Tuesday, September 29, 2009

Sep 29: USD JPY - Long Term Reversal?


Calling for a bottom, especially for a long term bottom, for this beast is a risky business.

But looking at the wave structure of the chart from Delta's perspective, it does have the possibility for this. I'll be watching to see if price can break 92.522 in the coming days. If it breaks this level, it signals to me that long term bottom has likely arrived at 89.5. The break of 92.522 means a higher high ITD which signals that MTD low (MTD 9) has arrived at 89.5, and since there has been 3 MTD lows (MTD 5, MTD 7, MTD 9) in a row, it also signals LTD 3 low has arrived per Delta's rule.

Without a break of 92.522, no confirmation of a long term bottom.

5 comments:

Anonymous said...

I have a different solution. I've chosen MTD points so that MTD 1 is closer to its Red Line.

I get:

MTD 5 = my MTD 11
MTD 7 = my MTD (12)
MTD 9 = my MTD (2)

Doing the same with ITD 1 so that its closer to its red line I get:

ITD 2 = my ITD 9
ITD 4 = my ITD 11
ITD 6 = my ITD 1

Its difficult to visualise these without seeing a chart and I can't figure out a way of showing you my chart (I'm an internet noddie).

I like your solution and my solution, realistically, just has the numbers in different places. But yours implies that the LTD 3 must happen with MTD 9 soon. Mine, because of the inverted MTD 12, suggests that it does not have it. It may do, but it is not compelled to do do as per Delta logic.

If you like, email me on methuenstreet@aol.com and I'll send you a screen shot of my solution.

Anonymous said...

Cmellon,
when you say it needs to break 92.52, does that mean we need a daily close above this level to confirm that LTD is now up?
Thank you,
Daryl

Cmellon said...

Hi Daryl,

We don't need a daily close above 92.52, only a break / a breach is sufficient.

Anonymous said...

cmellon,

I have been followig this blog for a little while. I am somewhat new to Delta. It is really helping me. Thanks!

Do you do Delta solutions on the S&P futures as well?

Cmellon said...

Hi there,

No I do not do Delta on S&P futures, although if you know the system, you could try to do it.

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