams – the secret of selecting stocks for immediate
and substantial gains – when the Dow was making a lower
low but certain stocks didn’t make a lower low, these were the
ones that smart money was accumulating.
● SMT – Smart Money Tool – looks at correlated asset classes
to decode smart money intentions Where can we find this
now?
○ Quarterly shift in flows – (not discussed?)
○ Old Highs and Lows (important levels?) – not discussed,
but I suppose we get it by now
○ SMT divergence on daily – (the mirrored charts)
○ Market structure – kind of explained in other videos
○ Swing Point Analysis – not discussed?
○ OTE strategies – explained in the OTE video?
○ Swing projection for profit objectives – explained in the
Swing in SMT Setup (below)?
● Two charts are displayed, one chart is reversed (mirrored) so
that we can examine divergence in prices. When we spot
something that isn’t mirroring it can tell us if smart money is
accumulating or distributing a currency.
Does the indicator add the arrows? If not, this chart might be
better represented as a stripe of color behind both price lines,
highlighting the area where prices are diverging.
● Every 3 months or so you’ll spot divergence. How often do you
check this tool?

The Swing in SMT Setup

● Assuming that price has shown some bearish divergence we
expect price to reach a level of ‘higher timeframe resistance’.
That’s a resistance level visible on the D1, W1 or MN charts.
● Price would move away from the resistance level, showing a
commitment from the smart moneyed class.
 ○ If you aren’t looking at the higher TF you could easily
mistake these as a setup for the opposite signal (buy
when it’s bearish for example).
● You want to see a rally back up to the resistance level. When it
does that you have the signal to sell.
● You want to see the market break down past the previous
swing low(s). What if it doesn’t but consolidates around the
same level or a bit higher?
● Then you’ll be looking for the A-B-C-D measured move.
● Then there will be a retracement soon after that.
● That retracement could go back to the previous swing low or it
could ..do something else that isn’t clear. Wasn’t drawn on the
chart. Some kind of double-fake? “A previous swing-high that’s
run again.” Needs clarification. I think it was the thing that
happened when you said ‘Write this in your notes’ in a previous
video.
● After that you get the big measured move – ABCD extensions
(?) again.
● The amplitude of that measured move compared to the
previous measured move (up) is one objective.
● “Or you can take that range and do a 127 extension” (?) “here”
(most recent swing low?) “or a 1.62 extension” (I think this is
the 62% level set up in the OTE video – except that one is 0.618
(0.62) not 1.62
● “And couple that with the ABCD extension harmonically; this is
the easiest way to get in synch with the commercials, using a
pattern-based trade.
● This can be applied to intraday trading as well.
● After this price will consolidate and everyone will chase the
move lower but it’s already happened and you’ve already taken
the profit.
A lot of material in this video. It could probably be split up into 5
other videos, although I appreciate the information density. This last
segment was maybe one of the most important and was only given a
few minutes. I think you need a video (probably have one already)
that goes over the process outlined in this swing trade in minute
detail, step-by-step.
ICT Development Concept: Scalping Exercise
● If you follow this exercise a few times a week your
understanding of price action will improve
● Swing high on a daily chart – start looking for the lows to be
violated.
● “Every time you see the previous day’s low it’s an opportunity
for a trade.” (opportunity to go long?)
● It’s a scalping tactic.
● 20-30 pips every day.
● Not necessarily in a single pair.
● Min. objective is to reach the previous swing low. Price
appears to be bearish and that swing low level was support
earlier so it might be support again.
● Chart has 7:00AM times marked with vertical lines.
● Previous day’s lows marked with horizontal lines
● Horizontal lines removed
● Sunday – “whiplash and catapult” – not traded anymore – The
best way to make people curious about something is to skip it.
I know it’s not intended.
● If you’re bearish look for price to rally 20 pips or more after
7am (off a previously noted level?)
● “Anchor a previous high to the low” (I don’t know what this
means-something to do with fib retracement?)
● Previous day’s high formed between 2-4am NY time, as noted in
another video. (on a Thursday.)
● We want the retracement to get close to this high, but not
exceed it.
● We also want it to end up in the OTE trade area.
● 20-30 pips risking 2% can double your account within a year
 ● This video formed basis for Killzone strategy
Getting Started In ICT Scalping Concepts
● Tax terms are better for Americans who trade a dollar-based
pair.
