Forex Daily Podcast

Hopefully you were able to catch the move down on the EUR or GBP yesterday or up on the CHF. Since the EUR and GBP typically move together and the CHF opposite you can trade these other currencies based on your interpretation of the EUR most of the time. We find Elliott wave theory so powerful in that we knew the key level yesterday was 1.2234 on the EUR. If it broke that level then we were not going up immediately. This allows you to get very tight stops. It also allows you to know the short term direction of the market because if we weren't going up immediately then we knew we would be looking for trades down. Hopefully, you were able to grab 30, 50 or even more pips yesterday. Today the EUR looks like it completed a 3 wave move down or very nearly so. It may have one more push slightly lower before correcting upwards or moving upwards. This leads to multiple valid paths from this point so we will wait patiently for the market to further reveal itself. The EUR currently trades at 1.2175 The GBP cu

We have a short podcast today as we are on the road. There are 2 likely interpretations of the latest move in the EUR. 1st the correction from the Sunday night move is complete, which means the EUR should trade up immediately from the current levels to the 1.2350 or above level. This is our preferred view. The alternative is the move up is complete at 1.2320 and the move from yesterday is the start of a new run down on the EUR. If the EUR breaks the overnight low of 1.2234 this alternative may come into play. The GBP should follow this forecast of the EUR and the CHF should move opposite. The EUR currently trades at 1.2241. The GBP currently trades at 1.7848. The CHF currently trades at 1.2652. The JPY currently trades at 115.91 The CAD currently trades at 1.1510. 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 currencies have still not moved far enough to label the correction from this past weekend complete. If this correction is becoming more complex here look for the EUR to trade down without traveling any higher immediately this morning. Then look for a trade up for the final push. If the EUR moves immediately higher then look for a completion of the mid-November correction near the 1.2350-1.2400 level and a trade down. We should start seeing an upward move on the EUR end in the next days to week to complete our mid-November correction. We may not be able to publish our podcast for Thursday or Friday as we will be traveling, but will make our best effort. We will be posting on Monday for certain. The EUR currently trades at 1.2298. The GBP currently trades at 1.7894. The CHF currently trades at 1.2596. The JPY currently trades at 114.81 The CAD currently trades at 1.1497. Forex Currency trading is very risky, please read the disclaimer on our web site. Visit us on the web at www.elliottexchange.com

We are still waiting for the markets to finish their latest runs which should be complete in the next 36-72 hours. At which point we are looking for signs that this correction from November is finally over. In which case we'd be looking for a stronger US dollar to drive the markets. The short term correction from yesterday still seems to be incomplete. We'll be looking for an indication to jump in for the final expected move. The EUR currently trades at 1.2265. The GBP currently trades at 1.7814. The CHF currently trades at 1.2622. The JPY currently trades at 114.74 The CAD currently trades at 1.1537 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 is fast approaching our 1.2350-1.2400 target. We should see a period of consolidation across all the currencies early this week. We don't see any obvious trades unless you want to trade a correction against the big moves on Friday. Don't be greedy as you will be trading against the short term trend. Look for pullbacks as opportunities to enter in the same direction as the move on Friday. The EUR currently trades at 1.2273. The GBP currently trades at 1.7826. The CHF currently trades at 1.2606. The JPY currently trades at 114.26 The CAD currently trades at 1.1503 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

Today look for volatility from the US announcements. Nothing is at an extreme level to excite us until after the announcements. The EUR currently trades at 1.2125. The GBP currently trades at 1.7670. The CHF currently trades at 1.2750. The JPY currently trades at 115.05 The CAD currently trades at 1.1650. 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 RSI indicator is showing the EUR oversold this morning. We look for a rise up this morning, the EUR currently trades at 1.2071. The GBP fell overnight to the 1.7588 level on the back of UK data. Hourly RSI are showing oversold and we should get a rise here. The GBP currently trades at 1.7606. The CHF rose to 1.2852 overnight and is also showing divergence on an overbought RSI which typically leads to a fall. The CHF currently trades at 1.2835. The JPY followed just like we thought yesterday, it dropped a bit then ran right to the 115.44 level. We should get a drop of at least 20-30 pips from this level. The JPY currentl trades at 115.36. The CAD is still searching for direction and trades at 1.1593. 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

We are still looking for the EUR to move up to the 1.2350 levels. The EUR currently trades at 1.2125 and has to break 1.2180 in short order to continue the most bullish interpretations. The GBP should still be moving up to the 1.7900 and above levels, we would like to see an immediate move up to stick with our most bullish interpretation. The GBP currently trades at 1.7664. We are looking for the CHF to drop to the 1.2640 level and below. The CHF currently trades at 1.2793. The JPY broke the 114.88 high, but had very little follow through. It should try for the 115.44 level once it drops a bit. The CAD looks weak right now. We locked in our profits and exited the trade in Friday's volatility. We'll continue to watch this one. The CAD currently trades at 1.1589. 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

