All right. Hello everybody and thank you for joining us on a Thursday at 3pm for what I promise you will be a riveting discussion about global regulation and crypto currencies if the quality of the commentary in the speaker group was anything to go by. I'm going to start with a very brief round of introductions just to sort of set the stage on the folks that you will hear from today what their various interests of interest and in some cases disagreement might be. And at the end we will have some time for questions at that point I will be that person who says please actually ask a question and not merely make a comment on the state of the world. And I'll also ask you to stand up just so that our colleagues who are providing the live stream for this will be able to include you in those shots. I'm just going to start with the gentleman closest to me. Klaus cannot you are here in two capacities at least for this particular panel. You are the chair of the FSB which has very important roles to play in the context of opining on financial stability and persuading people that this is an important thing for our overall financial ecosystem. And you are of course president of the central bank of the Netherlands. Thank you for joining us today. And immediately following we have Commissioner Marie McGinnis who is challenging portfolio just I think in terms of scope financial services financial stability and the capital markets. Thank you for joining us. Brad you have perhaps the shortest title Garling House. You are the CEO of Ripple Labs. But you have I think one of the more complex interactions with some of the regulators that we will to be discussing about today. So we will certainly be hearing from that. And last but not least we have his excellency Omar Salton who is representing the UAE. And again very interesting portfolio that encompasses remote work artificial intelligence and digital assets all of which are hot topics here in Davos. So thank you everyone for joining us. Now if you have been to any of the other sessions recently you may have heard any of the following words. Sam Bankman freed Bitcoin tokenization digital assets stable coins fraud scams hype excessive exuberance and regulation. And we will tackle if I manage this time correctly most if not all of those things. And I want to start by acknowledging that at the time of this panel we are in an environment in which if folks have heard about crypto and crypto assets and if they have an opinion on it it tends to be one of two reasonably polarized things. Best idea of all time worst thing ever. And the spectrum of opinions here on the stage is neither of those right. What we are going to talk about is the messy and much more interesting middle which is given the existence of a set of underlying technologies known as the blockchain and the existence of an entire ecosystem from centralized exchanges to banks that work with those exchanges to companies dedicated to providing services in that universe. What is the appropriate rule of regulation here. And your excellency I like to start with you because the UAE has over the past several years emerged as a jurisdiction with what is described as a lighter touch approach to digital asset regulation. Can you just give a sense of what that is and why. Thank you Stacy it's an absolute pleasure being both of you today. I was promised one ripple to be on this panel. So in all honesty I think the first and foremost thing that I want to describe is the UAE's journey with crypto started in 2015. We hosted the first round table where we just wanted to actually understand what this is and understand if it's worth regulating or not. At that point of time let's say the adoption was quite low and people were still not sure what the utility was. So we thought let's follow it but let's not regulate it at this point of time. Today our regulations are actually not lighter than most other jurisdictions. We have very extensive regulations but maybe it's not promoted as you'd like on most platforms. Let's talk about for example Vara. We've heard that FTX is a license so Vara is so virtual. So we have a sorry we have an authority in the UAE called the Virtual Assets Regulation Authority and through that people have heard that FTX and Binance and some of these other platforms were licensed. But the fact of the matter is we don't have a single license exchange in the UAE. What we have is a four step process. The first is called a provisional MVP license for these exchanges to come and open up their activities for us to understand exactly what they are. They're telling fraudulent activity internally. Does this actually check out as a business. Is there anything that the government needs to really dig in to. And then they go through something called operational MVP license which goes and looks at their operations goes and sees for example do they enforce KYC and AML measures. Know your customer and anti money. Yes. Know your customer and anti money laundry as well. And then finally they're actually given something called a full market product FMP which allows them to bring in customers. So not a single exchange in the UAE was able to onboard any customers even until last week. Now I would like the for the European perspective here just for a second. That is by the kind of the framework of Micah which is wending its way through the process seems still even if it's not necessarily light or touch in a lot of ways much more focused on like exchanges in one particular part of the market. Commissioner McGinnis can you just talk a little bit about what the markets and crypto assets regulation is trying to propose and how it may be similar to or different from the approach of other countries and states. Well we started working this before my arrival into my role. So there was a concern that this existed. So in one sense we had three options. Let it happen without. So turn a blind eye banish or regulate. So at this stage the marketing crypto assets has gone through all the legislative process. It's not just implemented yet but it is coming. And the idea is that a license is granted to these operators which is across them. The member states they can operate across the member states. But really in my view regulation is about knowing what's happening out there. Understanding that there can be checks and balances so that we don't just say we're regulating we then actively do that. And I think the recent experience of those dramatic events in the whole crypto area has reassured us that we're doing the right thing and that I would like to implement soon and we will. I think beyond that it was interesting your observation my technology. So I want to be very clear that there is a difference between technology and how it is used. So we're also conscious that we don't want to stifle innovation. So we have already some pilot projects around DLT. Disturbing said ledger technology. I'm just going to say you're passing all of the tests. So well done. So my apologies for that. I used to be like this. It gets to you after a while. So we have actually you know we're doing the right thing around trying not to stifle innovation but not having as we say a wild West. And again I want to put back to the real world which are the people out there not in this room who invested like the youngsters on apps. We all have young people in our households. This is happening before we even knew it. Lots of people have suffered. For what has happened now. So while the consequences may not be immediate for financial stability for individual stability both financial and mental health this can be very dangerous. So the idea of something always going up we know does not exist.  That is a hugely damaging societal issue. So I think that in one sense where we are today because of recent events which we would all rather didn't happen people will be more aware of the downside. And that's one of the upsides of recent events. And I think then beyond that but it's probably too early to throw it in at this stage is none of us really know where digitalization tokenization will bring us. And we need to be mindful to do it a step by step basis and watch very carefully on each of those steps. Chair. In October 2018 you delivered a speech that was titled The Evolution of Power of the Blockchain which is a very early period to be giving such a speech on. But one of the things that you identified in there was that a concern about the potential intersections between traditionally regulated financial institutions and crypto assets. And you even made the point that regulators don't like the phrase crypto currencies because crypto crypto is not money. Can you talk about what the potential risks are. You know we've heard about the need for consumer protection. We've heard about the importance of New Year customer and anti and anti money laundering. We have had in the United States for example Silvergate Bank experience a multi billion dollar run on the bank in part because of its exposure to FTX it laid off 40 percent of its staff. It was able to tap a federally provided lending reserve that is only available to banks but not to crypto companies. You know. So even if we have CEOs like Jamie Diamond out there saying I think his latest is Bitcoin is hyped up fraud there are other banking CEOs who are clearly interested in playing in this area. Yeah. Well thank you very much also for having me. If I had been offered a ripple by the way then I would probably have had to decline the invitation XRP not Ripple's the company XRP is the token. Yes. Anyway. But on let me begin also by saying that the FSB also has a sort of single punch line for digital innovation and that is trying to harness the benefits of innovation while mitigating the risks. I must say though that over the last year or so we have been so busy with this letter part of this punch line. The risk mitigation part that clearly there has been less attention on the tables that I joined on on harnessing the benefits part. But I guess that's also the role that you expect from a global community of regulators to play. Now like Commissioner McGinnis I would also say that many of the risks that we've seen in the last few months are not all that different from risks that we also saw elsewhere in the financial system in earlier episodes. And they have a long long long history of the financial boom bust cycles etc. The difference this time is that they appear in a digital manifestation. But essentially this is about liquidity mismatches which make some of these platforms vulnerable to runs. It is about creating expectations of ever increasing prices which are of course to go to be true. We know it. There are the dangers of leverage. People taking speculative bets. Well you can't stop them from doing it but speculative bets do turn into a financial stability risk if they're leveraged bets. So that's what you want to avoid as much as as possible. And then of course there have been all these kinds of interconnections within the crypto space that have raised serious issues about governance about conflicts the rediscovery of counterparty risk the rediscovery of counterparty risk