Monday, July 11, 2022

Open

Day

Trades

  1. Yellow circle: 1m opens with a push up into the 34, with 5/15 clearly bearish, and 1H crashing through the unstacked EMA which built up overnight. This 34 touch is our only chance to get in, and it starts with a bullish spinning top closing right below the 7. A bit tricky at the moment but the clearest entry we get.
  2. Orange circle: 1m makes a wave and bullish gravestone 7J, with 5m 21, but with the 15m making a clear bottom, we cannot trust the 5m 21/34 until a proper wave comes. This wave does eventually come around 10:30, and we get a bearish engulfing 1m top, that can be our entry.
  3. Purple circle: However, we also get the first 1m 34 touch around 20 points below that, and a new high after. So this is tricky – we must trust the 5m wave despite not an ideal top, and simply eat the red while the 15m sorts out itself on the 34. Since the 15m is on the 34, we should have more confidence here as the first 34 touch will take it significantly lower.
  4. Blue: 1m coming off the 34 on the way down, first 34 touch, bearish engulfing on a bullish hanging man non-sig non-7J candle. This gives us another ~80 points down, and we don’t get a new low to end the day, but we get close.

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