Current Market Condition:
Market Structure (MS) & Order Flow (OF):
Daily: Bearish OF with bullish CHoCH. Major daily structure we are in bearish, however, given that we are mitigating HTF (weekly demand) from the left, and price break a minor daily structure high, we can say it's a sign of bullish momentum kicking in. The only thing is this daily CHoCH isn't convincing enough as price didn't close above after the CHoCH, insufficient evidence to prove bullish momentum follow through. Therefore, the wick through of the minor high could see as a liquidation for refueling the bearish momentum to continue lower.
4H: Bullish OF, price clearly swept the weak low and continue higher. Price is now in the pullback of the 4H bullish leg, we could see price come lower to mitigates the wick and continue 4H bullish OF.
15m: Bearish OF, we are now moving within this 15m large range and supply is now taken back the control, we could see price continue lower and mitigates the demand below.
Momentum:
15m: Price is now showing bearish momentum, in the 15m inner structure, price is now forming LH & LL, bearish OF.
Liquidity Condition:
At the moment, price didn't actually pullback to the significant supply before the BOS, we could say that price is now forming LQ for price to mitigates the supply above to continue lower.
Trade Idea: Short to Long
Daily intention is indecisive. 4H showing bullish intention, 15m inner structure is in bearish OF. In conclusion, I will remain my bias for short as long as price didn't go above the 15m decisional supply until price tap into the demand below and gives a 15m CHoCH. Play short until price mitigates the demand and look for Long if bullish intention found.
Market Structure (MS) & Order Flow (OF):
Daily: Bearish OF with bullish CHoCH. Major daily structure we are in bearish, however, given that we are mitigating HTF (weekly demand) from the left, and price break a minor daily structure high, we can say it's a sign of bullish momentum kicking in. The only thing is this daily CHoCH isn't convincing enough as price didn't close above after the CHoCH, insufficient evidence to prove bullish momentum follow through. Therefore, the wick through of the minor high could see as a liquidation for refueling the bearish momentum to continue lower.
4H: Bullish OF, price clearly swept the weak low and continue higher. Price is now in the pullback of the 4H bullish leg, we could see price come lower to mitigates the wick and continue 4H bullish OF.
15m: Bearish OF, we are now moving within this 15m large range and supply is now taken back the control, we could see price continue lower and mitigates the demand below.
Momentum:
15m: Price is now showing bearish momentum, in the 15m inner structure, price is now forming LH & LL, bearish OF.
Liquidity Condition:
At the moment, price didn't actually pullback to the significant supply before the BOS, we could say that price is now forming LQ for price to mitigates the supply above to continue lower.
Trade Idea: Short to Long
Daily intention is indecisive. 4H showing bullish intention, 15m inner structure is in bearish OF. In conclusion, I will remain my bias for short as long as price didn't go above the 15m decisional supply until price tap into the demand below and gives a 15m CHoCH. Play short until price mitigates the demand and look for Long if bullish intention found.
Comment:
Continuation Short opportunity:
