GBPUSD - 17 September 2021 [Part 2]
Current Market Condition: Bullish OF but Bearish Intention
Market Structure (MS) & Order Flow (OF):
Daily: Bullish OF (inner structure), but price give a deep pullback and showing a sign of losing bullish momentum. Price may fail to create a new daily swing high in the near future.
4H: Bullish OF (inner structure), but 4H mBOS found, consider sign of bearish. Price then tap into our 4H OB, a major demand zone but didn't give a strong reaction. Instead, the price is showing a corrective pullback in 1H.
Momentum: Bearish
1H: Bearish, impulsive down move, corrective pullback, showing price has insufficient bullish momentum or haven't ready to continue bullish.
Trade Idea: SHORT
Expect price to continue bearish at least until it break the 1H swing low.
Be aware when price approaching our major supply (1H OB) or the demand (50% of IFC), price could give strong reaction when it taps into these zone.
Market Structure (MS) & Order Flow (OF):
Daily: Bullish OF (inner structure), but price give a deep pullback and showing a sign of losing bullish momentum. Price may fail to create a new daily swing high in the near future.
4H: Bullish OF (inner structure), but 4H mBOS found, consider sign of bearish. Price then tap into our 4H OB, a major demand zone but didn't give a strong reaction. Instead, the price is showing a corrective pullback in 1H.
Momentum: Bearish
1H: Bearish, impulsive down move, corrective pullback, showing price has insufficient bullish momentum or haven't ready to continue bullish.
Trade Idea: SHORT
Expect price to continue bearish at least until it break the 1H swing low.
Be aware when price approaching our major supply (1H OB) or the demand (50% of IFC), price could give strong reaction when it taps into these zone.
Comment:
Reason for playing a LONG here:
As we anticipated price to go higher to the supply zone above and price hasn't reach to that zone yet, we may consider price still has room to go higher.
Price sweep LQ and tap into a major demand (B2S with liquidation) and give a nice 1m CHoCH with follow through, this is a sign of bullish momentum kicking in.
15m view:
1m view:
If price come back down to the demand in descending nature, I will be interest to getting in a LONG.
As we anticipated price to go higher to the supply zone above and price hasn't reach to that zone yet, we may consider price still has room to go higher.
Price sweep LQ and tap into a major demand (B2S with liquidation) and give a nice 1m CHoCH with follow through, this is a sign of bullish momentum kicking in.
15m view:
If price come back down to the demand in descending nature, I will be interest to getting in a LONG.
Comment:
Price moved far away, I took away the pending order for LONG.
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