ICC Refresher | TradesBySci's Discord

About this video

• Video Title: ICC Refresher | TradesBySci's Discord
• Channel: Wick Sauce Ro
• Speakers: Not explicitly mentioned, likely a single speaker.
• Duration: 1:38:33

Overview

This video serves as a refresher on the Incremental Contract Closing (ICC) trading strategy, primarily targeting those already familiar with its basics. The speaker walks through identifying potential trades, marking up charts, and explaining the reasoning behind each action, emphasizing the importance of tracking highs and lows to understand price action and trend changes. The session also touches upon entry conditions, risk management, and the psychology behind trading decisions.

Key takeaways

• Understanding Market Structure: The core of ICC involves tracking highs and lows to identify trends and potential reversals. A downtrend is characterized by lower lows and lower highs, while an uptrend is marked by higher highs and higher lows.
• Indications and Corrections: An "indication" signifies a potential shift in trend, often occurring when price breaks a significant level. A "correction" is a phase where price moves against the established trend, providing an opportunity for a trade entry once confirmed.
• Confirmation is Key: The speaker stresses the importance of waiting for confirmation before entering a trade, comparing it to safe driving practices where one checks traffic before merging. Entering trades prematurely based solely on an indication can lead to losses.
• Risk Management and Patience: Patience is crucial. The video highlights the danger of counter-trend trading without proper confirmation and emphasizes allowing trades room to breathe by setting appropriate stop losses, especially on higher timeframes. Taking partial profits is also advised to safeguard gains.
• New Trader Resources: The speaker mentions an upcoming "ICC Boot Camp" video designed to guide new traders through the fundamentals of the strategy.