Forex Daily Podcast

Yesterday provided the reversal we were looking for. We waited until the 4th wave encroached upon the 2nd wave indicating that the down move was complete and jumped in for some handsome profits. Once this current move is complete we should get another reversal providing an impulsive move in the opposite direction. The currencies have already cleared our initial targets. But with the hourlies overbought on the EUR and the GBP we would like to see a bit of a correction here. The question again becomes does this finish our correction or do we have one more move up. I think we'll be patient for a final move up. However, we will jump in if it becomes obvious the move is finished. Our ideal target for the EUR is 1.2000. The EUR trades at 1.1940 Our ideal target for the GBP is 1.7600. The GBP trades at 1.7566 Our ideal target for the CHF is 1.3020. The CHF trades at 1.3075 The JPY either completed it's move down or also has one final push and trades at 116.10 The CAD trades at 1.1386 and looks to be corr

Is this the reversal we've been waiting for? Right now it's a bit hard to tell. We we're expecting a final push yesterday that never materialized which makes the patterns had to read right now. we will be on the sidelines until it becomes clearer. Don't force a bad trade, rather wait for the next good one. Our targets for the EUR remain at 1.1915 and 1.2000. The EUR trades at 1.1872 Our targets for the GBP remain at 1.7490 and 1.7600. The GBP trades at 1.7469 Our targets for the CHF remain at 1.3100 and 1.3020. The CHF trades at 1.3188 The JPY trades at 116.35 The CAD trades at 1.1392 Forex Currency trading is very risky, please read the disclaimer on our web site. Visit us on the web at www.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading

The EUR, GBP, and CHF came in as ugly 3's on Friday. We started trading for a reversal, then decided to wait to see if the moves become 5 waves which they have. The currencies should have 1 final push this morning to finish the 5 wave moves towards a stronger USD. This leads us to believe 2 alternative scenarios. The first is the currencies are starting their next move and this completes wave 1. In this alternative we would expect a 3 wave corrective move towards a weaker USD. The 2nd scenario is we've just completed a smaller level flat, where we would expect a 5 wave corrective move towards a weaker USD. Therefore, we are fairly certain that we should have a trade towards a weaker USD once we see a final push this morning. Our targets for the EUR are 1.1915 and 1.2000. The EUR currently trades at 1.1841. Our targets for the GBP are 1.7490 and 1.7600. The GBP currently trades at 1.7389. Our targets for the CHF are 1.3100 and 1.3020. The CHF currently trades at 1.3207. The JPY started it's final

The JPY dropped right down into our target last night which provided an excellent exit if you were in a trade and an entry in the opposite direction. We'd had a very good week this week on the Forex Daily Podcasts, we've hit nearly all the turns in the market. The EUR, GBP, and CHF came up a bit short as we were expecting 5 wave moves up and they only delivered 3 waves. Therefore, we are expecting 3 wave moves from yesterdays extremes and then a reversal. Therefore, we will likely see one more push before the reversals. The reversals should be 5 wave impulsive moves. The EUR currently trades at 1.1892. The GBP currently trades at 1.7487 The CHF currently trades at 1.3121. The JPY ran just below our 116.50 target and provided nice trades in each direction. The JPY may be correcting to the 117.00-117.20 level before one final push down, or it may run up from current levels. The JPY currently trades at 116.87. The USD/CAD currently trades at 1.1510. Forex Currency trading is very risky, please read

The internet's first and most profitable podcast on the Foreign Currency Markets. Yesterday was another good day to be a Forex Daily Podcast listener. The currencies turned as we anticipated and are now fast approaching our targets. The currencies look like they need one more push up to complete this move, then they should reverse. So be on the lookout for signs of reversal. We are targeting 1.1985 on the EUR and it currently trades at 1.1955. We are targeting 1.7600 level on the GBP and it currently trades at 1.7536. The CHF hit our 1.3040 target and should run further down, it trades at 1.3047. The JPY is approaching our 116.50 target and currently trades at 117 The USD/CAD turned at the 1.1510 level as anticipated and trades at 1.1480. Forex Currency trading is very risky, please read the disclaimer on our web site. Visit us on the web at www.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading

The run down this morning puts us very near the make or break level for this current correction. It's got to gather some steam towards a stronger USD to break out of it's maliase. Hourly indicators are oversold which likely indicates we are still in a correction and we should see a reversal near current levels. If on the EUR/USD we turn higher from current levels or slightly lower, then we are targeting near 1.1985. This should be a 5 wave impulsive move up from the bottom. The EUR/USD currently trades at 1.1880. We'd like to see the USD/GBP run a bit lower this morning, but if it turns and runs up near current levels, then we'd be targeting 1.7480/1.7600 levels. The GBP currently trades at 1.7395. The USD/CHF run up may be complete here at 1.3120. If it turns down, we are targeting the 1.3040 level. If the USD/JPY turns down here we are targeting the 117.80/116.50 levels. The USD/CAD may have complete it's corrective move here or slightly higher. Once complete, the USD/CAD should continue lowe

Well we got our 30-60 pips towards a stronger USD yesterday across the major currencies, however it was slow going due to the US holiday. Either the trend towards a stronger dollar has to accelerate in the US session or we are likely in a more complex correction which would trend towards a weaker USD. A more complex correction should have movement similar to last Friday. However, the hourly charts are not so oversold to give high probability trade entries at this time. The EUR/USD dropped 1.1900 level yesterday, and currently trades at 1.1911. The GBP/USD traded in a tight range yesterday, and currently trades at 1.7447. The USD/CHF currently trades at 1.3086. The JPY ran up just shy of 119 and currently trades at 118.83. The USD/CAD currently trades at 1.1477. Forex Currency trading is very risky, please read the disclaimer on our web site. Visit us on the web at www.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading

Friday was a wild day. These are the days that you have to have a plan or your emotions will get the better of you. The CHF turned right at the levels we were expecting which set itself up for a good trade. The JPY although not delivering was able to get back to our entry point and provide a small profit. The GBP didn't quite make it down to our expected level, but bounced up as we expected so all in all a good day. Our correction that we discussed on Thursday either completed overnight or at least completed the first wave. Therefore, we should run towards a stronger USD today. If the correction is not complete, we will run 30-60 pips towards a stronger USD depending on the currency. Before we get another thrust towards a weaker dollar short term. The EUR/USD should drop from the start today to at least the 1.1900 level, it currently trades at 1.1940. The GBP/USD should drop below 1.7400, it currently trades at 1.7427. The USD/CHF currently trades at 1.3076. The JPY currently trades at 118.17. The

We had a good day overall yesterday, we called for at least a more complex correction and the market delivered. The CAD gave us a number of good entries for it's run down. The JPY provided a beautiful Elliott Pattern up from the 116.74 low and looks to be the best trade setup. Today is shaping up to be a mixed bag. The EUR looks to be in a contracting triangle or ending diagonal, it'll take a bit more time to see how this pattern unfolds. The EUR currently trades at 1.1868 The GBP looks to be in a contracting triangle. So it should get into a tighter range then breakout to the topside or the bottom. It should run down to the 1.7320 level and bounce higher. The USD/GBP currently trades at 1.7345. The CHF looks to be running up as an ending diagonal which means it should keep trending higher, in 3 wave moves, it due to make a 3 wave move lower near these levels or slightly higher. The USD/CHF currently trades at 1.3168. The JPY has a beautiful impulsive wave up forming. We are looking for trades

Today we are cautious of a reversal towards a weaker US dollar short term. Unless we get some accelation of a stronger USD move this morning, we may have to consider the moves ended on Feb 13th complete or at least entering into a more complex correction. In either case a weaker US dollar would be in play. The EUR, GBP, and CHF all count better as 3 wave moves from the Feb 13 bottom than 5 wave moves, which would tend to indicate a correction. The EUR currently trades at 1.1853. The GBP currently trades at 1.7332. The CHF currently trades at 1.3143. The JPY pulled back yesterday a bit below where we expected, which stopped me out of the currency a few pips above the low. On approach I was very patient so I had a very low risk entry, which allowed me to get back in and recover my loss, but I missed a large part of the move. I hope some of you were able to grab the entire move. The USD/JPY is in the same position as the rest of the currencies, unless we get some acceleration towards a stronger USD, th