I got some comments on the EUR call the other day of people that disagreed with our forecast thought the EUR was going to move down again rather than immediately up to the 1.2350 level. Both paths were possibilities and we slightly favored another correction after comparing the EUR with the CHF which tend to move opposite the EUR. We would like to see one more move lower on the EUR before moving up to the 1.2350 level. If we get our move lower we'd be looking for a trade up. The EUR currently trades at 1.2066. The GBP could be in it's next move up already however we favor one more immediate move downward to align with the EUR. The 1.7725 level is key. If we get our move down, it may complete overnight and the next move up should be powerful. The GBP currently trades at 1.7668. The CHF has had a nice move up from the 1.2714 low. Those who traded this move up were reward with 100+ pips of profit. We would like to see one more immediate move up here, then we are looking for a trade down at the end o

We are experiencing some technical difficulties today so this podcast will be short. If the EUR takes out the recent high, we see it continuing immediately to the 1.2350 levels. We are looking for either an immediate move to these levels or an interim move lower before moving up to the 1.2350 level. Our target is the same, we are just uncertain of the path. 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

We reevaluated all of the currencies overnight and either our correction on the EUR is complete at the Jan 6th high, or we are most likely entering into a more complex correction. Both of these alternatives mean that the EUR will most probably trade lower to the 1.1900 level or below in the near term. Our preferred path of the correction to date having the EUR immediately going up to the 1.2300 level is not out of the level is looking less probable as the chart patterns unfold. As corrections become more complex, it becomes more difficult to find good trades, so be cautious. The EUR currently trades at 1.2068. 1.7722 is likely the high of the GBP we will be looking for trade entries down unless this high is taken out. The GBP currently trades at 1.7542 The CHF is typically moves opposite of the EUR. Therefore, we are looking for trade entries up as a larger or complete correction is our now our favored alternative. The CHF currently trades at 1.2826. We reevaluated the entire JPY move from early De

The EUR currently trades at 1.2065. Since we only had a 3 wave move up from this morning's low, the indication is the EUR should trade to a new low before beginning it's final push up. 1.7617 is the balance point for the GBP. If you can get a trade up with less than 20 pips stop it might be worth the risk. If it breaks 1.7617 you should have 50 pips on the downside. Be very patient on your upside entry as this would be opposite move of the EUR. The GBP currently trades at 1.7660. If the CHF break 1.2817 then it will likely run to 1.2934. If the JPY breaks 114.80 then look for it to run to 115.44. before starting the next move down. If it doesn't break this point then you may want to enter a trade down with a stop just above 114.80 provided you only take on 10-20 pips of risk. The JPY currently trades at 114.36. The CAD currently trades at 116.80 and should have another run up the 1.1730 level. Forex Currency trading is very risky, please read the disclaimer on our web site. Visit us on the we

The EUR has moved into it's target area, however we'd like to see it go a bit higher after a pullback here at the beginning of the week. The EUR currently trades at 1.2073. The GBP currently trades at 1.7647. The CHF has moved into the high probablity target area and pulled back to 1.2771. The JPY was in our alternative count completed it's wave 2 and it looks like wave 3 down is also complete. Our primary count is for the currency to have 1 more push down after a period of consolidation. However, if we don't get our push down from here, then it would likely make this recent move on a larger scale corrective rather than impuslive, if that turns out to be the case, then we'd likely run back up to the 120-122 range. This week should be very interesting. The JPY currently trades at 114.06 The CAD currently trades at 1.1694. We need this one to move a bit to show a better wave count. Forex Currency trading is very risky, please read the disclaimer on our web site. Visit us on the web at www.elliotte

We are still expecting The EUR to fall to the 1.2050-1.1900 level before continuing back up to 1.2150-1.2500, Ideally near 1.2350. It may not go as low as initially hoped before turning back up. An updated diagram has been posted for the EUR so you can see how the progress of this move aligns very well with our initial projections. The EUR currently trades at 1.2092. The GBP should run down to the 1.7480-1.7320 level target is 1.7440. before running up to the 1.7800-1.8450 levels The GBP currently trades at 1.7547. The CHF should correct up to the 1.2850 level or above before moving down to the 1.2750-1.2550 level. The CHF currently trades at 1.2780. The JPY has moved sideways yesterday as shown in the flat scenario posted on the web site. We are still looking for one final move up before continuing lower. The JPY currently trades at 116.18 Should have gone with our gut on the CAD yesterday, we certainly missed a nice move up. I hope some of you caught it. It was simply a case of overanalyzing th

