Yellow circle: 1m opens with a burst upward, off of the shown 5m rising MACD. However, check the 15m MACD to see that the real move is downward. We get a great bullish gravestone doji 7J on the 1m and this leads to the rest of the day simply falling off a cliff.
Shortly after, we get a small 1m pullup and bearish spinning top along an unstacked 34 EMA. This is optional, but the second best entry so far.
Purple circle: 1m makes a 34 test about 8:00 AM, which almost gets up above the 0 line, but doesn’t make a significant candle and simply falls off. This can be taken, or we wait for the wave next.
Blue circle: When the wave comes, there’s an initial shallow wave with a bearish harami, but the 1m makes a second run above the 0 line shortly after.
Yellow box: 1m makes another wave above 0, this time with a good bearish harami spinning top. But ultimately breaks the high, with a sharp bearish non-sig non-7J candle close. This burst is what gets it to the 5m 21, so we need to be aware of the fact that we have not yet tested the EMAs, and to expect something like this from time to time.
The final trade is a bearish engulfing on the 1m around 11:45, but there isn’t a 21 test there, and it’s not an initial test of any level, so it can be skipped. This new low is worth about 60 points.
