ICT Day Trading Model 5 Lucrative Trade Plan 2024 Charter Price Action (2024)

The key strategy focuses on day tradingDay Trading in Forex is a fast-paced trading style where financial instruments are bought and sold within the same day.... More with an aim to achieve 40 to 50 pips per trade. This model emphasizes preparation, opportunity discovery, trade planning, execution, and management.

Preparation involves noting all medium and high impact events for the markets being followed, studying events for the upcoming week, and considering the current market structure.

It’s essential to determine the IPA data range of the last 20 days, identifying the highest high and the lowest low to define the current dealing range. The plan accentuates the need for detailed notes and thorough study of the individual price action models and supplementary lessons provided.

ICT Day Trading Charter Price Action Model 5 Trade Plan

The trade execution in The Inner Circle Trader model 5 involves specific strategies for both bullish and bearish markets. For bullish scenarios, traders are advised to note the European open price on specific days, filtering longs at or below this price level that overlap in the 15-minute discount fair value gap.

The model recommends using a 5-minute chart institutional order flow entry drill to form inside of retracementIn trading, a retracement represents a temporary reversal in the direction of a financial asset's price, which is part of... More lower during London or New York open kill zones. Similarly, in bearish conditions, traders should note the European opening price and filter shorts that overlap in the 15-minute premium fair value gap, anticipating a 5-minute chart entry drill to form inside of retracement higher during the same kill zones.

The model guides traders to manage trades by setting specific pip objectives and adapting the strategy based on the market movements throughout the week.

🔥 ESSENTIAL TO ICT DAY TRADE

ICT Day Trading Model 5 Trade Plan preparation

ICT Price Action Model #5 Day Trade Plan which aims for 40 to 50 pips per trade. The slide emphasizes the preparation phase of the trade plan, which involves looking back over the last 20 days to define the highest high and lowest low, referred to as the dealing range.

Within this dealing range, traders are encouraged to identify the next draw on liquidity – essentially where the price is likely to move to next, with a focus on points above a Previous Day High (PDH) or below a Previous Day Low (PDL), targeting a minimum of 40 pips.

Additionally, the plan includes searching for a Price Delivery Array (PD ArrayPD arrays, or Premium Discount arrays, are a concept in ICT's teachings that help traders identify key price levels and... More) in the direction of the Weekly Range Bias, as the market may not always move according to your expectations [1]. It's essential to understand that your bias... More, which is part of the trade setup before execution. This preparation is crucial for understanding market behavior and setting up potential trade opportunities.

FAQs for ICT Charter Price Action Model 5 Trade Plan

What is the primary focus of the ICT Model 5 Trade Plan?

The ICT Model 5 Trade Plan primarily focuses on day trading, aiming to achieve 40 to 50 pips per trade.

What are the key components of the trade plan in ICT Model 5?

The key components include preparation (noting important market events), opportunity discovery, and trade planning based on a 20-day IPA data range, along with specific strategies for trade execution in both bullish and bearish market scenarios.

How does ICT Model 5 handleA handle refers to a full point move or 4 ticks in futures trading, such as the S&P [3]. In... More trade execution?

The model involves specific strategies for trade execution, including noting the European open price and filtering trades based on the 15-minute fair value gap, with adjustments for bullish and bearish market conditions.

What is the importance of the 20-day IPA data range in ICT Model 5?

The 20-day IPA data range is crucial for identifying the current dealing range, including the highest high and the lowest low, which informs trade planning and execution.

Is ICT Model 5 suitable for all trading days of the week?

While ICT Model 5 is not day-specific, it tends to focus on trading primarily on Monday, Tuesday, or Wednesday due to higher potential market movements on these days.