ICT TERMS AND ABBREVIATIONS

Certain words and phrases, below, are italicized to indicate that they are defined separately, elsewhere in the Glossary. In the following definitions, two abbreviations are used frequently: i.e., meaning "that is"; and e.g., meaning "for example".

A

accumulation --- smart money buying either (1) to enter long positions, or (2) to cover short positions, at or near a swing low (i.e., smart money "buying low")
AD (or A/D) --- accumulation and/or distribution
ADR --- (see average daily range)
A-KZ --- (see Asian Kill Zone)
anticipatory trade analysis phase --- top-down analysis, phase 2: seasonal tendencies, SMT divergences (yields, USDX, etc.), COT report, and key S/R levels
Asian Kill Zone --- nominally 8am-12pm Tokyo time (this time period may be expanded at the discretion of the trader); this is one of 4 kill zones
Asian range --- this term may refer to (1) the 9am-2pm Tokyo time period, (2) the H-L price range within that period, or (3) price action within that H-L range
Asian session --- 9am-7pm Tokyo time (a low-volume trading session, typically characterized by price consolidation within a restricted range)
ATR --- (see average true range)
AU --- AUD/USD pair
Aussie --- nickname of the AUD/USD pair
average daily range (ADR) --- the average of the most recent daily H-L ranges; typically, the last 5 daily H-L ranges are averaged to yield the ADR for day 6
average true range (ATR) --- daily ATR is similar to average daily range (ADR), except that ATR accounts for price gaps (e.g., Sunday gaps), but ADR does not

B

banks (or "big banks") --- top-tier investment banks, participants in the interbank network, engaged in high-volume currency trading --- see list on page 4
bazooka (or ICT bazooka) --- Michael sometimes refers to a standard type 2 oscillator divergence as a "bazooka", to contrast it with the more powerful stinger
BE --- (see break-even)
bear flag --- a fairly tight, fairly short-duration consolidation pattern formed at the bottom of a sharp down-move, marking a pause in the down-move
bias --- (see directional bias)
big figure --- (see figure)
break-even --- the price at which closing a position (either manually, or by being stopped-out) results in zero profit and zero loss
BST --- British Summer Time (BST=GMT+1), the time zone in the U.K. and Ireland between March and October --- see London time
bull flag --- a fairly tight, fairly short-duration consolidation pattern formed at the top of a sharp up-move, marking a pause in the up-move
buy program --- a trending market profile in which the directional bias is up (bullish), and trades in the direction of the trend are long (buys)
buy zone --- given either (1) a HTF bullish bias, or (2) a ranging market, a buy zone is the price range below the pivot (P), or below the TT fair-value zone

C

cable --- one of the nicknames of the GBP/USD pair
central bank --- the entity responsible for overseeing the monetary system of a nation, or group of nations --- see list on page 4
CFTC --- (see Commodity Futures Trading Commission)
Chris Lori --- athlete, fund manager, Forex trader, and teacher/mentor --- often mentioned positively by Michael
City of London (or The City, or The Square Mile) --- the financial district in London
classic Asian session buy signal --- a signal to go long after (1) a late NY session price decline, and (2) an Asian session price bounce off a key support level
classic Asian session sell signal --- a signal to go short after (1) a late NY session price rise, and (2) an Asian session price bounce off a key resistance level
coil expansion pattern --- a consolidation pattern (the coil) which is followed by a break-out (the expansion) whose extent depends on the dimensions of the coil
commercials --- large (futures/options) hedgers whose position sizes require reporting to the CFTC; their net (aggregate) position appears in the COT report
Commitment of Traders (report) --- weekly CFTC report on positions held by 3 classes of traders in individual futures and options contracts (incl. currencies)
Commodity Futures Trading Commission --- U.S. regulator of commodity futures and spot Forex; the CFTC compiles and publishes the COT report
confluence --- occurrence of two or more significant technical levels (e.g., a pivot level and an OTE) at the same (or nearly the same) price on a chart
consolidation --- a time period (consolidation period) in which price moves in a narrow range (consolidation range), typically bounded by short-term S/R levels
correlated pairs --- two currency pairs whose prices move roughly in tandem (example: EUR/USD and GBP/USD; another example: AUD/USD and NZD/USD)
COT (or COT report) --- (see Commitment of Traders report)
CRB Index --- Commodity Research Bureau Index of 19 commodities (agriculturals, metals, oil & gas); the Index is used as one element of inter-market analysis

