We were looking for lower prices, none of us were focusing on moves higher in S&P or NASDAQ. We dug down into that, and then the next one. Here is that inefficiency on the weekly chart, which fell short of reaching that there, and then we had a nice retracement off the low formed on Friday, which is TGIF.
TGIF💎: Thank God It's Friday, it is ICT concept where the market will generally retrace 20 to 30 percent of the weekly range on Thursday into Friday or Friday. If it makes a lower low on Friday, then it's later in the day on Friday that it'll happen, generally around when London close occurs. So basically, 10 to noon it can start there. If it's consolidating during that time period, then it's the PM session. So TGIF is really just an expectation of how we retrace off of a Down week and how far from the low, the lowest low up to that point, how far can it retrace back up, and it's 20 to 30 percent.
What’s the next move here?
ICT: Gun to my head
Why is this FVG is being selected? This is an old low where SSL resided. So every time we have a shift in market structure that occurs back above an old area where we would expect SSL to exist, and then we have inefficiencies laid right over the top of that. When price trades back above it, it's going to act as what? An inversion or breaker. And you couple that with TGIF, which is 'thank God it's Friday,' it's usually going to be a 20 to 30 percent retracement on the weekly range. And we've been going lower all week, we've been calling it lower all week, it's been delivering like gangbusters.
