AUDJPY (20210117)
Updated
Weekly Chart:
It is observed that the weekly resistance is strong and thus the price movement is moving downwards.
Daily Chart:
There are few candles that hit the resistance zone trying to go uptrend but it dropped down instead.
Short term is downtrend.
4H Chart:
Double top has been formed at the resistance zone.
Need to wait for daily consolidation before moving up again.
It is observed that the weekly resistance is strong and thus the price movement is moving downwards.
Daily Chart:
There are few candles that hit the resistance zone trying to go uptrend but it dropped down instead.
Short term is downtrend.
4H Chart:
Double top has been formed at the resistance zone.
Need to wait for daily consolidation before moving up again.
Note
The price went up today.Should we buy?
Is the uptrend continuing?
Daily chart.
It is bullish for a day. It does not mean anything. We can assume that the buyers and sellers have been fighting against each other, and now the buyers win, so it creates a bullish today. But it does and and might not be bullish yet.
4H chart.
It seems to be a temporary rebound for the continuous price dropped for the past few days.
Let's wait for the price action tomorrow to tell us where it actually wants to go.
With right strategy and method,
losing money is temporary;
With wrong strategy and method,
winning money is temporary.
Trade only when we understand a chart. Ignore the rest of the noice.
Note
Daily chart above shows there might be sign of reversal.
4H chart above shows that the price action is forming lower high.
1H chart above seems are forming lower high. However, this is shorter time frame and it might not be true.
Let's wait for the price confirmation on daily chart.
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