D

day trade (or intraday trade) --- a trade in which the entry and exit are expected to occur within the same trading day, and the profit target is 30-100 pips
DD --- (see drawdown)
demo --- a practice platform, practice account, or practice trade, etc.
directional bias --- current direction of price movement (as determined on HTF's), deemed to be the trade-able trend (see buy program, and sell program)
distribution --- smart money selling either (1) to enter short positions, or (2) to liquidate long positions, at or near a swing high (i.e., smart money "selling high")
doji --- a candlestick having a very small real body (or no real body), with upper and/or lower wicks of any length; it often indicates a swing high or swing low
double-tap --- given an OTE retracement from a SH (or SL), a double-tap involves taking 1st profit at the SH (or SL), and 2nd profit at a higher profit-target
drawdown --- a measure of account depletion due to accumulated losses
dumb money --- (see street money)

E

EDT --- Eastern Daylight Time (EDT=GMT-4), the time zone in the eastern U.S. and Canada between March and November --- see New York time
EJ --- EUR/JPY pair
EMA --- (see exponential moving average)
equity management --- (see risk management)
EST --- Eastern Standard Time (EST=GMT-5), the time zone in the eastern U.S. and Canada between November and March --- see New York time
ET --- Eastern Time in the U.S. and Canada (New York time) --- ET is either EST or EDT, depending on time of year
EU --- EUR/USD pair
euro --- proper name of the European Union single currency; also, one of the nicknames of the EUR/USD pair
exponential moving average --- a moving average of data from n-number of periods, weighted exponentially to give greater weight to more recent data

F

fair value --- the median price in a previous H-L price range (e.g., a previous Daily price range, or a Trader's Trinity price range); see no-man's land
fib --- shorthand for Fibonacci tool, or Fibonacci level; (note: in common usage, Fibonacci is sometimes capitalized)
Fibonacci extension --- continuation of a Fibonacci retracement scale, beyond the 100% retracement level, typically to 127.2%, 161.8%, 200%, etc.
Fibonacci retracement --- a scale for measuring retracements as percentages of a price range, typically 0%, 23.6%, 38.2%, 50%, 61.8%, 76.4% and 100%
Fibonacci tool --- a price-measuring tool which divides a price range into percentages (see Fibonacci retracement, and Fibonacci extension)
fiber --- one of the nicknames of the EUR/USD pair
fig --- shorthand for figure
figure --- price of the form x.xx00 (also called fig, big figure, full figure, and 00's)
fractal --- (def.1) one of the many price patterns which repeat themselves in all markets, on all time frames from 1-minute (or lower) to 1-Month (or higher)
fractal --- (def.2) a pattern of 5 consecutive candles, in which the center candle has the highest high of the 5 candles, or the lowest low of the 5 candles
fractal high --- in a 5-candle fractal pattern, if the center candle has the highest high of the 5 candles, then that high is a fractal high
fractal low --- in a 5-candle fractal pattern, if the center candle has the lowest low of the 5 candles, then that low is a fractal low
fundamental analysis --- analysis of macro-economic factors (interest rates, inflation, GDP, unemployment, etc.) which influence long-term currency trends

G

general market analysis phase --- top-down analysis, phase 1: analysis of interest rates, USDX, Treasuries, stock indices, CRB Index, and gold and oil
GJ --- GBP/JPY pair
GLGT --- Good Luck and Good Trading (signature used by Michael, and others)
GMT --- Greenwich Mean Time, the world's commercial reference time zone, to which all other time zones are related by "offsets" (e.g., GMT-1, GMT+1, etc.)
GMT pivots --- see London pivots
GU --- GBP/USD pair