etc. So our effort has been on the scale of banning isolating containing traditional incentives based regulation to of course come up with a regime where all three elements need to be part of it when it comes to illicit activities where unfortunately too often crypto assets do play an important role in the financing of money laundering of drug trafficking of illegal arms trading etc. That is clearly areas where you find them where I think bans are appropriate isolating slash containing that is where you try to keep at least that those parts of the traditional financial sector where leverage plays a huge role away from cryptos as far as possible to contain what I spoke about in 2018 the possible sort of contagion effects from the crypto world to the more traditional traditionally regulated parts of the financial system. And then yes you have the normal incentive based regulations which are again not all that different. They are same activity same risk same regulation investor protection transparency separation of funds all these kinds of things. And the business is global in nature. Many of these crypto assets are offered from places that I would call sunny places for shady people. You give an example. Well I think we all know the kind of locations that we that we're talking about. So we need to have a global framework to regulate this. It doesn't make sense to just have national approaches. I think this is truly global global in nature. And so we have been working concretely and then I'll stop on updating our regulations on global stablecoin arrangements and coming forward with a new set of recommendations for what we call unbacked crypto assets or other crypto assets. They are now in the open for consultation. So we are looking forward very much for sort of the first pitch of the panel. And then we hope to finalize these two sets of recommendations by the summer of this year. Now Brad you have already made the distinction between XRP the token and Ripple the company. You are the only you're a regulated entity or you're speaking on behalf of a regulated entity when folks talk about these different sorts of provisions. You are the person or your various teams doing the paperwork providing evidence of baseline trustworthiness. What is it like to be a non bank financial service provider operating at the intersection of these very traditionally regulated financial institutions and less traditionally regulated less traditional financial institutions. It's exciting. I feel a obligation to advocate for there are these new technologies that we can use for the betterment of economic value to our citizens to our businesses even to central banks. And I think to the extent we can focus on that. Hey these are new technologies that can be used in that way. Like the earliest days of the Internet can these technologies be used in illicit ways. Yes. And certainly we saw the early days of the Internet and people called for bands of the Internet. And to be clear the current days of the Internet as well. Oh yeah I guess. Yeah. Well though there is a much louder higher decibel level call that and maybe the 90s when people are more intimidated by how these technologies being used. And I think we're seeing that play out in the world of blockchain as well. I thought it was interesting you described the UAE regulatory as light touch said it's described as light. Oh described like that. Right. I actually give huge credit to the UAE. Do you have a license. No we do not. Although we might. I don't know the exact answer to that. But we do not currently. The point I would make though is you do not. Thank you. The point I would make though is the UAE has done the work to codify what the regulations are. I think the challenge you know and we discussed this before we got up here. I think the vast majority players in the crypto space want to be good actors. But I think we have to be clear about what that means. And I think one of the challenges is and I very much agreed with some of the commissioners said we talk about regulating crypto. I think we should. That's an abstract thing to say to me from my point of view. We need to regulate the activity. But what is it that we're doing. So Ripple is in the business around crossword payments. Our customers are banks. Our customers are regulated institutions. You can't have a non KYC know your customer transaction etc.  So I think when we say crypto is not regulated I hear that I think I don't know what that means. Like Ripple is a very regulated company and lots of different jurisdictions not yet in UAE perhaps. Although I don't think we I don't know the exact status. The point as much as anything I think it's a misnomer to describe crypto as an unregulated business in the U.S. You have in the SEC someone at the chair saying it's the Wild West. Look there are clearly examples where that's true. But there are a lot of people doing solving real problems for real customers and taking the air and the froth out of the hype and speculative bubble that really was true in crypto. I think it's really healthy. I think one of the challenges here is there are actually very few people describing crypto as an unregulated business. What they're saying is that it is insufficiently regulated and that there are certain types of activities you know separate out the obvious and egregious fraud scams and grift. But there are certain types of activities that are either being presented to customers as potentially safer than they are or you know the promise of guaranteed returns when there are no such thing or in the U.S. for instance many investors and certain of these crypto companies several of which have now gone bankrupt were under the impression that their deposits were insured by the FDIC which is that up to two hundred and fifty thousand dollars of whatever the deposits were would be protected. And that was an impression that was in a lot of ways encouraged by the marketing and the advertising of certain types of these entities. But we have laws about that right. And now frankly I think instead of going after Kim Kardashian for promoting a case was dismissed but I didn't actually know that. I think we have the things you're describing and even we talk to begin backstage if there's fraud we have laws about that in major but I think what I would love to get the perspective of the commissioner on is that it is not always just explicitly fraud sometimes it's just misrepresentation or in fact you know something I hear very often which crypto folks like to say was like well do your own research. Like it's a very easy thing to tell a venture capitalist with a team of people who are supposed to be good at this to do your own research and it's a very different thing for a 17 year old who's being advertised at on you know Superbowl advertising for instance to make informed decisions. I think we need to step back a little because if you look at the origins of crypto whatever we call it acid or liability some I think many would have set out on the basis that they did not want to be part of the establishment and therefore did not want to be part of the traditionally regulated sector. That feeling has not gone away you know. I think some do understand the need for regulation. So I think we're still in that battlefield of those who believe that crypto and everything around it is the future. And that dare I say central banking and monetary policy and all those things are the present but not the future. And we have to have that public conversation and we haven't had that. So we have to in my view there are two groups really there are those who still hold to this future that they can create but haven't quite described what it will look like. And those who understand that you need to be part of the system of the regulatory system. Now you're right in saying that the activity of some of these should be impacted by other pieces of legislation with crypto because nobody can see it it's kind of an invisible thing. It's just gone it has if you like gotten away with more before regulation has actually been put in place because not all of crypto is bad but certainly not all of it is good. And you know I think we also need to say as we sometimes with the digital euro proposal we need to be able to communicate what is the value of crypto today. Where will it lead us tomorrow. And had we not put some regulation in place how much worse could this be. Because there's a bigger it's there's more of a societal issue around this as well. If I and I do listen a lot I talk a lot too but I try and listen. There are two different camps around the financial system. There are those of us who are older not wise about older and no system. And there are those younger tech savvy different outlooks on finance different outlooks towards assets. And we need to make sure that there isn't a mismatch completely here. In one sense we are as well as the traditional regulators. I would like to think we regulate in a way to help those who see a vision for the future. But they haven't in my view articulated that vision beyond some believing as the taxi driver told me his son had millions in Bitcoin. There's when I worry. So in one sense we have to have the public discussion. The recent events have allowed this discussion to at least start. But it's maybe not always taking place in the forums that need to hear it. So I still think there are those who believe that crypto is the future and that it doesn't need regulation. And we have to fight against that not because we want to trap them or restrict. But it is because when there is a problem and I say when who will be asked to tidy up if it's a big problem the traditional system will. Your excellency in you have shared stats in the past that's something like more than 20 percent of the population of the UAE holds and at least one NFT and that 35 percent of the people there own crypto folks in the UAE or at least with KYC addresses in the UAE were identified as being among like the top creditors to Sandbank and Frieds FTX International. And how do how are you squaring this reality of you have a population that is pretty exposed especially on a global scale to this asset class with the need for investor protection education regulation all of the things that we're discussing here. So it's the first that I hear of some of those statistics but the reality of the matter is I read an article about four percent of those who were affected by the FTX scandal were based in the UAE. And I actually started to dig into this to try to understand where this number came from. The first thing that was clear to me is there are other jurisdictions that had higher percentages was whether it was South Korea or the UK or you know other the Bahamas was a highest I think. But the other thing is how do you actually understand what this means. Does this mean that there was KYC done on that person or the address was just something that people thought was in the UAE. Second is that they have a dollar or a thousand dollars because actually assessing the value of the impact is as important as understanding where people are being impacted and was that account active