ICT 2024 Mentorship Notes by (GatieTrades) - Episodes 1 To 21

ICT 2024 Mentorship Notes by GatieTrades
I do not claim to have created any of the content shown below. This information was provided by
@TheInnerCircleTrader on Youtube, and these are simply notes made by me (GatieTrades)
on his lectures in the 2024 Mentorship.
Disclaimer
These notes will capture the lessons of each lecture but you will be missing out on the benefits
of watching the candles painted live and the tape reading provided by ICT, as well as a large
portion of the psychological lessons provided by ICT. The BEST way to learn is to use these
notes as a place to fall-back too. Enjoy
.I will be updating my notes ideally at the end of each day
Recommendation
I recommend you view these notes and
diagrams in 150% zoom. This way you can
view the VERY KEY annotations on the
charts.
GatieTrades Social Media Links
I livestream live on YT everyday at 9:15am EST and would really appreciate your free
subscription to my channel. Goodluck to all you traders.
https://linktr.ee/GatieTrades
ICT 2024 Mentorship Lecture #1 - August 5th 2024
Introduction
ICT discusses how he will be outlining from A to Z how to build your trading system and rules to
follow to help you be profitable. The purpose of the mentorship is for his son, to have everything
outlined for him to become profitable. The main takeaway is, this will cover everything you need
and more. You will need to learn how to view the markets live, second by second and this
mentorship will teach you that.
The very first step…

1. Determine where you are mentally, do you believe you can do this, are you unsure, what
adversities are you going through
2. Understand there is no time limit to this, you cannot put a time limit on your learning and
profitability, this is toxic and will only lead to it taking even longer. You need to put in the
work, until your goals are reached, period and end of story.
The Algorithm
● Price will do what it is coded to by, based on time first
● Every move in price is coded by the algorithm, and to do so at a specific period of time
● At 8:30, the algorithm will start spooling towards liquidity or an inefficiencies or both
Understanding the Draw on Liquidity

Where the market is drawn to and this is done by studying where price can go, how the market
maneuvers around old highs / lows and inefficiencies, studying and observing.
Manual Intervention
● News events like CPI, FOMC, NFP are not tradeable. This is gambling and you will be in
a very, very bad position. You cannot predict this manual intervention accurately.
Starting Out
1. Focus on the 1 minute, 5 minute and 15 minute time frames. Focus on these highs/lows
and inefficiencies for now because the market will run for these, always.
2. Studying price at specific times (EST) - this will never change.
3. Relative Equal Highs and Lows
- The market goes to places of smoothness, your relative equal highs and lows for
the purpose of running the stop loss orders resting above or below at those
areas.
Simply you are looking on the 1 minute, 5 minute and 15 minute chart to see where is price
“smooth” and where the price is “rough”
Identifying High Probability Relative Equal Highs and Lows
● When there is a failure swing towards a high or low. When the swing high to the right is
lower, you can anticipate them to send price up there, because shorts feel “safe”
Example
● Note the highs / lows and the inefficiencies price is working towards
● Note the “smoothness at the top” and the roughness at the bottom” those are your
relative equal highs above (potential draw on liquidity).
● Note below how the “damage was done” and where the stops were run,
● Later you will learn how your PD Arrays are formed after those stops are run
● This is where and how you will begin to find your high probability pd array, in this case
the orderblock (change in state of delivery), your breaker block and more. You only need
one.
Simplifying it even more…
Between 8:00 and 8:30 identify where there are “smooth” locations on the 1 minute, 5 minute
and 15 minute time frame.
- Understand it does not mean it has to go there this very moment or session
And behold…
● The obvious smooth relative equal highs were taken
● Note how price used the inefficiencies as stepping stones
● The overall context or narrative is the important part, based on those relative equal highs
being smooth, and lower was created rough.
Key Lessons
1. A wick can be used as a gap, the 50% level (consequent encroachment) should be
respected, similar to a fair value gap
2. When annotating a fair value gap correctly, you must include the volume imbalance if it is
located at the fair value gap high or low.
3. If it is NOT the right time of day, it will NOT work time first.
Digging deeper into the time element

