IvanLabrie
Long

Pound expressed in Gold: wave 4 done?

603 21 33
I had a chart depicting the uptrend in the Pound expressed in gold             .
The forecast for the wave 3 top was correct, and it seems that wave 4 has ended.
It technically can't dip any lower, unless it's a terminal pattern.
This would imply that we might see a rally in GBPNZD             , and in GBPUSD             , naturally.

Just as extra information, we can also perform an analysis of individual currency indexes, constructed using all major currencies vs one instrument. I've done this in the past and it yields very good results when paired with the time at mode methodology.

Look for longs in the Pound crosses, I know I will.
Regards,

Ivan Labrie.
Time at Mode FX
Comment: Pound holding its own, looks bullish.
Comment: On track so far.
Comment: Time for longs again.
Comment: Nice confirmation of GBP weakness.
Nice, very interesting chart crosses, like as your mentors Tim West, honestly i dont use them but will try in the future. I think the GBPUSD has bottomed also. Regards.
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IvanLabrie PRO FullTimeTrader
Yes, highly likely.
It helps filter noise and determine relative strength.
We can try the rest of the majors vs gold to compare.
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IvanLabrie PRO IvanLabrie
http://www.futuresmag.com/2007/11/08/gauging-currencies-against-gold

snapshot


EUR/XAU, sitting at support. Tight spot for a long. Sideways rgmov, no new low, divergence and oversold.
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IvanLabrie PRO IvanLabrie
I like the weekly hammer and new modes higher in NZD/XAU:

snapshot
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IvanLabrie PRO IvanLabrie
For gold adjusted to the dollar index, you already have my publication, which shows the dollar or gold have bottomed. So, for now, the dollar's weak.
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IvanLabrie PRO IvanLabrie
snapshot
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IvanLabrie PRO IvanLabrie
AUD/XAU looks terrible:
snapshot
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IvanLabrie PRO IvanLabrie
Yen appears to be forming a triangle, but currently at support:

snapshot
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IvanLabrie PRO IvanLabrie
CHF is very confusing:
snapshot
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IvanLabrie PRO IvanLabrie
CAD/XAU:
snapshot

Similarly weak to AUD/XAU.
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IvanLabrie PRO IvanLabrie
Verdict: it would appear as if EUR, GBP and NZD, followed by JPY have the greatest odds for longs.
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Do I see an overlap here? You have me a little worried!
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Where?
The wave count is an approximation, it isn't that important. The whole thing is corrective, so this impulse might be a terminal one (IF it's even an impulse).
Terminal impulses end corrective structures and have corrective legs of any kind, and an overlap of wave 2 and 4.
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IvanLabrie PRO IvanLabrie
(On the subject of EW, it's possible 1-2-3 is an ABC, can be a terminal impulse 1, or an A. Would make more sense than the current labels)
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If this level fails to hold, things won't look good for the Pound.
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Very interesting stuff to be honest.
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IvanLabrie PRO morshedul.sazid
Thanks, trying to go beyond the simple price charts and individual instruments to gain clarity about the relative strength is important to me.
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You are most welcome.
Its really pretty amazing how you can gather much information by analyzing the charts and individual instrument together.
Hats off :)

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IvanLabrie PRO morshedul.sazid
It's an application of the concept of relative strength, and trying to determine money flow of international investors using technicals.
I don't know enough to use fundamentals like a bank trader does, all I have is the technical chart and my toolset.
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This is the first time I have seen such analysis, I am amazed. Will like to see more and understand the concept :)
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IvanLabrie PRO morshedul.sazid
I borrowed the idea from Ashraf Laidi, on reccomendation from David Alcindor here.
Credit where credit is due.
The relative strength ideas, I had been tinkering with, to filter which FX pairs to trade.
I like this paired with Van Tharp's market types and Tim West's rgmov, and time at mode.
It's the best way to trade for me.
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