H

H&S (or HS, or H-S, or H/S) --- (see head-and-shoulders top)
H1, H4, D1, etc. --- chart time-frames (1-hour chart, 4-hour chart, Daily chart, etc.); expanded list: m1, m5, m15, m30, H1, H2, H3, H4, H6, H8, D1, W1, M1
hammer --- a candlestick (of either color) having a short real body, a very short upper wick, and a long lower wick; it typically occurs following a down-move
hanging man --- a candlestick identical to a hammer, except that it typically occurs following an up-move
head-and-shoulders top --- an ITH (the "head") preceded by, and followed by, a lower ITH; or a LTH (the "head") preceded by, and followed by, a lower LTH
HH --- higher high
hidden divergence --- trend-following divergence (see type 2 divergence)
hidden OTE --- in a strong downtrend, a price move from one STL to the next STL may result in a "hidden" OTE retracement; (or, in a strong uptrend, use STH's)
high probability price patterns --- selected candlestick patterns and chart patterns which reliably signal price direction --- see list on page 4
higher time frame --- for most day traders and short-term traders, HTF means a time frame higher than 1-hour (e.g., 4-hour, Daily, Weekly, or Monthly)
HL --- higher low
H-L --- high-low (or high minus low) referring to a price range (e.g., Daily H-L range, Weekly H-L range, etc.)
Holy Grail (or ICT grail, or ICT holy grail) --- an OTE (either buy or sell) confirmed by a type 2 (hidden, trend-following) oscillator divergence
HTF --- (see higher time frame)

I

ICT --- InnerCircleTrader (may refer to Michael Huddleston, his methodology, his tools, his forum threads, or his videos)
Indi --- (see indicator)
indicator --- a derivative of recent price data, computed by algorithm, which purports to reveal certain trends or tendencies regarding future prices
inside day --- a daily candle with a lower high, and a higher low, than the previous daily candle; usually it signals a trend continuation
institutional level (or institutional price level) --- price of the form x.xx20 (the 20 level), or x.xx80 (the 80 level)
interbank network --- a group of top-tier banks, electronically linked through EBS or Reuters for currency trading among themselves and with major clients
inter-market analysis --- analysis of correlations between interest rates, equities, commodities and currencies during conditions of inflation or deflation
intermediate-term high --- a fractal high preceded by, and followed by, a lower fractal high
intermediate-term low --- a fractal low preceded by, and followed by, a higher fractal low
inverted head and shoulders bottom --- an ITL (the "head") preceded by, and followed by, a higher ITL; or a LTL preceded by, and followed by, a higher LTL
ITH --- (see intermediate-term high)
ITL --- (see intermediate-term low)

J

JST --- Japanese Standard Time (JST=GMT+9), the time zone, year-round, throughout Japan --- see Tokyo time
Judas swing --- a false price move (by smart money) to run stops and lure street money to the wrong side of the market, ahead of the real (opposite) move

K

Ken Roberts --- trading and lifestyle guru, author, and lecturer; Michael credits Ken Roberts with the 62%-79% retracement concept (which Michael calls OTE)
key S/R (or KSR) --- (see key support and resistance levels)
key support and resistance levels --- S/R levels identified on HTF charts (H4, D1, W1), and then transferred to the LTF charts being analyzed or traded
kill zone --- one of 4 high-probability time periods (typically 2 hours each) in which to find trade set-ups using ICT tools; see A-KZ, LO-KZ, NYO-KZ, and LC-KZ
Kiwi --- nickname of the NZD/USD pair
KZ --- (see kill zone)