You are scanning for where the market is smooth and rough - look for relative equal highs or
lows.IF they are formed on both sides, wait for one side to be turned “rough or jagged. That is
your draw on liquidity. You want to aim for relative equal highs and lows.
The Key 30 Minute Intervals

1. 7:00 to 7:30am
2. 8:00 to 8:30am
3. 9:00 to 9:30am (pre market range)
Introduction
Will consolidate some of the information discussed in lecture 1 and address some of the
complications you may face
The Price Delivery Continuum

● When entering on a 1 minute chart and trying to be precise with your entries and stop
losses (as you should be), you may miss out on moves and not get filled, or lack
precision sometimes.
● The 15 second chart can be used for this reason to look for entries under the 1 minute
time frame, using the price delivery continuum. Although this is not needed, understand
while being precise, sometimes you will miss moves, you should be proud of this. You
are trying to minimize risk, and have precise entries, this is the correct way to trade.
Understanding the Current Framework

Avoid looking at relative equal highs or lows before 7:00am EST. This is digging into the
intricacies of the London Session, and this is out of the scope for now.
The Framework
1. Mark out 7:00am EST with a vertical line
2. Look for relative equal highs or lows to form after 7:00am EST on the 15 minute, 5
minute and 1 minute chart.
3. Note areas that were “smooth” and made “jagged”
4. The next step is to mark the inefficiencies on those same time frame charts
5. After seeing run on a liquidity in one direction, and relative equal highs or lows in the
opposite direction, mark “turning point”. This is where you will be potentially scanning for
entries.
6. This brings the idea of manipulation (run on stops) and then displacement back into the
range.
Look at the Range Times Discussed Earlier

1. 7:00 to 7:30
2. 8:00 to 8:30
3. 9:00 to 9:30
This is 30 minutes of you expecting something different, a manipulation in one direction, and
then a movement in the other direction. Ideally this forms in the way of a “stop hunt” and then
delivery towards relative equal highs or lows.
Example
● The market had a run on stops and went the other direction
● Note the inversion fair value gap (premium array)
● Note how price retraced into the premium array, and formed a bearish fair value gap,
and relative equal lows. Look at the aggressive displacement through the relative equal
lows.
● Key: when the breaker forms, look for an inversion or a fair value gap to overlap within
the breaker. That is your sweet point entry.
● Key: Always note the “First Fair Value Gap” before the stop hunt. That inversion fair
value gap will act as a change in the state of delivery. Stop Loss would be at the breaker
high + 2 points.
● When the delivery has shifted, note the inefficiencies that form in the direction of the shift
Introduction to the New Day Opening Gap and New Week Opening Gap (NDOG/NWOG)
New Day Opening Gap (NDOG)

● The price, or price range from previous days settlement closing price and the next day's
opening price.
● 16:59 closing price to the 18:00 opening price (mark this price or price range low to high)
● This is used as a “gap” and can act as a very strong draw on liquidity
● For the purpose of this mentorship has a lifespan of 5 day
New Week Opening Gap (NWOG)

● The price, or price range from previous week settlement closing price and the next
week's opening price.
● The 16:59 closing price (Friday) and 18:00 opening price (sunday) is the NWOG.
● For the purpose of this mentorship it has a lifespan of 5 weeks.
Example - Marking the NDOG / NWOG

Consequent Encroachment
● The 50% level of any “gap”, this includes
● Fair value gaps, volume imbalance, NDOG/NWOG, opening rage gap, wicks
● Look at these levels in pair with NDOG / NWOG
The Power of Narrative - Why price should move

● The economic calendar
● The draw on liquidity
● Why was AM Session so choppy? There was no news, and in the PM session we had
the bond auction.
● If there is no data (medium or high impact in news in the NYAM) , look to trade the
afternoon session (starting at 1:30).
● Pair the NDOG / NWOG with relative equal lows highs and identify the manipulation
move and then see if price can reach those targets.
A Sample Potential Entry
- Knowing the market is predisposed to go lower with higher probability (relative equal
lows and the NDOG)
- Buystops and sellstops are the lifeblood of the marketplace, real liquidity and why the
market moves. In between all that is the inefficiencies that the market uses.
- The fact we don't touch the CE of the FVG, is very strong bearish confluence
The Economic Calendar

