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 currently trades at 1.7767. The CHF currently trades at 1.2751. The JPY hit 116.91 overnight which is just shy of the 117 initial target we stated in our Jan 11 podcast. The JPY trades at 116.81 The CAD currently trades at 1.1467. 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 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 or at forex.podomatic.com. Good Luck and Good Trading

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 of this move. The CHF currently trades at 1.2820. Those who made the JPY trade near the 113.75 level should be happy today. We are favoring a continued move up on the JPY to the 115.44 level. The JPY needs to take out the 114.88 high to reduce the immediate bearish case. The JPY currently trades at 114.56. We have locked in profits on our CAD trade and are still looking for the 117.50 level. We've moved our stop up to the 1.1595 level. Hopefully, those who joined our web site were able to see our diagram and catch this trade. 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 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