Yellow circle: Note that before the open, the 5m MACD is down, as is the 15m MACD. We get a burst at the open upward, off the 15m 34, but the market wants a pullback before continuing on the 1H bullish trend (pink boxed MACD). At the open, 1m explodes upward, but without a proper signal, we may miss this long. At the top, 1m pulls back and hits the 21 as the 5m makes a bearish harami spinning top. But there is a second top that comes after this, again with no proper 1m signal, and so this may require a double entry. Ultimately we must look at the 15m candle, and we might judge that the body is too big for it to fail immediately at that high, so another high is needed, which comes on a non-sig 1m 7J bearish big body spinning top. After this, it starts its down move.
Orange box: This down move takes some time, and it bounces off the 5m 34 at this region. This is tricky, because the 5m has come up from a wave, seemingly, and thus the 34 should be a good entry for a long. However, we must put more weight on the 5m/15m MACD pre-open, and if we recognize that there is more strength to the downside, we can find a short in the next orange circle.
Orange circle: 1m pulls up momentarily above 0 on the way down after the 5m has a false 34 rejection. Going off the previous information on the orange box, we could treat this as a 5m fake rejection because there are no significant 5m candles. Again, this is very tricky due to the top not being the most significant top either. 1m makes no 7J candles in the pullup setup as well.
Blue circle: If we happen to miss the orange circle pullup, we can rely on the 1m 34 which makes a much cleaner setup with a bearish engulf and several candles hugging the 34. But note the blue circled MACD, we have to be careful because it retraced too close to the 0 line. Taking profit immediately at the low seems most sensible here. Also, note again that the 1H has been bullish, and will remain bullish today. So we should be constantly looking for signs of the 5m reversal.
Pink circle: The reversal does come, but the 5m doesn’t make it obvious for us at the bottom. We can look for the 1m pullback once the move has started, and this comes with a simple 1m 34, shortly before 5m gets over the 0 line. Unlike most days, the 1m doesn’t make a proper down wave at all after this, so this would be our only entry. Therefore I think it is important to take this one and then assess later, rather than just wait for the wave.
Blue box: The first “wave” comes one time around 11:15, but we can see on the MACD that it does not really get below 0, or does for maybe 1 minute max. But the move is very strong after, so it may be worth taking, and if not, we just miss the rest of the run from 850 to 980.