or inactive maybe the accounts were just domicile accounts had not removed. The fact of the matter is our job as regulators is always to try to be proactive and to protect people as much as we can. Whenever people adopt a technology we have a young population. So naturally we need to ensure that we move faster than others because a young population is going to be embraces of technology. The third thing is we actually looked at this technology. I wanted to understand other than crypto where can't be used. Is it something that we need to invest in from a talent perspective or not. What we aim to be is the highest talent per capita country on earth and bringing Web three talent bringing talent that's working on blockchain is fine Web three. So Web three I think is the future of the Internet. It's the convergence of the metaverse is the convergence of blockchain technology. And I think some of the features of Web three is quite exciting. So I think if you actually think about blockchain and the traceability behind it and the fact that all transactions are actually transactions that are legit and cannot be removed or raised is a positive thing for the world. It's easier for you to trace someone who has transacted through Bitcoin for example then called hard cash. Right. If they bought drugs or if they did something that is in terrorism financing or money laundry as well. The challenge is there are some cryptos that are shady and we know this and we need to regulate against this. But we are going through an evolution process. Our job as a government is first to work with everyone necessary to ensure that people are protected across geographies because this is a currency that lives on the Internet. It does not live in the UAE does not live in the UK does not live in the Bahamas. The second is we need to ensure that we are agile without policies because there are going to be bad actors trying to always play around with the legislations and the rules that we put in place. And third is we need to protect the talent because there are some really talented people in the space that we want to embrace. I think them calling the UAE home is definitely a positive thing. Now when you talk about people 30 percent or 20 percent hold NFTs I actually don't understand how we can calculate this number. If it's just the wallet addresses one person can have five wallets or ten wallets. So it can be one person holding most NFTs and people think that 20 percent of the population. I want to I want to pull on that point and you know I want to ask you this question which is on the one hand you have this tension between the idea that if you use Bitcoin five years ago we can figure out if you bought drugs with it. And on the other hand we don't know who owns NFTs. How as a regulator are you thinking about this simultaneously of this profusion of information and kind of like an absence of context and knowledge in understanding what is a legitimate activity and what's illicit as you described it earlier. Well that's quite a difficult distinction to make. I mean of course these activities don't have illicit or it's not like label bad stuff label labeled on it. So I think there are separate authorities that that sort of have to oversee and make sure that anti many money laundering is being prosecuted etc. There are different privacy authorities that have to take sort of a close watch on on on whether or whether the data standards are actually upheld etc. But you cannot expect all of that from traditional financial financial regulators but I would say therefore there is also a responsibility of the industry. I mean if there is an industry with good and bad guys you cannot just be in a good guy sort of look at the regulators and say oh it's your job to sort of wield out the bad guys and yeah well that there are also bad guys is not my case. No I think you also have a collective I think responsibility within the industry and to make sure and that you don't legitimize the activities of the bad guys if you even if you are convinced which you probably are that you are a good guy within within this industry. So you cannot expect public authorities to solve all these problems. Brad let's talk about crypto Twitter for a second because we have to. I actually want to talk about the UAE because let's say that you are a person who ran a hedge fund and then blew it up expensively and extravagantly. Why is your first point of call like Dubai. Right. Why are why are folks who are emerging as people in crypto who are very influential who are very critical of other actors in the space trying to align themselves with certain regulatory jurisdictions. And you know Brad I'm going to ask you this person and ask for his excellencies opinion is is there in fact a self policing mechanism for the crypto industry when so many of these folks seem to have more than nine lives certainly and the ability to try to fundraise again while in active litigation with various governments. I guess my comment reaction is only what I've read. You know I saw this week that the three arrows capital guys are raising a distressed crypto debt fund. That made me scratch my head a little bit. Look again I think about this is an analogous to OK when a hedge fund blows up birdie made off. We should look at OK what what went wrong there. Why didn't we see that coming. I think what happened with FTX. We is a very very similar and very analogous to what happened with made off. Well I'm going for you to deny all allegations. I know sorry. Yes. Allegedly. I don't I know nothing proprietary of consequence here. I think it's important that we are regulated for sure. The point that I was making is I think the activity is what typically has been regulated regulating technologies is a little bit more complicated. Understanding how a technology is being used to touch a business to touch a consumer to touch fill in blank. We should absolutely have laws around that and we should protect consumers. I'm actually intrigued by your thought around kind of the self policing mechanisms and you know as you said it I was saying but you know how could we do a better job of that. You know and frankly one of the things that came to my mind is I think you know the several people in the hedge fund industry had reported made off time and time again to the SEC and for whatever reason they didn't investigate. I do think you know we do work with law enforcement at Ripple and we do file suspicious activity reports and again we're only working with regulated endpoints. So we're somewhat unique. I will say I agree with you that the origins of crypto were absolutely anti government anti bank. You know the origins of these technologies and how these technologies can be used can be very very different. And as time goes by I think we spend less time talking about Mt. Gox and Silk Road and more time talking about. Here are real enterprise scaled use cases where it's not an experiment. You're talking about billions and billions of dollars going through Ripple's technology platform. Can I ask you a second. Sorry because I think you mentioned about Dubai and I just want to say something here. So if you look at Sam Backman Freed and Americans are living in the Bahamas most of the money that was invested to promote FTX was you know to name a stadium in Miami or in the U.S. spent in the U.S. mostly. And I think he just visited the UAE once. All right. What happens is today you have a brand name Dubai sells. I think any article that says Dubai actually gets read and it's being a city that loves the future and flirts with the future. You know time and time out with every technology whether it's 3D printing whether it's AI and so on so forth makes people assume that you know it's where the future is. Now if we look at every single disaster in the crypto space the one from Luna in South Korea he has not come to Dubai actually read an article saying that he was in Dubai and I went out and looked for him and the guy wasn't there. Three hours capital was in Singapore. So the fact of the matter is we have to differentiate that bad actors don't have a nationality and they don't have a destination. They do have lots of passports. Maybe they do. But the fact of the fact is what bad actors want to do is they want to ensure that they affiliate themselves with let's say jurisdictions that people feel protected in.  You hear Dubai because people give that brand a certain amount of credibility. But I don't think they have a nationality and I don't think they have a destination. You will see them everywhere. You see them in the Bahamas you see them in New York. You see them in London. And what we need to do as governments is to work together with the industry as well to ensure that if someone does something wrong he can't move from one place to the other. And that's something that we take very seriously. We also need to make sure that this mistake does not get repeated because what's the use of us whether some back when free turns out to be innocent or guilty. If someone else comes in and does the exact same thing in another jurisdiction we all feel this government. This is a lesson that we need to take today and make sure it does not get repeated tomorrow. And this segues to your point that you and other colleagues here on various stages of me that global coordinated regulation is the key. Yeah. And I wanted to add I mean about this libertarian sort of origin at this anti establishment. We should not forget that a lot of financial transactions are based on trust. Right. I mean instability is coming from the fact that we see each other as repeated game players. I can screw you today but maybe I need you tomorrow. Right.  