One of the things that can be most valuable to trend traders is to align their setup search over a number of different timeframes. This usually means looking at monthly, weekly, daily etc charts to find alignment in direction. I am a big fan of this which is why I spend 10 times longer looking at charts because I try to look at them all. Another way to look at different timeframes is to compare the short and long term trend and a really good proxy for this is to look at long and mid term moving averages – in this case the 200 and 50.
I really find this chart interesting for this very reason. As you can see, previously there was a very nice looking symmetrical triangle which broke to the downside as part of the broader trend. The price has skated along the outside of the volatility range and has then begun trending upward. Price has touched and respected the 200 day moving average and has then fallen below the 50 period moving average – which was a great uptrend line because it saved me even drawing one in.
If you go and take a look at the hourly chart you will see price in a fairly neat downtrend. You can draw a straight edge line over it or look at the 50 hour moving average once again as a proxy. I think that traders will likely look at this as a short opportunity but would likely look for retracements to the short term downtrend (which need to be respected by price) for their entries so as to keep their risk:reward looking healthy.