Above is GbpNzd Forex pair. The price has broken out of the upper trendline with huge buy volume then a selling volume came in to drive price down to retest the lower channel line. The price is currently heading toward the lower channel line. As long as the price did not break down the lower channel then my market structure is bullish. In the lower time frames, there might be lots of whipsaws, bear trap, stop hunt to the low to grab liquidity before, if the price were, move up to resume the bull move. So I will look for a buy setup in the lower timeframes.
Above is the GbpNzd forex pair 4 Hour chart. Lots of confluences occurred around the current price. Stop hunt to the lower channel was very common around this kind of area. Looking at a the volume: the huge buy volume was at the initial move up, while the big cumulative sell volume was at the end of the move down (stopping volume)
Above is the GbpNzd forex pair 1 Hour chart. The price was rejected perfectly by a bullish long setup (blue dash line). The line was taken from a previous stop hunt to the low, marking the last price manipulation to take the low before a move up more than 500 pips in minutes. Taking the pin as the signal long might work but there is still a risk. I would prefer to look for a bottom formation and bullish setup (pullback of a clear reversal) before taking the trade, in 30 Minutes or 15 Minutes chart.
This is the probable setup and trigger that I will look for. The most important setup that I will be waiting for woul be a bullish move to break the bearish market structure. I will expect the price to break either the upper channel line or the last high. Before this to happen, there might be a stop hunt to the low toward the lower channel line. After these were happening, then look for a pullback to test the last low and watch for the price action look for a trigger bar. I will also look at the volume at each bar in the 5 minutes chart to see the shift of volume size