Timeline
- Liquidity formed: local high 121.9 (left shoulder)
- Structural low 121 confirmed
- Price took out the liquidity beyond the left shoulder
- Head 122.1 confirmed
- CHoCH: close below the structural low 121.0. Quasimodo confirmed
- Price is approaching QML
- Price is approaching QML
- Price entered the QML zone
- Idea played out: After touching QML price closed below the structural level 121.0
Why this setup was found
First the market formed a local high 121.9 (left shoulder). Stop orders piled up above it, that is, liquidity.
Then price took that liquidity: the head reached 122.1, which is 0.1800 (0.57 ATR) above the left shoulder.
Then price closed below the previous structural low 121 (close 120.9). This is a bearish CHoCH: a change of market character.
The left shoulder zone (121.7–121.9) 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: bearish (supports the idea).
On the break candle aggressive sellers dominated (55% of volume).
There was no absorption on the candle that returned to QML.
Result: the pattern played out and is closed for tracking.
This is a scenario built from market data, not a guarantee of the result.