Forex Daily Podcast

The EUR/USD and GBP/USD turned according to our forecast to start the week. Now, we are likely entering into a period of more complex consolidation unless we get a strong move towards a weaker USD.

The move towards a weaker US Dollar has been nothing short of spectacular. The good news is it's not yet complete. Tune it to find out.

A Strong Move towards a Weaker US Dollar

Last week we saw a breakout of our summer long consolidation and a move higher. This week we should see some profit taking and consolidation of this strong move.

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Look for the US announcements this morning to drive the direction of the markets for the next few days.

Falling in love with your trde can prove deadly. Today we are looking at the psychology of falling in love with your trade and remaining objective during the heat of the moment.

We are looking for sideways action for the next few days on both the EUR/USD and GBP/USD. With no major annoucements planned and the US elections on Tuesday, look for a tentative mood in the markets. Near terms we are looking for continued USD strength. This should move the EUR/USD lower to the 1.2600 level and the GBP/USD to the 1.8800 level. Further out we see and end to the sideways market we've been experiencing for most of the summer. This should lead to the start of a 400+ pip move on the EUR/USD and a 600+ pip move on the GBP/USD.

Everyone is looking to the release of payrolls today to breath some life into the market

Last week we saw an unwinding of the JPY short positions. What does this week hold?

How do you trade the news? With the news driving the markets up and then down sometimes in the same day, the question is how do you profit from the news? We examine this in today's podcast.

A wild ride in the currency markets today. Look for more volatility tomorow with additional US announcements

With a potential profit of nearly 300 pips across the EUR/USD, GBP/USD, and USD/JPY we've had a great start to the week. Today's US consumer confidence data should provide some volatility.

We have a very promising week starting in the currencies. There are exciting forecasts on the EUR/USD, GBP/USD, and USD/JPY today.

Thursday's move both up and then down made a nice end to a great trading week.

The existing homes sales annoucement drove the market today as expected. Tomorrow we have initial claims and new home sales on top. Look for more volatility surrounding these annoucements

Had a nice start to the week with the run up and correction that we were looking for on Monday and Tuesday. Looking for the US housing announcements to move the markets today.

Got 2 nice trades in on Friday on the EUR/USD and GBP/USD to put a good end to the week. This week watch for market volatility surrounding Iran's nuclear annoucement due August 22nd.

Looking for a downward move on the EUR/USD and GBP/USD to start the day. Then perhaps a reversal. Tune in and find out.

The markets went lower as expected on Friday to make a nice end to a profitable week. Now, we are at a critical juncture in the market, listen and find out what to look for this coming week.

The markets have moved sideways this week as forecast for Monday. However is this sideways movement coming to an end? Tune in today and find out.

We ended up with a great week with our targets on the EUR/USD and GBP/USD being hit on Thursday and Friday. For the coming week all eyes are on the Fed. The announcements from the FOMC meeting on Tuesday may keep the market quiet for the first part of the week.

We got a nice pop on Tuesday which made our week. Today we are trying to decide if the recent high is a short term high or we have one more push up?

Today might be decision day. Look for volatility surrounding the US announcements. More detailed forecast is available to subscribers at http://www.elliottexchange.com/

Look for a slew of US annoucements to start the week. The Chicago PMI Index is first up on Monday with a bunch to follow on Tuesday. This should provide much volatility to start the week.

No fans of the USD yesterday. We'd given up too early on our alternative forecast from earlier in the week. Should be lots of excitement today.

The EUR/USD and GBP/USD corrected higher overnight then turned lower as according to our forecast. Listen to the forecasted price action for today.

The EUR/USD and GBP/USD turned very near our expected levels and ran down 100 and 150 pips respectively. Todays' podcast tries to answer where we go next. You can also find more in depth analysis by becoming a subscriber to our Forex Forecast service available at the elliott exchange web site. http://www.elliottexchange.com/

The GBP/USD meandered higher as expected on Friday. Now we are coming close to decision time. We expect that the market is close to a huge move. Listen today for more.

The market has been in a tight range. It may be a slow day without and news from the UK or US.

