Jump to content

U.S.Dollar /Canadian  (USD/CAD) 4 Hour Chart Elliott Wave Technical Analysis 30 August 23


Recommended Posts

USD/CAD Elliott Wave Analysis
 
 
TradingLounge 4 Hour  Chart, 30 August 23
U.S.Dollar /Canadian  (USD/CAD) 4 Hour Chart
USD/CAD Elliott Wave Technical Analysis
Function:  Counter Trend
Mode:impulsive
Structure: 5 of 1(completed)
Position: wave A(higher)
Direction Next lower Degrees:corrective wave 2 continue
Details:  Blue  Wave “5” of 1 completed at 1.36402. Confirmation level for corrective wave 2 at 1.35100. Wave Cancel invalid level: 1.36404
 
The USD/CAD Elliott Wave Analysis for 30 August 23, centers on the 4-hour chart of the U.S. Dollar/Canadian Dollar currency pair, providing insights into counter-trend impulsive trading strategies after the completion of a wave sequence.
 
The main focal point of this analysis is the identification of the Function as Counter Trend, suggesting that the current market conditions favor trading against the prevailing trend direction. This information is pivotal for traders looking to capitalize on potential price reversals.
 
The Mode is determined to be impulsive, implying that the expected price movement is likely to exhibit strong and swift momentum. This is crucial for traders who intend to capture substantial price swings within a relatively short time frame.
 
The Structure is elaborated as 5 of 1 (completed), indicating the culmination of the first five-wave sequence. This is a crucial juncture for traders to recognize as it signifies a potential reversal or correction in the ongoing trend.
 
The Position is identified as wave A (higher), shedding light on the current wave count and the position within the broader wave structure. This knowledge is essential for traders to comprehend the larger context of the market and anticipate potential trend shifts.
 
Moreover, the Direction Next lower Degrees is detailed as corrective wave 2 continue, implying that the market is currently in a corrective phase following the completion of the impulsive move. This insight assists traders in adapting their strategies to account for the ongoing price correction.
 
Key insights provided include the completion of Blue Wave “5” of 1 at 1.36402, denoting the end of the impulsive wave sequence and suggesting a potential reversal or corrective phase. Additionally, the confirmation level for corrective wave 2 is indicated at 1.35100, offering traders a specific level to monitor for potential entry points as they anticipate the continuation of the correction.
 
Conversely, the Wave Cancel invalid level is highlighted as 1.36404, serving as a reference point for traders to gauge the validity of the analysis and make necessary adjustments.
 