The JPY started out very promising yesterday, then faded quickly. Provided you had a good entry you should have been able to exit with a profit. This types of move is precisely why we stress good money management, the good setups don't always deliver. So if you take profits along the way and don't let good trades go negative you'll do ok until this type of setup delivers the big move. Overall we continue to favor a stronger USD, but the question becomes where do I place my stop. On the EUR the safest place is just above the 1.2026 high, although this doesn't provide a good enough risk:reward ratio at this point. We still continue to favor a stronger USD, but sideways trading for the next few days wouldn't surprise us. The EUR currently trades at 1.1905. The GBP currently trades at 1.7415. The CHF currently trades at 1.3080. If you look at the breakout of the JPY and count the waves on the 15 minute chart you'll see the move up from 117.10 subdivided better as corrective waves, 3 wave counts than imp

The JPY moved down yesterday as expected for over 100 pips. This is a good example of an impulsive move. This provides the entry we were looking for with a stop just below last Friday's 116.88 low. We are looking for 200 pips on the upside so this provides us with a better than 1:4 risk:reward ratio. Remember, you need to be able to capture at least 2 times the winnings that your risk. The EUR, GBP, and CHF all corrected against the strong dollar move. We were hoping for a larger correction, but this may be all we get. We still favor a stronger USD. Our next target on the EUR is 1.1800. The EUR currently trades at 1.1905. Our next target on the GBP is 1.7250. The GBP currently trades at 1.7371. Our next target on the CHF is 1.3200. The CHF currently trades at 1.3077. The JPY has been moving beautifully, we are looking for this to be an impulsive move up for over 200 pips. When you can count 5 waves on the hour chart the impulsive move is done. There is always the possibility this could be a larg

We finished the week strong with another good day on Friday, the JPY continued lower stopping just above our 116.70 target allowing us to get back in for the ride up. The EUR, GBP, and CHF all retraced before continuing towards a stronger USD. We still continue to favor a stronger USD across the EUR, GBP, and CHF. We are hoping for some corrective moves here on the EUR, GBP, and CHF so we can get better entries towards a stronger USD, but the USD looks strong right now and that might not happen. The EUR currently trades at 1.1885. The GBP currently trades at 1.7382. The CHF currently trades at 1.3090. The JPY moved down to just above our target area which was close enough for a nice trade up on Friday. Ideally, we would like to see an impulsive move down from current levels to provide us with a good entry point for the next move up. The JPY currently traces at 118.17. As we said on Friday the CAD still looks like it's in a corrective move up and would be nice to see it get to 1.1630 area before contin

We claimed our Forex Daily call of the week a bit early. The call for a trade down on the USD/JPY yesterday for 140+ pips topped the previous call earlier in the week on the USD/JPY. Again, if you were listening to our podcast yesterday, this move down on the JPY overnight did not catch you by surprise. In we had a great week here on the Podcast, you should have been able to grab more than 200 pips on the JPY alone, and over 300 pips in total. We are still looking for a break in tight range on the EUR, GBP, and CHF. At this point we almost think they have to retrace a bit before the continuing towards a stronger dollar. We are waiting for a breakout. The EUR currently trades at 1.1969. The GBP currently trades at 1.7492. The CHF currently trades at 1.2994. The JPY moved up near 119 just as we expected yesterday then plummeted down to under 117.50 exactly as predicted. Hopefully, you grabbed more than 100 pips on this move. That makes over 200 pips for the week on the JPY. We would like the JPY to h

We have our Forex Daily call of the week available on the Elliott Exchange web site. This week's call was the downward move on the USD/JPY. According to the news articles, this sudden move down caught many of the 'Professionals' by surprise. But you weren't surprised if you were listening to our Daily Podcast from Monday. You had the opportunity to capture more than 120 pips. We are still looking for a break in tight range on the EUR, GBP, and CHF. We still favor the downside for the EUR and the GBP, but we are waiting for a firm break either way before we enter. The EUR currently trades at 1.1979. The GBP currently trades at 1.7407. The CHF currently trades at 1.2981. The JPY moved up just as we thought yesterday to the 118.80 level. We'd like to see one more push up to near 119 before heading back down to 117.50 and below although we may not get it. We are waiting patiently for this wave pattern to unfold. The JPY currently trades at 118.40. As mentioned yesterday the CAD ran slightly higher

