Timeline
- Liquidity formed: local low 0.09532 (left shoulder)
- Structural high 0.09565 confirmed
- Price took out the liquidity beyond the left shoulder
- Head 0.09517 confirmed
- CHoCH: close above the structural high 0.09565. Quasimodo confirmed
- Price is approaching QML
- Price is approaching QML
- Price entered the QML zone
- Idea cancelled: Close below the head (0.09517)
Why this setup was found
First the market formed a local low 0.09532 (left shoulder). Stop orders piled up below it, that is, liquidity.
Then price took that liquidity: the head reached 0.09517, which is 0.0001500 (0.96 ATR) below the left shoulder.
Then price closed above the previous structural high 0.09565 (close 0.09596). This is a bullish CHoCH: a change of market character.
The left shoulder zone (0.09532–0.09537) became the QML level: price often returns here before continuing the move.
Structure on 15m: bearish (against this idea).
Structure on 1h: bullish (supports the idea).
On the break candle aggressive buyers dominated (64% of volume).
There was no absorption on the candle that returned to QML.
Result: the idea was cancelled.
This is a scenario built from market data, not a guarantee of the result.