Market Structure ( MS ) & Order Flow (OF):
Daily (Inner structure): OF, but price has recently turned into sideway movement (ranging). Price failed to take out the high and the low and now is in the 0.25 of the range, mitigated previous daily extreme demand and give a 4H CHoCH.
4H (Inner Structure): OF, price mitigated daily extreme demand and turn 4H back into . We can see price is now in the pullback of the recent 4H leg.
15m (Major Structure): OF, price is now in the pullback of the 15m leg which is the same with the 4H leg.
15m (Inner Structure): OF, price is in the pullback of 15m/4H leg but price respected the supply in the inner structure which indicates price has insufficient to create a new 4H/15m HH. Price respect the supply by giving a 15m CHoCH within the major structure and the EQL becomes a great area to target.
Daily: Price has insufficient momentum to continue the inner daily OF after mitigating the IFC .
4H: Lack of momentum to create a new HH. The most recent impulse leg shows some momentum kicking in but price once pullback to the discount but failed to create a new HH, expect price to give another deeper pullback.
15m (Inner Structure): Lack of & momentum. Price gives a CHoCH but the way price break the low is relatively corrective, showing a sign of losing momentum.
Trade Idea: Both
If price react to the supply we can look for SHORT as price has a great chance to continue the until it take out the EQL . If price give a strong reaction to the demand we may look for LONG too as 4H we are in OF and price has pullback to the discount , it might continue the OF from wherever it wants.
Best way to play now is to follow the momentum as the bias is not clear. When Frankfurt open, we follow the momentum, if price respect the supply and take out the demand we play the SHORT, vice versa.
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