Market Review - February 23, 2023

URL: https://www.youtube.com/live/IWYhHfcnvGE?si=fyg021hpEY8bfRh9 Watched Date: February 24, 2023

After minute 7 mark - there was no sound on this episode because of a technical error on ICT’s side

Lately, I’ve been focused on higher dollar, with the rejection block and the premium wick’s quadrants in the crosshairs. Until proven otherwise, the bias remains bullish on the dollar.

That means the long-term outlook is still risk-off—suggesting lower prices are likely across all asset classes.

We’ve been expecting higher prices on the dollar, and that’s exactly what we’ve been seeing on the daily chart. But the move is meeting high resistance—not in the sense of a sharp, sudden rally, but rather a slow grind upward. Each time it makes a new higher high, it gives a little back, then grinds higher again.

This kind of lethargic price action means it could easily fail—tomorrow, tonight, or even hold up through the entire week. Since we’ve already made this higher high, I’m choosing to step aside for now. I’m closing up shop with this review and will wait to see how Friday unfolds heading into the weekend.

The market consolidated at the 9:30 opening before driving higher. That push upward sets the tone for a risk-off environment, meaning rallies in ES or S&P, the euro, the British pound, and other foreign currencies are likely to be short-lived. They’ll lose momentum to the upside as sell programs begin for those assets while the dollar continues to rally.

That’s my concern, and it’s why I don’t want to take any trades tomorrow. If you connect the recent lows and project that trendline forward, there’s still room for the dollar to climb on the higher timeframe, with the daily chart aiming to challenge the prior high. But there’s also a chance that line could break. If it does, price could drop into the lower area and still remain bullish overall.

Such a move would frustrate those relying on diagonal support and resistance, which I don’t use or subscribe to. With that in mind, and given how much has already played out this week, I’m content to stand aside for now.

-3 STD was given at London Close

EUR couldn’t make the higher high and that created SMT with Dollar

ES RTH m5 chart

m15 BISI and OB+ was used for a long right after the initial move lower with 9.30 opening (ICT anticipated that move would be a judas swing and a fake one) and ICT pointed out H1 SIBI to be reached and that’s where he aimed for that long

SMT between NQ and ES was a catalyst to go short

He didn’t use the opening range low inside m15 BISI but 8.30 news low to measure standart deviations

AM session high and 8.30 news low and it has given -1.5 STD

after that area is reached - NQ has given bullish SMT with 12pm lunch hour

lastly he points out this displacement lower into m15 BISI he marked out on earlier stream