Forex Daily Podcast

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