L

large range day --- a day whose H-L price range (the day's high minus the day's low) substantially exceeds the day's ADR
large specs --- large (futures/options) speculators whose position sizes require reporting to the CFTC; their net (aggregate) position appears in the COT report
Larry Williams --- well-known millionaire commodity trader, author, and lecturer; Michael refers to Larry Williams as one of his mentors
LC --- (see London Close)
LC-KZ --- (see London Close Kill Zone)
LH --- lower high
LL --- lower low
L/NY overlap --- London/New York overlap (both markets open) 1pm-5pm London time, 8am-noon, New York time; see London session and New York session
LO --- (see London Open)
LO-KZ --- (see London Open Kill Zone)
London Close --- 5pm London time, the end of the normal business day in London
London Close Kill Zone --- nominally 4pm-6pm London time (this time period may be expanded at the discretion of the trader); this is one of 4 kill zones
London Open --- 8am London time, the beginning of the normal business day in London
London Open Kill Zone --- nominally 7am-9am London time (this time period may be expanded at the discretion of the trader); this is one of 4 kill zones
London pivots --- daily pivot levels based on midnight London time as the start of each Forex trading day
London session --- 8am-5pm London time; the final 4 hours of this session (the L/NY overlap) are typically the highest-volume period of the trading day
London time --- GMT (October-March), or BST=GMT+1 (March-October) --- Note: Michael always refers to London time as GMT, regardless of time of year
long-term high --- an intermediate-term high preceded by, and followed by, a lower intermediate-term high
long-term low --- an intermediate-term low preceded by, and followed by, a higher intermediate-term low
loonie --- nickname of the USD/CAD pair
lower time frame --- for most day traders and short-term traders, LTF means a time frame lower than 1-hour (e.g., 30-minute, 15-minute, or 5-minute)
LTF --- (see lower time frame)
LTH --- (see long-term high)
LTL --- (see long-term low)

M

MA (or SMA) --- (see moving average)
MACD --- a momentum indicator which tracks the difference between two EMA's, compares that difference to a third EMA, and shows the result as a histogram
major market analysis (MMA) --- (see inter-market analysis)
market flow --- market direction (trend) indicated by the most recent break of a fractal high or low on a HTF chart (H1, H4, D1); compare to market structure
market-maker --- a top-tier bank, a member of the interbank network (where the currency market is literally "made"); see banks, and smart money
market-maker profile ---
market profile --- one of 4 current market environments: consolidation range profile, breakout (real or false) profile, trending profile, and reversal profile
market structure ---an analysis method based on patterns of STH's, STL's, ITH's, ITL's, LTH's and LTL's on higher time frame (HTF) charts (H4, D1, and W1)
MF --- (see market flow)
Michael --- Michael Huddleston (screen-name InnerCircleTrader), veteran American stock/commodity/currency trader, contributor/teacher on the Babypips site
mid fig --- (see mid figure)
mid figure --- price of the form x.xx50 (the 50 level)
Millionaire Traders' Guild --- Michael's thread on the "Show Me the Money - Daytrading" forum, emphasizing a plan-based approach to using the ICT tools
MM --- def.1 (see market-maker)
MM --- def.2 (see money management)
MMA --- major market analysis (see inter-market analysis)
MMP --- (see market-maker profile)
momentum indicator --- a technical indicator (e.g., MACD) which measures the strength of a prevailing trend; it can be used instead of a price oscillator
money management --- the proper use (in planning a trade) of position size, stop-loss, and R/R (reward/risk) ratio in order to limit losses and preserve capital
moving average (or simple moving average) --- the average of the data from the most recent n-number of periods, not weighted (compare to EMA)
MR1, MR2, etc. --- intermediate resistance levels (computed from pivot-point formulas) --- see ICT Pivot-Point Formulas on page 4
MS --- (see market structure)
MS1, MS2, etc. --- intermediate support levels (computed from pivot-point formulas) --- see ICT Pivot-Point Formulas on page 4
MT4 --- a retail trading platform, licensed worldwide to brokers, popular for its MQL4 scripting language allowing creation of EA's, custom indicators, and scripts
MTG --- (see Millionaire Traders' Guild)

