💎Normally this would be a bullish Discount FVG, but not once we reach HTF Weekly Inefficiency. And we see this type of break down that followed. ⚠AND we have Seasonal Tendency in play.
We're in the month of August. This is the month you want to take a vacation from everything, especially if you're a trader. You don't want to push it really hard. A lot of damage can be done to yourself so we have to try to respect that measure of risk because this is the month where it becomes very fickle. Some days, the market can be very easy to read, and other days it starts off like it's going to be very easy to see and watch and be a participant in it, and then it just goes wonky. Predominantly, August is really just a month that you want to stand aside on. Just let it do what it wants to do. If you're going to be a day trader or a short-term trader, just be very, very nimble. But you certainly don't want to be trying to do a funded account challenge in the month of August. You don't want to try to do your biggest leverage-type trades in the month of August, because it can hurt you.
**What is a Propulsion block? -**On ESU2023 we have 2 down-close candles, the first one is the order block. And then we have another down-close candle that was eating into the first one, but only about halfway. PB is an order block that digs into a previous order block, you have to define half of the propulsion block. Ff we close below that, which we don't see here, that would become extremely bearish. In other words, we would abandon any bullishness over here. When we return to the first OB, wee wouldn’t look at it as a reclaimed bullish OB. We would be anticipating that it's going to trade lower. ICT believes that even though we didn’t reach the MTH, we are heading towards the Sellside.
Notice that the NASDAQ was a lot weaker. Now, in recent months, NASDAQ has been the performer on the upside. But here we're starting to see signs that now NASDAQ was leading to the downside.
We're seeing a reluctance on the part of the S&P to want to go as low and as fast as NASDAQ. So, that is a characteristic or 🧠signature that indicates that if you're a bear, you'd be better suited to trade short on the NASDAQ.
💎Volume Imbalances can act as Breakaway Gaps.
Notice how NQ failed to make that HH. This is a crack in correlation.
Look at this price action here on ES . This is something you do not see a lot. In 30 years, ICT has seen this five or six times. It's very, very uncharacteristic of a loose, very well-structured marketplace. We're seeing low, high, low, high, low, high, low, higher high, low, chop and then digging into the levels we were looking for. This requires nimbleness.
