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The price of AUDJPY is in a strong downtrend however we are in a retracement phase. Could this offer a day trading opportunity?
Watch the video to learn more…
Daily Trend
The daily trend on AUDJPY is clearly down, we can see the market consistently making lower lows and lower highs. However, the price is currently in a retracement phase on this down trend.
If the daily is in a downward trend but in a retracement phase then we should see a small upward trend on the lower time frames such as the 4hr.
If the 4hr is making higher highs and higher lows we can look for short term day trading long opportunities.
4hr Trend
The 4hr trend shows price clearly making higher highs and higher lows, traditionally we would wait for the market to retest one of these highs to then look for a continuation of the trend.
However, the price when pulling back on this time frame recently has been very shallow and low ranging, giving no option to buy from the previous structure.
Now we know when the 4hr is in a bullish trend and in an impulse phase, the 15 minute time frame should form an uptrend too. This could offer us a day trading opportunity as if this time frame trends we can assume the 4hr will be bullish.
15 Trend
We can see that the 15 minute trend on AUDJPY is agreeing with the 4hr and we can also see that the price is trading within the overnight range and is currently above the midpoint of the range.
This midpoint can be used as an area of support and if the price was to retest and form a bullish reversal signal we could look for a day trading long opportunity here.
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