50% of the last upleg retraced, couldn't hold there. Target: look point p, but this may take some time.
Comments
motleifaul
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I give up. ForceFollower was right this time.
motleifaul
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...at least for the time being.
ForceFollower
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The direction - sure. :-) The target - very good, but relatively ambitious at the moment. I'd expect some support at 87.500 and that I'd perceive as my first target. First we need to see new lows, as now we're at the 'palate' support ('palate' is my invention, I'll explain more, if you care; it can be seen on M240), we've made it to I-APP-0.500, but certainly can and probably will do more.
motleifaul
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I am sorry, but this is to cryptical to me. What is M240 and what I-APP-0.500, please?
motleifaul
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M240 is the 4-h-chart, I think. Yes there is a support. It is the blue, resp. yellow line in my hourly.
Remains the I-APP-0.500 as open question.
motleifaul
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Sorry again, I was just talking about USDJPY. There are the lines I mentioned. A bit confused at moment.
ForceFollower
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Yes, M240 is H4 time frame.
APP stands for Alternate Price Projection (Robert C. Miner's invention). I add to every APP I (for impulsive) or C (for corrective). APP is a measure of the previous move in the same direction, some people call it colloquially AB=CD extensions or something like that.
So, I-APP-0.500 means 0.50 (ie. 50%) of the size of the previous impulsive move in the same direction as the current one. That's where the point P comes (this method is known as the trident strategy by Charles Lindsay).
I hope you have it all clearer now. :-)
motleifaul
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Yes thank you, this is the yellow line in my daily USDJPY chart where we really are close at.