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 correcting here, probably to about 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

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 push down overnight and then some. It travelled farther than we expected which gives it the potential for further downside. The JPY currently trades at 116.09. The USD/CAD currently trades at 1.1485. 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 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 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 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 lower. The USD/CAD currently trades at 1.1500. 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

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 USD/CAD continued to move lower as we said from Thursday, and currently trades at 1.1483. 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 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 up near 118.44 with stops below 118.26 and 118.10. The USD/JPY currently trades at 118.64. The USD/CAD had multiple entries for our trade down yesterday. Although it doesn't look as impulsive as we were hoping, it did provide some nice profits. The USD/CAD currently trades at 1.1552. 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 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, the USD/JPY would likely move lower. Although some of the crosses EUR/JPY and GBP/JPY may see some strength which may make the move of the USD/JPY less in sync with the others. The JPY currently trades at 118.05 We were able to grab a trade down on the USD/CAD overnight using a stop just above the 1.1610 high, and a 100 pip target. A weaker USD should help this trade. The CAD currently trades at 1.1588. 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