N

negatively correlated pairs --- two currency pairs whose prices move (roughly) in opposite directions (example: EUR/USD and USD/CHF)
nested OTE --- an OTE within an OTE --- a smaller (LTF) price swing with an OTE retracement, nested within a larger (HTF) price swing with its (larger) OTE
New York Open --- 8am New York time, the beginning of the normal business day in New York
New York Open Kill Zone --- nominally 7am-9am New York time (this time period may be expanded at the discretion of the trader); this is one of 4 kill zones
New York pivots --- daily pivot levels based on midnight New York time as the start of each Forex trading day
New York session --- 8am-5pm New York time; the first 4 hours of this session (the L/NY overlap) are typically the highest-volume period of the trading day
New York time --- EST=GMT-5 (Nov-March), or EDT=GMT-4 (March-Nov) --- Note: Michael always refers to New York time as EST, regardless of time of year
news --- shorthand for scheduled economic data releases, whose release dates/times are known in advance, and whose metrics are forecast in advance
NFP --- (see Non-Farm Payroll report)
Nick Van Nice --- originator of the concept of hidden divergence (which Michael refers to as type 2 divergence)
no man's land --- on a Trader's Trinity chart, no-man's land is the middle 25% of the (previous) H-L price range; the center of this zone is the fair-value price
Non-Farm Payroll (report) --- U.S. employment report (often a market mover), released on the first Friday of each month by the U.S. Department of Labor
NYO --- (see New York Open)
NYO-KZ --- (see New York Open Kill Zone)

O

OB/OS --- overbought or oversold (this term usually refers to readings generated by a price oscillator)
OHLC (or O-H-L-C) --- Open, High, Low and Close (the 4 prices which are displayed graphically on each candle, or each price bar)
OI --- (see open interest)
One-shot-one-kill --- ICT sniper tactic: Lie in wait (for a set-up), take aim (at the set-up), pull the trigger (enter the trade), nail the target (collect pips)
open interest --- the number of open contracts (those not yet offset or delivered) in a specific commodity/delivery month; one of the metrics in a COT report
open trade reaction phase --- top-down analysis, phase 4: market failure to move, price rejection at S/R, news releases, global events, and/or trader issues
optimal trade entry --- entry zone between the 62% and 79% retracement levels --- note that 62% and 79% are not standard fib retracement levels
OTE --- (see optimal trade entry)
oscillator --- a technical indicator (e.g., RSI, stochastics, or W%-R) which plots price as a percentage (from 0% to 100%) of some variable
outside day with a down close --- an engulfing Daily candle with a lower close; if confirmed by an oversold indicator, it signals a reversal to the upside
overbought --- a price which appears to have moved too far counter to a bearish bias (as indicated by pivots, Trader's Trinity, or any of various oscillators)
oversold --- a price which appears to have moved too far counter to a bullish bias (as indicated by pivots, Trader's Trinity, or any of various oscillators)

P

P (or PP, or CP) --- pivot, or pivot-point, or central pivot (computed from pivot-point formulas) --- see ICT Pivot-Point Formulas on page 4
PA --- (see price action)
Pac-man --- slang term referring to smart money "gobbling up" stops (like Pac-Man gobbling up pac-dots in the 1980's arcade game)
PB&J --- peanut butter and jelly
Perf Chart --- Performance Chart (StockCharts.com), tracks %-change in price over a selected time period, starting from a 0% base-line --- see list on page 4
pin --- shorthand for pin-bar
pin-bar --- a candlestick, of either color, having a long upper or lower wick (or both), signaling market "hesitation" in the direction of the long wick
position trade --- a trade in which the entry and exit are expected to occur weeks, months (or even years) apart, and the profit target is 1,000 pips or more
pound --- informal name of the U.K. currency (proper name: pound sterling); also, one of the nicknames of the GBP/USD pair
Power of Three --- entry immediately after the close of a three-bar high (or low) at a key resistance (or support) level on a Daily chart (advanced technique)
price action --- a method of analyzing and/or trading any market, based only on price patterns and simple price measuring tools, but excluding indicators
profit release phase --- in a typical accumulation/distribution scenario, this is the price range between the accumulation phase and the distribution phase
Pro Traders' Club --- one of Michael's threads on the "Newbie Island" forum, devoted to daily reviews and ICT tool application
PTC --- (see Pro Traders' Club)
pull a fib --- use a Fibonacci tool to delineate a price swing (from initial price to final price) showing Fibonacci retracement levels and Fibonacci extension levels

