Yellow circle: The market opens with a 1m continuation above 0, and then a downwave begins. There is no good signal at the top, although a bearish gravestone 7J could suffice. The first good setup comes with the 1m going below 0 and pulling up for a pull-up/reverse wave B. The 5m is just getting back to its stacked form and clearly bearish, so we can short this and hold.
Yellow box: Here we imagine the 1m 34 would be a great second entry, but the 1m does a double test, and nearly goes for another pullup. The 34 entry would be good, but it produces a new low and then makes a reversal immediately. So the move works but doesn’t sustain, at least not yet. We can look to the 1m MACD divergence, but other than that and the inverted bullish hammer (no 7J or sig candle), there is not much we can do about that trade if we choose to view it as a failure.
Purple circle: 5m makes a great bearish harami 7J above the 0 line, coinciding with the 15m 34 touch, and easily throws us off. I probably took this trade and took a loss from it.
White box: Note that the 1m does not make any strong tops during this time, and the MACD on the 1m does not make a new high when 5m pushes higher shortly after. This second push comes with a hanging bullish hammer on 5m, and no sig candles despite the 7Js, and 15m makes a 7J big body bullish gravestone before the down move comes. None of these are sufficient signals, so this move can be skipped. Even the 1m does not make anything important other than a spinning top at the very top, and then starts falling off. I say this is a skip.
Purple box: Finally, a real setup comes once the move has begun. 5m pulls up to the 34, and 1m makes a weak wave attempt with a bearish harami 7J, and immediately falls off after. This move comes late in the overall 5m move, but produces a profit of at least 75 points if we focus on this move alone. Skip the trash, focus on these.
