bearish OB 04SEP23
As observed on the 1M timeframe there is what i believe is to be a bearish order block because of what manipulation that candle was used to for.
the market induced buyers with bullish market structure then failed to make a higher high than the previous one. soon after there was high volume bearish activity liquidating many bullish opinions.
when i apply fibonacci from swing high to the swing low of this piece of market structure I see that the 88.6% discount level roughly aligns with the 50% of what i believe is the monthly order block presenting a wonderful opportunity to enter a sell position. The take profit will be the -27% as it corresponds with a 1W order block in which i will be using to transition from selling to buying, now that there are now more buy contracts available. the reason i am confident for the buy is because not only does the -27 correspond but so does the 95% discount level when you apply fibs from the low of the order block to the all time high in that buy i will be taking profit at the -95% take profit level.
the market induced buyers with bullish market structure then failed to make a higher high than the previous one. soon after there was high volume bearish activity liquidating many bullish opinions.
when i apply fibonacci from swing high to the swing low of this piece of market structure I see that the 88.6% discount level roughly aligns with the 50% of what i believe is the monthly order block presenting a wonderful opportunity to enter a sell position. The take profit will be the -27% as it corresponds with a 1W order block in which i will be using to transition from selling to buying, now that there are now more buy contracts available. the reason i am confident for the buy is because not only does the -27 correspond but so does the 95% discount level when you apply fibs from the low of the order block to the all time high in that buy i will be taking profit at the -95% take profit level.
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