Current Market Condition:
Market Structure (MS) & Order Flow (OF):
Weekly: Bullish OF with bearish intention, after price swept monthly structural LQ and again mitigates the monthly supply, price give a weekly demand failure. From the way price approach the supply zone, it's quite ascending, we could see price reverse from here.
Daily: Bullish OF with bearish momentum. Structurally we are bullish but price has now move back down into the daily extreme demand level with quite strong bearish momentum.
4H: Bearish OF, we can see price reached a 4H S2D zone (major demand) and give us some reaction but no follow through found.
1H/15: Bearish OF, price is now trying to put in a new LL. If price break and close below, bearish OF would consider continue.
Momentum:
Daily: Bearish momentum is strong, as we can see price almost retraced 70-80% of the most recent bullish leg without showing a significant corrective PA. The way price move down is quite impulsive although it do pause and range a bit in the middle of the leg.
4H: Price give small reaction to the major demand zone, however price could retrace higher even mitigating such a strong demand zone which tells us that bearish momentum is still very strong.
Liquidity Condition:
In terms of HTF, we have LQ sitting at both side.
Trade Idea: Both
Using 1HTF as our main structure as it's clearer than 15m. Price is now manage to close below the previous swing low, therefore, bearish OF continue, we could well see some short opportunity coming in the near future. However, be aware that we are structurally still in bullish and price is now in the major demand zone, if price shows bullish intention from here I would happy to play Long too.
Market Structure (MS) & Order Flow (OF):
Weekly: Bullish OF with bearish intention, after price swept monthly structural LQ and again mitigates the monthly supply, price give a weekly demand failure. From the way price approach the supply zone, it's quite ascending, we could see price reverse from here.
Daily: Bullish OF with bearish momentum. Structurally we are bullish but price has now move back down into the daily extreme demand level with quite strong bearish momentum.
4H: Bearish OF, we can see price reached a 4H S2D zone (major demand) and give us some reaction but no follow through found.
1H/15: Bearish OF, price is now trying to put in a new LL. If price break and close below, bearish OF would consider continue.
Momentum:
Daily: Bearish momentum is strong, as we can see price almost retraced 70-80% of the most recent bullish leg without showing a significant corrective PA. The way price move down is quite impulsive although it do pause and range a bit in the middle of the leg.
4H: Price give small reaction to the major demand zone, however price could retrace higher even mitigating such a strong demand zone which tells us that bearish momentum is still very strong.
Liquidity Condition:
In terms of HTF, we have LQ sitting at both side.
Trade Idea: Both
Using 1HTF as our main structure as it's clearer than 15m. Price is now manage to close below the previous swing low, therefore, bearish OF continue, we could well see some short opportunity coming in the near future. However, be aware that we are structurally still in bullish and price is now in the major demand zone, if price shows bullish intention from here I would happy to play Long too.