EASIEST ICT FX Strategy for Prop Firms (GET FUNDED WITH THIS)
Summary
TLDRThis video script offers a detailed trading strategy for ICT students, focusing on Euro USD or GBP USD trades. It emphasizes understanding the weekly candle direction and using the 'power of three' concept to time entries. The presenter, a funded day trader, shares a step-by-step guide to identify high-probability setups, including analyzing liquidity pools and market structure shifts. The strategy aims to help traders escape the cycle of failing challenges and achieve success in the prop trading environment.
Takeaways
- 📈 The video is aimed at struggling ICT (Infinite Channel Theory) students, offering a strategy to help them succeed in trading challenges and get funded.
- 🤑 The speaker is a funded day trader who manages a significant amount of capital and shares a simple yet effective ICT strategy.
- 🌐 The strategy focuses on trading Euro USD or GBP USD pairs and requires a clear understanding of the daily or weekly chart direction, known as the daily bias.
- 🔍 The importance of observing recent market movements, such as price reactions to buy or sell stops and liquidity pools, is emphasized for making trading decisions.
- 📊 The 'power of three' concept is central to the strategy, which involves trading above the weekly open in a bearish market or below in a bullish market.
- ⏱ The strategy is time-based, aiming to catch the manipulation phase of the weekly cycle, which includes accumulation, manipulation, and distribution.
- 📉 For entry, the strategy waits for the market to move beyond the opening price of the week and then looks for bearish price action during the New York or London trading sessions.
- 📍 The entry point is determined using the 62% Fibonacci retracement level after a swing low has formed, with a stop loss set above the high.
- 🎯 The target for the trade is the draw on liquidity, which may be a significant distance from the entry, potentially offering a high risk-to-reward ratio.
- 🔄 The speaker encourages patience and trust in the analysis, as trades may not move directly to the take-profit level and may experience retracements.
- 🛠 The strategy is described as more advanced and is the speaker's 'bread and butter' setup, designed to catch significant weekly moves in the market.
Q & A
What is the first step in identifying a high probability trade setup?
-The first step is to understand where the weekly candle is likely to expand.
Why is understanding the weekly candle's direction important for day traders?
-Understanding the weekly candle's direction helps traders anticipate market movements and make informed trading decisions.
What pairs should be traded according to the strategy?
-The strategy recommends trading Euro USD or GBP USD.
What is the 'power of three' concept in ICT trading?
-The 'power of three' is a time-based concept involving accumulation, manipulation, and distribution phases in the market.
How should traders mark their charts for the 'power of three' strategy?
-Traders should mark their weekly open on their chart to identify the manipulation cycle for trading opportunities.
What timeframes should be used to confirm market structure in this strategy?
-Traders should use the four-hour chart to confirm the market structure and align it with the daily bias.
What should traders look for on the 15-minute chart?
-On the 15-minute chart, traders should look for liquidity pools, market structure shifts, and price displacements.
What is OTE and how is it used in this strategy?
-OTE (Optimal Trade Entry) involves using the 62% Fibonacci retracement level to set entry orders, typically after identifying a swing low.
Why is patience important when using this strategy?
-Patience is crucial because the strategy aims to capture larger moves based on higher timeframes, which can take more time to develop.
What should traders do if the market moves against their initial position?
-Traders should trust their analysis and be patient, as the market may move back in their favor according to the strategy.
Why is backtesting important for learning ICT strategies?
-Backtesting is important because it allows traders to verify the effectiveness of strategies and build confidence before applying them to live trading.
What sessions are recommended for looking for trades in this strategy?
-Trades should be looked for during the New York or London sessions.
How does one confirm a bearish market structure?
-A bearish market structure is confirmed when the market makes lower lows and lower highs, indicating a downward trend.
What is the significance of marking the weekly open?
-Marking the weekly open helps traders identify the manipulation phase, allowing them to position their trades accordingly.
What should traders do if they are struggling to understand ICT concepts?
-Traders should focus on simplified concepts and easy-to-learn strategies, and consider backtesting to ensure understanding and effectiveness.
Outlines
📊 Introduction to High Probability ICT Trading Strategy
The speaker introduces a trading strategy designed to help struggling ICT (In The Charts) students understand and capitalize on high probability trade setups. The strategy is based on a fundamental ICT teaching and aims to provide confidence and patience when trading. The speaker, a funded day trader, promises to share a simple yet effective approach to pass prop firm challenges, focusing on trading Euro USD or GBP USD with a clear daily or weekly chart direction. The importance of understanding the weekly candle's expansion is emphasized, and the speaker guides viewers through identifying recent stop runs and liquidity pools to gauge market reactions.
