Current Market Condition:
Market Structure (MS) & Order Flow (OF):
4H & 15m: Bearish OF, price just broke the 4H swing low, haven't give a pullback to 4H bearish leg yet.
Momentum:
4H & 15m: Bearish Momentum is overwhelming, we can see some reaction from the extreme demand but it's less likely to hold. Also, because of the strong bearish momentum price might not be able to retrace back to the EQ of the leg, price might just retrace to the decisional supply in discount or to the previous low and dive.
Liquidity Condition:
Price is now clearly showing insufficient bullish momentum even for initiating the pullback. Price might need some downside LQ either it forms it within the range or use the ERL(previous daily swing low) to refuel some bullish momentum for the pullback.
Trade Idea: Wait
Not the best price to play at the moment, it's too low in the leg to Short but insufficient bullish intention to Long. The best is to wait for price develop, either short from the decisional supply or Long after price give a 15m CHoCH or showing respect to demand with significant mBOS.
Market Structure (MS) & Order Flow (OF):
4H & 15m: Bearish OF, price just broke the 4H swing low, haven't give a pullback to 4H bearish leg yet.
Momentum:
4H & 15m: Bearish Momentum is overwhelming, we can see some reaction from the extreme demand but it's less likely to hold. Also, because of the strong bearish momentum price might not be able to retrace back to the EQ of the leg, price might just retrace to the decisional supply in discount or to the previous low and dive.
Liquidity Condition:
Price is now clearly showing insufficient bullish momentum even for initiating the pullback. Price might need some downside LQ either it forms it within the range or use the ERL(previous daily swing low) to refuel some bullish momentum for the pullback.
Trade Idea: Wait
Not the best price to play at the moment, it's too low in the leg to Short but insufficient bullish intention to Long. The best is to wait for price develop, either short from the decisional supply or Long after price give a 15m CHoCH or showing respect to demand with significant mBOS.