Forex Daily Podcast

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 can be complete in terms of price, but we are short on time. Therefore, we are looking for it to move up to likely 118.50 or above. We'll have to evaluate the wave pattern as it unfolds beyond this. The JPY currently trades at 117.97. The CAD should continue to work lower to the 113 level or below, with the most immediate bearish case if the currency does not break the recent 1.1500 high. The CAD currently trades at 1.1471. 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 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 can be complete in terms of price, but we are short on time. Therefore, we are looking for it to move up to likely 118.50 or above. We'll have to evaluate the wave pattern as it unfolds beyond this. The JPY currently trades at 117.97. The CAD should continue to work lower to the 113 level or below, with the most immediate bearish case if the currency does not break the recent 1.1500 high. The CAD currently trades at 1.1471. 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 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 can be complete in terms of price, but we are short on time. Therefore, we are looking for it to move up to likely 118.50 or above. We'll have to evaluate the wave pattern as it unfolds beyond this. The JPY currently trades at 117.97. The CAD should continue to work lower to the 113 level or below, with the most immediate bearish case if the currency does not break the recent 1.1500 high. The CAD currently trades at 1.1471. 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 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 whether this will be a small correction with another 100+ pip move down or it'll be larger. The next big trade we are looking at is trading down with 1.7667 as a backstop. This trade should be at least 200 pips. The GBP currently trades at 1.7523. The next big trade we are looking for on the CHF is a trade up with a stop at 1.2850. This may be days to a week out. The CHF currently trades at 1.2987. This move up on the JPY should be complete at the 119.40 level and it should correct down to the 116-118 range before it's run up to the 122-123 level. The JPY currently trades at 118.82 The CAD corrected to the 1.1500 level as expected. It should continue to work lower to the 113 level or below. The CAD currently trades at 1.1454 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 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 whether this will be a small correction with another 100+ pip move down or it'll be larger. The next big trade we are looking at is trading down with 1.7667 as a backstop. This trade should be at least 200 pips. The GBP currently trades at 1.7523. The next big trade we are looking for on the CHF is a trade up with a stop at 1.2850. This may be days to a week out. The CHF currently trades at 1.2987. This move up on the JPY should be complete at the 119.40 level and it should correct down to the 116-118 range before it's run up to the 122-123 level. The JPY currently trades at 118.82 The CAD corrected to the 1.1500 level as expected. It should continue to work lower to the 113 level or below. The CAD currently trades at 1.1454 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 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 whether this will be a small correction with another 100+ pip move down or it'll be larger. The next big trade we are looking at is trading down with 1.7667 as a backstop. This trade should be at least 200 pips. The GBP currently trades at 1.7523. The next big trade we are looking for on the CHF is a trade up with a stop at 1.2850. This may be days to a week out. The CHF currently trades at 1.2987. This move up on the JPY should be complete at the 119.40 level and it should correct down to the 116-118 range before it's run up to the 122-123 level. The JPY currently trades at 118.82 The CAD corrected to the 1.1500 level as expected. It should continue to work lower to the 113 level or below. The CAD currently trades at 1.1454 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

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.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading

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.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading

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.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading

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 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

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 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

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 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 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 higher and should test our trend line at 120 and above that we mentioned in early Dec. The JPY currently trades at 117.66. Our target on the CAD is 1.13 and below. The CAD currently trades at 1.1464. 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 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 higher and should test our trend line at 120 and above that we mentioned in early Dec. The JPY currently trades at 117.66. Our target on the CAD is 1.13 and below. The CAD currently trades at 1.1464. 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 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 higher and should test our trend line at 120 and above that we mentioned in early Dec. The JPY currently trades at 117.66. Our target on the CAD is 1.13 and below. The CAD currently trades at 1.1464. 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