Yellow circle: 1m opens up heading down, has a quick burst up to the 34, and makes a bearish gravestone. We can take this to the low because it coincides with the current 5m/15m trend. But near the lows, it begins to struggle, so we need to be careful with taking profit.
Orange circle: After the opening short, the next short doesn’t set up cleanly for us because it doesn’t use the 5m 21. The new low is missed on that move, and we wait for a proper entry later. This entry comes on the 5m 34. The 5m tries to get above 0 but makes a great bearish harami 7J while the 1m MACD is already failing. We can take this short all the way down to a new low on the day. Note that the MACD circled on 15 and 1H also show that we are supposed to head lower today. This drop takes it to the 4H 21, but that was already reached in a previous day, so it is not as significant.
Yellow box: This is an optional 5m 34 Fake Rejection setup, but first note the 5m comes off the 21 and doesn’t make a new low. The 1m wave does not come with this 21 test, so we must ignore it.
Purple box: Now the 5m fake 34 rejection starts developing, with the 1m making mostly sideways moves and one initial wave B when the 5m first tests the 34. When the wave B comes, the 5m explodes up for 60-70 points, and this is a great move worth taking, but because everything is slowed down and sideways for the most part, it may be difficult to notice.
Purple circle: The final decent setup comes when the 1m falls off late day, and 5m initiates it with a bearish harami. This comes on a sort of pullup-failure setup, but it’s actually a 15m 34 Fake Rejection at the same time. We may not be able to take the 15m fake rejection because it is a bit difficult to see, and it continues to crawl to higher highs on the 5m while setting up, but once it crashes, we can look for the reversal if trading late in the day (around noon). This reversal comes with a great 1m setup, albeit with non-sig 5m 7J candles, and sends it up for over 100 points to end the day.
