Forex Daily Podcast

Our EUR trade got stopped out yesterday for a 20 pip loss. The EUR should be finished correcting and start trending down once again targeting the 1.1600 level and below. Short term it should correct yesterday's run down before moving lower. The EUR currently trades at 1.1867. The GBP moved exactly as we thought yesterday. Those of you who entered a trade up, should have been able to get 50 pips in a reasonably short amount of time. Hopefully, some of you turned around and sold the GBP. Currently either the correction is complete at 1.7590 or we are in wave b of a flat and the currency should run down to the 1.7523 level or slightly below before it's decision time. At this point the currency will either continue running lower or move impulsively up in wave c of a larger flat. If it moves up, look to trade down with a stop just above 1.7680. Let the trade get as close to this stop as possible. The GBP currently trades at 1.7569 The CHF should continue to run up. It may be in a correction for a bit as is the EUR and the GBP. The JPY ran up as we thought yesterday to the 117.35 level. With the currency at 117.21 right now you may consider trading down with a stop just above 117.31 level. we are getting to the right risk:reward levels to take the trade. We have been looking for another push down on the JPY, but since the correction got a bit complex, it's making the patterns unclear. The CAD ran up just as we thought yesterday. We were patient and got in at 1.1741. We moved our stop to 7 pips above the high and we are letting it run for a while. We dropped 1/2 our position at 1.1714 so we are break even on this trade in the worst case. I typically trade multiple lots so I can take profits along the way. 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've provided a potential 1100+ pips of profit since November. Donations are accepted at forex.podomatic.com. We still favor a move up on the EUR to 1.2100 level. Look for a pull-back to 1.1972 or below to enter. Stop at 1952, limit at 2072 giving a 1:5 risk:reward ratio. The EUR currently trades at 1.1989. Jury is still out on the GBP, we'd like to see it run up to match the EUR, but not sure it will. We think we are in wave c of an extended flat which would bring us up to 1.7650-1.7660 level. If this wave pulls back to below 1.7590 before running up much higher, aggressive traders may want to enter up with a stop below 1.7565. A chart is available on the web site. The GBP currently trades at 1.7607. The CHF looks like it wants to run down a little here. It currently trades at 1.2937. The JPY ran up to the 116.83 level so far and should have at least one more push higher. Once complete, we should be able to trade this down for wave 5. We added a chart to our web site to show our thoughts. The JPY currently trades at 116.58 The CAD has hit the 117.00 level and pulled back. We think finishes best with one more push up. This last push should be 36-60 ore more pips from the bottom of wave 4. If it pushes up this one last time, then trade it down with a 40 pip stop don't be too anxious to get in early. Hopefully it will go at least 60 pips. We've put a chart on our web site to show this expected move. Likewise if the currently does not move as planned then DO NOT ENTER this trade. The CAD currently trades at 1.1670. 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 continue to favor a move up on the EUR to near the 1.2100 level. Once the run up is complete, it should turn down. The EUR ended the week at 1.2011. The GBP also should trade up to the 1.7800 level or slightly above. The GBP ended the week at 1.7720. The CHF ended the week at 1.2898. We hope to get a good count on this for tomorrow. We are having a debate interally here if we are currently in a correction (ie moving up) or have finished the correction and are moving down on the USD/JPY. If we rise above 115.70 before going much lower we think we are correcting immediately to the 117-119 level. Otherwise, we are running down to the 114 or a bit lower levelbefore entering into the correction up. The CAD has been correcting upwards and currently trades at 1.1591. We expect this correction to continue a bit further.

Over the past month and 1/2 we've been able to count more than 1100 pips that you could have caught based on our podcasts. That's 1100 pips. Because we think we've proved our value to this community we've started accepting donations. If our podcasts have helped you make successful trades we ask that you consider giving some back. We want you to win, and we think it's ok to share in your success if we've contributed to it. Likewise, if we haven't contributed to your success please don't feel obligated. We only want to win when you win. There is a PayPal Donation button on the top right part of the page at forex.podomatic.com. We think the EUR and GBP have a bit more to rise, hopefully they become our trade favorites for next week. The EUR has been trading sideways for the past day and currently trades at 1.1982. We are still favoring a slight move up on the EUR. The GBP has been running sideways for the past day and is currently at 1.7687. The CHF has also been moving mostly sideways and trades at 1.2900. We're loving that JPY, It moved just like we thought yesterday. Now the question becomes did that complete the move down or do we have one more move down left? Becuase the run down yesterday looks more to me like a 3 wave than a 5 five, I'm favoring one more move down. This current run up on the JPY has to end in a 5 wave (wave c) for this interpretation to be correct. So we will watch as the pattern unfolds today. The JPY currently trades at 116.15. The CAD has been trading sideways and is at 1.1568.