🔍 Detailed Breakdown of the Trading Strategy and Entry Points
This paragraph delves deeper into the specifics of the trading strategy, including the importance of trading during the New York or London sessions and waiting for price action beyond the opening price of the week. The speaker discusses the concept of 'bearish price action' and the significance of market structure shifts as indicators for potential trades. The strategy involves looking for buy side raids, which are price movements above a high followed by a strong downward shift, indicating a desire for the market to go lower. The entry strategy is based on the 62% Fibonacci retracement level, with a stop loss set above the high and a take profit target at the draw on liquidity. The speaker emphasizes the importance of patience and trusting the analysis, even when the market moves against the trade initially.
💻 Emphasizing the Importance of Backtesting and Risk Management
In the final paragraph, the speaker highlights the necessity of backtesting strategies using Forex replay software, which is endorsed as the best available tool for this purpose. A discount code is provided for those interested in using the software. The speaker encourages viewers to test the strategies thoroughly before applying them to live trading accounts. The importance of managing risk and being patient with trades that may take more than one day to play out is reiterated. The speaker also invites viewers to join a Discord community for further education and trading opportunities, hinting at an exciting upcoming release. The paragraph concludes with a reminder to manage risk and to engage with the community for support and feedback on trading strategies.
Mindmap
Keywords
💡ICT
💡High Probability Trade Setup
💡Weekly Candle
💡Daily Bias
💡Liquidity Pool
💡Displacement
💡Four Hour Structure
💡Power of Three
💡Market Structure Shift
💡OTE (Optimal Trade Entry)
💡Risk-Reward Ratio
Highlights
The importance of understanding the direction of the weekly candle in trading.
The struggle of an ICT student with chart analysis despite extensive video learning.
The presenter's introduction as a funded day trader sharing a simple ICT strategy.
The strategy is based on the most important teaching of ICT, emphasizing confidence and patience in chart reading.
Focusing on trading Euro USD or GBP USD for the strategy.
Clarifying the daily or weekly chart direction, referred to as the daily bias.
The concept of looking for price reactions to imbalances or liquidity pools.
The significance of the 'power of three' in the context of weekly trading cycles.
Marking the weekly open on the chart for trading decisions based on the power of three.
The requirement for the four-hour chart structure to align with the daily bias.
Waiting for the price to go beyond the opening price of the week for trade entry.
The importance of trading during the New York or London session for higher liquidity.
Using the 62% Fibonacci retracement as an entry point for trades.
The strategy's focus on catching the manipulation part of the weekly cycle for higher profits.
The presenter's offer of a discount code for Forex replay, a backtesting software.
Emphasizing the need for patience and trust in analysis when trading the strategy.
The presenter's invitation for viewers to join their Discord for further education and trading signals.
The teaser for an upcoming release related to trading education and strategies.
Transcripts
I tweeted this morning rather early
asking what the criteria was list the
criteria that
would constitute a
high probability trade setup number one
number one you have to have
some measure of understanding where that
Weekly candle is going to expand to you
are a struggling ICT student who finds
himself helplessly staring at the chart
even after watching dozens and dozens of
videos only to end up failing challenges
and then see others on social media
succeeding and getting funded this
sounds like you then you need to pay
very close attention to what I'm about
to share with you because I'm about to
save you from the Perpetual hamster
wheel of failing challenges and blowing
accounts that most Traders never Escape
I Am A funded day trader managing
hundreds of thousands of dollars in prop
form capital and in this video I'm going
to give you an easy and simple ICT
strategy that I use to pass prop firm
challenges this strategy is based on the
single most important teaching that ICT
has ever shared and I can guarantee you
that you will look at charts with
confidence and patience when trading the
strategy putting up with the Chit Chat
let's go ahead and hop on the charts and
go step by step and look at some live
examples so you can be one step closer
to becoming a funded Trader what's up
everybody I'm super excited for this
video not only because it is the
hands-down best strategy that I've ever
shared with you guys but it involves the
most important teaching that ICT has
ever shared with us so pay very close
attention make sure you watch all the
way to the end and pay attention to all
the details because as with any strategy
if you want to get the same results you
have to follow every single step so step
number one is we're going to be only
trading Euro USD or GBP USD step number
two is that we have to make sure that
the daily or weekly chart direction is
clear AKA The Daily bias so the most
important thing ICT has ever said that
stuck with me all the way from not being
successful to becoming a funded Trader
getting payouts is that our job as day
Traders is to understand which way the
weekly candle is expanding so what we're
going to do that is by this very simple
strategy I'm going to share with you
guys it's not over complicated like most
daily bias stuff the things that I look
for notice the recent run on stops and
the draw on liquidity so what we're
going to do is we're just going to look
for either price running into an
imbalance or a liquidity pool and see
how it reacted so most recently we have
ran into buy stop so the most recent
stop run is to the upside or to the buy
side so after that we're going to look
for liquidity down below if we didn't