One of the problems I have with the crypto business is that many participants see this as a one shot game. It's entirely single highest achievement is that if I screwed you to the Max. Right. And that in my view is a sort of mentality issue which is very difficult to regulate. It's a mentality issue but it will imply that it will be very difficult to ever sort of create a basis of trust and financial contracts we know can never be complete. So there is always a trust element needed at the end to make it work from a longer term perspective. Nothing analogy all might have been expecting. We will have some time for questions. So if you do have a question please put a hand up and I am going to enforce the question not a comment rule and please do stand once we give the mics to you. One of the things I always ask as a journalist is at the end of an interview is is there anything I didn't ask you. And so I have a question for you. Bring it on. Do you hold crypto. No. I have a question for the audience. Who would admit they hold crypto. Great. So the folks on to about 50 percent. Yeah. There are more as a financial drones very strict rules about not owning assets that you cover. Thanks. I'm Michael Groninger one company called Genelysis. I just wanted to comment a little bit of what I saw up here because there is definitely a lot of statements that I know factually are wrong. The amount of example criminal activity on the blockchain today and in the crypto space is counted in basis points. Zero point. Yeah. It's a very very small amount in dollar amount is a big number. But in actual amounts it's very very small and I think that's an important thing to stress. What is your question. So it was a correction here. I would say my question around things is like what have you what have you done in terms of like educating and learning about crypto from an oversight point of view. Another thing that was mentioned by commissioner McGinnis was was around crypto was invisible. If you work a lot with different analytics companies like ours you will learn that there's a lot of things you can see in crypto and it is only to the point where you can actually see specific transaction and sign to specific activities. So what have you done in terms of like educating yourself in terms of that. Thank you for the question. What is your what do you read. Well what first of all other than Bloomberg obviously. No no no no I mean first of all everything we do within the FSB I repeat that we consult right. So we sort of initiate consultative comments in order actually to educate ourselves at the Netherlands Bank I can add we tried also to build a crypto coin ourselves for sort of internal transactions within the bank. And the reason was only because indeed we wanted to learn by actively also engaging in the industry. So what the technology was about sort of and and I think we also learned a lot from from actually doing that. And one of the things is that the benefits of this technology are beyond any doubt. I mean nobody is questioning it's the use of the technology that is raising all all these issues. The numbers you gave on the criminal activity. I mean I cannot give you any other numbers but I can tell you that if you talk to public prosecution officers they give you a quite a different impression than from the numbers that you just mentioned. Question. This person in the third room. Thank you so much. Don. Yeah Don Tabscott I chair the Blockchain Research Institute. And my question is for Brad but anyone else. Why do we misunderstand what crypto is. And a lot of these conversations we assume it's some kind of security. It's a new asset class. But we're digitizing tokenizing all assets. So if you understand that you'll understand that there are a dozen different types of which what you're talking about is one we're tokenizing carbon credits. Should we regulate that. We're tokenizing art. Should we regulate that. There are protocol tokens that enable people in a decentralized community to communicate with each other and to make decisions. So if I understand the question it's should we. Well if I may rephrase the question there is often a conflation of crypto equals everything that can be defined as stable coins versus non backed assets or protocol tokens or the tokenization of other forms of financial assets. What in from a regulatory perspective are the next steps here given that when we talk about an asset class in industry or an ecosystem it's actually multiple or can be perceived as multiple different asset classes. Well I don't point to the question I'll just say I think one of the hardest parts for that people up here doing their jobs and all the people in the respective regulatory bodies is actually understanding new technologies at a degree of detail that to Don's point it's very difficult to paint all of crypto with one broad brush. You have represented here you know where the leading stable coins in circle you know chain Alice's Michael's company you know these are very successful very robust companies doing very interesting things in a very regulated way. And I think the challenge for us maybe that group of people is there's so much you know FUD there's so much missing there uncertainty and doubts. Thank you. You got them all. I think it makes it very difficult and I actually think we the industry have done ourselves a disservice by being exceptionally tribal and kind of the infighting within crypto has actually made it even harder to to the chair's point to understand the different pieces and parts. Look that's why I'm here. That's why I come to Davos. That's why I'm meeting with regulators because I want to partner and say here's how Ripple approaches this here's how we see the industry. And I will say I've found an amazingly receptive audience here in Davos. If I may just to the two questions because the first one is do not worry. It is not all in my head but I have plenty of experts and they do know this area very well. We don't sit in a room. We listen to industry and we reach out and the European Parliament is involved and the member states are involved. So a lot of work goes on in this. So just to reassure you don't worry it's not me. To your point to the more I think the problem with this conversation is we have assumed there's good actors and bad actors. Good people make mistakes too. I mean the bad ones are criminal. They're bad if they were in the traditional banking or financial system. So they're just bad and they're everywhere and they will always be with us tragically. But we need to find ways of getting at them. The regulation also has to deal with the good who can make mistakes or things go wrong or because they're so excited about this evolution they don't think that they need to have constraints put upon them. And I think we do need to make that difference or separation because as I understand it some of what's happened in this area should be controlled by existing legislation traditional legislation. So you know things accounting rules etc are accounting rules and you shouldn't kind of fudge around them. So it isn't about good and bad. But it is about how you also regulate those with very good intentions who make mistakes. And the reason we do that is so that their mistakes aren't massive mistakes before we discover them and we have financial instability because then you will come to the European Commission or central bankers or whatever and say you failed in your work. For now people don't really want to involve because it's all very exciting or it was up until a few months ago. And now there's a realization we will have to either pin blame on somebody if we don't regulate effectively or indeed say well done you saw this coming and you put in place a bedrock of regulation which needs to be global. So when I'm in the US I talk to colleagues saying look it's not enough for Europe to do what we're doing or others. Everyone needs to be in this same space because there are no borders and no barriers to crypto. One more question here. Maybe to if you keep it short. No pressure. Hello Irshad from the global shippers community. So I mean me myself being in Web 3 Space right. I do notice that when you talk about trust you know I think if you look at the issue of FTX is always a centralized exchange. You know my my my question is like what are the regulators thoughts and opinions in regards to decentralized finance where you know quotes are immutable permission is stuff like that. Where do you think that fits in in the regulatory space. Thank you. I would like the perspective of his excellency on DeFi. Well honestly speaking I think that the space is evolving the DeFi space is evolving. There is there are a lot of questions you know I do hear from some that it's a bubble because the thing about lending and borrowing is that it's a very intricate matter and some issues that we're seeing in the DeFi space is at times you're lending a dollar the same way you're lending a million dollars. The checks and balances the steps required are actually nearly the same. But if you go to a conventional bank and you want a million dollars the guarantees that you need to put in place are much higher than if you want to take a dollar right. What we're going to see is and I think that probably unfortunately we are going to see some bubbles in the DeFi space in the coming future that will require a lot of government intervention. If you look at the broad crypto space I think DeFi probably is the least regulated today and it has a lot of applications that need to have government oversight. So we don't want to jump into into it right now what we're doing is we're putting the broad frameworks of regulating crypto and then we're going to take each vertical on its own. So NFTs are different to DeFi are different to let's say security tokens are different to stable coins. The only issue that we have if you look at the UAE government's capabilities we can move very fast. But if we work with every other government that is interested in this and we work as a team so one government says OK we're going to approach DeFi to ensure that we have a baseline of regulation that's agreed upon by everyone and we're going to bring this to the table and we can all scrutinize it the same way that we're seeing the commissioner or as XNC not doing as well in Europe we need to be doing this for every single vertical because unfortunately we can't wait for the next catastrophe and we're already too late. I would like to ask if there are any people who are not dudes in the audience who have a question I would love to hear from you. OK well then I'll ask the final question. We're going into 2023 in a I wouldn't say historically high interest rates environment but certainly a higher interest rates environment than before and that has been the thing that has been attributed by lots of extremely knowledgeable macroeconomic commentators about having contributed to removing a lot of the speculative froth from the market and bringing a sense of discipline back. The flip side to that is if we do start to normalize rates again or rates start to go go down do you expect that the level of enthusiasm shall we say that we saw from 2020 to 2022 could potentially return or are there other factors at play that may be depressing some of the excitement here. Just is that a crypto question or a Tesla stock question. It is a crypto question. I have no opinions on Elon Musk. I'm only asking that question. I think we have appropriately talked about there was obviously a significant decline in the value of the crypto asset market overall. If you just about two trillion dollars of value went out. If you just look at Tesla Facebook and Amazon two trillion dollars went out last year. No one's saying we shouldn't invest in Tesla Amazon. Actually some analysts are definitely saying that's what Facebook and Amazon. And that's fair. But I don't think we're trying to regulate in saying that we shouldn't let people invest in Tesla. I agree that the consumer protection has to be paramount and it has to start. Some of the times I hear things I'm like well wait a minute two trillion dollars came out of the crypto market but a whole lot more than that came out of the thing is the overall crypto market had a maximum capitalization of three trillion dollars. So it represents a much larger percentage of the whole. That's why I use Tesla stock because Tesla stock was down the same amount as the crypto market. Well thank you everybody. We hope you enjoyed this.