● “Price is 100% manipulated, and the daily high and daily low
are already pre-determined at midnight NY time.” At midnight
last night the daily high and low has already been decided for
the EURUSD.
● Allow for some margin of error in your price targets
● Put horizontal lines on the 50 and 00 levels of the instrument
you’re tracking.
● “Every setup you will ever need will occur around these levels”
(and 20 / 80)
● When things don’t work out the human instinct is to do the
same thing but harder. This is a death sentence for traders.
You need to stop. Wait for an institutional level.
ICT Pattern Recognition Drills – October 30, 2017
● ICT Killzone is a time window where we expect the high or low
of the day.
● For London the killzone occurs typically between 2-4 AM NY
time. Why then do we clearly see on the chart the red line is
longer than 2 hours?
● What is the NY killzone time window?
Integrating ICT Concepts – ECB Review
● “These are dealing ranges” No explanation of what this term
means
● “7:00 NY Open” The NY open is now 8 AM after the time change
● Uses head and shoulders pattern to find a neckline and project
the distance from top of head to neck to form a price target.
Yet, surely he has no need for this retail BS??
● The ICT ‘order block’ is mentioned for the first time in this
video, but after listening to the explanation several times I’m
no further along in understanding how to spot them vs. any
 other period of price movement. For the one he’s pointing to
there are two strong up candles near the last local peak.
Institutions have rules requiring them only to buy near the
bottom and sell near the top of ranges (wisely).
● He mentions that there other things that go into identifying
these blocks but he doesn’t say what they are. Instead he
mentions that students assume every strong up/down candle
is part of an order block (can you really blame them for being
confused after such a shitty description?)And I get my first
strong whiff of BS. If this is a crucial concept going forward,
take the time to explain it. Or is it that you can’t really explain
it, because it’s something you find wherever convenient?
● He asks why 1.1836 is reached? Asking questions leads to
gaining insights.
● It is the level of the bullish order block, wouldn’t you know,
miraculous.
Pattern Recognition – Failed OTE & FOMC Mitigation Example
● Today’s intraday high is just a little lower than yesterday’s high.
Mike sees this as ‘equal highs’ (no explanation) where retail
traders will often see this as a double top. Therefore expected
price direction is up, not down as someone trading a double
top would expect (?) In this case the retail side was correct?
● Usually there will be buy stops resting just above that. So
these would be smart money stops expecting to prey on the
retail side ignorance?
● Better to exit before a target; don’t demand perfection.

Pattern Recognition – Selecting Precision Price Objectives

● Take screencaps of OTE entries when you think you’ve
identified them – review performance
● Once we spot a swing low we want to target ‘runs on liquidity’
above the previous day’s high
● Will not be teaching ‘IFTA’ Interbank price delivery algorithm –
Sure. Why mention it then? Looking up IFTA I can only find
mention of the International Federation of Technical Analysts.
Did Mike get these mixed up?
Looking up “Interbank price delivery algorithm” brings up zero
results, and “price delivery algorithm” brings up 2 meaningless
results, which means this term has never been recorded (by
Google). So either it’s known by some other shorthand or Mike
is making it up.
Update: looking up “interbank algorithm” brings up this
interesting result at the top of the page. This reminds me of
Chris Lori’s equally confusing and ultimately meaningless
webinars on interbank pricing engines.
● Look for the swing low and expect the proceeding candle to
break through the prior high (basis of the Simpleton and Three
Amigos strategies) Incidentally I’m beginning to think these are
the only trade types worth taking, for now – need that swing
dash.
● Not looking for power of 3 (???)
● Fib retracement is a ‘crutch to help you find “areas of
valuation”’. I can accept it’s a crutch once you have enough
experience to be able to see where the levels are/are going to
be, but how do you define an ‘area of valuation’. Is that even a
thing? If it is, why not explain what it is, and if it isn’t why make
up a neologism?