● At the 8:30 news event, you want to wait for the data to be released to trade.
● When there is no 8:30 news event, you can still use the teachings we have learned
because the element of time has been introduced. However with news, they can push
prices a lot more aggressively.
● Notice the choppiness and then the volatility injection at 8:30.
Determining DOL(The draw on liquidity)

● Look at the cluster of the NDOG / NWOGs
● Look at where it is smooth and look to see it go in that direction
● Look at where it is rough and look to see it not go in that direction
● Look at where there are inefficiencies
Note the imbalance premium and the reaction off it aggressively - how far can price go
Studying The Asian Session

● You still must wait for time to be introduced
● Build your draw on liquidity for the asian session, 7:00pm to 9:00pm. This is where you
can use NDOG and build it around the element of liquidity (what makes the market
move)
● Diagram takeaway: note how the algorithm engineers liquidity (true all the time)
Projection Targets and Measured Moves
STDV are measured moves, if the leg lower was “a move lower form 0 - 1” you can measure a
move higher by multiplying it by 2. The same move lower can be expected higher, this is how
you can use STDEV. The -1 STDEV is the measured move of low hanging fruit.
Price Action Review - Pre Market
The Economic Calendar

● Weeks with some days heavy news and other days no heavy news (medium or high
impact), a lot of the time you can see the interest deferred to those days.
● If you are going to trade on the days with no news, understand there are more
opportunities for mistakes and your analysis has more room for errors.
● You can always trade reading price action and time - understanding where the bulk of
retail traders would lose and take advantage of that.
● In these no news conditions
- Give yourself the opportunity to pay yourself, don't worry about being right or
wrong.
- Acknowledge you can be wrong
- Do not go for big home runs and minimize your risk
- You need to learn how to take profits in all trades, volatility can always cause you
to lose your transaction and be right about your idea. It is easy to get lost with
what is happening in the move and anxiety builds up the longer you hold on the
trade when first starting.
- Understand that partials pay.
The Strength of the NDOG / NWOG as a Draw on Liquidity
Revisiting the First Fair Value Gap After 9:30am ET

Economic Calendar
● Very high impact news drivers at 8:30 - NFP / PPI / CPI / PMI, you will see the best
setups form at the silver bullet 10:00am - 11:00 am ET
● It is highly recommend by ICT to wait, these days are naturally the worst performing
days for most traders
● Understand your strengths and weaknesses and stay true to your model. You want to
avoid putting yourself in positions where you begin to make irrational decisions that can
lead to blowing your account, tilting or worse.
Example - PPI, not the difficult price action (Characteristics of markets you want to avoid
Note the market structure - determining high probability conditions

1. Pretend you are bearish and paint a likely scenario to see shorts
2. Pretend you are bullish and paint a likely scenario to see longs
If you are able to paint both scenarios easily, this is a low probability. Your best trades will be
heavily favored towards the side of the market.
The Institutional Order Flow Entry Drill
1. Clear buyside or sellside delivery
2. Clear draw on liquidity and context
3. Entering on the low of a BISI or high of a SIBI - time on your side
When you have the higher time frame charts in alignment with the lower time frame charts, you
will have the best trades because price is always, always trading to a higher time frame level.
Using Wicks as a Gap