R

R1, R2, R3, etc. --- resistance levels (computed from pivot-point formulas) --- see ICT Pivot-Point Formulas on page 4
range contraction --- the tendency for a series of large range days to be followed by one or more small range days
range expansion --- the tendency for a series of small range days to be followed by one or more large range days
reflection pattern --- a pattern in which price retraces beyond the OTE zone, the 100% fib retracement, and the 127% fib extension, creating a "reverse" OTE
regular divergence --- trend-reversal divergence (see type 1 divergence)
reversal profile --- an early-day price swing (up or down), taking out a key Daily or Weekly S/R level, followed by a reversal and a larger late-day price swing
rip-tide reversal --- similar to a turtle soup reversal, but based on a false breakout of a SH or SL which formed more than 20 periods prior
risk management (or equity management) --- the combination of money management plus trade management
risk off --- widespread trader attitude (or sentiment) in which high-risk positions are abandoned in favor of lower-risk-lower-return safe-haven positions
risk on --- widespread trader attitude (or sentiment) in which low-risk safe-haven positions are abandoned in favor of higher-risk-higher-return positions
RR (or R/R, or R:R) --- risk/reward ratio (e.g., SL/TP), or reward/risk ratio (e.g., TP/SL), depending on the order in which the numbers are stated
RR tracks --- railroad tracks (refers to two, long, side-by-side candle bodies, with opposite colors, denoting an engineered price reversal)
RSI --- (relative strength index) one of 3 price oscillators (RSI, stochastics, and W%-R) included in the ICT tool-set; use one of these (or MACD)

S

S1, S2, S3, etc. --- support levels (computed from pivot-point formulas) --- see ICT Pivot-Point Formulas on page 4
scalp (or scalping trade) --- a trade in which the entry and exit are expected to occur seconds or minutes apart, and the profit target is 30 pips or less
search and destroy --- a smart money tactic (which savvy retail traders can imitate) of systematically gunning stops above and below a consolidation range
seasonal tendencies --- tendencies of many markets (currencies, equities, commodities, bonds) to make LTH's or LTL's at specific times of year
sell program --- a trending market profile in which the directional bias is down (bearish), and trades in the direction of the trend are short (sells)
sell zone --- given either (1) a HTF bearish bias, or (2) a ranging market, a sell zone is the price range above the pivot (P), or above the TT fair-value zone
session --- daily period of high-volume Forex trading in a particular market, generally 8am-5pm local time (see Asian session for an exception to this rule)
SH --- (see swing high)
shorter time frame --- a time frame shorter than the time frame being discussed; "shorter time frame" is not necessarily synonymous with lower time frame (LTF)
short-term high --- a fractal high which has not evolved into an ITH or an LTH
short-term low --- a fractal low which has not evolved into an ITL or an LTL
short-term trade --- a trade in which the entry and exit are expected to occur within 2 to 5 trading days, and the profit target is 100-300 pips
SL --- def.1 (see stop-loss)
SL --- def.2 (see swing low)
SM --- (see smart money)
SMA --- simple moving average (see moving average)
small range day --- a day whose H-L price range (the day's high minus the day's low) falls substantially short of the day's ADR
smart money --- large banks and certain other institutions which have information on resting (stop and limit) orders -- information not available to street money
Smart Money Tool --- an overlay of line charts of 2 (or 3) correlated instruments, on which short-term price divergences are readily seen --- see list on page 4
SMT --- (see Smart Money Tool)
SMT div --- (see SMT divergence)
SMT divergence --- deviation from the normal positive or negative correlation between 2 instruments on an SMT chart, signaling a potential price move
sniper --- a trader "lying in wait" for a trade set-up to come into range
S/R (or S-R, or S&R) --- (see support and resistance)
sterling --- informal name of the U.K. currency (proper name: pound sterling); also, one of the nicknames of the GBP/USD pair
STF --- (see shorter time frame)
STH --- (see short-term high)
STL --- (see short-term low)
stinger --- in an up move, a bullish type 1 divergence nested inside a bullish type 2 divergence; in a down move, nested bearish type 1 and type 2 divergences
stoch --- (see stochastic)
stochastic --- one of 3 price oscillators (stochastics, RSI, and W%-R) included in the ICT tool-set; use one of these (or MACD)
stop hunt --- a price move engineered by smart money in order to trigger stop and limit orders resting above or below the current market price
stop-loss --- the price level at which a resting order has been placed to close a position at a loss; or, the anticipated loss, in pips, when that price is hit
stops --- loose term referring to buy-stop or buy-limit orders resting above the current market, or sell-stop or sell-limit orders resting below the current market
street money --- market participants other than the smart money; street money is not privy to the inside information on which smart money trades
Sunday gap --- price difference between Friday's close and Sunday's open, representing price movement over the weekend, while the retail market was closed
support and resistance --- significant levels below and above the current market where price has reacted in the past, and might do so again in the future
sweet spot --- the center of the target area for an OTE, at the 70.5% retracement level (which is midway between the 62% and 79% retracement levels)
swing high --- any of the following: a three-bar high, a standard 5-bar fractal high, an intermediate-term high (ITH), or a long-term high (LTH)
swing low --- any of the following: a three-bar low, a standard 5-bar fractal low, an intermediate-term low (ITL), or a long-term low (LTL)
swing point --- when price breaks a swing high (or swing low) for the first time, that swing high (or swing low) becomes a swing point
swing trade --- a trade in which the entry and exit are expected to occur a week or more (up to several weeks) apart, and the profit target is 300-1,000 pips
Swissy --- nickname of the USD/CHF pair