The following is a presentation of TFNN The Trader's Edge with Steve Rhodes At 1-877-927-6648 or internationally at<PHONE_NUMBER> The Trader's Edge Now Steve Rhodes Hi everyone, Basel Chapman sitting here for Steve Rhodes, not mastering probability. My show is the Tiger Technicians Hour which I do every every mark a day, 10 o'clock to 11 o'clock. My service is the openly called 80 Newsletter and of course we also do webinars, did a webinar a couple of weeks ago which absolutely is pertinent to everything we do seeing today. These particular chart patterns, there's this dreaded H that we're looking at in Apple. What is the dreaded H? There's this pattern here where you come down the straight line then you have a rally and fail at a peak A or a B the second or first or second peak and how you take out or hold the left side low is imperative. In this case 171.96. There's also a beautiful up channel. We're out of that up channel. I've been doing channels since late 1970s when I used to hand chart with the ruler and pencil and graph paper, engineering paper. In fact I got one right there. I got to make a big photocopy because it was I had to glue these pages together from the 90 when I went back to the Dow charts from the closing prices back in 1930 I think it was 1920 and I had these graph paper. As we were getting to the 1970s and then early 80s I had to glue these pages. I've got pages that are like you know four feet high a wall. So anyway with that said what we're looking at is straight line down that it makes an arch formation and Apple. So Apple in the weekly chart you see in the daily there's a green nine period moving average that has not it's gone underneath the it's gone underneath the 50 period but it hasn't broken the 14. When it does it'll turn pink and that'll say oops now you've got to be careful because there's a chance you're going to test the 171 level. Yeah you're at 178.79 having a low yesterday all the way down the 174 area and today 180 24 was the high and then it got repelled by that high. So this is what I'm looking at. I'll draw it in. In the Apple chart I'm drawing in the potential it's just a potential for this pattern to be repeated. Why? Straight line up and then it comes down and it tries to make the H pattern peak A or B if it fails at that particular level be careful. So this is a leg A to the upside this week because it made a fractionally new high I'm going to just double check that. 189.92 189.88 why am I having trouble seeing these things because it's on the dark side of 98 so 92 98 no it made a higher high so there's still a gray leg A to the upside right over here and that could fail make it gray easy enough and gray there you are gray. And basically look the MACDs week the stochastics week on balance volume the blue line is making lower highs and so far lower low but the nine period moving average and let me go to my 914 chart right here to show you what we're looking at. So this is Apple this is let's go to weekly click and call this Apple AAPL look price is deeply underneath the 14 period moving average but the 90s way above the 14 so it's a process look how long it took before Apple went pink back in going into the October trading of last year so it's a process and that just says to me from the way we're looking at this particular chart yes it can hold green and even see a flip to the upside but the pattern that we're looking at is very similar to other patterns where you made low lows and lower highs I'm watching this closely on Apple so Apple says to me it's having a tough time right now it's gapped it's trying to fool the gap but at the same time that weekly chart says I've had a spectacular run to the upside I mean if I do just a fib right here a lot of people looking at fibs I'll just do the fib right here fibby fibby right there I'll just go to that high it was made at 198 come down to the low of 12417 back in February of 2023 this year that's a spectacular move 124 to 198 in Apple one of the largest companies and it's like it's like a number of countries put together and it rallies and it bounces to the the resistance of the upper trend line says just be a little careful here with Apple as a long-term holder and buying holder I'm just saying to you I wouldn't touch it if you shorter term oriented and you haven't taken a little bit of money off after a great run money management just says take a little bit off I mean that's you got to be judicious in this market you're going to wait while you've got it you've got to do some money management so I take a little bit off and you could plan to put it back whether it's the low or not it doesn't matter plan to put it back somewhere in the 170 is the 200 period moving average in the daily chart maybe put half of that back you know or whatever it is but I'm just saying that money management says so and the monthly chart has had two months of digestive phases this is a chapter we've Roman candle almost at an all-time high the bar after it and this is the month so the month is we've closed halfway or lower than the well the month's not finished but at least for a week and that just says be careful because 183 anytime is holding under 183 in this particular pattern right here says there's just a really good chance that you're going to test that low and if you test that low and you take it and close under it you're in for probably a little bit more of a digestive moment so that's Apple next thing I'm what is the upside at this particular point the upside says there's a lot of resistance levels between 182 and 185 if there is a close next week any day that it closes over 18670 I'd be very impressed then I'm saying look at this as an H to an M pattern what is that that's the lowercase H that has holds the left side low and then has another arch formation not over the left side high not under the left side low until it's completed the rollover that rollover is what you've got to be careful of lowercase h goes to a lowercase m all right where what does that mean we saw that perfectly in the stock called square or block it did exactly that lowercase h goes to a lowercase m there's another one that I was going oh the other one was an look at this lowercase h goes to a lowercase m and it repeats another one and it just says automation auto nation Inc auto sales if it takes out this left side load at any point be careful it could go a lot deeper and that could be around about if it's under 100 and 149 if it closes under 148 there's a big problem all right now the next thing you want to look at so a couple of questions came in so amazon i'll do that right now amazon right now amazon is wholly very nice he said there's a technique that i call the chapwave falling axe and what does it do looking at lower it goes to a spike high goes up it's like a flagpole and it starts to make lower highs and much lower lows and all of a sudden what does it do out of the blue it starts to make you know it is he makes a cup formation we'll talk about that when i return good action so fine amazon and i'll talk about target as well when we get back currencies commodities and bond markets are as important as ever right now with how they're driving the volatility in equity markets across the globe which is why it's a great time to try out teddy keg stats tiger forex report teddy keg stat breaks down the forex markets every monday using his 30 plus years of experience as a trading veteran of futures forex stocks and options teddy releases his weekly tiger forex report every monday morning with coverage of all the major currency pairs including the dollar index the euro dollar pound dollar dollar swiss dollar yen as well as many more and he also has weekly coverage of the crude oil market and the 30 or t bonds as they both influence forex markets tremendously when you sign up for the tiger forex report you also gain instant access to teddy 60 minute webinar archive he just hosted forex strategies and fundamentals what is behind the tiger forex report for all the details and to start your 30 day tiger forex report subscription today visit the front page of tfnn.com tfnn educating investors you might think that if you want to be successful at trading in the stock market you're going to need a crystal ball after all it's impossible to predict the future right like any endeavor in life before you decide it's impossible get some advice from the experts you might find that it's not so impossible after all for daily market overviews that give you direction on the key indices selective stocks and commodities subscribe to the opening call newsletter at tfnn.com the opening call newsletter is written by basal chapman creator of the trading methodology known as the chapman wave the chapman wave up down sequence gives you an edge in identifying price turns finding the peaks and valleys and stock prices get the opening call newsletter by basal chapman and your inbox every day first time subscribers also get a 30 day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up tfnn.com educating investors steve road started his trading career as a student almost 20 years ago and the student has now become the master steve won the prestigious timer of the year award in 2018 and barely missed that mark again in 2019 finishing at number two for the year an amazing accomplishment steve roads is committed to sharing his techniques and knowledge with anyone who wants to learn and he shares his vast amount of trading knowledge every day in his mastering probability newsletter steve's award-winning newsletter mastering probability is delivered every trading day with updates throughout the afternoon sign up for steve's market newsletter mastering probability and you'll receive access to seven of steve's educational webinars absolutely free at tfnn all our newsletters come with a 30 day money back guarantee so you have absolutely nothing to worry about visit tfnn.com and try mastering probability 30 days risk-free today tfnn educating investors internationally at<PHONE_NUMBER> all right folks we're back vassal chaffin sitting here for steve roads hour look at this so you remember what i said about that one minute chart so first of all this is pat and the dreaded h-path that we're talking about before that red that red uh moved down and then it uh tries to route in fails at a peak a does it hold the left side low well in this case it did so that means that the h-path can certainly turn into a cup formation trying to take out the left side high that's exactly why the one-minute chart has done this reversal i could have done a left side right side price time match i just i i don't if you i like to do things in real time doing this now means that i cannot miss right yeah when you go back 2020 are you going to are you going to make a mistake no way you already know the answer so you actually have to search for the questions so there's your left side right side price time match holding very nicely what did i say before i said that that one minute chart is like the daily chart that we're looking at all of these charts where the data is really weak in a cell mode but wait a minute the weekly meaning the five-minute chart that nine it looked like the price is falling it made a beautiful pyramid pattern to the left