Yellow circle: Market opens extremely bearish, because of a 4 hr pullup established overnight/yesterday. Unfortunately there is not much of a 1m wave possible on this day. We can short the 1m burst up and bearish harami along the 5m 34, and ride it down the whole day, ideally. Shortly after this, the 1m pulls up to the 34 again, and the yellow boxed MACD shows how 1m fails to make a full pullup, which would be tempting to skip, but would have been a mistake on a day like this.
Orange circle: If getting out sometime near the 5m MACD low of the day, around 7:30, we get several other short entries. The first 1m wave comes around this time, with 5m coming off the 7, but while we’d typically take the immediate new low, we don’t have to here. It’s a bit tricky, perhaps best to sit out this last 50-75 points because of this fact.
Blue circle/Purple circle: 1m pulls up twice to the 34 during this drop, but never makes a full pullup. These are basically free 1m 34 setups. The first is ideal.
Orange box: 1m comes up to the 34 yet again, and this is optional, because 1m makes it barely to the 0 line, and fails. Ideally we are still holding the trade #3 instead of entering here.
Purple box: 5m finally makes a serious run up, and stops a little above the 34, as the 1m makes another up wave. This sets up a great 1m bearish harami 7J spinning top to ride the wave down the rest of the day.
Blue box: After this move starts down, 1m pulls up for a second pullup over about a 45 minute period, and we can short this with a bearish harami 7J at the high yet again if we had not held the previous trade. This coincides with the 5m pulling up to the 34 again, and it would normally have been a 5m wave on Trade #5, but the day is just too weak. Outside of this slight difference, the wave – 34 – stronger move structure is intact.
