Summary: Friday we saw corrections on the EUR and the CHF and a high probability trade setup on the GBP. We still cannot reconcile the counts on the GBP and the EUR which is odd so we still have some caution on trading the GBP. The JPY's trade setup did not come until overnight where it provided a nice trade entry up. I wanted to remind everyone that you can subscribe to receive an email whenever we publish a new podcast by signing up for it at forex.podomatic.com. Click on the 'Add yourself to my mailing list' link, it's very simple. Also, if we've helped you enter profitable trades we accept donations at forex.podomatic.com. Today provides a couple of different alternative interpretations each leading to different trade setups. The key level for the EUR is 1.1975. If this level is broken then a move down has started with stops above the previous high. I think you can get an entry much closer to the previous high, but breaking this level is the trigger. I think there may be one more move up to near the 1.2140 level. An ideal trade would be with an entry within 20-30 pips of the 1.1975 level so you can get a stop just behind this critical point. If we get a final move up look for a reversal upon completion. The EUR trades at 1.2032. The GBP should follow the EUR with an upward target near 1.7700 level. The GBP trades at 1.7554 The CHF should move opposite the EUR, it's critical level is 1.3037. If it breaks above this level the currency will be moving higher. Likewise, look for a high probability entry with a stop loss just above this level . The CHF trades at 1.2968. The JPY looks like it has nearly traced out a 5 wave move up and should have one more push up to the 117.40 level before entering into a correction. The JPY trades at 117.20 The CAD seems to be tracing out some kind of a flat. If it falls near the previous low, it might provide a nice trade up. The CAD currently trades at 1.1360. 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
