Timeline
- Liquidity formed: local high 1,729.5 (left shoulder)
- Structural low 1,725.4 confirmed
- Price took out the liquidity beyond the left shoulder
- Head 1,729.5 confirmed
- CHoCH: close below the structural low 1725.4. Quasimodo confirmed
- Price is approaching QML
- Idea cancelled: Close above the head (1729.5)
Why this setup was found
First the market formed a local high 1,729.5 (left shoulder). Stop orders piled up above it, that is, liquidity.
Then price took that liquidity: the head reached 1,729.5, which is 0.08000 (0.04 ATR) above the left shoulder.
Then price closed below the previous structural low 1,725.4 (close 1,725.3). This is a bearish CHoCH: a change of market character.
The left shoulder zone (1,728.6–1,729.5) became the QML level: price often returns here before continuing the move.
There were equal highs nearby: they were what price hunted.
Structure on 15m: bearish (supports the idea).
Structure on 1h: bullish (against this idea).
On the break candle aggressive sellers dominated (57% of volume).
Result: the idea was cancelled.
This is a scenario built from market data, not a guarantee of the result.