displace you know if we run the stops
and we ran out the buy side and price is
moving down then we're going to be
looking for what we're going to be
looking for sell side liquidity is it
going to be under this first low or this
low no it's going to be under the lowest
low here in this little consolidation
because that is where the highest amount
of cell stops reside now another way to
look at this is if we have this
displacement notice how the market
displaced right here so we have this
range and the market failed to displace
up here so we're going to go down to the
internal range liquidity because this is
our most recent displacement look for a
low or imbalance that falls in between
these levels so what we're going to do
next is we're going to hop down to our
four hour chart and we want to make sure
that our four hour structure is in line
so what does that mean well if we have
ran above a daily liquidity pool what we
want to see if we're confirmed bearish
is price making lower lows and lower
highs so we see the market came down put
in a low lower low came up put in a high
lower low we just ran out the highway
didn't close above it then we made
another lower low so the market is
confirmed bearish at this point if you
want to understand the Precision of ICT
you want to understand why ICT works so
well and maybe understand why it's not
working so well for you you need to pay
very very close attention to what I'm
about to share with you remember how I
said that this strategy uses the most
important ICT concept that he's ever
shared with us and that concept is the
power of three so what we're going to be
talking about is the weekly power of
three now what I want you guys to do is
Mark your weekly open on your chart if
we are bearish and we're looking to sell
we want to get in on the manipulation
part of the cycle of the power of three
which is accumulation manipulation and
distribution now the reason that I Mark
the weekly open is because power of
three is a Time based concept sure you
have accumulation of ranges and then
manipulation and distribution where we
just are getting a liquidity run but
that is not the power of three the power
of three is all about selling above the
weekly open if we're bearish or buying
below the weekly open if we're bullish
you can do this with the midnight open
as well you can do this with session
opens there look there's a lot more
about the power of three we're barely
scratching the surface but that is not
within the scope of this video but for
this strategy we're going to be focusing
on after we have gone down the checklist
we have made sure that we understand the
daily bias we've confirmed that with our
four hour structure now at that point we
have our framework so once we have our
framework our game plan is to get in on
the manipulation cycle of this weekly
candle so we're going to be looking for
cells above the weekly open so that is
our next step is to wait for price to be
Beyond opening price so for bearish
we're going to need to wait until the
market dips above this opening price so
now that it's above the opening price
the next step is we're going to wait for
the New York or the London session to
even look for a trade so next we're
going to scale into our 15-minute chart
now something else I want to put out
there is that if you are learning ICT
and you're struggling I have had a lot
of success with people and myself
trading ICT and I've helped a lot of
people so if you want to have very
simplified Concepts and easy to learn
strategies go ahead and subscribe to my
page I really appreciate you guys who've
been with me from the start we've seen a
lot of massive growth recently a lot of
videos recently with a ton of people
that are back testing the strategies
seeing great success getting funded with
the strategy so I mean it's really
awesome to see that and I really
appreciate you guys but yeah go ahead
and subscribe to my channel if you are
learning ICT so let's go ahead and go
down our checklist again just to refresh
your memory remember we're looking at
Euro USD or pound dollar we have our
daily bias the four hour structure is in
line and we've waited until price is
beyond the opening price of the week and
we are waiting to either New York or
London session to look for our next part
of the strategy and this is a 15 minute
liquidity pool or higher taken and then
a market structure shift so we're gonna
be waiting for now that we are above the
weekly open is we're just going to look
for bearish Price action so what is
bearish price action well we're looking
for buy side raids meaning price digging
above a high and then shifting to the
downside showing us that the market is
Desiring to go lower so we're going to
be waiting for the London session or the
New York session so we're in the New
York session right here but we haven't
really gotten any rates to the upside
followed by a displacement Market
structure shift so just because we're
making a lower low that doesn't mean
it's a market structure shift if we're
not displacing then the market is likely
to do what go higher right so if we're
not getting that displacement down we
want to see you know the market push up
above a high and then forcefully move
down that tells us that this indeed was
manipulation we don't want to just play
every single lower low or playoff Wicks
we want that displacement to really
solidify our bias Okay so now we have
came up and taken out some highs we're
almost all the way back Above This high
up here so at this point we're looking
for the market to start giving us those
signals yes we dug under these lows but
it did not display so this is very very
important it has to displace okay so
it's London session notice how the
market came up above that high yes it
came up above it just barely and then we
shift to the downside with Force so we
went Above This 15 minute liquidity pool
we are above the weekly open and we've
gotten our Market structure shift and it
happened during the London session so
we've checked everything off we it's
okay we've checked everything off we're
trading Euro USD the daily bias is
