Yellow circle: The market opens up bullish on a 1m wave, and simply runs up for about 200 points without a proper entry. We can miss this, but we get a strong bearish top on the 5m. 1m makes a bearish hanging man harami non-7J, but then pops above it and makes a weak double top non-sig twin candle setup for another high. We may be forced out of this second high if we are not accounting for the distance on the 5m EMA gap already from the previous candle. Either way, a bit tricky compared to the norm. If we short though, we know we get a full mountain reversal based on how the market opened.
Orange circle: After the mountain finishes, 1m makes a bullish harami, and breaks the low again with a fake off the 21, which ends in MACD divg. We know now that this means to ignore the 34 test after, so we can look for a long instead. We get that long on the 34 shortly after, along with the 5m coming on the unstacked EMAs momentarily at that time.
Purple circle: After a spike off the original entry, the market pulls back almost to the same level for another 1m 34 entry. This churns up and gets another high.
Blue circle: We get our first down wave of this longer term move, and a bullish engulf on a bearish spinning top hammer type non-sig 7J, but the 1m tanks off the 7 and shakes us out most likely, with the reversal coming shortly after. We should know not to trust the shakeout, but it is tough to enter this correctly, unless we wait for the 5m, which forms a great bearish hammer on the close there. This long runs for about 150 points.
Second blue circle: 1m pulls back to the 34 on this move up, and then explodes, so this could be a second entry or a time to scale up.
Yellow box: On the way back down, after the longer term move up (which is not meant to go to a new high, just a huge pullup on the 15m), we get a 1m short off the 34, for an immediate low. Note that it is on a rising MACD, and the low barely breaks the signal line, but it rebounds very quickly to get to a pullup immediately after. Tricky exit, and easy to screw up taking profit. The pullup does not make any sig-candles, and we could get another 1m 34 later, in the orange box, but it’s about 12:45. Can skip both.