● Price swing and price leg are interchangeable terms! (see my
note on that above)
● Every time price exceeds a previous high, reaching new
liquidity at those new levels you should be taking profits,
because the dynamic can change (for example making a lower
high showing a change in direction bias) (where having a cyclic
understanding of the market would be beneficial)
 ● Losses can give you insight – you’re paying a premium for
valuable information; they’re indicators of a change in the
internal structure; be willing to take the loss, trying to avoid
them will ‘mess you up’. Agree
● If a new swing high forms, it could be indicative of a reversal,
but if we don’t get follow through it could mean consolidation
or just a pause before resuming the trend (all the bases
covered then. Here’s an example of talking a lot without saying
much.)
● Fib is drawn body-to-body on the ‘most recent dynamic price
action’ in the direction of expected trend. It’s where ‘the bulk of
the buying’ took place. Ok, now we’re getting somewhere. I
think this concept could be examined more closely. Unless it’s a
gut instinct type choice?
● One shot one kill?
● Don’t hold to reach your egoistic objective; take profits at
predetermined points.
What do ICT Tutorials teach you?
● This one? Nothing because there was only music and a note
about Power of 3 whose definition I haven’t seen/heard yet.
Pattern Recognition – Breakers & Market Structure
● Analysis of EURUSD – Huddleston calls it ‘eurodollar’ but that’s
actually something else. I wish I could tell you what. From
Wikipedia: Eurodollars are time deposits denominated in U.S.
dollars at banks outside the United States, and thus are not
under the jurisdiction of the Federal Reserve.
● Price recently moved above a local high. A break in market
structure. Draw a trendline connecting the peaks. “The
horizontal resistance price point.”
● Anchor a fibonacci retracement on the lowest portion of the
body candle of the local low up to the body open/close of the
new local high.
● “If price trades through it[1] then we’ll use the higher body
candle to anchor it to” Would a price move like that not just be
considered as part of the trade itself? A: I guess not because
you didn’t get your retracement. Does he adjust his fibs
depending on what price is doing? A: Yes, that makes sense
actually. The Fib lengthens to match the length of the trend and
why am I only hearing this now. Unclear.
● Target is the old local high.
● Another fib is drawn on a slightly higher low than the previous
one because it has ‘more dynamic price action’ with a ‘lot
more energy behind it’. Vague as Fuck.
● Breakers – I think this is the same as a ‘break in market
structure’. At any first local swing high or low you can expect
buy and sell stops to have been placed – creating liquidity
pools – When price returns to take out those orders and then
rallies, after it breaks market structure, that’s bullish/bearish.
Basically, a failed continuation that creates a clear reversal, will
tend to keep reversing.
● In addition to the previous point – when price returns to the
same region as the previous break-point, it signals a likely
resumption of the trend. Basically that’s a dip. Buy the dips in a
trend.
● This seems like a flimsy basis for trading, so far. I accept that
fib levels are not a bad way to set entry/exit targets, and I
accept that buying dips in a trend is a good general policy. I
also appreciate the observation about 3 bar swings and
follow-through. What else is there to hold on to here? The
theory about 00, 20, 50, 80 doesn’t seem to be holding up too
much. The breaks in market structure are just a fancy way of
saying ‘trend resumed’. It might also be worthwhile to pay
attention to session times, but Huddleston hasn’t gone into the
killzones concept in any detail yet. Trying to withhold
judgement. Empty your cup, grasshopper.
Pattern Recognition – London Close OTE Short – Fiber
● At the time when you place a trade (buying a dip or a rise) it
won’t feel right because you see price doing the opposite of
what you expect it will do.
● Michael misses a portion of the ideal exit because he falls
asleep – we’ve all been there, but, why not just set a take-profit
(and tighten the stop-loss) when you’re super tired (and then go
to bed)? You expect price to hit that level, if you don’t get
anything higher, so be it?
● Don’t beat yourself up if you don’t execute perfectly – at least
the trade panned out as you planned and it was profitable.
Intraday Scalping Example With Multiple Entries On Bullish Order
Blocks:
● No audio for this video?
● Significant level of 1.1725 marked on chart. I can’t see much
of anything left of this that would lead me to believe this is
significant. How is he so confidently bullish?
● Entering inside an ‘ICT bullish order block’ Did we ever get a
definition for ‘order block’? I guess this is bullish because price
is coming up off 1.11725 which has been identified as a
significant level – shouldn’t this just be 1.11720?
● Seems like typically he would have entered around 1.1740 since
that looks like OTE?
