Daily Bias Going into Next Week (1/9/23 - 1/13/23)
Updated
This chart represents my attempt at taking market structure analysis to a larger timeframe in an attempt to determine what the most probable direction of the market will be going into next week.
We have several economic news events next week. It seems like you can flip a coin to figure out how the market will react to good news or bad news and whether good news is still in fact good news or if it is bad news! Confusing right? As a novice at technical analysis I am publishing this projection for next week so that it is something that won't just get lost in a folder somewhere. It's here for feedback, critiques, everything is fair game. I'm sure some will think I'm way off, or maybe even spot on. While there are others who think the market is random and there is NO WAY of making educated predictions for where it is headed.
I look forward to and would appreciate all feedback!
We have several economic news events next week. It seems like you can flip a coin to figure out how the market will react to good news or bad news and whether good news is still in fact good news or if it is bad news! Confusing right? As a novice at technical analysis I am publishing this projection for next week so that it is something that won't just get lost in a folder somewhere. It's here for feedback, critiques, everything is fair game. I'm sure some will think I'm way off, or maybe even spot on. While there are others who think the market is random and there is NO WAY of making educated predictions for where it is headed.
I look forward to and would appreciate all feedback!
Note
First day results for the daily bias chart above!ES definitely gave us a mountain between where I thought we would trend down and where we finally did trend down! We ended the day lower than we started and we closed the 4pnt gap that we opened with on Sunday!
If the market is after as much liquidity as possible and was going to close that gap, well, today it definitely delivered! Probably excited a lot of bulls and left several of them on that mountain too as we then descended back down beyond my initial target and closed the gap.
Looking forward to how tomorrow plays out!
Note
Interesting to see how well this daily bias is aging... the week is still young a lot can happen and with this being a news week, we shall see just how "random" my trajectory turns out to be.They just look like squiggly lines but they were placed there with intention. Can you tell why?
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