Current Market Condition:
Market Structure (MS) & Order Flow (OF):
Daily: Bearish OF, price just broke the daily swing low but yet to pullback to the premium of the leg.
4H: Bearish OF, price pullback to the premium of the leg and tap into a 4H D2S flip zone. However, as we mentioned in our earlier mark up, there is a 4H strong demand (LQ POI) below which could push price higher. Price is now reacting to this strong demand zone but yet to put in a new HH.
15m: Bearish OF, price break the most recent 15m swing low impulsively, price then pullback to the EQ of the leg but didn't mitigate any significant supply. At the moment, supply has taken back the control.
Momentum:
15m: Impulsive break out to the downside with follow through showing strong bearish momentum
Liquidity Condition:
Price just taken out upside LQ and left the LQ POI unmitigated, this could be our indicator for identifying market intention.
Trade Idea: Short
As supply is now taken back the control, I will be favoring short over long until price break the LQ POI. At this moment, I'm not sure this 4H demand is going to hold as everything is now showing bearish even momentum is bearish, not going to Long from here as there isn't a bullish intention shown in the market.
Market Structure (MS) & Order Flow (OF):
Daily: Bearish OF, price just broke the daily swing low but yet to pullback to the premium of the leg.
4H: Bearish OF, price pullback to the premium of the leg and tap into a 4H D2S flip zone. However, as we mentioned in our earlier mark up, there is a 4H strong demand (LQ POI) below which could push price higher. Price is now reacting to this strong demand zone but yet to put in a new HH.
15m: Bearish OF, price break the most recent 15m swing low impulsively, price then pullback to the EQ of the leg but didn't mitigate any significant supply. At the moment, supply has taken back the control.
Momentum:
15m: Impulsive break out to the downside with follow through showing strong bearish momentum
Liquidity Condition:
Price just taken out upside LQ and left the LQ POI unmitigated, this could be our indicator for identifying market intention.
Trade Idea: Short
As supply is now taken back the control, I will be favoring short over long until price break the LQ POI. At this moment, I'm not sure this 4H demand is going to hold as everything is now showing bearish even momentum is bearish, not going to Long from here as there isn't a bullish intention shown in the market.
Comment:
Been taken out by 0.2pips