The EUR/USD and GBP/USD smashed through their respective trend lines and made some great moves for us this morning. The Stop and Reverse Trade mentioned in our previous podcast really paid off. For more indepth analysis of the EUR/USD and GBP/USD subscribe to our Forex Forecast newsletter available at http://www.elliottexchange.com/

Today we review the markets from the end of last week, look forward to the new week and discuss some emerging trade setups. We also talk about the stop and reverse trade and some potential applications in the coming days.

It's make or break day for the EUR/USD today. Today is the day it should decide whether it wants to move lower or not. With the slide in the US Stock markets and an 8:30 EST, 12:30 GMT US announcement today, watch for extreme volatility. Caution is advised.

The EUR/USD ran down from our 1.2780 level as forecast. Today we expect announcements out of the Eurozone and US to add volatility to the markets.

The EUR/USD ran up to our 1.2870 target level before turning lower. The question becomes where will it go next?

The EUR/USD ran into our expected range. Just a short update tonight as we are on the road.

We got our excitement on Friday as expected and this capped off a great week for the Forex Daily Podcast. Next week is shaping up to be equally exciting. If you would like more in depth analysis consider subscribing to our companion service 'The Forex Forecast for the EUR/USD'. It provides more in depth analysis of the current price action on the EUR/USD. More information is available on the Elliott Exchange web site.

The release of the Non Farm Payrolls on Friday should provide tremendous excitement for the markets. We are looking for extreme volatility and potentially a big move. You don't want to be in the markets tomorrow without listening to us first.

We are excited today to launch a companion service to our daily podcasts, the Forex Forcast for the EUR/USD. This Forecast provides detailed charts and commentary to explain in greater depth the market movement that we are describing on our podcast. You don't want to be without it. Visit the elliottexchange.com web site.

The USD/JPY moved exactly as forecasted. This gives us even more reasons to celebrate this holiday week. The markets may be slow with the US markets closed on Tuesday. We will resume our podcasts on Thursday.

We should see wave 4 and 5 early this week on the EUR/USD. National Holidays in the US may make for slow trading the first part of the week.

The FOMC Announcement was like a starter's pistol at a race. The markets took off like a shot afterwards. The EUR/USD ran up making the ideal pattern that we talked about on yesterday's podcast. What's next, tune in and find out.

What do you do when your forecasts are wrong. We examine this topic on today's podcast.

The markets did the grind lower as forecasted last night. Tonight will they switch and grind higher? Listen and find out with our updated forecast.

Trade Psychology is critical to trade success especially after a loss. Today we look at trade psychology in light of todays move on the EUR/USD. In addition we look at our updated forecasts for the EUR/USD and GBP/USD.

Managing Trade Risks is a key to success. We'll look at how we managed our trade risks on Friday and our forecast for the upcoming week.

The EUR/USD ran up near our forecasted 1.2700 level before reversing for a beautiful run down today. If you thought that was exciting wait til tomorrow.

The EUR/USD ran down as expected on Monday. Will it continue to run lower on Tuesday?

Is the USD going up or down this week? We got a great start to a week on tap so listen today to find out.

The market swings moved as forecasted for a great trading day. Is the next big move up or down on the EUR/USD? That is the question we look at today.

Is the correction down on the EUR/USD complete? Will this mornings announcement of US CPI data rock the market? Tune in today and find out.

Is the correction down on the EUR/USD complete with the move on Friday? Tune in to find out.

There is much uncertainty surrounding the currency markets at the present time. Did the EUR/USD put in a termporary low? Tune in today and find out.

The market started to blast off as we anticipated at the end of last week. Is it going to continue into this week? Listen and find out.

I sure call yesterday a whole lot of good. At the extreme we grabbed 287 pips across the EUR/USD, GBP/USD, and USD/CHF. On the EUR 80 pips per lot, on the GBP 110 pips per lot, and on the CHF 97 pips per lot. I diagrammed this exact move on Saturday and have been patiently salivating for yesterday. Hopefully you were able to join in for the ride. After days like this I want to remind you that we accept donations at forex.podomatic.com. If we contributed to your trading success yesterday we ask you give a little in return. Click on the 'PayPal donate' link on the top right part of the page. We continue to be biased towards a stronger USD. We are looking for the pullbacks on the EUR and the GBP to reenter down and pullbacks on the CHF and the JPY to reenter up. Some consolidation after yesterday would not be
surprising.

