Yellow circle: 1m opens with a burst off of a bullish engulfing, but we have a bearish 5m MACD leading into the open, so we know the market goes down immediately. 1m makes a great bearish harami 7J here, and we can ride that down for 80 points.
Orange circle: 5m eventually makes a fake retrace above 0, for a pullup, but we don’t get an ideal short entry on the 1m. 5m makes a bearish harami gravestone doji 7J, which if we take, requires a lot of patience. After almost an hour, the market starts to collapse, and we can make over 250 points if we take this entry. If not, we wait for the 1m up wave.
Blue circle: 1m makes an upwave around 9:00 AM, but 5m is on the 7. This is not ideal, but it is the first valid up wave, so we can take it and look for profit shortly after.
Orange circle #2: After recovering from the lows, 5m makes a dip for a 1m Wave B, but this is far from ideal and skippable.
Purple circle: The final setup is the 5m wave with 15m 34, which is a great context, but we don’t get a good candle there. 1m makes a bearish engulf large body candle, which with the 5m 7J, we can take and simply accept a higher cost of this trade. It does not make it to a new low, however, so profit has to be taken EOD.
