On the right is the daily chart, and on the left is the 4-hourly chart. It is a common mistake for traders that have been trading for 3-5 years and believe that the higher timeframe always supersedes the lower timeframe.
Similar to corporate hierarchy, our superior is not always correct.
There are a couple of factors that determine that. One of it depends on the overall market bias on the currency.
My Bias on the US Dollar pairs remains bullish; hence, I'm not motivated to short USDJPY aggressively when the market has a Bearish Bat Pattern formation. I would require to see a further market confirmation, like a Double Top form at completion, giving me an RSI Divergence before shorting the trade.
On the other hand, I'm waiting to long the USDJPY at 135.00 on the 4-hourly chart, which happens to be the Key Support Level.
Similar to corporate hierarchy, our superior is not always correct.
There are a couple of factors that determine that. One of it depends on the overall market bias on the currency.
My Bias on the US Dollar pairs remains bullish; hence, I'm not motivated to short USDJPY aggressively when the market has a Bearish Bat Pattern formation. I would require to see a further market confirmation, like a Double Top form at completion, giving me an RSI Divergence before shorting the trade.
On the other hand, I'm waiting to long the USDJPY at 135.00 on the 4-hourly chart, which happens to be the Key Support Level.
Note
The Daily Chart Bearish Bat Pattern has completed
🕒 15mins workday for Young Parents
🏦 Qualify Junior Analyst within 90days
🎤 Keynote Speaker
Get into our 15mins workday community
discord.gg/AKDr9vPqH7
Live session & Trading Tips on the GO
instagram.com/raynlim/
🏦 Qualify Junior Analyst within 90days
🎤 Keynote Speaker
Get into our 15mins workday community
discord.gg/AKDr9vPqH7
Live session & Trading Tips on the GO
instagram.com/raynlim/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🕒 15mins workday for Young Parents
🏦 Qualify Junior Analyst within 90days
🎤 Keynote Speaker
Get into our 15mins workday community
discord.gg/AKDr9vPqH7
Live session & Trading Tips on the GO
instagram.com/raynlim/
🏦 Qualify Junior Analyst within 90days
🎤 Keynote Speaker
Get into our 15mins workday community
discord.gg/AKDr9vPqH7
Live session & Trading Tips on the GO
instagram.com/raynlim/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.