side support of 440 4464 well wait a minute look what happened that nine period that green line deflected up that's why you don't want to over anticipate what am i trading the short time short term trade and what does it say it says stay with that keeping your mind the larger trends or the larger trend says we've got a weekly or five-minute chart holding beautifully says says you've got to think of short term trades if you're going against the grain i hope i can find that chart again to show you trading the trading the trend so look at this what happens that's the five-minute chart look at the ten-minute chart it didn't even move it barely moved it's still the nine is still over the 14 that means if you're going to short right now the e-mini you have to do it on a very short term basis because you're going against the trend i'll try to find that chart i'd love that chart i'll find it in my from my cd book introducing the chivalry methodology kind of out of print right now but i'll figure out what to do with it one of these days so um so oh yeah yeah but flesh apple going to 149 of the monthly chart um that's different altogether to to a disney it's just it's two separate things look look at disney so disney has been having a rally today um there's a trend line that i've gotten the monthly chart um what i am looking at here is that this chart look at that monthly it is so different to apple at this particular point so what it's 175 even 149 it's just a sideways consolidation so i'm saying they're different chart patterns we were just joking around there okay add a little bing and then you just see what the ping is and the ping is steven nasher steve how are you basil are you and can you hear me okay i certainly can hear you beautifully well you're only just a couple of miles away unit you know i got a brand new phone about a week ago i love it oh good what kind of mobile and uh samsung a14 that's the way to go oh really that's great and i actually mine was also free but unfortunately they gave me the large i didn't want a large one i just took it because they were throwing in as free but and you got a t-mobile do you like t-mobile yeah i had the other big carrier at the end of the alphabet and they weren't good reception in my area oh okay because i've been with the same company forever um and i have to tell you yeah the carrying part of it is fine my daughter keeps telling me why why don't you go with the one we have which is like 35 bucks a month or something i said no i got every liability well you know sometimes it's not quite so reliable but anyway what you wanted to look at uh you know i've been i've been uh treating amd pretty much exclusively the last month and a half to fantastic success you know just day trade excellent yes in the morning you know it goes up to 253 bucks with an hour that kind of thing but i started looking at mrvl marvel yes literally one half the price of amd and it's pretty much the same has the cash as amd but right you can still buy a lot of it and make your wallet your wallet doesn't care about the cash right it loves the cash not the cash but the cash right right right right so can you see my chart right now yeah i'm actually looking on a little kindle fire amazon fire rather all right so then you're probably you're able to see pretty well that the monthly chart went to a peak day at 93.85 folks this is marvel technology in the semiconductor area really great company data center communications symbol is mrvl straining 5628 down 30 cents so this is patent that i call the dreaded h it did this perfectly in the weekly chart which i have as a peak b but it's certainly underneath all the previous high so this is one that could fail as it stands right now so it's so interesting if you look at the daily chart he has an exact example cell mode lower lows lower highs just over and over and over again gaps down tries to ready now to come back into that gap area but look at the weekly chart that was a spectacular move i think it was an earnings and a bunch of things back the week of the 26th of may i had no choice because it took out the left side no i had to start a new peak a and i call this a peak b but when the stochastic fails to hold 80% and then starts to slide below it that's where you get these failure patterns so the ninth right moving average right now i'm going to go to this i'll go to my my chart that just has the moving averages we're talking about it on a weekly basis mrvl you're going to see something very interesting here right the nine is starting to drop drop drop it's still above the 14 but for the first time the 14 if i had to put a a a a a measure here if it was if i was building a wall or something and i needed to get the exact horizontal move that nine that 14 b moving average is starting to decline and that's telling me that the 9 and 14 are now the trajectory is down but it's still holding well enough not to cross negative so that's number one it says you've got to use your shorter time frame to get that on just this one indicator so let me just flip this to the daily you'll see that that nine-speed moving average even with the big spike back in mid-august it deflected that nine-speed moving average is just pink it's not turning it hasn't used any opportunity to go green so that just says to me the trend in the short term that's the daily is down the weekly is still holding well but the price is telling me that they're the lower lows and lower highs now all of this is absolutely irrelevant if you say you're day trading because if you're day trading then i've got to look at something like mrvl and i'll go to the charts and you can see right here in the one one minute chart it's gone peak a peak b peak c we're in leg d and green nine-speed moving average in the five five minute chart is still pink so this is almost the exact opposite of what we were looking at in the daily and weekly but the five minute charts is it might be running but it's going to take a lot for me to turn green in the five minute chart and the ten minute chart is the same thing right so if it did if it could do a 50 percent retrace if it did not ready i i don't i can't tell i don't have faith on this machine here but all right let me take the break down to the 40s and we'll look at it what i want to do i don't know if you ever use the 200 period look at this five minute chart look at the repellent of that 200 period moving average that's a great technique just to add i'll be back with steve in a moment basal captain sitting here for steve rhodesour i'll be right back gold report as a precious metal gold is still king it continues to hold the most effective safe haven and hedging properties across the global major trading hubs of the london otc market the us futures market and the shanghai gold exchange the gold report tom o'brien publishes his weekly gold report every monday morning for subscribers consisting of coverage of the xau hui gdx the dollar bonds the south african rand as well as 25 different mining equities with specific buy sell recommendations the gold report new subscribers get a 30 day money back guarantee so you have nothing to risk subscribe to tom o'brien's gold report newsletter now at tfnn.com sharpening your skills as an investor is like getting better at playing a musical instrument you have to practice sure but you also need excellent instruction from experts at tfnn you'll get advice and guidance from the authority in technical market analysis and it's not 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join our community of traders in the tiger's den you can look over the shoulders of tom o bryan and the other tfnn and hosts while they analyze charts during their live tiger tv programs and join an interactive trading community with hundreds of members exchanging ideas interact with other tigers and tigers as they share trading ideas news analysis and discuss the market action all trading day even at night and on the weekends the tiger's den at discord is accessible on mobile or tablets as well so it's always at your reach to sign up today and become a part of this educational community of traders just visit the front page of tfnn.com don't forget you can listen to tfnn live on your mobile device 24 hours per day go to tfnn.com then hit watch tiger tv that's tfnn.com then hit watch tiger tv so i wanted to show you i don't know if you ever use steve do you ever put the 200 period exponential moving average on your chart uh steve is there oops maybe uh steve left the station uh see if you're still there just give me a yell but what i wanted to show you is this look marvel on the five-minute chart you gap down at the on the seventh that is uh that's not today look what happened it goes peak a peak b peak c your objective always is to go from a bi-signal to a bi-mode to at least a d that's your objective in the bi-signal to bi-mode upgrade in any in the trap wave techniques it goes d and then it goes to an e where does it stall right on the 200 period moving average it cannot break it it makes this rectangle long narrow rectangular technique i teach if you're a subscriber you know you can go to one of my webinars i talk about the long narrow rectangle formation that when it breaks and it breaks to the downside and then it just revisits the rectangle for a moment and then you got to watch out because if it takes out that left side load goes even lower well it just did that so steve you are trading on the very short term you said intraday they're using advanced micro devices but um don't mix apples and oranges oops we're doing that apple just now but don't mix apples and oranges why because if you're trading on the very short term could you care i mean on a five-minute chart or a one-minute chart or a 10-minute chart you couldn't care about the weekly yes the daily maybe but not the weekly because you're in and you're out so keep in mind what you're trading is you want to stick with those parameters in this case look at that beautiful ghost of the five-minute peak at the 200 period moving average guest repel we had garro calling in my show the tiger technicians hour just a little an hour ago he was looking at rig it bought rig he did a great trade on square on the downside but he had bought rig on the long side and i said at that point i think it's stalling but what you need to see is a move to the eight dollars and 28 to eight dollars and 31 cents and it has to be fairly quickly wow it just did that it went to 832 look same thing where did the stall when garro was talking to me i should have done that immediately because he was talking about an intraday trade but we were looking at the bigger picture look at this peak a peak b remember none of this fix i had no idea that i even been talking about this right now see there's your d at the 200 period moving average there's your e a fractionally higher it goes into the rectangle formation takes out the low the other thing i always like to do is look at this you've got your cup formation right here this is that inverse this is the reverse of the technique we were looking at before this is the reverse of this this is the positive why the