I didn’t trade this day well, but the move was very obvious. I stopped early to maintain my discipline, but the main short that was underway was clear and I will have to trade it better next time to take full advantage. The rest of the day was a gradual build up until the 15m 34 tanked the market again.
Open
This open gave a 1m 34 reversal that set up just before 6:30, and because of the 1m wave, it was a pretty strong move downward. I shorted this but took a loss because of the reversal coming with little warning. The long was there, and the 34 entry after that, and I didn’t realize to short at the top, so I wasted the profit on this long.
Day
The day was set up for a sharp downtrend, with the 15m being bearish before open, and 5m making a great short signal at the very top just at 14800. After this, the 5m spent a few hours gradually building up and then crashing again at the 15m 34/5m wave. I did not take these trades, but it was a good double short day.
Trades
The trades here were pretty basic but spread out. The open provided a 1m 34 long at first, boxed in yellow.
- Yellow box: 1m 34 with 5m bullish spike.
- Orange box: 1m bearish engulf and 5m bearish hanging man. 15m made a bearish harami before the open, showing that the market was supposed to turn. Therefore the opening move was fake, and the 5m candle at the very top was the best short signal of the day.
- Orange circle: 1m stalled for a bit while gathering strength for the downtrend, but then made a bearish gravestone doji as a second entry for any latecomers.
- White box: Finally, there was a long entry but not a great 5m signal for it. I would likely skip this long and instead aim for the short that came after.
- White circle: The final good move was a 5m downwave off the 15m 34.