The EUR trades at 1.2009.
The GBP trades at 1.7352.
The CHF trades at 1.3107.
The JPY trades at 117.87.
The CAD trades at 1.1730.

Forex Currency trading is very risky, please read the disclaimer on our web site.
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FOCUS ON THE EUR DOWN Today we are only focusing on the EUR and the GBP. The EUR looks to have completed a zig-zag up or very nearly so, this next move down should be the 1 of a 3 so it should be the start of something good. If the EUR rises above 1.2207, then this forecast is invalid. Same with the GBP, 1.7510 should mark then end of it's countertrend rally or nearly so. The next move down is targeting 1.6900 and below. As long as 1.7596 remains intact this is the most probable move. The CHF is the opposite of this, but the stop
is not as attractive.

The EUR trades at 1.2081.
The GBP trades at 1.7499.

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/USD and the GBP/USD should be continuing in their down trend mid-term. we would like to see the EUR rise to the 1.2110 area. A rise above 1.2207 would negate this forecast. Likewise, the GBP cannot break 1.7596. The USD/CHF should be due for another pullback before continuing higher. We'd like to see it drop to the 1.2990 level. The USD/JPY gave us a great trade down at 118.49. It started running and just kept going. We were a bit surprised at the strength of this run as this looks more impulsive than corrective. A corrective move should be complete whereas an impulsive move would likely find a bottom in the 116.20-115.80 area. Best to wait and let the market reveal itself. An impulsive move would indicate a run to 109 and below has likely begun.

The EUR trades at 1.2029.
The GBP trades at 1.7471.
The CHF trades at 1.3074.
The JPY trades at 116.50.

This latest move on the CAD looks corrective, which mean we may be in a big ending diagonal from December and the next move would be a 3 wave move down to a new low just below 1.1300. The CAD currently trades at 1.1710.

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The EUR/USD and the GBP/USD should be continuing in their down trend mid-term. Look to sell rallies on these currencies. The USD/CHF should be continuing in it's uptrend, look to buy pullbacks. The JPY should give a pullback near 118.60. Look to buy pullbacks for continued move to 120. With the strong USD move this week next week may be a continued strong move or a sideways correction, but our bias remains towards a strong USD.

The EUR trades at 1.1976.
The GBP trades at 1.7465.
The CHF trades at 1.3163.
The JPY trades at 117.48.

The CAD may be in for a bit of a breather here and trades at 1.1675.

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 gave us a beautiful entry up on Monday for nearly 200 pips and a real tight stop loss giving minimal pips of risk. The CAD wasn't bad either turning down just above our 1.1670 level for better than 70 pips. The EUR never rose to challenge our 1.2224 level, but certainly looks like it may have begun it's downtrend. If so, we should see a small spike up this morning before the EUR continues lower.

The EUR trades at 1.2086.
The GBP trades at 1.7475.
The CHF trades at 1.3020.

The JPY should be correcting lower from it's upward move from monday and currently trades at 116.95.

The CAD didn't travel quite as far as we expected before moving higher, so it may correct a bit here before continuing on to 1.1800.

Forex Currency trading is very risky, please read the disclaimer on our web site.
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Friday was a crazy trading day, a real test of your emotions and trading strategy. The JPY gave us a nice trade for over 40 pips. We wanted to stay in it longer, but the market just doesn't seem finished with a weaker USD just yet. We are still waiting for the EUR to test the 1.2224 level. This should be major decision time. A significant break above will indicate a likely move to 1.2500-1.2600 levels. A failure to break this level indicates a likely move to 1.1650. Don't get too aggressive looking for reversals. The rise of the GBP above friday's high makes me think this up move is not over. The GBP and the EUR tend to move in sync. And from Elliott we know that wave 2 cannot extend further than the start of wave 1 so we are likely moving higher.

The EUR trades at 1.2188.
The GBP trades at 1.7572.
The CHF trades at 1.2895.

The JPY gave us a nice entry on Friday and may be looking for another one with 115.44 as the stop once the EUR tells us which way it is going to decide. The JPY currently trades at 116.08

The CAD looks like it wants to trace out a big flat here. It may turn down between 1.1640 and 1.1670. A rise above this likely targets 1.1800. A break below targets 1.1510/1.1470. The CAD currently trades at 1.1641.

