Trend Following

These are the charts that I will share that included Japanese yen over six timeframes  I had a hunch that the yen would be strong but I did not act on it fully up until now and the trend is beginning to pick up a lot of steam so onward to the monthly point of view

It is below the prior month's bottoming until at 108.295, and getting to 107 is definitely within reach so far for the month it did move 317 pips

Now regarding the weekly candlestick charts the 107 50 helps temporarily because it was a prior area of resistance but 105 is more of the midrange target for an area of congestion weekly timeframe

The finer aspects of the trend are in plain view it how the ranges play out day-to-day but 106 even is so much more critical from this point of view that a move down to 107 trigger off more buyers that I anticipate on the weekly timeframe

The details of the hammer formation are more clear here and a possible supply at 108 this frame has a finer perspective of the overhead supply and it gives color as far as entry points to so short and the inherent risk of the trade that may not be visible when zooming out so much on the higher time frames

The unique thing about this frequency is that three hours displays a trendline much better for entry and exit for the trade and where to sell an exhaust point for the buyers in other words where the short-term trend has run out of steam.  The crests on the three hour chart are not absolute but they are also good selling points

This is the shortest timeframe available and it does not give us a big picture as far as location of trend but assist more with order entry and exit been anything else if I should need to tighten a stop or change a limit order would be using this time frame and it would aid in the precision of scaling back size or would give me confirmation of where to increase the size of the winning trade.