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Picking Tops and Bottoms
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Canadian Dollar and Euro / Yen Trade Ideas
Thu, May 8 2008, 05:59 GMT
by Jamie Saettele
This week, confidence is high in 2 setups, so we are presenting both of them.
We remain bulls due to the 5 wave advance from .9710 to 1.0324. The USDCAD looks poised to test the 61.8% at .9944. A drop to this level should lead to a bottom and advance that eventually breaks above 1.0324.
We have focused on the EURJPY in recent special reports because the reward to risk on this trade is extremely favorable. A large C wave is underway from 164.97. A first wave down is complete at 160.59 and the short term pattern strongly suggests that wave ii is complete at 163.09. If our assessment of the short term picture is correct, then the EURJPY should drop quickly from near current levels.
Published on Thu, May 8 2008, 06:03 GMT
Archive
- Euro Rally Likely Before Next Collapse
Published On Thu, Aug 28 2008, 05:48 GMT - AUDUSD Bearish Triangle Opportunity
Published On Wed, Aug 20 2008, 08:16 GMT - GBPUSD Possibilites After Fed Release
Published On Wed, Aug 6 2008, 06:15 GMT - USDCAD: Preparing for a Breakout
Published On Fri, Jul 25 2008, 06:38 GMT - EURUSD: Don't Be Spooked by Volatility
Published On Fri, Jul 18 2008, 06:04 GMT
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