1. Long wicks can be used as a fair value gap, especially a news sick
2. You want how price is reacting off the 50% level of the wick, similar to a fair value gap.
- Note: Is it going to respect it or inverse it aggressively.
Example
1. You have a large wick as a potential draw on liquidity - the news wick
2. Note how that wick and the NDOG and the fair value gap all overlap - you can use this
idea to frame trade ideas and a context.
In the next example - look how price uses the wick as an “inversion fair value gap”
The Market Maker Buy / Sell Model
● Price going up towards a poi is the buyside of the curve
● Price going down towards a level is the sellside of the curve
● The swing point of reversal is the smart money reversal
● You can use places that price used as support for liquidity run higher as resistance for
liquidity runs lower - study
● The best entries are when the PDA from buyside of curve overlap with new pd arrays
forming from the sellside of the curve
● Study the chart below
The Smart Money Reversal - Studying the Turtle Soup
● Given the context of the buyside and sellside of the curve and the market maker model
you can look back and study the point of the turtle soup / reversal
● Turtle soup is - selling above an old high and buying below and old low (note context is
the key to turtle soup) … note the diagram below to explain.
Another Look at the Market Maker Buy / Sell Model (not the PD Arrays on each side)
Comparing and Contrasting the Various Gaps
Final Look at the Turtle Soup - Looking at a FVG as a Turtle Soup
● Perfect SL Placement
● Utilizing the Balance price range and the turtle soup
● You can also utilize the order block if that is what YOU see - the same concept applies
Price Action Review

- You want to look for signatures to support your idea
- Right now we are currently very overpriced and want to see lower price, so we are
waiting for signatures
- Note how after taking buy-stops, we did not aggressively move lower back into the
range.
- The key signature we are waiting for is inverting the fair value gap that was used to take
out the buystops (this would be a change of state in delivery)
- Instead we respected the ORG (H)
- We are simply looking for logic to frame a trade, since no signatures formed to support
our logic, we simply wait.
- We are studying how price is being held above the high
Revising the Opening Range Gap

1. ICT recommends you place quadrants into the ORG
2. ICT recommends you use the last 3 days ORGS
3. These offer very nice confluences and frameworks for a trade.
4. This is also true for the opening range from last 3 previous days, this can also be very
influential on price delivery
5. ICT recommends you keep a notepad or separate chart to mark these levels and see the
current market structure to see what the market is referring to and keying off of. IF you
kept all these levels on your chart it will be very clustered.
Ideal Minimum Threshold for a Trade

You need to have a minimum amount you want to see, it does not “need” to reach the target.
For example, taking 15-20 handles off a NDOG
1. 5 handles on ES
2. 15 handles on NQ (if you can see 20 points, you can likely see 15)
Framing a Trade
Rejection of NDOG
The IFVG
The SIBI
The OB
The wick
Studying Price Action Further - The Reclaimed Fair Value Gap
Framing A Trade Idea Using What We Learned

- Sellside liquidity engaged and it can go as low as the previous NDOG
- We want to see, does it form the bullish PD Arrays around this level, or fail to.
- Note the next diagram to frame a trade idea.
Now That Price has Reached the ORG (H) What Do You Need to See?
1. Price disrespected the premium arrays higher, in order to engage the buyside
2. Price to not closed below the ORG / NWOG (L)
3. Notice the back and forth in the next diagram - behold jackson hole symposium event
What To Look For
● Everytime price went down / up it failed to get footing on the PD Arrays
● Notice how we could not get above the NWOG (H) and kept working in the ORG (could
not close above ORG (H)
● Nonetheless eventually we took out the buyside liquidity, but noticed how there was a lot
of room for error.
● Note the final price runs towards the buyside. Study this diagram.
Studying the Wick as a Confluence

Studying the Balanced Price Range
● The blue box is a an inversion fair value gap, and we formed a bullish FVG inside
● Pay CLOSE attention to the balanced price range (beneath the bullish fair value gap
formed, those 4 candles are a BPR at the FVG low because it traveled up down and up
through it again. You DO NOT want to see prices go below that balanced price range
low.
● Those downclose candles can also be used as a bullish orderblock.
● This is one of the ways of how you can find precise stop losses via using the m1 and 15s
chart.
Studying the OLHC / OHLC (How to Hold Trades Longer If You Wish)
- Bullish DOL (note daily chart) - scanning for a OLHC
- Study the intraday chart below for OLHC and the shown IOFED from yesterday
ICT 2024 Mentorship Lecture #13 - August 20, 2024
Running Down Equity and Partial Taking

- When you are long and every short term high that is put and broken, ideally if you CAN,
you are taking a partial at that high and - not moving your stop loss. Once you become
more advanced and know exactly what you are looking for, you can look to take partials
designed for your model.
- This is called running down equity.
- Note the “running down equity” right at the 50% of the volume imbalance, even though
we are anticipating it to go to the high, it does not mean this is a false partial. It does
NOT have to reach that level, in your exact transaction or trade.
Introduction Question : Which Student / Trader Are You?