We hope you caught that trade down on the JPY mentioned in yesterday's podcast. There were more than 160 pips of potential profit as the JPY ran into our 118-116 target range. We continue to favor a stronger USD and are looking for trades in the JPY, GBP, EUR, and CHF that correspond to this scenario. The EUR should correct down to near the 1.1943 low if not start another run down. If it only corrects lower, then we'll have a move back up to or past current levels. The problem with these making this type of trades is the poor risk:reward ratio as we don't have a good place for our stop. The only reasonable place for a stop is just above the current highs which will likely get taken out in a more complex correction. The EUR currently trades at 1.1990. This holds true for the GBP, it should correct back near the low or start another move down. The GBP currently trades at 1.7486. Same story for the CHF. it should correct higher or move higher. The CHF currently trades at 1.2971. The JPY's correction

The stronger USD showed itself on Friday and provided some nice trades down on the EUR, GBP, and up on the CHF both Friday morning and overnight. The question now is how far the EUR will run down before another correction. we'd like to see more movement to the downside, but we may not get it. We would like to see the EUR/USD run down to at least 1.1910 so wave 3 = wave 1 because wave 3 which we are currently in cannot be the shortest wave. Our target range is 1.1950-1.1800 before the EUR/USD will correct upwards and then runs down in a final wave 5. The eventual run up will not be higher than 1.2084, so we'll use just above this level as a stop and to determine our risk:reward ratio for the next trade down. The run down should be at least 200 pips. The EUR currently trades at 1.1976 The GBP has been a bit slow to the party, but we were able to catch 170 pips down on Friday and it's moved down over another 100 pips overnight. We should see at least a bit of correction near here. We're split on whethe

Yesterday we were looking for a correction up on the EUR which would have been an impulsive move upwards. When that didn't materialize we knew quickly that we were looking at the wrong move and therefore needed to get to the sidelines and reevaluate. That's important part of trading if you get it wrong, reexamine and look for the next trade. We still continue to look for a stronger USD since the EUR/USD topped on Jan 24 and want our large trades to focus on this direction. Today should be a sideways day as people wait for tomorrow's announcements. The EUR currently trades at 1.2060 The GBP has been stuck in a tighter range and currently trades at 1.7747 The CHF currently trades at 1.2904 The JPY should run to the 118.70 to 119 level before correcting it's most recent move up, The JPY currently trades at 118.55 The CAD has been moving against the strong USD trend and currently trades at 1.1425 Forex Currency trading is very risky, please read the disclaimer on our web site. Visit us on the web at www.el

It looks like the correction is continuing on the EUR. We should have a final impulsive move up from at or near these levels targeting 1.2220 or slightly above. At that point look for a trade down. The EUR currently trades at 1.2093 The GBP likewise should continue up at or near these levels targeting 1.7860. At completion look for a trade down. We wouldn't think the 1.7933 high will be broken. If so, we'll have to reexamine our outlook. The GBP currently trades at 1.7785 The CHF should move lower targeting the 1.2723 level at completion of this lower move look for a trade up. The CHF currently trades at 1.2844 The JPY should not get much higher than it is now before making one final move lower targeting 116.41. We are trading this move down and looking for a trade up at completion. The JPY currently trades at 117.85 The CAD should move a bit higher targeting the 1.1470 level before continuing lower towards 1.1300 and below. The CAD currently trades at 1.1408 Forex Currency trading is very risk

The EUR started as we expected on Friday with a slight move down followed by an upward correction, then it revealed itself with a continued downward move. This continues to bolster our position that the upward correction is now complete and the next move down on the EUR has already begun. This morning the charts look at bit ugly for trades, but we expect some upward correction to occur from Fridays move down before the EUR continues to move lower. We will be looking for entries down on the EUR once this minor correction upward from Friday is complete. Our target on the EUR is 1.15 and below. We will be looking for trade entries down. The EUR currently trades at 1.2085. Our target on the GBP is 1.6700 and below. We will be looking for trade entries down after a minor correction upwards. The GBP currently trades at 1.7652. Our target on the CHF is 1.33 and above. We will be looking for trade enties up after a minor correction downwards. The CHF currently trades at 1.2866. The JPY continues to move high