ICT YT - 2023-02-23 - Market Review - February 23 2023
Last modified by Drunk Monkey on 2023-02-24 09:47
Outline
00:34 - Daily chart of the dollar.
01:56 - Long term bias still is risk off, meaning lower prices are likely across all asset classes on the 15th.
03:41 - High resistance, high resistance, and slow lethargic approach.
04:55 - What is the risk to the US Dollar?
Transcription
| 1 | 00:00:34,560 --> 00:00:49,350 | ICT: Thanks. Good evening. Just a real quick review here, the dollar index. And I'll try to go through this as briefly as possible, but still cover the majority |
| 2 | 00:00:49,350 --> 00:01:01,020 | of the salient points. upper left hand corner. That's our daily chart here. Let's maximize that for a moment. So we've seen, we've been looking for higher |
| 3 | 00:01:01,020 --> 00:01:12,660 | dollar, I mentioned this each time we've done our analysis. And I mentioned that we will be gravitating towards the rejection block, this wick consequent |
| 4 | 00:01:12,660 --> 00:01:23,160 | encroachment, which is this level here. So this candles Hi, I'm sorry, this candle is closing price or other is the rejection block. The next level that's |
| 5 | 00:01:23,160 --> 00:01:38,400 | key is the midpoint of this wick, what's the consequent encroachment. And then the hi itself looking at this area up here as the buyside liquidity pool, so |
| 6 | 00:01:38,400 --> 00:01:49,050 | there's the next levels that I have for dollar now it's been a slow grind getting up there, but it's nonetheless it's climbing. Will it continue overnight |
| 7 | 00:01:49,050 --> 00:02:02,280 | into Friday before we close the week. I'm gonna go with that until proven otherwise. So long term bias still is risk off. Meaning lower prices are likely |
| 8 | 00:02:02,550 --> 00:02:04,200 | across all asset classes |
| 9 | 00:02:11,730 --> 00:02:27,300 | on the 15th and timeframe and lower left hand side and see this wick here after dropping below this level, their new day for Thursday trades down attacks, the |
| 10 | 00:02:27,300 --> 00:02:44,910 | sell side accumulates long positions rise to the buy side here intraday Dollar Index and this is going to be on the heels of everything that I called Live. |
| 11 | 00:02:45,120 --> 00:02:55,650 | Today I gave a pre market analysis gave you the fair value gap I was looking for the sell side liquidity that I was looking for. And then real time on Twitter I |
| 12 | 00:02:55,650 --> 00:03:07,080 | was calling all the intraday volatility and what we were looking for. So I gave guidance in terms of tape reading for the E Mini s&p, it was on the basis of |
| 13 | 00:03:07,080 --> 00:03:18,600 | what I'm going to explain here. And why I felt that was likely to do what I was calling for in the tweets. It's important that you understand that it's for your |
| 14 | 00:03:18,600 --> 00:03:26,850 | benefit, I go through the tweets, take the tweets, copy the link for the individual tweets that I'm posting commentary about. And go to trading view and |
| 15 | 00:03:26,850 --> 00:03:35,490 | right click anywhere on the chart for ES on a one minute chart. And click paste in there. I'll put my tweet exactly at the one minute candle. So that way you |
| 16 | 00:03:35,490 --> 00:03:46,800 | can see what I was expecting what I was calling, and nothing can be taken out of context. So we have this lower low here. And while it was doing that, it was |
| 17 | 00:03:46,800 --> 00:03:58,290 | accumulating sell side in a deep discount from this low to the high. And we've been expecting higher prices on dollar, which is what we've been seeing here and |
| 18 | 00:03:59,100 --> 00:04:11,850 | the daily chart. But it's being met with high resistance, high resistance meaning that it's not a quick sudden run, it just keeps grinding higher, gives |
| 19 | 00:04:11,850 --> 00:04:21,210 | back a little bit as every time it makes a new higher high and then it grinds higher again. So it's a real slow, lethargic approach to these levels of here. |
| 20 | 00:04:21,540 --> 00:04:32,490 | It could very easily fail tomorrow. It could fail tonight. It could have kept the entire week right now because we made this higher high which is why I'm |
| 21 | 00:04:32,490 --> 00:04:41,580 | electing to do nothing tomorrow. I'm closing up shop with this review here. And I'm gonna watch and see what we get on Friday going into the weekend. |
| 22 | 00:04:46,590 --> 00:04:59,970 | The market had some consolidation here at the opening at the stock market opened rather 930 And then drove higher. This run higher sets the stage for what risk |
| 23 | 00:05:00,000 --> 00:05:15,660 | Golf, meaning that rallies in ES or s&p rallies in Eurodollar rallies in British pound, all foreign currencies are going to be short lived. And they're going to |
| 24 | 00:05:15,660 --> 00:05:31,890 | run out of momentum to the upside and SEL programs will begin for those individual assets. While dollar rallies right now, this is what my concern is, |
| 25 | 00:05:31,890 --> 00:05:41,730 | is why I don't want to do anything tomorrow. If you look at this low connect this low connect this low, draw that out in time, to me, while I still believe |
| 26 | 00:05:41,730 --> 00:05:55,260 | that we're likely to keep going higher timeframe, daily chart basis, trying to challenge this high up here, we may see a breakdown of this. Suppose it |
| 27 | 00:05:56,190 --> 00:06:05,790 | trendline, I'm not going to draw it because I don't want to have that in my recordings. But I look at that as a reason for them to want to drop it down. And |
| 28 | 00:06:05,790 --> 00:06:17,040 | if it does, it could easily take out this area down here and still be bullish, but it would upset those individuals that like the look at diagonal support and |
| 29 | 00:06:17,550 --> 00:06:29,100 | resistance, which I'm not a fan of and I don't subscribe to that view. So because of that we've already done a lot for the week. My analysis was |
| 30 | 00:06:30,120 --> 00:06:39,930 | satisfactory to my liking. We had a shortened week because of the holiday on Monday. And I'm not watching the clothes shop early and not doing anything on |
| 31 | 00:06:39,930 --> 00:06:51,120 | Friday. So I won't be doing any live streams. I won't be doing any live analysis or tape reading with you through tweets tomorrow either. But in my personal |
| 32 | 00:06:51,120 --> 00:07:02,460 | observation study, I will be watching price but I don't foresee me doing anything specific with any noteworthy attention. I'm gonna be spending it with |
| 33 | 00:07:02,970 --> 00:07:14,700 | my son camera which I showed you how I was working with him this morning in the pre market live stream. So with that said, let's go over to Eurodollar |
- at this point, the mike cut out. Review continues in the Jan 23, 2023 Twitter Space - Market Review Cliff ::Notes Edition::