A. Focus on inefficiencies - can easily spot them, want to trade using them and targeting
them.
B. Focus on highs/lows - can easily spot key highs/lows as a potential draw or take profit
level.
Psychology Tip
● You are going to make mistakes in your trades, partials allow you to avoid INEVITABLE
mistakes.
Daily Chart Analysis

● Noting the entire daily volume imbalance, rejection block and swing high (premium
arrays)
Intraday Chart Focus
● Opening range gap * 70% of the time ORG CE is hit before 10:00am
● Opening range
● The first fair value gap from 9:30 - 10:00 (a very special gap that can be used throughout
the entire trading day). Especially on a ranging day - not as good on a trending day.
Jackson Hole Symposium (News Event)

This is a news event that lasts 3 days and occurs annually. During this week, the entire week,
expect a lot of overlapping, expect difficult conditions where price goes up and down and expect
deep retracements repeatedly before reaching a draw on liquidity.
● Always look to keep trades tight
● Always look to take partials where you can
The Rejection Block - Formation of a Reversal
● A reversal pattern that forms at a swing high
● Note the swing high (commonly known from the wick)
● Note the highest body (open or close) at the swing high, that price level (open or close)
is the rejection block. Anticipate a reversal from this level when in line with bias.
- Important key note: if price forms a rejection block and a CISD (OB), price should
NOT tap into the rejection block. If so ICT kills the trade, as this nullifies the
orderblock.
Price Action Review

1. Daily rejection block
2. First fair value gap
3. Opening range gap
Re-Visiting the Opening Range Gap (RTH Gap)

● Mark out the high, low and the 4 quarters of it. You can use this to grade willingness to
move.
● Mark out the opening range high / low (9:30 - 10:00, these are key highs and lows the
algorithm WILL refer to.
Daily Price Action Review (NY Session)

● Not interested in longs because of price being in a deep premium, and expanding
through Asia and London Session (longs have been profitable)
● Re-using the daily sibi / daily volume imbalance as a HTF PD Array
● Draw on liquidity was ORG 50% and NDOG (we traded to the low)
● Relative equal lows as trailed SL and initial sellside
● Relative equal lows at terminus and final sellside liquidity
Digging Deeper into Friday’s Move
● The premium arrays price were in

- Daily volume imbalance
- Mean threshold of the OB
- Daily volume imbalance high
- The daily rejection block
- The premium wick
● We had fed chair Powell speaking at 10:00am
Digging Deeper - 1 minute time frame (Thursdays move)
● Note the balance price range (ranging condition) that creates HRLR above and
displacement below from it confirms the BPR.
Moving Into Friday Now…

The Event Horizon PD Array
1. NDOG / NWOG above and below where you think price is drawn to
2. Mark the range from the high of the NDOG below to the low of the NDOG above
3. That range is your event horizon.
4. Mark the quarters and watch price respect.
5. Note: you cannot look back 60 days (3 months of trading)
How Far Can Price Go - study the bodies and the NWOG overlapping with the ORG Low
Key Levels
● NWOG
● Discount Opening Range Gap
● Being patient in this opening when things are not that clear, the focus of the next couple
episodes is to
- Sticking / arriving to a bias
- Hurdles that you will face and how to impede them
- Identifying weaknesses in your model or trading
Simple Characteristic of An Easier NY Session

Large opening rage gap - wait for more information (don't feel like you have to get in)
- ICT suggests waiting for the opening range to begin looking for a trade (wait for
10:00am)
- Do not force yourself to be right
- If it is moving and you are not in a trade, relax.
The ICT Ideal FVG Delivery - These are the strongest moves
- Immediate rebalance
- Leaving a gap not completely filled
- Not trading into upper/lower 50% of a gap
The Immediate Rebalance
Beginning to Frame a Reversal

