{"id":17203,"date":"2012-11-27T16:57:33","date_gmt":"2012-11-27T21:57:33","guid":{"rendered":"http:\/\/www.ino.com\/blog\/?p=17203"},"modified":"2012-11-27T16:57:33","modified_gmt":"2012-11-27T21:57:33","slug":"usdjpy-lemons-into-lemonade","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2012\/11\/usdjpy-lemons-into-lemonade\/","title":{"rendered":"USD\/JPY: Lemons into Lemonade"},"content":{"rendered":"<p>How Elliott wave analysis helps you as a forex trader with built-in, risk-defining safeguards<\/p>\n<p>Elliott wave analysis is not a crystal ball. (No market-forecasting method is.)<\/p>\n<p>But here's what is remarkable: Even when your Elliott wave forecast doesn't pan out, you have built-in safeguards to alert you -- and help you manage risk. Here's a real-life example.<\/p>\n<p>Going into the November 14 low, USD\/JPY charts had been showing an impulsive downward Elliott wave pattern. Impulses are 5-wave moves, but on November 13-14, the pattern looked incomplete: the fifth wave down seemed to be missing.<\/p>\n<p>Here's a chart our <em>Currency Specialty Service<\/em> subscribers saw early on November 13:<!--more--><\/p>\n<p><img decoding=\"async\" src=\"\/\/www.elliottwave.com\/images\/freeupdates\/image\/fofo%2011-14-2012.GIF\" alt=\"\" \/><\/p>\n<p>So, our analysis on November 13 suggested that USD\/JPY would fall further. But USD\/JPY just would not fall; instead, it went sideways.<\/p>\n<p>That suggested to our <em>Currency Specialty Service<\/em> team that the wave (4) you see in the chart above was extending. Perhaps it was developing as another Elliott wave pattern -- maybe a contracting triangle? This chart and analysis described to subscribers that scenario:<\/p>\n<p><img decoding=\"async\" src=\"\/\/www.elliottwave.com\/images\/freeupdates\/image\/fofo%2011-14-2012%20two.GIF\" alt=\"\" \/><\/p>\n<p>\"A bearish fourth-wave triangle is another idea that's in a position to yield new lows in wave (5). Resistance rests at 79.655\/765.\"<\/p>\n<p>Note that line: <strong>\"Resistance rests at 79.655\/765\"<\/strong> -- it represents the very risk-defining safeguards I mentioned earlier.<\/p>\n<p>How? Well, there are things that Elliott wave patterns just are not allowed to do. In a contracting triangle (an A-B-C-D-E formation), prices must stay within converging trendlines -- and they cannot overlap the start of wave A, the origin of the pattern. Resistance at 79.655\/765 was exactly that: the price point where the contracting triangle interpretation would be invalidated.<\/p>\n<p><strong>Practical application:<\/strong> If you were bearish on USD\/JPY on November 14, you could have used the price area of 79.655\/765 to manage your position risk.<\/p>\n<p>As you probably know, USD\/JPY did not go sideways for long. Nor did it go down. Soon after, it went higher and breached that key resistance level:<\/p>\n<p><img decoding=\"async\" src=\"\/\/www.elliottwave.com\/images\/freeupdates\/image\/fofo%2011-14-2012%20three.GIF\" alt=\"\" \/><\/p>\n<p>When one Elliott wave pattern ends, another one begins. As soon as that key resistance in USD\/JPY was breached, a new road map for the Japanese yen became clear.<\/p>\n<p>By Elliott Wave International<\/p>\n<hr \/>\n<table>\n<tbody>\n<tr>\n<td valign=\"top\"><a href=\"http:\/\/www.elliottwave.com\/r.asp?acn=09ino&amp;rcn=aa331&amp;dy=aa112712&amp;url=http:\/\/www.elliottwave.com\/club\/trading-forex\/default.aspx?code=47613\"><img loading=\"lazy\" decoding=\"async\" src=\"\/\/www.elliottwave.com\/images\/club\/web_ads\/3535-cg.jpg\" alt=\"\" width=\"125\" height=\"150\" border=\"0\" hspace=\"5\" \/><\/a><\/td>\n<td valign=\"top\"><strong>Download Your Free 14-page eBook: \"Trading Forex: How the Elliott Wave Principle Can Boost Your Forex Success\"<\/strong><\/p>\n<p>Here's some of what you'll learn:<\/p>\n<ol>\n<li>Which Elliott waves to trade<\/li>\n<li>Which Elliott waves set up your forex trade<\/li>\n<li>When your analysis is wrong<\/li>\n<li>Guidelines for projecting price targets<\/li>\n<li>How to evaluate an Elliott wave structure<\/li>\n<li>How to use the bigger picture to give you perspective on the market's next major move<\/li>\n<\/ol>\n<p>Jim also takes you through two real-world trading examples to reinforce what you've learned and apply it to your own trading.<\/p>\n<p>All you need is a free Club EWI profile to <a href=\"http:\/\/www.elliottwave.com\/r.asp?acn=09ino&amp;rcn=aa331&amp;dy=aa112712&amp;url=http:\/\/www.elliottwave.com\/club\/trading-forex\/default.aspx?code=47613\"><strong>download this FREE 14-page eBook now &gt;&gt;<\/strong><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>How Elliott wave analysis helps you as a forex trader with built-in, risk-defining safeguards Elliott wave analysis is not a crystal ball. (No market-forecasting method is.) But here's what is remarkable: Even when your Elliott wave forecast doesn't pan out, you have built-in safeguards to alert you -- and help you manage risk. Here's a [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[169,254,7948,4624,1406],"class_list":["post-17203","post","type-post","status-publish","format-standard","hentry","category-general","tag-elliott-wave-international","tag-forex","tag-guest-bloggers","tag-lemons","tag-usdjpy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v23.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>USD\/JPY: Lemons into Lemonade  - INO.com Trader&#039;s Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wwwtest.ino.com\/blog\/2012\/11\/usdjpy-lemons-into-lemonade\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"USD\/JPY: Lemons into Lemonade  - INO.com Trader&#039;s Blog\" \/>\n<meta property=\"og:description\" content=\"How Elliott wave analysis helps you as a forex trader with built-in, risk-defining safeguards Elliott wave analysis is not a crystal ball. 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