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10/06/21 10:53
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Also, platform selection plays a vital role in this space. Imagine the turmoil if you've chosen FTX/Hotbit or AEX instead of Bitget/Nance... -
By tradinglounge · Posted
USDJPY Elliott Wave Analysis Trading Lounge Day Chart, 3 October 23 U.S.Dollar/Japanese Yen (USDJPY) Day Chart USDJPY Elliott Wave Technical Analysis Function: main Counter Trend Mode: corrective Structure: C of Y Position: Z of 2 Direction Next lower Degrees:Red wave 3 Details: wave C of Y of Z in play and near to end , after that major downtrend expected . Major Wave Cancel invalid level: 151.983 The USDJPY Elliott Wave Analysis, conducted on 3 October 23, delves into the daily chart of the U.S. Dollar/Japanese Yen (USDJPY) currency pair. This comprehensive analysis employs Elliott Wave theory to offer insights into potential market trends and price action. The primary focus of this analysis is to identify countertrend movements within the currency pair. The chosen function for this analysis is "main Counter Trend," emphasizing the examination of market movements that oppose the prevailing trend. This approach aims to pinpoint potential corrections within the broader market structure. The specified mode for this analysis is "corrective," signaling an expectation of corrective price movements. Corrective waves typically denote temporary interruptions in the existing trend, often hinting at a trend reversal or the emergence of a new trend. The market structure under scrutiny is labeled as "C of Y." This designates the specific wave sequence within the Elliott Wave framework that is currently being analyzed. Understanding and interpreting wave sequences are fundamental to deciphering potential market dynamics. In terms of position, the analysis refers to "Z of 2," providing context regarding the current wave position within the broader Elliott Wave structure. This indicates a focus on the development of this particular wave sequence. The direction specified for the next higher degree is "Red wave 3," highlighting the analysis's concentration on monitoring and interpreting the upcoming Red wave 3 within the larger Elliott Wave framework. The details provided in the analysis note that "wave C of Y of Z" is currently in play and approaching its potential conclusion. This suggests that the corrective wave sequence is nearing its final stages. The "Major Wave Cancel invalid level" is identified as 151.983, serving as a critical reference point for risk management and potential trade entry or exit levels. In summary, the USDJPY Elliott Wave Analysis on 3 October 23, indicates an ongoing corrective phase within the Elliott Wave framework, with a primary focus on the developing "wave C of Y of Z." Traders and investors are advised to closely monitor this wave's progression and consider the specified invalid level for risk management purposes. This analysis is particularly valuable for those seeking trading opportunities within the USDJPY currency pair, especially if they aim to capitalize on counter trend movements. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
USDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart, 3 October 23 U.S.Dollar/Japanese Yen (USDJPY) 4 Hour Chart USDJPY Elliott Wave Technical Analysis Function: main Counter Trend Mode: corrective Structure:5 of C Position: Y of Z of 2 Direction Next lower Degrees:Red wave 3 Details: wave 5 of C in play and near to end . Major Wave Cancel invalid level: 151.983 The USDJPY Elliott Wave Analysis on 3 October 23, examines the 4-hour chart of the U.S. Dollar/Japanese Yen (USDJPY) currency pair. This analysis utilizes the Elliott Wave theory to gain insights into potential market trends and price movements, with a particular focus on counter-trend movements. The chosen Function for this analysis is "main Counter Trend," indicating a primary emphasis on identifying and interpreting market movements that run counter to the prevailing trend. In this context, the analysis aims to capture potential corrective moves within the broader Elliott Wave structure. The Mode specified for this analysis is "corrective," suggesting an anticipation of corrective price movements. Corrective waves often denote temporary interruptions in the existing trend, with the expectation of a trend reversal or a new trend development. The Market Structure identified is "5 of C," highlighting the specific wave sequence within the Elliott Wave framework that is under scrutiny. Understanding and analyzing wave sequences are crucial for gaining insights into potential market dynamics. In terms of Position, the analysis refers to "Y of Z of 2," which provides context regarding the current wave position within the broader Elliott Wave structure. This indicates that the analysis is focused on the development of this particular wave sequence. The Direction Next Lower Degrees is specified as "Red wave 3," emphasizing the analysis's concentration on monitoring and interpreting the ongoing Red wave 3 within the larger Elliott Wave framework. In the Details section, it is noted that "wave 5 of C" is currently in play and is approaching its potential completion. This suggests that the corrective wave sequence is reaching its final stages. The "Major Wave Cancel invalid level" is identified as 151.983, serving as a critical reference point for risk management and potential trade entry or exit levels. To summarize, the USDJPY Elliott Wave Analysis on 3 October 23, indicates a corrective phase within the Elliott Wave framework, with a primary focus on the ongoing "wave 5 of C." Traders are advised to closely monitor this wave's progression, considering the specified invalid level as a potential reference point for risk management. This analysis provides valuable insights for those trading the USDJPY currency pair, particularly for those looking to capitalize on counter trend opportunities. Technical Analyst : Malik Awais
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