On the 15 minute timeframe, price has created Bullish Market structure. Price created a BOS at the level of 169.148 level.
Ideally, i want to see price tap into the 15 minute Bullish OB at the 168.851 - 169.041 Level. Once this happens, i see 2 scenarios that could play out.
1) Price rejects the 15 minute OB and creates a 5 minute CHOCH to the upside. This will give us confirmations to look for potential Buys.
2) Price breaks below the 168.851 level with a body candle close. This would created a 1 hour bearish Change of Character, indicating bearishness. I will look for a break and retest of the failed OB before looking for potential sells on the 5 minute time frame.
Ideally, i want to see price tap into the 15 minute Bullish OB at the 168.851 - 169.041 Level. Once this happens, i see 2 scenarios that could play out.
1) Price rejects the 15 minute OB and creates a 5 minute CHOCH to the upside. This will give us confirmations to look for potential Buys.
2) Price breaks below the 168.851 level with a body candle close. This would created a 1 hour bearish Change of Character, indicating bearishness. I will look for a break and retest of the failed OB before looking for potential sells on the 5 minute time frame.