Current Market Condition:
Market Structure (MS) & Order Flow (OF):
Daily: Bearish OF, price tap into the weekly demand and now eventually starting to show some reaction from the demand, price showing some bullish momentum and now back into a daily supply.
4H: Bullish OF, price has pullback to the EQ of the most recent 4H bullish leg. Given that we are heavily countering the daily bearish trend, I expect price to swept more LQ before going up. The HL doesn't formed nicely, rounded bottom, as long as price hasn't put in a new 4H HH, price still has a chance to go lower and use this HL as LQ
15m: Bullish OF, price is now back into bullish and demand is still having the control.
Momentum:
15m: The way price put in a new HH after mitigates the 4H EQ is not that convincing the bullish momentum is sustaining. We can tell price is now feeling pressure to put in a new HH, and no significant follow through, it's a sign of losing bullish momentum.
Liquidity Condition:
Tons of LQ formed at the rounded bottom (potential 4H HL), could be use as LQ for price to pullback into a deeper zone.
Trade Idea: Wait
I want to see how price react to the supply above, or if price give a 15m CHoCH, I will be more happy to get into a short.
Market Structure (MS) & Order Flow (OF):
Daily: Bearish OF, price tap into the weekly demand and now eventually starting to show some reaction from the demand, price showing some bullish momentum and now back into a daily supply.
4H: Bullish OF, price has pullback to the EQ of the most recent 4H bullish leg. Given that we are heavily countering the daily bearish trend, I expect price to swept more LQ before going up. The HL doesn't formed nicely, rounded bottom, as long as price hasn't put in a new 4H HH, price still has a chance to go lower and use this HL as LQ
15m: Bullish OF, price is now back into bullish and demand is still having the control.
Momentum:
15m: The way price put in a new HH after mitigates the 4H EQ is not that convincing the bullish momentum is sustaining. We can tell price is now feeling pressure to put in a new HH, and no significant follow through, it's a sign of losing bullish momentum.
Liquidity Condition:
Tons of LQ formed at the rounded bottom (potential 4H HL), could be use as LQ for price to pullback into a deeper zone.
Trade Idea: Wait
I want to see how price react to the supply above, or if price give a 15m CHoCH, I will be more happy to get into a short.