reverse green why instead of the generation the why could be really positive if it takes out their left side high and holds it for two out of three bars well what did this do it went i like to do the vertical match look at this right here there to there look how weak the technicals are yet that nine period moving average was still holding well but a pullback went back to green and then i took it out look how sharply it declined now you've got a brand new rally in rig this is uh trans ocean uh oil i think oil and gas a b we only looking for each peak if it it's a floating letter until it makes a peak so that's a c when it takes it up by one penny it becomes the new leg this is a leg until it changes d so this could be considered an alt one two three this is not a chapter instant restart this is using the 200 period moving average as resistance and then all of a sudden it becomes a propellant so what i normally would do is the green says just keep the letters going e f when you get to a g after this is going to be a g stash c watch if it makes a little doji candle because that's always a clue and what do we have we have a little doji candle be pulling back so i thought i'd do something live i mean uh good next question i came in is uh where did it go did that did that did that uh did that did that what was it i missed it um oh a u mark from down east so mark a u gold stock uh no silver a u should be silver right yeah angler gold the shanti i guess they also have silver is its a u is the symbol my gold is gc so we're looking at um yeah as you dreaded h there's your peak a there's your b pink nine period moving average daily pink nine period moving average is angler gold the shanta angler gold is that south african company i should know that i'm originally from south africa i used to play at the mines and the little mining town that i lived in as a teenager gave out the most fantastic beautiful city a cape down for this little mining town but you move with the family so look at that there should be something's not right here and that doesn't look like it's a peak c yeah so the question is let me just 2385 85 23 is less it's 2370 so that i i've over the years done this occasionally i make a phantom peak and it's not at a high and i call this because everything about it looked like it should have gone to a c and it didn't do that so in my mind i'm thinking i could call this a phantom c but i'm going to put in the c here that failed so it goes to a peak c and then it takes forever all of these have to be counted but what i'm looking at is angler gold shanta eight years of symbol training is 1684 up 36 cents today this is a lot of work is going to have to be done if i was to consider that this is going to be going into a new buy signal to buy mode and i'll explain what i'm looking at here um if i have to do a left side right side price time match just looking at this even if i was here i would say you know that is just too quick go straight up and straight down i probably want to look at a particular candle and use that as my midpoint the plum line should be number of bars up equals the number of bars down but sometimes the pattern says gee i think it's going to take even longer so i would go to the low usually i'd make the trough after the high was made and i'll say that will be the level that i'm looking at so now i just type in and i match it up and i'll say okay that should be there make that green because this is the way up this is my plum line it's not the center it should be but it's not this is a chaplain wave inside wedge target uh support line and i usually take this to the low i don't want to do that just yet i want to show you what i do so now look at this this is my measurement and what does it do it goes right down to exactly there it is so you kind of health support health support broke support broke support and now it's retesting so it's done the arch formation or it's like a pyramid maybe all right and it goes to there and it actually was a day a day later now it wasn't it was exactly on time there's a weekly chart so that says in the weekly chart it's accomplished a chunk of things but it still hasn't completed the trajectory to the downside just visually it's done it on price kind of nicely now we'll look at the technicals so i'll be back we'll look at AU and DRD is the question what's the DRD so is this something i don't know yeah i'll be right back bezel trapping sitting in for Steve rose hour that was about you you might think that if you want to be successful at trading in the stock market you're going to need a crystal ball after all it's impossible to predict the future right like any endeavor in life before you decide it's impossible get some advice from the experts you might find that it's not so impossible after all for daily market overviews that give you direction on the key indices selective stocks and commodities subscribe to the opening call newsletter at tfnn.com the opening call newsletter is written by Basil Chapman creator of the trading methodology known as the Chapman wave the Chapman wave up down sequence gives you an edge in identifying price turns finding the peaks and valleys and stock prices get the opening call newsletter by Basil Chapman in your inbox every day first time subscribers also get a 30-day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up tfnn.com educating investors everything in the universe is governed by the Fibonacci sequence this mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market to stay on top of stock patterns you can take advantage of sign up for the Fibonacci 24-7 newsletter at tfnn.com when you subscribe you'll get a weekly report from veteran day trader Larry Pezzavento on stocks you need to pay attention to and you can trust Larry's analysis after all he's got 45 years experience as a day trader Larry will also provide daily charts videos and data on the key markets that he's tracking expect notifications from Larry on market movement you need to act on at any time first time subscribers also get a 30-day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up subscribe 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on the nyse american and tsx under the symbol vgz but then it went to a b and then went to a c and now it's pulling back sharply but it's holding the 200 period moving average this is drd gold limited ads so it's a overseas company i don't know if this is also south african so au not as good a chart pattern and i did correct that you've always like i did in the chapter we methodology is to identify the lowest most obvious low bar i had to go back to 2015 and that was the lowest it goes peak a b takes a long time but from that low you can't eat successively higher peak so that's a new a b that's a c that's a d then it goes to an e just in july i think it was of 2020 and then i put it down arrow because it's sort of very sharp pullback and the green nine period moving average in the month is still there but it's getting real close to changing to pink it hasn't done it yet so i'm just going to say to you if i don't know if you're long or short au i'd i'd look at this and say you've used every opportunity to rally but you haven't done anything very much and even the gap you're starting to fill in the gap from the other day where the lowest in the 15s so if this is a long-term position i need to see how over the next week if this low of 15 points is that 78 or something i'm just guessing let me just get to it 15.96 15.96 if that is taken out on a closing basis just one day that's just going to suggest that there's still weakness for this to strengthen and i'm looking at the dollar let me just do this now because if the dollar starts to change direction you're going to see a very nice bounce in the house look the euro broke the uptrend the inside track support level now it's a resistance level we saw the same thing with apple not quite as dramatic but it has pulled back but it's kind of holding in the 200 moving average is is at 1.08 it's trying to it wants to try to test that if you look at the usd jpy and the reason i'm going is you need to be looking at the currencies because that's going to tell you a lot look leg d is about to come in the in the yen dollar yen japanese yen currency pair the daily look the nine is still way over the 14 no hint yet of turning down in the daily weekly very strong monthly very strong and this pattern usually says that the price should visit with just under right on or just above the previous high of the flagpole and then you got to be careful so i don't see anything yet that says to me oh yeah a little breather for the dollar but so far i don't see it unless there's something dramatic that happens so now i'm going to say to you i'm putting it together with a u and as far as i'm concerned if you are long i would have a stop 1684 a close below 1560 says at least some of the position i'd ever stop around about that level i'd even ever stop at 1580 which is six cents lower than it was just two weeks ago so that's to make sure but if you're looking to buy i would rather be buying higher highs and higher lows so let it complete this digestive phase and if it's going to work i can tell you this that if it closes above 1780 especially at 1803 it's going to very quickly visit this left side high of the 10th of august and that is at 18 68 and then you can go step by step because look the MACD is doing nicely the price hasn't really followed the MACD all that well so casting is okay 37% on balance funding is okay this is all the daily the weekly techniques are still very poor so i think you've got time i don't think you need to say oh my god and even if it gaps up let's say on monday because the dollar pulls back and it goes to 1710 i say that's okay it's still that's that square pattern where it goes from the h to the dreaded h success rate to a lowercase m in a rectangle formation so i don't see a rush dr was a drd i hope so drd a little different look how severely it's pulled back but look how it's hugging the 200 period period moving average this is and if you look at the weekly this is a pattern that i often look at and i say hmm could break out to the upside for a brief moment in this pattern i call it that's just narrow it's like a trap we're falling x formation except it's a channel because it's parallel lines but look at the resistance levels so it's trading at 970 60 rd it's up 14 cents i think you've got time here as well so i i took i took a bit of time because i wanted this for myself because we did have a silver stock recently and i got out of it a fairly tight stop i said no i don't like it i gave it every opportunity and it wasn't acting well we're done and now we'll have to wait for higher highs and higher lows in this case i don't want to wait for a higher high because it's all the way up in the 1080 that's a point away from where it is what i will say is if that nine-period moving average crosses positive by Tuesday afternoon or Wednesday morning of next week then you've got yourself a trading a better trading stock than the other the au although price wise because the ones lower than the other