GBPUSD - 8 November 2021

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Current Market Condition:
Market Structure (MS) & Order Flow (OF):
Daily: Bearish OF, price gave a daily CHoCH, showing some bullish intention but now retrace back to the extreme after NFP. In terms of MS, the previous daily swing low is weak as it failed to bring in a new daily HH. However, there is a chance that price could respect the extreme and continue higher either as a pullback of the 4H bearish leg or a trend change.
4H: Bearish OF, if price wants to give a pullback to the most recent 4H bearish leg, it will give a 4H CHoCH, this will become our indication for bullish intention.
15m: Bearish OF, price is now respecting 15m LQ POI, although we are in bearish OF, price shows a V-shape recovery in 15m, impulsive push down and impulsive push up with same sort of momentum. Price is now in the pullback of the 15m most recent bullish leg.

Momentum:
4H: Bearish momentum is quite strong, from the way price moved down we can see NFP pumped tons of selling orders into the market. Price ended with LW at the end of 4H leg, this LW showing a rejection to downside but be aware that this could just be a reaction to the extreme demand, whether bullish momentum will follow through is the key to define bullish intention.
15m: In terms of momentum, price is now retracing correctively to the downside, it seems like an impulse up move and corrective down move, price might have a chance to continue bullish as momentum is relatively stronger in 15m PA.

Liquidity Condition:
15m: Corrective pullback in 15m leg stacking upside LQ. Downside LQ will be the structural low.

Trade Idea: Both
If price shows bullish intention (4H CHoCH/15m BOS), I will consider to play a Long if bullish intention is convincing enough. Else, my current bias will remain for short as we are in strong bearish momentum and HTF is in bearish OF.
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5m View(LTF):
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Price as expected taken out the low but no entry found. สแนปชอต
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PA Update 10 November 2021: Price tapped into our daily Supply and give a strong reaction (15m CHoCH)
15m: สแนปชอต
4m(LTF): สแนปชอต
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