WTF Chart of the Day: Ninja Gunning For 102 And Above
By LawrenceDollar Yen 24-hour chart below.
From left to right:
1. Blue lines 1st quarter STOPD levels with orange 50% expansion target
2. Yellow highlights (left to right) – 1st test of 1st quarter high from above, FBO against 1st quarter 50% expansion, 1st test of 1st quarter close from above, retest of the 50% expansion level and retest of 1st quarter high just last week
3. Red resistance line from year high
4. Magenta color lines highlight the 3 pushes down pattern
5. Green lines project the measured move
Chart reading tells us that:
a. Ninja reacts to the 1st quarter STOPD levels precisely
b. Ninja is going higher from here with target 102 and above unless the 1st quarter high is breached again
c. If #b not working out, ninja will drop to 1st quarter midpoint (the middle blue line)
Terms you may not be familiar with:
3 Pushes Down, Measured Move and False Breakout (FBO) are chart patterns with known odds.
STOPD is my theory on price discovery.