percentage might be a little bit better gain but that's why i'm looking at it so gold and silver or hostage at least the dollar right now but and the dollar and the euro and the japanese yen so far looking pretty good and the the euro is not looking that great so i hope i helped you there yeah so question came in here a couple of questions i emailed let me just see quickly i won't be able to read them i'll just be able to see what this oh yeah crm crm is salesforce.com that was very good action that that good action was a big bounce held the huge gap it held most of it it went the next day below this is crm is a symbol 22417 apodana 64 and then got back it wanted to get back into this pattern here so now i can draw a cup formation and say uh yesterday and the day before there were nice green candles when the market was kind of sharpie it had a 228.29 high on the beginning of september it opened to 228 round number so 228 is the number to monitor if it closes it doesn't have to it it doesn't it needs to get there and close if it touches it and pulls back that's not good but if it closes above 228 the round number high that was made on the right there on the 31st of august anytime next week i'd say that's going to improve the weekly because look the nine period moving average never went negative it's still positive so yes i like it it's in that category of stocks that i've been listening that have held and done very well it was doing horribly but it's got an island gap look at this island gap from all there this whole thing i'll put it in now but i'm going to take it away this is all an island gap right there so that high the gap down high of the third of uh august was 218.21 and this high right here it was 215.59 so look at that that's nice that actually i i don't like to do that because it has too many other implications so i'll put this in right there it is so that's what you monitor and if any day next week there is close below 217 that's eight points from where we are right now that's going to be a problem but so far it's going to be very i'll be back if you're looking for potential trading setups in the stock market then rocket equities and options report is a newsletter you should try tom yo brian delivers options and equity trades when the markets present them using a combination of fundamentals and technicals sign up for rocket equities and options report today with a 30-day money back guarantee so you have nothing to risk for all the details and to start your subscription today visit the front page of tfnn.com tfnn educating investors you might think that if you want to be successful at trading in the stock market you're going to need a crystal ball after all it's impossible to predict the future right like any endeavor in life before you decide it's impossible get some advice from the experts you might find that it's not so impossible after all for daily market overviews that give you direction on the key indices selective stocks and commodities subscribe to the opening call newsletter at tfnn.com the opening call newsletter is written by basal chapman creator of the trading methodology known as the chapman wave the chapman wave up down sequence gives you an edge in identifying price turns finding the peaks and valleys and stock prices get the opening call newsletter by basal chapman in your inbox every day first time subscribers also get a 30-day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up tfnn.com educating investors everything in the universe is governed by the fibonacci sequence this mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market to stay on top of stock patterns you can take advantage of sign up for the fibonacci 24 7 newsletter at tfnn.com when you subscribe you'll get a weekly report from veteran day trader larry pesavento on stocks you need to pay attention to and you can trust larry's analysis after all he's got 45 years experience as a day trader larry will also provide daily charts videos and data on the key markets that he's tracking expect notifications from larry on market movement you need to act on at any time first time subscribers also get a 30-day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up subscribe to the fibonacci 24 7 newsletter today tfnn.com educating investors tfnn has launched the tiger's den hosted at discord tfnn has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours the tiger's den available to all tigers and tiger's for just one dollar for the year there's no catch or added costs when you join our community of traders sign up today and become a part of this educational community of traders just visit the front page of tfnn.com other things can happen at t well the woman that shard went to a d now it's making this arch formation the inside wedge target support line and some people say could you do this again i do this in my show so i'll do it on uh monday i'll do this live here's this m-shaped pattern with them with the nine still over the 14 and the five-minute chart but look at this remember with we were looking at rig and i said oh let's look for tiny doji candles see if there's a reversal well there's your tiny little candle right there at g-snash c it's pulling back nine is still good in the uh five not in the one-minute chart but the five so think of this as daily weekly monthly so that you've got your time frames as i was saying to steve think of these as uh if you're trading in today the week is not as important but have the daily up and that's the most important thing so let me just sum up as we're about to wrap up great program for the rest of the day we've got um as far as i'm concerned the dow is still in the cell mode in the daily chart weekly we're watching very closely to see if that nine eventually comes this is a big consolidation i know elliott waving all that you got huge moves to the downside it depends on the interpretation i just don't see that i see a rotation correction in the daily we haven't yet impacted the weekly it's just a slow process we'll see if next week we make we go down below 34 000 the dow then that week is going to start to change so far all the week these are looking really good it feels bad it's using time more than price so that's most important look at the smh's that bifurcation i showed you in the credit cards where america express was way down visa was way up look at this target target way down look at walmart i mean the same retail walmart up near highs all-time highs as we speak so bifurcated market very much so just know the positions that you have deal with them maybe even forget about the market what people say for the moment look at your holdings if they working it works look you've got someone who's been holding a rig for a long time look at that they're all-time highs just steady as you go have a wonderful weekend uh stay tuned for for great programming check out my former dating newsletter and i hope you can be here 10 o'clock 11 for the target technicians our monday have a great week


My fellow Americans, in a few hours, I'll undertake one of the saddest journeys of my presidency. I'll be going to Andrews Air Force Base to meet one of our Air Force planes, bringing home 16 Americans who died this week in the terrorist attack on the United States Embassy in Beirut. I undertake this task in great sadness, but also with a tremendous sense of pride in those who sacrificed their lives in our country's efforts to bring peace to the Middle East and spare others the agony of war. Greater love hath no man. The courage and the dedication of these men and women reflect the best tradition of our foreign service, our armed forces, and the other departments and agencies whose personnel serve our nation overseas, often in situations of great personal danger. We don't know yet who bears responsibility for this terrible deed. What we do know is that the terrorists who planned and carried out this cynical and cowardly attack have failed in their purpose. They mistakenly believe that if they're cruel enough and violent enough, they will weaken American resolve and deter us from our effort to help build a lasting and secure peace in the Middle East. Well, if they think that, they don't know too much about America. As a free people, we've never allowed intimidation to stop us from doing what we know to be right. The best way for us to show our love and respect for our fellow countrymen who died in Beirut this week is to carry on with their task, to press harder than ever with our peacemaking efforts, and that's exactly what we're doing. More than ever, we're committed to giving the people of Lebanon the chance they deserve to lead normal lives free from violence and free from the presence of all unwanted foreign forces on their soil. And we remain committed to the Lebanese government's recovery of full sovereignty throughout all its territory. When I spoke after the bombing to Lebanon's President Jamil, he expressed his people's deepest regret and revulsion over this wanton act of terrorism. I, in turn, assured him that the tragic events of this week had only served to strengthen America's steadfastness as a force for peace in his country and the Middle East. To this end, I've asked Secretary of State George Shultz to leave tomorrow night for the Middle East. Secretary Shultz will now add his personal efforts to continue the magnificent work begun by Ambassadors Phil Habib and Morris Draper, bringing about the earliest possible withdrawal of all foreign forces from Lebanon in a way that will promote peace and security in this troubled region. The scenes of senseless tragedy in Beirut this week will remain etched in our memories forever, but along with the tragedy, there were inspiring moments of heroism. We will not forget the pictures of Ambassador Dillon and his staff, Lebanese as well as Americans, many of them swathed in bandages, bravely searching the devastated embassy for their colleagues and for other innocent victims. We will not forget the image of young Marines gently draping our nation's flag over the broken body of one of their fallen comrades. We will not forget their courage and compassion, and we will not forget their willingness to sacrifice even their lives to the service of their country and the cause of peace. Yes, we Americans can be proud of these fine men and women, and we can be even prouder that our country has been playing such a unique and indispensable role in the Middle East, a role no other single nation could play. When the countries of the region want help in bringing peace, we're the ones they've turned to. That's because they trust us, because they know that America is both strong and just, both decent and dedicated. Even in the shadow of this terrible tragedy in Beirut, that is something to remember and draw heart from. It is also something to be true to. I know I speak for all Americans when I reaffirm our unshakable commitment to our country's most precious heritage, serving the cause of peace and freedom in the world. What better monument than that could we build for those who gave their all that others might live in peace? Until next week, thank you, and God bless you.