● Places a market order (?) with a sl under the recent swing low
and a tp above the highest visible swing high.
● “ICT journal entry mentioned that if Monday’s high was taken
out, long entry considered” A blue arrow is shown pointing to
this high, except that’s not Monday’s high. It’s a local peak that
occurred later in the day.
● Daily low was set at 3:15 AM NY time ICT London Open
Killzone
● A line is drawn across the body highs of some recent candles,
just above the entry but I don’t know what this is meant to
represent.
● A level (labelled ICT Bearish Order Block) is drawn at 1.11792
for reasons not explained. It looks like he’s using the bottom
of the body of an intermediate swing-high; it’s below the tp
level chosen.
● “If EURUSD trades above 1.11792 I think it will close here”
(indicating a level just below the TP and he uses some
rectangles to make a daily ‘bar’ outline. This is labelled ‘
Expected Projected Daily Range’.
● A blue horizontal line is placed to show the end of day (or end
of killzone)
● It looks like an indicator is activated to show ADR high and low
in amber
● 1.11792 level is deleted (why?)
● SL is adjusted a few pips up (why?)
● Blue daily close time line (or is this the end of the killzone) is
deleted (why?)
● Much more stuff is added to the chart – all a mystery – two
more levels (update: liquidity pool levels – how could we
know?), calculated using rectangles, ‘get ready for some more
luck, folks’. I dunno. I took careful notes, so either this is a poor
choice of order for showing videos, or he is taking for granted
that we know this stuff already.
● A couple more entries are made but not according to any
obvious logic.
● “Convinced yet?” Not quite. You missed your daily high
prediction. You missed your TP levels. I don’t know what the
rationale was for going long. I don’t know how you calculate the
liquidity pool levels (except maybe they’re at the swing high
levels?) You do much with no explanation and then -poof-
magic! How can I know that you didn’t make six videos like this
 over the past few days and this one was the time you got lucky?
For example what if I had been trading on the previous Friday (I
know, he says just don’t) it would have been a miserable failure
– putting the fib on the Thursday spike low up to the swing high
– so naturally, we don’t see that video. If he wants to silence his
detractors – he should have a week-long daily series on one
pair – and leave nothing out.
● Update: I reviewed the 23rd/24th of October using a simulator
with bands and cycles on the chart and it’s clear price is about
to move up on the 23rd and stay up through the 24th, with a
reversal expected late in the day and through the 25th. Update:
this reversal doesn’t happen on the 25th, but the 26th, so the
cycles are steering you wrong at that point.

So, this isn’t improving my entries/awareness much – EXCEPT

– he seems to be very certain that price is going to reach that
1.1792 level (seems to be the 50% retracement anchored from
the spike low on the 18th to the spike high on the 19th/20th)
whereas I would have taken profits after price reached 1.777
and quit once it started to decline. Notice that he cuts his video
off at around 6:03 (video time) maybe because prior to that
price was starting to go against him. Preparing to scrap the
day’s work and wash/repeat with some other setup? However
he’s rescued a couple hours later with a last minute spike up for
the day. And it really is a prodigious spike – going from the
edge of the 79 percent retracement all the way to the 50
percent, just grazing 1.11792. Hard to believe that’s not
significant – some news, maybe? No – looks like the only
significant news was in the morning. At that point my cycles
say, to stay long, but Mike’s convinced that’s the end of the run,
and he turns out to be right. SO…I have to reserve judgment for
now.
Pattern Recognition – NYO Fiber Long Order Block & OTE:
● A video following the previous day’s one – egg on my face so
far.
● It looks like his server day is 3 hours behind mine. His video
starts around 07:45 NY time, which is 05:45 Mountain time,
12:45 GMT which is 14:45 on my trading server, and 11:45 on
his server. So his server is GMT-1 and mine is GMT+2. He put
his trade on at 11:30 his time, which is 14:30 my time, so right
after the video started.
● The idea is that the previous day’s high will be exceeded today.
Note – my cycles are not optimistic about this but they also
miss the mid-day rise. Huddleston doesn’t explain why he
expects the high to be run.
● Bearish divergence – retail’s trying to sell it short –
Huddleston is trading against this. I respect this.
Bullish/bearish divergence is mostly nonsense.
● Fuck tradingview. Why is anyone asking for it???
