Yellow circle: 1m opens bullish, with 5m MACD trying to pull below 0 but struggling along the EMAs. Bearish engulfing 7J candle here can get us in short, but the full move doesn’t come yet, so we have to be careful and take profit on the 1m exit candle around 6:45. Unknown if it was a news day, but 1m rebounds off of the downwave and 5m 34, and runs up until 7:30 after.
Orange circle: After the exit, we could reverse and go long here off the 5m 34. The trade can be considered optional, because it is not optimal, but 15m is also coming off the EMAs with a bullish engulf if we wait long enough, and 1m gives about 30 minutes of back and forth before the full move.
Purple circle: After the 5m runs up, it makes a perfect bearish harami 7J at the top, and we know we still need our down wave due to the MACD at the open. This move gives us that down wave.
Blue circle: If we miss or get out of the initial short on 5m, the 1m pulls up above 0 for a pullup and makes a bearish harami gravestone 7J, perfect entry to get in short for the remaining 100 points of the move.
Yellow box: After 5m makes a new low and down wave, there is a decent bullish gravestone non-sig non-7J 5m candle to enter long with. This comes off the 15m 34 again. But the box that is shown here comes later, which is on the pullback to the 5m 34 during this longer term move to close out the day. 1m runs out of gas and makes multiple lower lows on the MACD and then pulls down for a wave B, which is our perfect entry for any long term long like this. Bullish harami and below the 0 line, we take it.
Purple box: Note that the prevoius trade just barely broke the new highs before collapsing again, but we get another entry later along the 5m 34 again. This time, 1m completely collapses for about 15 min, and then makes a bullish engulf at the low, and we can take this long up to the top again. Currently uncertain if we consider this a valid new cycle because 5m MACD had crossed below momentarily, but it is the 4th time overall that 1m pulled below 0 on this move to end the day.
