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Smart Money Concepts

Core vocabulary — internalize these first

ICT is a discretionary framework, not a proven edge. No independently verified backtest. Many concepts are renamed prior art (OB ≈ supply/demand, premium/discount ≈ Fib zones, liquidity sweeps ≈ stop-hunts). Treat it as useful vocabulary and structure — not a verified system.

Sources: ICT-HUB-RESEARCH-2026-06-29 (alansmith/guy-vault); innercircletrader.net; Phidias Propfirm "Is ICT Legit?" (2025)

Order Blocks ICT

Order blocks are where institutions historically placed large orders. The key is the last opposite-color candle before a displacement — that's the zone where unfilled institutional orders sit.

Bullish Order Block

The last bearish (down) candle before an up-move. Institutions were accumulating on the sell side — when price returns, they buy again.

→ Price returns here → look for long entries

Canon definition: last opposite-color candle before displacement — not "before the down-move" as a lay description might imply. It is the last bearish candle that precedes the up-displacement.

Source: ICT-HUB-RESEARCH-2026-06-29; innercircletrader.net

Bearish Order Block

The last bullish (up) candle before a down-move. Institutions were distributing on the buy side — when price returns, they sell.

→ Price returns here → look for short entries

Source: ICT-HUB-RESEARCH-2026-06-29; innercircletrader.net

Reading it on the chart — bullish OB
Candle 1
Down move begins
Candle 2
Down move continues
← OB
↓ Last BEARISH candle before displacement UP
Candle 4
← displacement UP — OB is below here
Candle 5
↓ price returns DOWN to OB zone → long entry
Canon note — Order Block color: some ICT practitioners measure OB from the close of the reference candle (not its wick). Huddleston himself has given contradictory guidance in different tutorials. When labeling an OB on your chart, use the candle body as the zone boundary unless your specific mentor specifies otherwise — be consistent within your own practice.

Breaker Block vs. Mitigation Block

A Breaker Block is a failed Order Block that flips polarity — price returns, sweeps it, and reverses, turning the OB into support-turned-resistance (or vice versa). It's a reversal signal.

A Mitigation Block is a continuation signal — price returns and passes through without sweeping. Don't conflate the two.

Fair Value Gap ICT

A FVG is a 3-candle imbalance where price moved too fast in one direction to trade in the middle zone. It's a void — institutional activity left a gap that price often returns to "fill" before continuing.

FVG = institutional displacement → void between candle-1 high and candle-3 low (or vice versa)

Bullish FVG

Candle-1 high → candle-3 low on a 5-min chart. Institutions pushed up fast; the space between didn't get traded.

Price often returns to fill the gap before continuing up.

Measure wick-to-wick, not body-to-body. Body-to-body is a volume imbalance, not an FVG.
C1
C2
← the GAP (untouched)
C3
Gap
C1 high → C3 low = bullish FVG

Source: ICT-HUB-RESEARCH-2026-06-29; innercircletrader.net

Bearish FVG

Same structure, opposite direction. Measured wick-to-wick — candle-1 high to candle-3 low (the space is below the bodies, not between).

Price often returns to fill the gap before continuing down.

Same wick-to-wick rule. Don't measure body-to-body — that catches volume imbalances, not FVGs.

How FVG and OB interact

A displacement candle leaves behind both an FVG and an OB (the candle just before the displacement is the OB; the gap it creates is the FVG). They often appear together — use both to confirm the entry zone.

The OB gives you the fair price zone; the FVG confirms institutional displacement confirmed the direction. You want both in the same area.

BOS, MSS, and CHoCH ICT

Market structure describes the sequence of highs and lows — how you label them determines whether you're seeing a trend continuation or a reversal signal.