T

TA (or T/A) --- (see technical analysis)
take-profit --- the price level at which a resting order has been placed to close a position with a profit; or, the anticipated profit, in pips, when that price is hit
technical analysis --- market analysis based on price action, with or without technical indicators, but not utilizing fundamental analysis
TF --- (see time frame)
three-bar high --- a truncated fractal high, containing 3 bars (instead of 5), with the center bar having the highest high of the 3 bars
three-bar low --- a truncated fractal low, containing 3 bars (instead of 5), with the center bar having the lowest low of the 3 bars
three Indians climax reversal --- a series of 3 closely-spaced impulse price moves (higher or lower), followed by a price reversal
time and price theory --- the use of (1) higher time frames (H4, D1, W1, and M1) to find key S/R, MS, and MF, and (2) confluences (on LTF's) to time trades
time frame --- usually refers to a chart time frame, such as a 5-minute chart, a 4-hour chart, etc.
time zone --- a designated geographical area whose time-of-day is determined in relation to GMT-time (or UTC-time); example: Moscow time = MSK = GMT+4
Tokyo session --- 8am-5pm Tokyo time --- compare to Asian Session, which includes the Tokyo session plus the (GMT+8) Singapore and Hong Kong sessions
Tokyo time --- JST=GMT+9 (year-round) --- Japan does not observe daylight saving time
top-down analysis --- (1) general market analysis phase, (2) anticipatory trade analysis phase, (3) trade execution phase, and (4) open trade reaction phase
top-down approach --- (see top-down analysis)
TP --- (see take-profit)
TPDS --- (see Trading Plan Development Series)
trade execution phase --- top-down analysis, phase 3: market tone, risk on or off, buy or sell program, HTF S/R levels, MS, MF, time and price, and trade entry
trade management --- management of open trades to (1) reduce trade-risk to zero and protect profits on profitable trades; or (2) cut losses on losing trades
Trader's Trinity --- chart dividing a Daily, Weekly or Monthly H-L range into zones: lower 25% (oversold), middle 25% (fair value), and upper 25% (overbought)
trading plan --- written rules specifying the pairs, sessions, times of day, etc., to be traded; and the analysis methods, money management, etc., to be used
Trading Plan Development Series --- a video series detailing the use of risk management, plus fundamental, inter-market, technical, and top-down analysis
trend line --- an upward-sloping line below a series of progressively higher lows; or a downward-sloping line above a series of progressively lower highs
triangle --- a consolidation pattern bounded by upper and lower lines which converge at a point somewhere to the right of the current candle
TT --- (see Trader's Trinity)
turtle soup --- a smart money trade placed counter (opposite) to a typical "turtle trade", anticipating a failure of the turtle trade (i.e., the turtles get "eaten")
tweezers --- refers to two, long, side-by-side, upper (or lower) candle wicks, with opposite colors, typically at a swing high (or swing low)
type 1 divergence --- price and oscillator diverge, signaling a probable trend reversal --- bullish: price-LL, oscillator-HL --- bearish: price-HH, oscillator-LH
type 2 divergence --- price and oscillator diverge, signaling a probable trend continuation --- bullish: price-HL, oscillator-LL --- bearish: price-LH, oscillator-HH
TZ --- (see time zone)

