Price revisit the 4H IMB above while taking out the structural LQ from the left, and respect the IMB by giving a bearish displacement with bearish CHoCH. Let's see if price take out the IRL(BSL) and pullback to the premium of the leg, see how price react to the 4H IMB, if we get another bearish displacement in LTF, showing that price is respecting the 4H IMB without able to pullback higher into the premium of the leg, short is still valid.
Comment:
1H Perspective:
In 1H, we can clearly see there is a EQHs(BSL) sitting below the 4H IMB, price will more likely to be gravitate to this area.
In 1H, we can clearly see there is a EQHs(BSL) sitting below the 4H IMB, price will more likely to be gravitate to this area.
Comment:
Price as expected take out the EQHs (BSL) and respect the 4H IMB. Today, London open has created a Judas Swing, taking out more BSL, if we get a IMB here, it makes the bearish displacement valid, and therefore DXY is telling me a bearish bias.
Price tried to put in a new daily HH twice but failed. It result in 2 large wick to upside and followed by a bearish CHoCH.
Price then react to the daily S2D and is now forming a pullback of the most recent bearish leg, price will more likely to continue lower.