Term What it means Signal type
BOS
Break of Structure
Price breaks a prior high/low with the trend. A bullish BOS = price makes a higher high after a higher low. Trend continuation
MSS
Market Structure Shift
A counter-trend break of structure — price breaks a prior high/low against the trend direction, with displacement (a strong candle that closes beyond the structure level and leaves an FVG).
MSS is ICT's primary reversal signal. A break without displacement is not an MSS.
Reversal
CHoCH
Change of Character
An SMC-community term, not Huddleston's own. Broadly means the same thing as MSS — a shift in market character/structure. However, the distinction between CHoCH and BOS is inconsistently defined across ICT tutorials. ICT practitioners: use MSS as your reversal label; use CHoCH as a secondary/variation label and know the community meaning differs from any single canonical definition. Reversal (community)
Ambiguity — "BOS without displacement": Some ICT tutorials accept a BOS without requiring a full displacement candle. Huddleston's core teaching is that displacement = institutional activity. Without the displacement candle, you're reading price action, not ICT structure. Default to requiring displacement for any structural break.

Liquidity Pools ICT

Institutional orders are parked at predictable locations — above highs and below lows. Price targets these zones to "sweep" stops before reversing. Identifying liquidity pools is the first step in every ICT setup.

Buy-Side Liquidity (BSL)

Stops and buy orders sitting above equal highs, swing highs, or the high of a prior range. Price sweeps upward through these stops, triggering the buy orders, then reverses down.

→ Look for shorts when price grabs BSL

Sell-Side Liquidity (SSL)

Stops and sell orders sitting below equal lows, swing lows, or the low of a prior range. Price sweeps downward through these stops, triggering sell orders, then reverses up.

→ Look for longs when price grabs SSL

If you're stopped out right at a high or low, you were probably caught in a liquidity sweep — not wrong about direction, just wrong about timing. Identifying the pool before the sweep and waiting for confirmation (displacement + MSS) is how you avoid being the liquidity.

The setup sequence — how it works

  1. Liquidity sweep: price grabs equal high/low or stop cluster — BSL or SSL taken.
  2. Displacement + MSS: strong candle displaces through structure with an FVG — institutions have confirmed direction.
  3. Entry: wait for price to return to the FVG or OB the displacement left behind; enter on the retest, not the sweep.
The whole setup is a sequence — a liquidity sweep alone is not a signal, and displacement without a prior liquidity grab is less preferred. The sweep identifies where the smart money is; the displacement confirms when it's moving.

Source: ICT-HUB-RESEARCH-2026-06-29; innercircletrader.net tutorials

Premium / Discount Zones ICT

Premium and discount describe where price is relative to equilibrium (the 50% midpoint of the dealing range). ICT practitioners prefer to sell in premium and buy in discount — institutional flow runs against retail positioning.

Zone Definition Bias
Premium Price above 50% of the dealing range (equilibrium) Sell setups preferred
Discount Price below 50% of the dealing range (equilibrium) Buy setups preferred
Equilibrium 50% retracement of the chosen range (prior session, daily range, or custom range — specify what range you're using) Reference only — not a magnetic target
Ambiguity — "dealing range" definition: ICT doesn't rigidly define the dealing range. Common choices: the prior session's range (e.g. NY AM session high-to-low), the daily range, or a custom range you define. Label the range you use — "premium relative to what?" is the honest question every ICT trader should be able to answer on their chart.
Premium/discount is range-relative, not absolute. You're not "always selling above $4000" — you're selling when price is in the upper half of this session's range. Context defines the zone.

Source: ICT-HUB-RESEARCH-2026-06-29; innercircletrader.net

Killzones at a Glance

Killzone Window (ET / NY local) Notes
London Open 02:00–05:00 AM ET First Asian range highs/lows broken; volume fades as London fades
NY AM (Indices) 08:30–11:00 AM ET Highest volume of the day; NYSE open + 30 min = peak inefficiency ★
London Close 10:00 AM–12:00 PM ET Common liquidity grab window
Silver Bullet — London 03:00–04:00 AM ET Liquidity grab within London killzone
Silver Bullet — NY AM ★ 10:00–11:00 AM ET Prime sub-window of NY AM; most reliable Silver Bullet
Silver Bullet — NY PM 2:00–3:00 PM ET Third official Silver Bullet; afternoon range grab

Source: ICT-HUB-RESEARCH-2026-06-29; ICT Kill-Zone PDF (community-verified)

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