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Let the Luck of the Irish bring us Green today. The weakness of the USD should continue into the NY open. We are still waiting for the final move up on the EUR/USD to complete and then looking for a reversal perhaps near 1.2224. The GBP should also move above 1.7600. Don't be too aggressive looking for reversal, these 5 waves can extend.

The EUR trades at 1.2180.
The GBP trades at 1.7554.
The CHF trades at 1.2899.

The JPY broke down again overnight and now trades at 116.35. The JPY should run up above 120 mid-term and not break below 115.44. If we get a good risk:reward ratio we may consider a trade up on this later today.

The CAD bounced off it's 382 FIB line at 1.1515 and currently trades at 1.1556.

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Let the March Madness continue. Today we look to be in the final throws of a correction. One more push up on the EUR and the GBP will complete a 5 wave move up. Look to enter down after the next push with a target of 1.1650 on the EUR and 1.6500 on the GBP. We are potentially on the edge of a huge run down and risk has now shifted to the downside. Plan your trades accordingly.

The EUR trades at 1.2132.
The GBP trades at 1.7523.
The CHF trades at 1.2928.
The JPY trades at 117.20
The CAD trades at 1.1540.

Forex Currency trading is very risky, please read the disclaimer on our web site.
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I'd first like to apologize for the lack of a podcast yesterday, but something came up suddenly and I had no time to do it. The market however has been continuing to move according to our prediction from Monday. On monday we said the GBP was the key to understanding the next move and that proved right. If the GBP broke down to a new short term low at 7228 it would have meant that the corrective wave 2 was already complete, and if the GBP broke up above previous short term high at 7297 it means we were in a flat and looking for a 5 wave move up, which is how the market moved. I think the GBP is still the key to the markets today. It should have one more push up to complete it's 5 wave move then look for a trade down with a stop just above the high at 1.7623. A break below 1.7371 would indicate the next move down has already begun. Be patient and be right. Remember the USD/CHF, USD/JPY, and USD/CAD should move opposite to the GBP, the EUR/USD in the same direction.

The EUR trades at 1.2027.
The GBP trades at 1.7450.
The CHF trades at 1.3016.
The JPY trades at 117.56

The CAD corrected to the minimum and a little more that we pointed out on Monday and currently trades at 1.1559.

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Welcome to new week. Our overall Bias remains towards a stronger USD. I think the GBP will be key to understanding the market moves today. A break above 7297 means we are moving higher today. A break below 7228 means that we are moving lower. Be patient and be right. Remember the USD/CHF, USD/JPY, and USD/CAD should move opposite to the GBP.

The EUR retracement could have been complete at 1.1970 with the next move to at least 1.1850. A break above 1.1970 probably targets 1.2020. Watch the GBP for direction. The EUR currently trades at 1.1928.
The GBP currently trades at 1.7268
The CHF likewise could have finished a correction at 1.3124. It currently trades at 1.3156.

When the JPY starts to trend it really likes to trend. Again look to the GBP for trade ideas. The JPY currently trades at 118.87.

The CAD got it's final push up and came back about 50 pips. It should come back to at least the 1.1566 level so this correction has a little way to travel yet. The CAD currently trades at 1.1598.

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The JPY trade was the perfect trade up yesterday good for over 120 pips. You had tight stop and good risk reward on the primary target and a good risk reward in the alternative target which didn't come into play. You only need one of these trades a week to be successful in the currencies. The CAD traveled further than expected so a good setup never materialized. With the release of non-farm payrolls today watch for a wild ride. Overall we continue to favor a stronger USD, although the short term corrections may continue.

Sell the EUR/USD on pullbacks and be patient. The EUR currently trades at 1.1920.
Sell the GBP/USD on pullbacks. The GBP currently trades at 1.7370.
Buy the USD/CHF on pullbacks. The CHF currently trades at 1.3140.

Look for a possible correcton down on the JPY today to the 117.40 level. Don't get aggressive trading corrections that's where you can get burned. The JPY trades at 118.30.

The CAD is still going strong and likely has one more push up today before correcting. The CAD currently trades at 1.1621.

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Kind of ugly corrective patterns on the currencies in the past day. We are hoping that the patterns become clearer today. We continue to favor a stronger USD across the board overall, although we may be stuck in a range for the next day or two.

