Current Market Condition:
Market Structure (MS) & Order Flow (OF):
4H: Bearish OF. Although the high formed poorly, left tons of LQ at the upside but price do give a nice 4H BOS to downside turning the trend into bearish OF.
15m: Bearish OF, yet to give a decent pullback to EQ, price is likely to continue lower, might move in an descending nature back to the next level of major demand (daily S2D)
Momentum:
4H: Insufficient bullish momentum to continue higher to take out the upside LQ and mitigates the major supply (LQ POI).
15m: Bearish Momentum is very strong, price wick through the low without follow through, but this isn't enough to tell price is showing bullish intention. Unless price give a 15m CHoCH with follow through, I will remain a bearish bias as the momentum and OF is telling me price is more likely to continue lower.
Liquidity Condition:
Tons of upside LQ found but it's countering the momentum. If price wants the LQ above, we might see a strong reaction from the daily demand below, that will most likely to be the catalyst for the next up move.
Trade Idea: Both
Remain bearish bias until bullish intention shown, at least 15m CHoCH.
Market Structure (MS) & Order Flow (OF):
4H: Bearish OF. Although the high formed poorly, left tons of LQ at the upside but price do give a nice 4H BOS to downside turning the trend into bearish OF.
15m: Bearish OF, yet to give a decent pullback to EQ, price is likely to continue lower, might move in an descending nature back to the next level of major demand (daily S2D)
Momentum:
4H: Insufficient bullish momentum to continue higher to take out the upside LQ and mitigates the major supply (LQ POI).
15m: Bearish Momentum is very strong, price wick through the low without follow through, but this isn't enough to tell price is showing bullish intention. Unless price give a 15m CHoCH with follow through, I will remain a bearish bias as the momentum and OF is telling me price is more likely to continue lower.
Liquidity Condition:
Tons of upside LQ found but it's countering the momentum. If price wants the LQ above, we might see a strong reaction from the daily demand below, that will most likely to be the catalyst for the next up move.
Trade Idea: Both
Remain bearish bias until bullish intention shown, at least 15m CHoCH.