● I see “ICT Bullish order block, munchkins”, but I don’t get it. He
is seeking ‘liquidity above 1.18’ but why does he suspect there
is any after the recent selling? Why is it bullish, necessarily? I
am still looking for a definition of ‘order block’. The highlighted
section shows a swing low at 13:00 my time (10:00 his time)
but I’m not sure why it’s significant. That would be 11:00 GMT
or 04:00 Eastern (NY) time – so maybe it’s significant because
that’s within the killzone?
● Another hint dropped about the ‘Interbank algorithm’! It will not
be made public, boo-hoo!
● It’s pretty clear I’m wrong and he’s right though. DAAMN. Maybe
a second band would never have allowed me to go short here?
● There will be no encore for Thursday or Friday of this (Oct.
23-27) week.
● My cycles tell me to expect a steep drop on Thursday.
Vindication?
 ● Yes indeed, after a bit more pain, price drops way down to the
OTE area of the day before. I suspect it will make a new low.
Update: Yes it did. In fact it drops like a stone as if making up
for lost time. Huddleston has been trading counter-trend,
overall. How the devil did he figure the up day on the 25th???
Watching this video one more time.
● He draws some lines around the bullish order block –
‘Precision Inc.’ My data’s a little different since I see some
whiskers that pierce below his lines, but still, the point is that
at the body high of the first candle of the swing low, price does
not go much lower. That level is tested twice and each time
goes right back up.
● These price tests might be the ‘block’ that he refers to in his
munchkin comment since he puts that up right after. However,
first order was opened at 11:30 his server time. He allowed
what I think is the ‘bullish order block’ to form, go up, retrace,
and then go up again, before entering at 1.775. He’s looking
for 1.1810 but doesn’t say why that level exactly.
● Still confounded. No choice but to watch more videos, which I
suppose, is probably the whole point. Keep me (and them) on
the hook as long as possible.
Weekly Summary & Discussion – 11/10/17
● This video begins with a slide summarizing the week Nov. 3-9
● Theme is ‘what makes a trade too late to enter’
● Looks like Fib is anchored on body low/high of a move that
occurred during London killzone.
● People who ask ‘where should I enter’ are missing the point.
The most important thing is to know where the market is
(most likely) going.
● I knew ‘they could recapitalize the order block right here” What
does this mean? Mentorship people know this apparently.
● Enters on down-close candles, just like an institution.
● Life happens, and as long as price is below/above the swing
high/low it’s still viable.
● Ability comes with experience.
● Don’t rely on other people to validate your trades. Don’t
become dependent on gurus.
● This time of year the market is crystal clear. This doesn’t fill
me with confidence. So this stuff only works seasonally?
● The marketplace works ‘by allowing liquidity pools to build up
where it makes sense for price to move to after a buy
opportunity has happened’. Something like that.
● These ‘concepts’ will let you find opportunities. Yes, but what
concepts exactly? Could you make a list of them? Could you
make a glossary? So far I can only bring to mind – swing
high/low. Killzones are most likely high/low of the day.
Anchoring fibs on swings chosen by whim. Institutional levels,
0,20,50,80 and of course, the Fib setup from the first video. It’s
not enough. I’m not saying you don’t know the rest but you
haven’t taught the rest, maybe because it’s not mechanical, it’s
instinctive.
● Use the scalping system that I taught you this week. Please.
No system has been taught. Not even whole components of a
system.
● Update 2017-11-19; tested the oct-20-27 week using a wider
band and G( basically band-saw and performed well on every
day. The simple rule is to trust G only when it makes sense with
what happened on the last band touch. So go long when G is
long and the band is bouncing from the bottom, and go short
when G is short and price is coming down from the top band.
This seems to explain things better than Mr. Huddleston can
manage, with all of his killzone stuff. The problem is my system
requires a robot who doesn’t sleep. Unless you only want to
catch part of the move, which could be fine.
● Update2 G can be grossly misled – so bandsaw is not the grail.
ICT Weekly Recap & Table Talk Session – 11/17/17
● Mentions another ICT bearish order block. This time it’s a
monthly one. Looks like a swing high with continuation.
● My tutorials go into great lengths about how to see these
kinds of things (false breaks). No, they really don’t.