bearish that four hour structure went
bearish after that daily run on stop so
we know that the market is drawing down
it is New York or London session if we
look right here it is actually still
London session at this time and price is
beyond that opening price which is right
here that is our weekly the open so we
are in the manipulation cycle of this
power of three and we have 15 minute or
higher liquidity taken right there's a
15 minute high it was taken and we have
a massive Market structure shift so that
brings us to our entry and our entry
strategy is going to be
OTE so those who don't know OTE is
either the 62 percent the 705 or the 79
Fibonacci retracements I just use these
62 percent here come the people in the
comments coming to correct me I'm sure
what we're going to wait for is a swing
low to form we want to see the market
push back up into this OTE so now if
we're looking at this it's very clear
the market has shown the displacement to
go lower or above that Weekly open we
know the draw in liquidity is lower why
because our daily bias the market came
up failed to displace and then after it
failed to displace the market went
bearish so even if we travel to the
upside during this we know that this is
likely manipulation because we're
trading in the context of the power of
three we're trading above the weekly
open we have a daily bias that is
bearish do not let big pushes against
your buyers scare you because these are
the very opportunities that you look to
enter the market on so what we're going
to do at this point is we are just going
to look for that 62 FIB after we've
formed a swing low we're going to set an
order on that with a stop above the high
and we are going to Target the draw on
liquidity now yes this is a much further
TP than most the strategies that I give
you guys sometimes it's going to be 2R
sometimes it's going to be 7R or 10r
it's not always going to be the same
risk to reward yes this strategy is a
little bit more advanced than some of
the ones I've shared with you guys but
I've been asked a ton to share the
strategies that I myself trade with and
this is my bread and butter setup is
looking to catch that Weekly move so
we've placed our limit I'm using Forex
replay to show you guys this because it
is hands down the best back testing
software there is ICT has said it
numerous times if you're not back
testing then you are not truly learning
and the whole idea here for my videos
and ict's videos is not just to watch
them and then go blast your Live account
on this it's to watch this and then test
it to make sure that it works and if you
want to do that and you use Forex replay
I have a discount code it's in the
description you also see at the bottom
of the screen it's code Casper but you
have to click the link in the
description so so let's go ahead and let
this play out notice the market came up
into our area yes it went a little bit
deeper that's okay it went all the way
up into this fair value Gap this
strategy we're just going to be using
that 62 percent entry trust me you're
going to get high enough risk reward
using that and it just keeps things
mechanical rather than you know fumbling
around trying to figure out whatever
fair value Gap you want to look for now
with this strategy you do not have to
set any TPS you do not have to set your
stops to break even now as you guys
learned this you guys are going to be
able to go out and find things that work
better for you guys I'm not saying that
you can't edit this yourself and take
profits along the way if you do a very
good area to take profits it's going to
be that Weekly open or any one hour
liquidity pools along the way but when I
trade this I am looking to hold this for
the majority of the move and this is
going to usually take more than one day
so we'll just go ahead and let this play
out now don't get scared if the market
comes back against you that's okay you
have to trust your analysis and you have
to let the market play out and do its
thing it's not going to just be a
straight shot to the take profit every
single time we're not trading the five
minute or the one minute chart here this
is going to take some time so you have
to be patient but notice this one trade
got seven and a half R now I'm not
preaching you guys to go for high risk
award all the time but this strategy
which is catching the move of the week
or catching big moves based on the
higher time frames is going to take some
patience and I can tell you with
confidence that myself and some of the
best Traders I know make the most money
on trades that we are able to withstand
the storm on I want you to really
understand how value able it is to
understand the power of three now you
can do this on a daily level as well
just know that if you are bearish on the
day you want to be buying or selling
above that daily open above that Weekly
open above that 8 30 open and if you're
bullish you want to be doing it below
the weekly open below the daily open
below the 8 30 open trust me time and
price is going to give you the Precision
that you look for when it comes to
trading ICT as always if you guys have
any questions please put them down in
the comments if you guys have any
suggestions on videos you want me to
make put those down in the comments as
well if you want to start a free trial
to the Discord code Casper at play a bit
dot info memberships that's where I give
my trades and I do all of my private
education and I have something extremely
extremely exciting that is going to be
releasing very soon so I want you guys
to be hyped about it I'm not going to
say too much about it but just know
there is some really cool stuff coming
on the pipeline but as always guys make
sure you manage your risk make sure that
you're actually testing these strategies
if you want to back test this and at me
on Twitter I want to see your guys test
I want to see how you guys are utilizing
this and if you take any live trades
make sure to add me too because I love
seeing you guys make money and always
remember if you can't see the liquidity
then you are the local
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