Current Market Condition:
Market Structure (MS) & Order Flow (OF):
Daily: Bearish OF, price do give a Daily CHoCH but without follow through, the CHoCH isn't convincing enough that price wants to enter a daily pullback.
4H: Bullish OF, Price wick through the previous weak low while putting in a new 4H HH. Price is now coming back to mitigate the wick, not sure whether this level will hold.
15m: Bearish OF & Ranging. Price is moving within the large 15m range since last week, price is now formed another range in the 15m inner structure, we could see price take out the high and low. However, we do see supply is having the control at the moment.
Momentum:
15m: Ranging, price showing indecisive to go up or down.
Liquidity Condition:
In the 15m inner structure, price swept both side LQ during NFP.
Trade Idea: Wait
It's best to wait for price to leave the range or wait for PA to be clear before getting in something.
Something to keep in mind in terms of structure, in 4H we could say the swept indicating a strong low, however in 15m we see that price take out the high first before taking out the low which indicates the most recent momentum is towards downside. If price take out the low first then put in a new 4H HH, we can say price swept the low and fail to close below, demand take back the control so the low is strong as it swept LQ + break structure. However, now the case is price take out the high first before it takes out the LQ. And currently supply is having the control, price might just continue the HTF bearish OF and continue down. No matter what price did, it's a good opportunity to observes how price will react after this kind of PA (I didn't see this happen often before, a good time to learn).
Market Structure (MS) & Order Flow (OF):
Daily: Bearish OF, price do give a Daily CHoCH but without follow through, the CHoCH isn't convincing enough that price wants to enter a daily pullback.
4H: Bullish OF, Price wick through the previous weak low while putting in a new 4H HH. Price is now coming back to mitigate the wick, not sure whether this level will hold.
15m: Bearish OF & Ranging. Price is moving within the large 15m range since last week, price is now formed another range in the 15m inner structure, we could see price take out the high and low. However, we do see supply is having the control at the moment.
Momentum:
15m: Ranging, price showing indecisive to go up or down.
Liquidity Condition:
In the 15m inner structure, price swept both side LQ during NFP.
Trade Idea: Wait
It's best to wait for price to leave the range or wait for PA to be clear before getting in something.
Something to keep in mind in terms of structure, in 4H we could say the swept indicating a strong low, however in 15m we see that price take out the high first before taking out the low which indicates the most recent momentum is towards downside. If price take out the low first then put in a new 4H HH, we can say price swept the low and fail to close below, demand take back the control so the low is strong as it swept LQ + break structure. However, now the case is price take out the high first before it takes out the LQ. And currently supply is having the control, price might just continue the HTF bearish OF and continue down. No matter what price did, it's a good opportunity to observes how price will react after this kind of PA (I didn't see this happen often before, a good time to learn).