● It was either this video or the previous one that Guru
Huddleston unveiled his plan to open up his paid mentorships.
Give away enough information to cause confusion, without
giving enough to ensure independence. Get signups who are
eager to ‘clear the cobwebs’. Pfft. I don’t know. Maybe not.
However the optics are bad.
● He does not adjust for daylight savings time when drawing the
killzones. Half an hour in and he finally says something
concrete.
● Using the killzone indicator is laziness. He wishes he hadn’t
shared it.
● If you expect price to reach up to a ‘big figure’ (no explanation
but I assume he means a whole number to the hundreds place
value) – in this case 1.28, then you should also expect it to go
up 10-20 pips beyond that.
● Equal highs and equal lows ‘ are gold mines’. (x3) They get
raided. Show us a picture. Do you mean double-tops/bottoms?
I guess so.
● Huddleston doesn’t trade using MT4! He gets his demo
account data through ForexLTD and uses the MT4 station only
for training. How does he actually trade? Will not say. Will not
show a track record. After dealing with fx gurus for a while the
inclination is to tar them all with the same brush.
● It’s all the way up to the central bank level. They set the price.
● Look for equal highs and lows first (We can now see that he
means look for ‘flat’ sections where the wicks are trimmed to
the same length)
 ● These areas are where he intends to exit – getting out at this
point or a little higher (basically trading the range)
● Huddleston opens up a bit about his personal life and now I
feel like a dick in my criticism of him. Dale Carnegie would not
approve of my actions. Maybe he is just doing this to fill a hole
in his heart, but then why take money? There are too many
shills out there, and if he can trade he shouldn’t need it at all. If
you’re actually wealthy, be a charity, Huddleston, or think of a
creative way to give back if you need the fee as a filter.
● Mentors: Larry Williams (How I made $1M in commodities last
year), George Angell (S&P 500), Ken Roberts (maybe not?),
Linda Raschke, Larry Connors (Street Smarts), John Murphy
(Intermarket Analysis, Technical analysis of financial markets),
Chris Laurie (asian range)
● A lot of philosophy and history in this one, I can’t do justice to it
all, some of it is inspiring and generally good advice, but I still
feel like I don’t understand any one of his systems. I couldn’t do
the scalping thing with any reliability because I don’t know what
I’m supposed to be looking for, because he couldn’t explain it
succinctly.
Post GbpUsd Rate Announcement Commentary
● Anchor a fib to the most recent swing low to high. Note – it’s
not from the highest high necessarily, just the most recent
swing.
● Any rally arising after a break in market structure should be
‘viewed with suspicion’.
ICT – UsdCad Market Review – Demo Example Long OTE
● A continued swing low = a swing low continuation – a candle
or set of candles that makes a higher low if it’s a swing low.
Basically another chance to cherry pick an OTE entry.
Unbelievable. Actually, very believable. So now, on top of actual
swings, we need to also look at the continuation swings – and
so now we’re placing at least 2 fibs down and trading which
 one? When would we not wait for a continuation swing or
anchor from one?
● Power of 3 is
○ Accumulation
○ Manipulation
○ Distribution
But no explanation of what that means or how it can be spotted.
● Big price moves after the NY open are the result of higher TF
daily actions
● We’re looking for 20 pip gains
● He’s watching EURUSD, GBPUSD, USDCAD and USDX (DXY)
Might be helpful to watch the US dollar a little more carefully;
esp. With anything that’s using it as the base/counter currency.
Also to watch similar instruments (principle of commonality)
● His bias in the trade was long because USDX was in
consolidation. Although I’m not sure about the logic of this, at
least it’s something I can understand.
● His killzone anchor is clearly actually outside the killzone,
technically.
ICT W.E.N.T #5
● Some things were left out – trader’s trinity, stinger patterns.
Why? Because not every tool is applicable to every trader.
● We’ve been exposed to a lot of material. More accurately, a lot
of talking, and a little bit of vague material. I could siphon
through these notes and produce a half-page cheat sheet on
everything that’s clear and worth knowing. Maybe I will.
● Macro trends tend to move in the same direction for long
periods
● Risk on/ risk off explanation – risk off means the dollar rises
as money ‘flies to safety/quality’. Equities go down,
commodities go down, foreign currencies go down.. Risk on
means the foreign currencies go up.