In summary, the USD/CAD Elliott Wave Analysis for 30 August 23, delivers essential insights for traders seeking to implement counter-trend impulsive trading strategies following the completion of a wave sequence. The identification of critical elements such as the Function, Mode, Structure, Position, Direction, and confirmation levels equips traders with valuable tools to make informed trading decisions. However, traders are advised to complement this analysis with additional technical and fundamental indicators while employing effective risk management practices for a comprehensive trading approach.
7)usdcad.thumb.png.643e5d65bc204394f40a28c8b48f4f53.png
Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • GBPJPY Elliott Wave Analysis Trading Lounge Day  Chart, 1 March 24 British Pound/Japanese Yen (GBPJPY) Day Chart GBPJPY Elliott Wave Technical Analysis FUNCTION:  Counter Trend MODE: impulsive as C STRUCTURE:  black wave C POSITION: Red wave 4 DIRECTION NEXT LOWER DEGREES: black wave C (may started) DETAILS: blue wave 5,red wave 5 of C looking completed . Now sub waves Black wave C is in play . Wave Cancel invalid level:191.335 The "GBPJPY Elliott Wave Analysis Trading Lounge Day Chart" dated 1 March 24, provides a comprehensive analysis of the British Pound/Japanese Yen (GBPJPY) currency pair using Elliott Wave principles on the daily chart. The focus of the analysis is on identifying potential market movements within a counter-trend framework. The identified "FUNCTION" is "Counter Trend," indicating a strategic orientation toward identifying potential reversals or corrective movements against the prevailing trend. This suggests that the analysis is geared towards capturing counter trend opportunities. The specified "MODE" is "Impulsive as C," implying that the current market conditions are marked by strong and forceful price movements within the context of a corrective wave (C). Despite being in a counter-trend phase, the analysis acknowledges the impulsive nature of the price action. The described "STRUCTURE" is "Black wave C," emphasizing the broader corrective structure within the Elliott Wave framework. This suggests an analysis focused on the completion of the larger corrective wave C. The identified "POSITION" is "Red wave 4," indicating the current position within the Elliott Wave pattern. Red wave 4 represents a corrective phase within the broader structure of black wave C. In terms of "DIRECTION NEXT LOWER DEGREES," the emphasis is on "Black wave C (may have started)." This indicates an anticipation of the initiation of the next phase of the corrective structure, with the caveat that it is qualified by "may have started," suggesting a degree of uncertainty. The "DETAILS" section highlights that "blue wave 5, red wave 5 of C looking completed." This signals the completion of specific sub waves within the broader context of black wave C, and it is noted that the sub waves of black wave C are now in play. The "Wave Cancel invalid level" is set at 191.335, serving as a critical reference point. A breach beyond this level would invalidate the current wave count, prompting a reassessment of the analysis. In summary, the GBPJPY Elliott Wave Analysis for the daily chart on 1 March 24, underscores a focus on the completion of specific sub waves within black wave C, with attention to the potential initiation of the next phase of the corrective structure. Traders are advised to monitor the invalidation level at 191.335 for potential shifts in the wave count within the counter-trend context.           GBPJPY Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 1 March 24 British Pound/Japanese Yen (GBPJPY) 4 Hour Chart GBPJPY Elliott Wave Technical Analysis FUNCTION:  Counter Trend MODE: impulsive as C STRUCTURE:  sun waves of black wave C POSITION: Red wave 4 DIRECTION NEXT LOWER DEGREES: black wave C (may started) DETAILS: blue wave 5,red wave 5 of C looking completed . Now sub waves Black wave C is in play . Wave Cancel invalid level:191.335 The "GBPJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 1 March 24, presents a detailed examination of the British Pound/Japanese Yen (GBPJPY) currency pair, employing Elliott Wave analysis on the 4-hour chart. The analysis focuses on identifying potential market movements within the context of a counter-trend scenario. The specified "FUNCTION" is "Counter Trend," suggesting a strategic approach that seeks to identify potential reversals or corrective movements against the prevailing trend. This indicates a focus on counter trend trading opportunities. The designated "MODE" is "Impulsive as C," signifying that the current market conditions are characterized by strong and forceful price movements within the context of a corrective wave (C). This implies that, despite being in a counter-trend phase, there is a notable impulsive nature to the price action. The described "STRUCTURE" is "Sub Waves of black wave C," emphasizing the focus on the sub waves within the larger corrective structure of black wave C. This suggests a detailed analysis of the internal dynamics of the ongoing correction. The identified "POSITION" is "Red wave 4," indicating the current position within the Elliott Wave pattern. Red wave 4 represents a corrective phase within the broader structure of black wave C. Regarding "DIRECTION NEXT LOWER DEGREES," the focus is on "Black wave C (may have started)." This implies the anticipation of the initiation of the next phase of the corrective structure, black wave C. The use of "may have started" indicates a degree of uncertainty, highlighting the need for confirmation. In the "DETAILS" section, it is mentioned that "blue wave 5, red wave 5 of C looking completed. Now sub waves Black wave C is in play." This signals the completion of specific sub waves within the larger black wave C and the transition to the unfolding of sub waves within black wave C. The "Wave Cancel invalid level" is set at 191.335, serving as a critical reference point. A breach beyond this level would invalidate the current wave count, prompting a reassessment of the analysis. In summary, the GBPJPY Elliott Wave Analysis for the 4-hour chart on 1 March 24, indicates a focus on the completion of specific sub waves within black wave C, with attention to the potential initiation of the next phase of the corrective structure. Traders are advised to monitor the invalidation level at 191.335 for potential shifts in the wave count within the counter-trend context. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!    
    • Elliott Wave Analysis TradingLounge Daily Chart, 1 March 24, Bitcoin/ U.S. dollar(BTCUSD) BTCUSD Elliott Wave Technical Analysis Function: Follow Trend Mode: Motive Structure: Impulse Position: Wave III Direction Next higher Degrees: wave (III) Wave Cancel invalid level: 31046.25 Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy: Wave action (III) in the form of an often extended impulse. It is likely to go up to test the 66410.307 level. In the short term, there may be a correction in Wave IV before rising again. Therefore, Bitcoin overall is still in an uptrend. Bitcoin/ U.S. dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, Wave Oscillators a bullish Momentum. TradingLounge Analyst: Kittiampon Somboonsod, CEWA Source : Tradinglounge.com get trial here!         Elliott Wave Analysis TradingLounge 4Hr Chart, 1 March 24, Bitcoin/ U.S. dollar(BTCUSD) BTCUSD Elliott Wave Technical Analysis Function: Follow Trend Mode: Motive Structure: Impulse Position: Wave III Direction Next higher Degrees: wave (III) Wave Cancel invalid level: 31046.25 Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy: Wave action (III) in the form of an often extended impulse. It is likely to go up to test the 66410.307 level. In the short term, there may be a correction in Wave IV before rising again. Therefore, Bitcoin overall is still in an uptrend. Bitcoin/ U.S. dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, Wave Oscillators a bullish Momentum.    
    • Greetings Is it possible to enable after hours trading via my spread bet account?
×
×
  • Create New...
us