The ICT methodology, while presented as "smart money concepts," largely rebrands and reintroduces well-established technical analysis ideas that have existed for decades, some even over a century. Core to ICT is the understanding of market manipulation by "smart money" (institutional traders) who "hunt liquidity" by targeting stop-loss orders of retail traders. The methodology revolves around identifying specific market conditions (expansion, retracement, reversal, consolidation) using ICT-specific tools like order blocks, fair value gaps, liquidity pools, and equilibrium.
A significant critique levied against the ICT method is its reliance on a narrative of a single, centralized algorithm driving price action, which contradicts the fractal nature of markets and the diverse participation of human and algorithmic traders. Many ICT terms are re-inventions of concepts like support/resistance, Fibonacci retracements, and classic chart patterns, often leading to confusion and an inflated sense of novelty among new traders.
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