We expect the EUR to move lower once this correction is complete, but it's just been ugly for the past day. The EUR currently trades at 1.1927.

The GBP should be moving to the 1.7200 level and below although it's undecided if it wants to run higher here or just be stuck in a range. The GBP currently trades at 1.7389.

The CHF may have completed it's correction at 1.3060 and started it's next move up. It needs to gain some speed if that is true. The CHF currently trades at 1.3103.

Although the JPY pushed up into our target area yesterday, this uptrend is not complete. You've got a high probability trade setup on an up trade with a stop just below 117.08. Alternatively, If the JPY drops below this level then this correction is a zig-zag which is a 5 wave move down which should be complete at 117.08 followed by a 3 wave move up to the 117.80 level followed by another 5 wave move down. Trade up on completion of the zig-zag. The JPY currently trades at 117.20.

The CAD has had a nice run up and is taking a breather. There may be a down trade near the 1.1580 level. Look for Divergence on the RSI indicator if the currency runs back to this level in the next day. Targets on the downside would be 1.1470 and 1.1410. The CAD currently trades at 1.1550.

Forex Currency trading is very risky, please read the disclaimer on our web site.
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or at forex.podomatic.com. Good Luck and Good Trading

Although our high probability trade setups failed on the EUR and the CHF once they broke though their respective key levels you should have been able to reverse your trade and make your profits back and then some.

The EUR is finally taking a bit of a breather after it's strong move down over the past few days. This could be the start of it's move to 1.1650 and below. We are looking for the EUR to have at least one more push lower of 70-110 pips after it finishes this correction. At 1.1940 this correction is potentially complete. The EUR currently trades at 1.1927.

The GBP should be moving to the 1.7200 level and below. Our longer term target remains near 1.6500 for the GBP. The GBP trades at 1.7400.

The CHF likewise should push higher once this correction down is complete. The CHF currently trades at 1.3085

Our next target up on the JPY is 118.30. The JPY could be entering a more complex correction which would bring it lower from current levels before resuming it's uptrend. The JPY currently trades at 117.85

The CAD just dipped below our longer term target of 1.1300 and below and has been making a nice move upwards. At this point we should be very near at least a 60 pip pullback. With the strength of this move up, we are wondering if the longer term run down is over? The CAD currently trades at 1.1511.

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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.
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If you were patient yesterday you were rewarded. As soon at the EUR cleared the previous days high of 1.1975 it was time to trade up on the EUR, up on the GBP, and down on the CHF. The times to be aggressive in the market is when you are almost 100% certain that something is going to happen as we were at this event yesterday. Aggressive traders could have made money in both directions, but you had to be quick and have nerves of steel. Today we would like to EUR to run up to 1.2070, the CHF to run down to 1.2920. The GBP is the wild card, it seems to have a different Elliott count than the EUR which is odd. If it breaks above 1.7593 then it really throws our counts off. Because it differs so greatly from the EUR it gives us extra caution on this move. We are looking for the currencies to reverse near these levels provided the've traced out a 5th wave. However, 5th waves can extend so you may not want to get too aggressive looking for reversals.

The EUR trades at 1.2022.
The GBP trades at 1.7553
The CHF trades at 1.2995.

We got a nice run down on the JPY yesterday providing a trade entry up and should get a similar setup today. The JPY trades at 116.37

The CAD looks to be in a correction, we should see another push down this morning and then it should run up. The CAD trades at 1.1327.

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Yesterdays strong move down on the EUR likely indicates the start of a new move down. However, it has not yet travelled far enough to confirm that. If this move down has begun then the currency will not rise above yesterday's high. If
the EUR does travel above yesterday's high then it should travel to about 1.2030 before reversing. If the EUR down move is starting it should travel below 1.1650. The GBP should move like the EUR and the CHF in the opposite direction.

The EUR trades at 1.1930.
The GBP trades at 1.7460
The CHF trades at 1.3110.

The wave pattern on the JPY looks corrective, therefore we are expecting another move down on the JPY. The JPY trades at 116.25

The CAD trades at 1.1340

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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.