● When the dollar is rallying it might not be a great time to trade
foreign currencies as you’re trading against the flow.
● On DXY we see price has recently broken above a previous
resistance point
● Price came down and bounced up off that level, so we expect
a USD rally. This is a risk-off environment. We’re looking for
sell scenarios for fiber and cable (EURUSD and GBPUSD are
bearish in this environment)
● On GBPUSD a level is drawn with no explanation
● The large down move below this level ‘correlates with the
price earler in the week’ and signals the start of a pound
decline (because we expect a dollar rally).
● With the bearish bias, we expect a rally (a sucker’s play – the
“Judas swing”) around the killzone time This is banksters
bringing price up to a point where they can whack it.
● A fib is drawn from the low just prior to the killzone up to the
high just before yesterday’s close. I haven’t seen a fib drawn
like this before in any of his videos. I can see why criticisms of
cherry-picking get lobbied at Mr. H. It wouldn’t occur to me to
draw a fib from those points. They do just happen to create a
very tidy OTE entry for the setup that’s approaching though.
● “Power of 3” Huddleston begins to explain this and then gets
distracted and doesn’t come back to finish the definition. This is
classic H and is the thesis statement of my criticisms.
● “A really good living. It’s crazy how much money is available.”
From trading or selling mentorships? No, don’t show us any
proof. Forex gurus are really trustworthy so it’s not necessary.
● The daily closing range – high/low will occur around London
close – between 10-12 am NY time, unless there’s some kind
of red news event
● ‘Profit release portion” Sounds pretty fancy!
● Looking at the bar chart (cable) daily view it’s clear that price
(at least in a trend) usually does move past the open level and
 then resumes in the direction of the trend for the bulk of the
bar height. According to Huddleston, this is the ‘Judas Swing’
in action. Admittedly this is pretty persuasive.
● Michael Joe Huddleston promises that you will lose money
but if you listen carefully you will not lose as much as you win.
● 30 pip stop loss. 0.0025 % -¼ of one percent- risk.
● Aug 1 2014 is used as an example but I’m more interested in
Jul 31. Why not show us that one, H?
● “Turtle soup” the false breakout. I think it was mentioned
before but I don’t think I’ve seen a video about it. This is
mentioned as the second of two patterns H trades.
● H has learned the most in the last 8 years of his trading career.
● Lazy doesn’t pay!
● By doing what he tells us he guarantees we will be successful.
Even if that’s true, I guarantee there are at least a few people
too dumb to be successful.
● “If they’re selling you that stuff they are not that good a trader.
I don’t need your money.” Then why are you wasting your time
with paid mentorships. I’m sorry but this is the call of fake
gurus.
● There is a formula using the 5 day ADR (or ATR?) subtracted
from the highest high (or lowest low?) to make a projected
target, but I didn’t really get it. Too many fumbles.
● ICT Average Daily Range indicator. Huddleston doesn’t recall
where he got it, but I found it at this forum. The posting dates
appear to be after this video was recorded though, so this
might not be the origin.
ICT Cheat Sheet
Just the facts with none of the chat.
● Look for past 3 bar swings high and low where a break of a
level might act as support/resistance
● Use fib retracements as per the chart at the top of this
document.
 ● Place fibs on candle bodies, not wicks
● ICT London killzone is a period of time between 2-4 am NY
time, where the high or low of the daily range will likely start.
● The daily range will likely reach its apex/nadir around 10-12
NY time (London close).
● Watch DXY to gauge risk-on/risk-off sentiment. Watch cable
and fiber to react to this.
● When the USD goes up, foreign currencies go down.
● Look for a ‘Judas Swing’, a temporary retracement/dip/rally
against the overall price trend to occur around the London
Killzone time. It should go above the open price.
● Use the fib anchored at any likely spots to guesstimate the
OTE (optimal trade entry)
● Take profits at scaling level, target 1, target 2.
● For macro analysis watch COT data, and mark out likely S&R
levels on MN, W1, D1
● Look for tops/bottoms that are too ‘clean’ (neat, flat) to get
taken out
Am I missing anything else that’s crucial? Add one more point for 12
lessons that can be sold in a future online offer!
Glossary
MH should reference this to help newbies, although it’s clear he
doesn’t use most of these terms anymore.