● Note the m15 imbalance - if the bodies start going above it, you can anticipate it to
support price and look for a reversal
● Using the same imbalance - if the bodies displace through it, you can anticipate it to be
an IFVG and use it as “resistance”
● Notice how the bodies failed to displace higher from the m15 FVG
● In this instance, the reversal failed, and the continuation was promising, however offered
no entry, and that is okay, do not chase price.
● The bodies will tell you when “something has changed”
The rest of the ICT lecture discusses a lot of ways you can hinder your progress. A lot of talk on
psychology and things you want to do and avoid.I would recommend you watch the 1h30 - the
finale of this lecture for motivation and psychology lecturing on how to improve your journey and
be efficient in your learning and emotions.
How to Avoid Blowing Your Account

If you win your first trade, you are done. Stay on the sidelines and close the charts if you have a
bad eager to trade.
Trade with one micro when you are starting out, do not chase the ideology of making a lot of
money quick. Do not worry about what others are doing, a lot of them are faking you.
Morning Session Review

● Remember 70% of the time if the gap is more than 30 handles, you will reach 50% of the
gap between 9:30 and 10:00
● Note the first FVG formed - we also had taken out sellside
● Notice how it spends time below the sellside - another indication of a reversal as smart
money is pairing orders long
Understanding “Mohawk”
● This is where a trade can “color outside the lines” and still be considered valid
● You need to understand the DOL and the current market structure surrounding your
trade
● Note the diagram below
Explaining The Trade Execution
PDH and PDL

● You can always use PDH / PDL as reference points to frame a trade, EVEN if they have
already hit those levels
● They are key PD Arrays and algorithmic reference point, it does NOT make it “useless”
● Can be used for drawing on liquidity and turtle soups.
Studying The Morning Session PA

Trade Breakdown - Targeting The Old Daily Low (already ran through
Study Where You Can Take Partials

- Note the IOFED
- Note how we NEVER took the daily EQH level - it does not have to go up there that is
why you take partials
- Study the Entry and SL and what you could have closed in for profits (second diagram)
Price Action Review

● Opened up in deep premium
● We do not want to chase price
● Deep discount ORG and large
● Holiday weekend next week (difficult market)
● Friday a lot of the time will work in Thursday's range or make a slightly higher high /
lower high in the week, do not trade HEAVY on these days.
● Using the old PDH/PDL as an algorithmic reference point as discussed before, they can
always be used.

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ICT 2024 Mentorship Notes by (GatieTrades) - Episodes 1 To 21

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ICT 2024 Mentorship Notes by GatieTrades

GatieTrades Social Media Links

The very first step…

Understanding the Draw on Liquidity

Digging deeper into the time element

The Key 30 Minute Intervals

The Price Delivery Continuum

Understanding the Current Framework

Look at the Range Times Discussed Earlier

New Day Opening Gap (NDOG)

New Week Opening Gap (NWOG)

Example - Marking the NDOG / NWOG

The Power of Narrative - Why price should move

The Economic Calendar

Determining DOL(The draw on liquidity)

Studying The Asian Session

Price Action Review - Pre Market

The Economic Calendar

Revisiting the First Fair Value Gap After 9:30am ET

Note the market structure - determining high probability conditions

Using Wicks as a Gap

Price Action Review

Revising the Opening Range Gap

Ideal Minimum Threshold for a Trade

Framing A Trade Idea Using What We Learned

Studying the Wick as a Confluence

Running Down Equity and Partial Taking

Introduction Question : Which Student / Trader Are You?

Daily Chart Analysis

Jackson Hole Symposium (News Event)

Price Action Review

Re-Visiting the Opening Range Gap (RTH Gap)

Daily Price Action Review (NY Session)

Digging Deeper into Friday’s Move

● The premium arrays price were in

Moving Into Friday Now…

Simple Characteristic of An Easier NY Session

The Immediate Rebalance

Beginning to Frame a Reversal

How to Avoid Blowing Your Account

Morning Session Review

PDH and PDL

Studying The Morning Session PA

Study Where You Can Take Partials

Price Action Review

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