To get a more updated view of this market, we drop down
to a daily chart.
On the daily chart in Figure 4-3 we see that this market is in
a three-month downtrend, which is in line with the overall
downtrend in the higher time frames, as defined by the pattern
of lower highs and lower lows over the last year.
Thus, by glancing at these three charts—the monthly, the
weekly, and the daily—we’ve brought ourselves up to
historical speed with this market. At this point we can
hone in to take a closer look at what the candles are telling
us on a shorter-term basis, within the context of the longterm
picture.