As you can see in the chart bearish impulsive move followed by a corrective bullish move which shows price intention of moving lower after completing its corrective move. now in this case we need to be looking for an area where corrective move may end.
for a bearish move to resume price need to take out enough liquidity in order to move down, as it can be seen in the chart 2 areas are close to price with enough liquidity resting above it. the closer is above the previous candle in the form of bearish engulfing and the further out area is a local top which formed in the bullish corrective move which price already test it twice and there are huge amount of liquidity there.
For taking a position from any of these 2 areas you need to remember:
that price need to tap into a area clearly. but unable to close above the area.
also it is possible that price fail to reach the zone but to engage in a position it should fit your strategy.
for a bearish move to resume price need to take out enough liquidity in order to move down, as it can be seen in the chart 2 areas are close to price with enough liquidity resting above it. the closer is above the previous candle in the form of bearish engulfing and the further out area is a local top which formed in the bullish corrective move which price already test it twice and there are huge amount of liquidity there.
For taking a position from any of these 2 areas you need to remember:
that price need to tap into a area clearly. but unable to close above the area.
also it is possible that price fail to reach the zone but to engage in a position it should fit your strategy.
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