Bull market
A sustained broad advance; definitions and measurement windows vary.
THE TEZIQUEST LEARNING LIBRARY
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Market Field Guide
Execution, capital and market vocabulary.
Bear market
A sustained broad decline; the common 20% convention is descriptive, not a forecasting rule.
Volatility
The size and variability of returns over a specified horizon; it is not direction.
Liquidity
The ability to execute a given size promptly with limited price impact.
Support
An area where buying previously slowed declines; it can fail.
Resistance
An area where selling previously slowed advances; acceptance above can invalidate it.
Trend
The direction of price structure over a stated time horizon.
Uptrend
A sequence of generally higher swing highs and higher swing lows.
Downtrend
A sequence of generally lower swing highs and lower swing lows.
Sideways range
Price trades between broadly horizontal boundaries without established acceptance outside.
Pullback
A temporary move against an existing trend; continuation is not assured.
Retest
A return to a previously crossed area; its response must be observed.
Candlestick
An interval summary of open, high, low and close; it hides the intrabar path.
Doji
A candle with open and close near each other relative to its range.
Engulfing
A candle body that covers the preceding body; trend and confirmation matter.
Break of structure
A framework label for crossing a relevant swing; definitions and confirmation rules must be stated.
Change of character
A discretionary label for an initial structural change against the prior trend.
Market structure
The arrangement of swing highs, lows, ranges and breaks over a chosen horizon.
Order block
An ICT-style candidate price zone near a prior displacement; OHLC does not prove institutional orders.
Fair value gap
In ICT usage, a three-candle non-overlap between candle one's and three's ranges; filling is not guaranteed.
Liquidity grab
A breach and reversal around a reference extreme; trader intent cannot be inferred from OHLC alone.
Stop loss
An exit instruction or plan that limits intended risk; actual fills can gap or slip.
Take profit
A planned exit target or order; reaching a chart level does not guarantee a complete fill.
Reward to risk
Planned potential gain divided by planned loss, before costs unless stated.
Expectancy
Average expected result combines win probability, win size, loss size and costs.
Position size
The number of units, constrained by per-unit risk, capital, lot rules and execution costs.
Leverage
Exposure larger than posted capital amplifies gains and losses.
Margin
Collateral required for an exposure; it is not the maximum possible loss.
Margin call
A demand to restore required collateral; liquidation policies vary by broker and product.
Equity
Account value including unrealised gains or losses under the account's valuation rules.
Balance
Booked account balance, distinguished from mark-to-market equity.
Drawdown
The decline from an account's previous peak, measured in money or percent.
Compounding
Returns accrue on a changing capital base; losses compound too.
Lot size
A product-specific trading quantity or contract multiplier; conventions vary.
Spread
The difference between the best ask and bid at an instant.
Slippage
The difference between an expected reference price and an actual fill; it may help or hurt.
Pending order
An instruction awaiting its execution conditions; order types and validity vary.
Market order
An instruction prioritising execution at available prices, without a fixed fill guarantee.
Limit order
An instruction to trade at a specified price or better; it may not execute.
Stop order
A trigger-based order that typically becomes a market order; stop-limit is distinct.
Trailing stop
A stop reference that follows favourable movement by a defined amount; gaps remain possible.
Timeframe
The interval represented by each candle, distinct from total displayed history.
Scalping
A short-horizon trading style sensitive to costs, latency and liquidity.
Swing trading
Holding across several sessions to study broader price swings, with overnight risk.
Day trading
Opening and closing within a session; leverage and execution risk still matter.
Hedging
An offsetting exposure intended to reduce a specified risk; basis and costs remain.
Forex
Exchange of currency pairs; quotation, settlement and product rules matter.
CFD
A derivative settling price differences without owning the asset; availability and regulation vary.
Indices
Rule-based measures tracking a selected basket; an index itself is not a share.
Stocks
Ownership interests in a company, subject to business and market risks.
Advanced Frameworks
Study ICT terminology with explicit uncertainty.
Silver Bullet
An ICT setup label tied to specified New York session windows and additional price conditions; the clock alone is not an edge.
Turtle Soup
A false-breakout framework studying a breach and reclaim of a prior extreme.
Optimal Trade Entry
An ICT Fibonacci retracement convention often using approximately 62%–79%; the name does not establish optimality.
Point of interest
A preselected area for observation that still needs a defined trigger and invalidation.
Inducement
A discretionary interpretation of a move that may attract positioning; intent is not observable from candles.
Draw on liquidity
A hypothesis that price may revisit reference extremes; it is not a physical force or certainty.
New week opening gap
A difference between a defined weekly reopen and the prior session close; instruments use different calendars.
New day opening gap
A difference between a defined daily reopen and prior close; session definitions must be consistent.
Market maker buy model
An ICT schematic interpreting accumulation, a possible sell-side sweep and later expansion; it is not proof of a market maker's inventory.
Market maker sell model
An ICT schematic interpreting distribution, a possible buy-side sweep and later decline; confirmation is still needed.
True day open
A framework-specific daily reference, commonly NY midnight in ICT usage; define timezone and instrument.
True week open
A framework-specific weekly reference; conventions differ and must be declared explicitly.
True month open
A framework-specific monthly reference requiring an explicit trading calendar and timestamp.
