Timeline
- Liquidity formed: local high 1,700 (left shoulder)
- Structural low 1,693.6 confirmed
- Price took out the liquidity beyond the left shoulder
- Head 1,701.8 confirmed
- CHoCH: close below the structural low 1693.6. Quasimodo confirmed
- Price is approaching QML
- Price entered the QML zone
- Idea cancelled: Close above the head (1701.8)
Why this setup was found
First the market formed a local high 1,700 (left shoulder). Stop orders piled up above it, that is, liquidity.
Then price took that liquidity: the head reached 1,701.8, which is 1.830 (0.57 ATR) above the left shoulder.
Then price closed below the previous structural low 1,693.6 (close 1,689.5). This is a bearish CHoCH: a change of market character.
The left shoulder zone (1,698.3–1,700) became the QML level: price often returns here before continuing the move.
Structure on 1h: bearish (supports the idea).
On the break candle aggressive sellers dominated (62% 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.