Even though the EUR ran up near our 2150 level, it still needs more time to correct. The EUR should fall to the 1.2050-1.1900 level targeting 1.1980 before continuing back up to 1.2150-1.2500, Ideally near 1.2350. The GBP should run down to the 1.7480-1.7320 level target is 1.7440. before running up to the 1.7800-1.8450 levels The CHF should correct up to the 1.2850 level or above before moving down to the 1.2750-1.2550 level The JPY has to start breaking below it's recent low of 115.50 to prove that it's starting a large run down. Either the latest corrective move is complete and we are starting the next run down or We are in a larger flat. A large flat means we should have a few more sideways corrections before starting the next run down. Both alternatives are posted on the web site. Also, if this is an impulsive move down, the JPY could run all the way back up to the 118.10 level so set your stops accordingly. The CAD moved down like we thought yesterday. We were hoping that we could count wave

The EUR looks to be in a correction which started in mid November. We are looking for the EUR to eventually run up to the 1.2150 - 1.2500 level. We like to see a 3 wave move down before finishing with a move up to these levels. With the weakness of the USD right now, we may not get the move down. Be patient and wait for the trades to come to you. The EUR currently trades at 1.2061. We'll we've gotten our larger correction on the GBP as we discussed last week. We think it will run up to the 1.7700 to the 1.8400 level. We'll have a more precise target as this market continues to reveal itself. Like the EUR/USD are looking for a 3 wave move down so we can trade up towards these targets. The GBP currently trades at 1.7500. The CHF should continue to move down to the 1.2750-1.2550 levels. Ideally, we'll get a corrective 3 wave move up before the move continues to these levels. The CHF currently trades at 1.2862. The JPY moved down starting late last week as we thought. Although we didn't want to hol

We've just released our 2006 Outlook for the EUR/USD, the GBP/USD, the USD/JPY, and the GBP/JPY. Each of these Outlooks is only $10.00. These can be a great addition to your trading techniques for 2006. You can be alot more profitable if you know where the market is headed. You can find them on our web site at www.elliottexchange.com. Once you purchase them they are immediately available for download. We are going to ease into 2006 here. We'd like to see the how the markets open before we start announcing trades. Our JPY trade from last week went a bit farther than we expected although it stayed within our stop had we traded it. We didn't want to hold a position into the long holiday weekend so we were happy just to sit aside. We hope to start publishing trade ideas in earnest tomorrow. 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 JPY moved into our high probability area and this could be the start of the next run down. If so, it should rise to the 117.70 level before continuing down. With the New Year Holiday and the markets closed we think it's prudent just to sit out until next week. Have a Happy New Year and we'll publish our next Podcast on Tuesday. 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

So where is the EUR moving next? That is the big question. We have a nice 3 wave pattern ending at the Dec-21st low. We favor continuing to move lower, however we want to wait at this point for the market to unfold and confirm this. A move lower should be good for nearly 130 pips if it occurs. If the EUR does move lower a correction up would follow. The EUR currently trades at 1.1874. Same with the GBP, we favor a continued move lower, but we'll let the market reveal itself. The GBP currently trades at 1.7380 We favor the upside on the CHF, but like the EUR we are waiting for the next wave to unfold. The CHF currently trades at 1.3111. The JPY trade netted 85 pips yesterday. A continued move lower would target the 112 - 114 area. If this currency moves lower, this should be the money wave. The JPY currently trades at 116.52. We have been targeting the CAD to continue lower is a Zig-Zag move, however our computer model tells us it's more likely to rise to the 1.18-1.20 levels. If the 1.1727 level

We'd like to thank all of you who have donated a portion of your winnings to this program. When you win we all win, but at Elliott Exchange we want you to win first. Donations are accepted at forex.podomatic.com. The EUR moved lower as expected yesterday, hopefully some of you caught that action and currently trades at the 1.1822 level. Look for a correction nearhere for likely 80-100 pips. Decision time came yesterday and the GBP just blew poast the 7523 level and didn't look back. You should have been able to get 100 pips out of that 230 pip run. We should see a correction very near current levels 1.7300 would be ideal. The GBP currently trades at 1.7361. The CHF should be at or near a correction at these levels. Given the run of this week, expect 100 or more pips potential to the downside. The CHF currently trades at 1.3147. We got stopped out for an 18 pip loss on our JPY trade. Those of you who followed the strategy we mentioned on the CAD may have sold 1/2 your JPY position for 20