Yellow circle: We open with a straight down move as expected off of yesterday’s FOMC. 1m does not provide any entries for a very long time, until this initial wave off of the 5m 7. The first bearish harami fails and we get a juke to a higher high, still not reaching the 5m 21, but sending it to a new low after.
Orange circle: After this wave, we get a pull-up again off of the 5m 21, but notice that it fails despite getting the 21 successfully and making a bullish gravestone 7J. This turns into another juke on the 1m, and the 5m runs to the 34 before falling back to the original trend. This entry is not ideal because non-sig candles at the top, but it is easy to see how we might get burned here if we try to ignore the bullish candles at the low and aim for a new low instead.
Purple circle: 1m makes some much better short entry candles at the newer high and the 5m 34, which is textbook for a new low.
Yellow box: 5m crawls lower, pulling back up near the 34 at one point, and making a huge bearish engulfing candle to short back down to another low. This move is over 150 points if we missed the previous entry off the 5m 34.