U

UJ --- USD/JPY pair
U.S. Dollar Index --- the USD measured against a weighted basket of 6 currencies: EUR 57.6%, JPY 13.6%, GBP 11.9%, CAD 9.1%, SEK 4.2%, and CHF 3.6%
USDX --- (see U.S. Dollar Index)
USDX triad divergence ---
UTC --- Coordinated Universal Time; the world's scientific reference time zone; (for our purposes, the following are equivalent: UTC = UT1 = Zulu time = GMT)
W
W%-R (or Williams%-R, or Williams%-Range) --- one of 3 price oscillators (W%-R, stochastics, and RSI;) included in the ICT tool-set; use one of these (or MACD)
Wall Street --- the financial district in Lower Manhattan (New York)
What Every New & Or Aspiring Forex Trader...Still Wants To Know --- Michael's "sticky" thread on the "Newbie Island" forum; starting point for ICT instruction
whiplash long and catapult short --- trading long, then short, when Sunday's open gaps lower; the whiplash fills the gap; the catapult extends the down-move
whiplash short and catapult long --- trading short, then long, when Sunday's open gaps higher; the whiplash fills the gap; the catapult extends the up-move

Y

yen --- proper name of the Japanese currency; also, nickname of the USD/JPY pair

Z

Z-configuration --- a fractal (def.1) price consolidation pattern, seen on all time frames, of which the Z-day is the most often observed
Z-day --- a day of price consolidation within a defined range, clearly bounded by S/R levels; Z-days are often followed by search and destroy stop hunts

Numerical Items

00's --- x.xx00 price level (see figure)
1.28 projection --- this rule says that, if the 2 most recent SL's were n days apart, then the next SH will form (approx.) 1.28 x n days after the most recent SH
18 EMA --- 18-period EMA; together, the 18 EMA and the 40 EMA comprise a moving-average-crossover indicator, useful for day-trading and short-term trading
20 level --- x.xx20 price level (see institutional level)
40 EMA --- 40-period EMA; (see 18 EMA, above, for an explanation of its use)
50 level --- x.xx50 price level (see mid figure)
62 level --- shorthand for the 62% retracement level (not a standard fib retracement level)
70 level --- shorthand for the 70.5% retracement level, which is the OTE sweet spot (not a standard fib retracement level)
79 level --- shorthand for the 79% retracement level (not a standard fib retracement level)
80 level --- x.xx80 price level (see institutional level)

Perf Chart abbreviations (a partial list)

$USD --- U.S. dollar index (see USDX in the alphabetical listing)
$XEU --- the euro priced in U.S. dollars (PHLX pricing, not spot Forex pricing)
$XBP --- the British pound priced in U.S. dollars (PHLX pricing, not spot Forex pricing)
$XJY --- 100 yen priced in U.S. dollars (PHLX pricing, not spot Forex pricing) --- note: this chart is the inverse of a standard USD/JPY Forex chart
$UST1M --- U.S. Treasury 1-month treasury bill
$UST1Y --- U.S. Treasury 1-year treasury bill
$UST2Y --- U.S. Treasury 2-year treasury note
$UST5Y --- U.S. Treasury 5-year treasury note
$UST10Y --- U.S. Treasury 10-year treasury note
$UST30Y --- U.S. Treasury 30-year treasury bond