Premium discount array
ICT vocabulary for price areas relative to a selected dealing range; midpoint labels do not establish fair value.
Higher timeframe
A larger observation interval used to supply context for a smaller interval.
Lower timeframe
A smaller observation interval with more local detail and noise.
SIBI
Sell-side imbalance buy-side inefficiency: ICT terminology typically applied to a bearish fair value gap.
BISI
Buy-side imbalance sell-side inefficiency: ICT terminology typically applied to a bullish fair value gap.
Displacement
An unusually strong directional move relative to recent behaviour; quantify it instead of relying on appearance.
Vacuum block
Non-standard trading vocabulary for a fast-move or thinly traded area; definitions vary by educator.
Market Basecamp
Start with the rules of the market.
Price is an agreement
The last traded price is where a buyer and seller most recently agreed. It is not a guarantee that your next order fills there.
The bid–ask bridge
The bid is a buying quote; the ask is a selling quote. The spread is a trading friction even when an explicit commission is zero.
Market versus limit
A market order prioritises execution at available prices. A limit order constrains price, but it may not fill.
Timeframes tell different stories
One candle summarises one interval. A one-minute move can be a small part of a daily trend. Compare context before mixing signals.
Liquidity and slippage
Liquidity is the ability to trade size without moving price much. Slippage is the difference between an expected and actual execution price.
Virtual profit versus skill
A profitable outcome can follow a poor decision. Judge a process over many documented examples and account for frictions.
Candle Workshop
Read the story inside every candle.
Anatomy of a candle
Open and close form the body. High and low define the full range; wicks show excursions beyond the body.
Doji: pause, not prophecy
A doji has a small body relative to its range. It can show balance or indecision, but context matters more than the name.
Hammer at a floor
A hammer has a small upper body and a long lower wick. After a decline near support, it can motivate a reversal hypothesis.
Shooting star context
An upper wick after a rally may show rejection of higher prices. It is a hypothesis that needs context and confirmation.
Engulfing bodies
A bullish body-engulfing pattern has a second real body that covers the previous real body after a decline. Full wick coverage is a different criterion.
Inside bar patience
An inside bar has a high below the preceding high and a low above the preceding low. Compression does not determine breakout direction.
Momentum Mines
Use indicators without treating them as promises.
Moving averages lag
A moving average smooths past prices. It can help organise trend context but reacts after prices move.
RSI is not a sell button
RSI summarises relative recent gains and losses. A high reading can persist during a strong trend.
MACD crossover limits
MACD compares fast and slow exponential averages. Its signal-line cross is a lagging momentum clue, not an independent forecast.
Golden cross context
A golden cross commonly refers to a 50-period average crossing above a 200-period average. Its meaning depends on timeframe and prior movement.
Volume asks a question
Volume measures traded activity. A breakout accompanied by greater activity may deserve attention, but it can still fail.
VWAP has a horizon
VWAP is the volume-weighted average transaction price over a defined period, often a session. A reset changes the context.
Pattern Detective
Find structure. Define what would prove it wrong.
Support is a zone
Support is an area where demand previously absorbed selling. Zones can break; repeated reactions are evidence, not protection.
Resistance and acceptance
A trade above resistance may be a brief excursion. A close and sustained acceptance above it provide different evidence.
Double bottom confirmation
Two troughs can suggest a floor. The intervening peak is commonly used as a neckline; its break is part of confirmation analysis.
Head and shoulders
A central peak above two smaller peaks is only potential geometry. The neckline and subsequent response matter.
Triangle compression
Converging boundaries describe shrinking range. A symmetrical triangle by itself does not fix breakout direction.
Liquidity sweep versus signal
Price can move through a visible high or low and then return into the range. That is observable; who caused it is usually uncertain.
Risk Shield
Protect the downside before imagining the upside.
The risk budget
A learning risk budget is a chosen loss allowance, not a guarantee. Position size links that budget to the distance to an invalidation price.
Size before you enter
For a simplified cash long, quantity is floor(risk budget ÷ entry-to-stop distance), also constrained by cash available.
Reward relative to risk
A 2R target means potential gain twice the planned entry-to-stop loss. It does not say how likely the target is.
Expectancy is a distribution
In a simplified model, expectancy equals win probability × average win minus loss probability × average loss. Include costs in real evaluation.
A stop is not insurance
A stop may trigger a market order, depending on its type and venue. Gaps and poor liquidity can produce a worse fill.
Drawdown recovery
Percentage losses and gains use different starting bases. Recovering a drawdown requires a larger percentage gain.
Trader Mindset
Practise patience, context and decision quality.
Wait is a valid decision
A clear process includes reasons to avoid a trade. No position can be preferable to forcing a weak setup.
Separate process and outcome
Evaluate whether a decision followed a sound plan before judging its outcome. A planned loss and an impulsive win teach different lessons.
Revenge-trade checkpoint
An urge to immediately recover a loss can drive unplanned risk. A pause and a written checklist interrupt that response.
Earnings versus expectations
Markets react to results, expectations, guidance and valuation together. An earnings increase alone does not determine a price reaction.
Rates transmit through context
Policy-rate changes can affect financing costs, discount rates and demand. Sector exposure and what was expected matter.
Your review journal
A useful review records the setup, evidence, invalidation, risk, decision and outcome. It should also record uncertainty and emotions.