The EUR got back to 1.1977 as we thought yesterday, but hasn't done much since. We expect it to rise at least a bit more here, hopefully the patterns will become clearer in the next few days. We are on the sidelines for now. The EUR trades at 1.2013. The GBP has been running sideways for the past day and is currently at 1.7730. The CHF has also been moving sideways, so much so that when I saw the chart this morning I thought one of my kids was scribbling on it. We still expect it to run lower. It trades at 1.2831. The JPY rose right to our minimum level for a retracement yesterday before running down. It rose just above the 236 FIB line before continuing to run down. We hope some of you got into a trade at these levels. We've posted an alternative count on the web site today. We think that we've seen a complete wave 3 and we have one more correction before the final fall. We are likely in a small flat or extended flat here meaning the JPY should fall to the 1.1583 low or slightly lower before moving up to the 116.30 - 117.00 level. Then it should maike it's final fall for wave 5. Caution is in order on this trade. We don't have a good backstop according to Elliott Principles so the risk/reward may not be as attractive given the huge move this week on the JPY. The JPY current trades at 116.08 The CAD rose a bit more than we though yesterday so we are waiting for more time to be able to determine the current pattern. The CAD currently trades at 1.1568. 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 a breakout for the EUR, but the CHF and GBP are agrueing for a weaker dollar in the short term. The EUR currently trades at 1.1840. We are still looking for the GBP to rise a bit although it becoming short term overbought. The GBP currently trades at 1.7610. The JPY should rise to the 121.05 or a bit more on Sunday before beginning it's next move down. In any case, it should not rise much above 121.50. See the Elliott Exchange web site for a diagram of our expected move. The JPY currently trades at 120.80. The CHF moved lower as expected and currently trades at 1.2988. The mid-term trend on the CAD is definitely down. Although it retraced to the 236 FIB level which is sufficient price to call this correction complete, it was short in terms of time. Therefore, we think the CAD should fall lower Sunday into early monday, before rising impulsively to finish the correction. We are targeting the 1.1700 or slightly above level. The best trade here may be to wait for this impulsive rise as it should be followed by an impulsive fall. So the impulsive fall is really the best trade to be made. See our web site for diagrams of our expected move on the CAD. The CAD is currently trading at 1.1561. 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

Still waiting for a breakout for the EUR, but the CHF and GBP are agrueing for a weaker dollar in the short term. The best count we currently have on the GBP is targeting 1.7500-1.7800 over the next 1 1/2 - 7 days. The JPY should rise to the 120.60-120.80 level before selling off targeting 119.80 and below. It still should not rise above 121.50. The CHF should get a bit of a relief rally here before continuing lower. The CHF currently trades at 1.3100. The CAD should fall to the 1.1555 to 1.1500 levels. Look for an up trade at these levels targeting the 1.1750 area.

The EUR shot up to 1.1902 yesterday. If the EUR is still correcting upward then expect it to fall to the 1.1760 level at least before beginning another move up. If the EUR's correction is complete, then it should not rise above yesterdays high. Look for some sideways trading today. If the EUR rises immediately this morning to about 1.1866 level or above, then it will probably drop 50 to 100 pips. The EUR currently trades at 1.1814. Like we mentioned yesterday, long wicks typically indicated the start and finish of big runs on the GBP. The wick we mentioned yesterday was the start of the trade on the GBP and a long wick was the finish at 1.7341. Look for some sideways trading today. The GBP currently trades at 1.7249. The CHF joined in on the party yesterday. As we wait for the pattern to become clearer, we have a tip similar to the EUR. If the CHF drops immediately this morning to about the 1.3033 level or below, then it should rise 50 to 100 pips. Be patient and wait for extremes. Our computer model shows the JPY upward move potentially complete at 119.91 for at least the next few weeks. This does not mean it will not try to take out the 120 level, we expect it to advance beyond 120, perhaps even today. If it does take out 120, we don't expect it to get much beyond the 120.90 level before beginning move down of 300-600 pips over the next few weeks. The JPY currently trades at 119.20. The CAD came within a few pips of us abandoning our long USD scenario in the mid-term. Although it's looking shaky right now, that is still some hope left for the CAD to fall. We thought the Canadian government toppling might come to our defense, but it's seems to have no effect yet. Regardless, the CAD should rise at least to the 1.1715 to 1.1820 levels before beginning it's next move. The CAD currently trades at 1.1695.