Confirmations:
1) Market Structure: Daily and 4HR Market Structure is bearish, so sell positions would be our trading bias.
2) There was a BOS on the immediate bullish trend on the lower time frames. This left an order block (the last buy candle before the BOS) that can be taken as an entry.
3) Liquidity lies below in the form of equal lows that can be targeted.
4) The last buy candle lies within imbalance that needs to be cleared before going down. There is also imbalance below that needs to be cleared.
5) Fibonacci level of 78.6% has been reacted at.
Caveats:
1) Unmitigated orderblock still lies above. If this first OB becomes a breaker block, that would be our next entry for a sell position.
2) The above OB also lies within imbalance.
1) Market Structure: Daily and 4HR Market Structure is bearish, so sell positions would be our trading bias.
2) There was a BOS on the immediate bullish trend on the lower time frames. This left an order block (the last buy candle before the BOS) that can be taken as an entry.
3) Liquidity lies below in the form of equal lows that can be targeted.
4) The last buy candle lies within imbalance that needs to be cleared before going down. There is also imbalance below that needs to be cleared.
5) Fibonacci level of 78.6% has been reacted at.
Caveats:
1) Unmitigated orderblock still lies above. If this first OB becomes a breaker block, that would be our next entry for a sell position.
2) The above OB also lies within imbalance.