Summary — “The Measure of the Tape” (Shotgun Saturday, Feb 18, 2023)

– Core idea: learn to “measure the tape” — read real price action and order flow, not indicators or pattern superstition. Let price tell the story; wait for clear, time‑of‑day signals before trading.
– Three unavoidable uncertainties traders must accept: Black Swan events, the unknown Sunday/new‑week opening gap, and the unknown new‑day (6pm) opening gap. These create gap risk and require discipline.
– Practical framework: form a higher‑timeframe bias (e.g., risk‑on/risk‑off indicated by the Dollar Index), then use intraday templates (15‑min / 1‑min) and annotated levels (new‑week opening gaps, daily volume imbalances, fair‑value gaps) to watch how price behaves.
– Key price signals to act on: shifts in market structure, runs on stops, and breakers — not hindsight patterns. Extend important daily/weekly imbalance levels through the week and trade around them.
– Tools & workflow: keep separate chart templates for specific tasks, toggle TradingView to RTH (New York time), use 15‑min for intra‑week context and 1‑min for live tape reading; keep a notepad/journal rather than cluttering charts.
– Teaching point: pick one PD/array setup that fits you and master it. Students develop at different paces; hindsight recognition will precede real‑time skill.
– Week review example: prior bias (risk‑off, dollar higher) predicted CPI‑driven manipulation and subsequent moves; following the annotated imbalances explained the week’s consolidation and later expansion.
– Philosophy & delivery: Michael will livestream and teach publicly every trading day through mid‑November to demonstrate methods live and for free — no future paid mentorships planned. He emphasizes proving concepts transparently (what he calls “no safety net”).
– Personal motivation: he’s sharing long‑held institutional knowledge to help others prepare for hard economic times, encourage disciplined practice, and promote purpose‑driven use of trading profits (giving, humility).
– Behavioral advice: focus on disciplined study, keep a trading journal, avoid chasing image/instant wealth, trade for realistic goals (even modest recurring income helps), and develop generosity and character alongside skill.
– Logistics: no live trading on Monday (bank holiday); a prerecorded lecture will be posted. Continue following the daily live sessions and reviews to build real‑time tape reading skills.

QUIZ

1) According to ICT, which of the following is NOT one of the three specific uncertainties traders must embrace?
A. Black Swan events
B. Where Sunday price opens
C. The exact size of your position
D. Where the gap opening price at 6 PM will be

2) Why does ICT say he no longer speculates as much on Sundays or holds many weekend trades?
A. Because liquidity is always higher on Sundays
B. Because there’s too much gap risk over the weekend
C. Because indicators are more reliable on Sundays
D. Because market makers stop trading on Sundays

3) How does ICT define the “new week opening gap” (NWOG)?
A. As a random intraday level that rarely matters
B. As fair value: a static value between Sunday open, Friday close, and the midpoint
C. As only relevant in trending weeks and not in consolidations
D. As an indicator-generated signal from moving averages

4) What did ICT state about charging for mentorships as of February 18, 2023?
A. He will begin charging more for mentorships
B. He will resume charging a small fee next month
C. He will absolutely never charge for a mentorship ever again
D. He plans to offer paid mentorships to select students only

5) What TradingView display setting does ICT recommend toggling to see New York session gaps clearly?
A. Keep default ETH (Electronic Trading Hours)
B. Switch to RTH (Regular Trading Hours)
C. Use UTC timezone only
D. Disable all session filters

Answer Key and evidence

Q1 Correct answer: C
Evidence: “so in your notes you want to write this down there’s three uncertainties that you have to embrace … number one Black Swan events … the second is we do not no one knows … where the new week Sunday price opens … number three where the gap opening opening price at 6 PM will be” (timestamps: 0:02:54.720–0:04:36.800)

Q2 Correct answer: B
Evidence: “this is the reason why I don’t speculate as much on Sundays anymore I don’t do a lot of the over the weekend holding of Trades anymore because there’s too much Gap risk” (timestamps: 0:06:58.139–0:07:11.759)

Q3 Correct answer: B
Evidence: “new week opening Gap is fair value it’s a static value between the opening price on Sunday and the closing price on Friday and the midpoint of that which is consequent encroachment those three specific price levels are going to be very very sensitive throughout the spectrum of a trading week” (timestamps: 0:32:56.880–0:33:19.860)

Q4 Correct answer: C
Evidence: “it’s February 18 2023 Michael Huddleston will absolutely never charge for a mentorship ever again I’m never doing it I’m never doing it” (timestamps: 1:23:05.940–1:23:16.760)

Q5 Correct answer: B
Evidence: “toggle that and trade it to I’m sorry switch it to rth regular trading hours and when you toggle that and trade it to … you’re going to see all the new new date Gap more or less converge within those two volumet balances” (timestamps: 0:58:38.339–0:58:51.720)