The first news on National news on CBC (Cdn Broadcasting Corp) today is the plunge in CAD; cad being below 80 cents right now.
If we take this as FRONT PAGE news, we can expect a sharp reversal tomorrow.

Hey Guys,

Here are two possible counts for the GBP/USD. The first chart is my primary count, but both call for lower prices in the next day or two. I'm looking to get short somewhere near 1.6450 which is the price area of previous fourth wave of one lessor degree. The targets for the trade will be around 450-500 pips. That's roughly the length of wave one.

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i like your second chart better. Especially, since it will offer a better FIT with my GBPUSD taget of 150.

I agree that we'll see 1.5000 at some point, although I think it will take a few more weeks to get there.

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Does anybody have a historical chart of the DOW that goes back to the 1929 crash that they could post?

Thanks

I am following the same chart as you Ray. Waiting for a bounce to go short.

Jamie had one that he posted back in the old thread when the Dow broke the 80 year uptrend line. I think Brad may have saved a copy of it.

Market, I need to give you props. On the EURUSD you were the only one of many respected analysts who predicted that instead of a 'b' wave we were actually in a wave 4 diamond top and foresaw the move down. I actually jumped on your bandwagon despite the analysis of many that saw different and managed to squeeze out some pips.
Great job!

Careful as there are Major headlines in the news here in london that cable is at levels not seen since years and that the pound had lost so much value against the USD in the past one year.

Plus Jamie had a article that he thought cable had bottomed a day or two ago at 168ish.

I don't think GBPJPY will get anywhere near your target before a major reversal in Wave 2 that will go back up to test the under side of the broken Up Trend Line on the monthly. But there is a whole lot of momentum pushing this pair down.. I could very well be wrong...

Thanks for the heads up, RAY
Good to see you again, my good friend. Where were you last couple of monthsÉ Haven`t seen you around much.
Anyway, I am careful. I am aware that NOTHING moves in a straight line. But, it is nice to see a target.
I used to have a sailboat before that I kept in the Great Lakes (they are bigger than many seas). When I trade, I feel like a sailor many times, sailing up wind, switching my sails or coming about every so often. But, even if you do not move in a straight line, your target is always on the horizon, it just takes many zigzags to get there.
Even here in Canada they showed a clip on the news from the UK, where people stages a mock `funeral`to the prosperity and good life in the UK earlier today.
Your PM Brown and Mr darling are doing a great job making sure that the idea of recession is firmly planted in everybody`s mind and is confirmed, so that there cannot be any doubts about severity of the crisis.

Someone else posted this chart a little while ago .....

EURAUD is pulled back to the 20 Day Moving Average on the Daily chart and has formed a candlestick reversal.. Looks like this is a no Brainer ! I'm long looking for a new high

Hey Brad,

Firstly,Great Work!! Thanks for all the time and effort you put into your posts and charts. Your knowledge of candlestick's is really impressive and Ive been learning a lot from your posts.

I have some doubts regarding your latest Eur/Aud trade.

1) I placed a stop at 1.8890 below the most recent low. Do you think it is a good stop level ?

2)In such exotic crosses what other pairs affect their movement?

3)How long do you assume it will take to reach new highs? And how to take profits, do you trail your stops?

Thanks for your help.

Paul

Hi Paul... Looks like you've been a silent reader until now Glad you have been making use of my analysis I have no doubt about this long position in EURAUD Those candles look pretty good to me... Especially meeting up with the 20 DAY Moving Average at the same time.. I think a stop at 1.8954 (20 Pips Below Yesterday's Low of 1.8974) would be just fine, I don't think price will get past there, but if does I don't think it will get past the major bottom at 1.8890 after ... I assume it will take a few weeks to a month to reach a new high and I also think it's got the ability to travel much higher after... I think the best way to trade this is to go long now with a target on half the position at the previous high of 2.1115 and manually trail a stop on the other half of the position leaving it plenty of room to bounce around on the ascent.

As for what affects these pairs.. Who cares ! It's all in the chart... It's An Easily Defined Up Trend At A Pull Back To The 20 Day Moving Average On The Daily Daily Chart With A Confirmed Candlestick Reversal Visible On The Chart... That's Bullish Enough For Me