Timeline
- Liquidity formed: local high 0.4735 (left shoulder)
- Structural low 0.4201 confirmed
- Price took out the liquidity beyond the left shoulder
- Head 0.5072 confirmed
- CHoCH: close below the structural low 0.4201. Quasimodo confirmed
- Idea cancelled: Close above the head (0.5072)
Why this setup was found
First the market formed a local high 0.4735 (left shoulder). Stop orders piled up above it, that is, liquidity.
Then price took that liquidity: the head reached 0.5072, which is 0.03364 (3.07 ATR) above the left shoulder.
Then price closed below the previous structural low 0.4201 (close 0.4163). This is a bearish CHoCH: a change of market character.
The left shoulder zone (0.4633–0.4735) became the QML level: price often returns here before continuing the move.
There were equal highs nearby: they were what price hunted.
Structure on 1h: bullish (against this idea).
On the break candle aggressive sellers dominated (52% of volume).
Result: the idea was cancelled.
This is a scenario built from market data, not a guarantee of the result.