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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.
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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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The JPY started out very promising yesterday, then faded quickly. Provided you had a good entry you should have been able to exit with a profit. This types of move is precisely why we stress good money management, the good setups don't always deliver. So if you take profits along the way and don't let good trades go negative you'll do ok until this type of setup delivers the big move. Overall we continue to favor a stronger USD, but the question becomes where do I place my stop. On the EUR the safest place is just above the 1.2026 high, although this doesn't provide a good enough risk:reward ratio at this point.

We still continue to favor a stronger USD, but sideways trading for the next few days wouldn't surprise us.
The EUR currently trades at 1.1905.
The GBP currently trades at 1.7415.
The CHF currently trades at 1.3080.

If you look at the breakout of the JPY and count the waves on the 15 minute chart you'll see the move up from 117.10 subdivided better as corrective waves, 3 wave counts than impulsive waves. When the currency shot up yesterday and started to pull back, this was our clue that this was not going to be the impulsive move up that we were looking for. We'll still be looking for a trade up with a stop just below 116.88, but we'll have to let it get really close to this level or count a complete 5 wave move down on the 15 minute chart before we enter for a trade up. The JPY should pull back some today and currently trades at 117.55.

The CAD pushed up just shy of our 1.1630 target at 1.1610, We'd like to see the CAD run up to within 30 pips of yesterday's high, then we'd entertain a trade down with a target of at least 100 pips and a stop just above yesterday's high.

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The JPY moved down yesterday as expected for over 100 pips. This is a good example of an impulsive move. This provides the entry we were looking for with a stop just below last Friday's 116.88 low. We are looking for 200 pips on the upside so this provides us with a better than 1:4 risk:reward ratio. Remember, you need to be able to capture at least 2 times the winnings that your risk. The EUR, GBP, and CHF all corrected against the strong dollar move. We were hoping for a larger correction, but this may be all we get. We still favor a stronger USD.

Our next target on the EUR is 1.1800. The EUR currently trades at 1.1905.
Our next target on the GBP is 1.7250. The GBP currently trades at 1.7371.
Our next target on the CHF is 1.3200. The CHF currently trades at 1.3077.

The JPY has been moving beautifully, we are looking for this to be an impulsive move up for over 200 pips. When you can count 5 waves on the hour chart the impulsive move is done. There is always the possibility this could be a larger correction which would be a 3 wave move, so use good money management so a good trade won't become a bad trade. The JPY currently trades at 117.40

We'd still like to see one more push up on the CAD. The CAD currently trades at 1.1550.

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We finished the week strong with another good day on Friday, the JPY continued lower stopping just above our 116.70 target allowing us to get back in for the ride up. The EUR, GBP, and CHF all retraced before continuing towards a stronger USD. We still continue to favor a stronger USD across the EUR, GBP, and CHF. We are hoping for some corrective moves here on the EUR, GBP, and CHF so we can get better entries towards a stronger USD, but the USD looks strong right now and that might not happen.

The EUR currently trades at 1.1885.
The GBP currently trades at 1.7382.
The CHF currently trades at 1.3090.

The JPY moved down to just above our target area which was close enough for a nice trade up on Friday. Ideally, we would like to see an impulsive move down from current levels to provide us with a good entry point for the next move up. The JPY currently traces at 118.17.

As we said on Friday the CAD still looks like it's in a corrective move up and would be nice to see it get to 1.1630 area before continuing it's move lower. The CAD currently trades at 1.1568.

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We claimed our Forex Daily call of the week a bit early. The call for a trade down on the USD/JPY yesterday for 140+ pips topped the previous call earlier in the week on the USD/JPY. Again, if you were listening to our podcast yesterday, this move down on the JPY overnight did not catch you by surprise. In we had a great week here on the Podcast, you should have been able to grab more than 200 pips on the JPY alone, and over 300 pips in total.

We are still looking for a break in tight range on the EUR, GBP, and CHF. At this point we almost think they have to retrace a bit before the continuing towards a stronger dollar. We are waiting for a breakout.

The EUR currently trades at 1.1969.
The GBP currently trades at 1.7492.
The CHF currently trades at 1.2994.

The JPY moved up near 119 just as we expected yesterday then plummeted down to under 117.50 exactly as predicted. Hopefully, you grabbed more than 100 pips on this move. That makes over 200 pips for the week on the JPY. We would like the JPY to head down near the 116.70 level before continuing higher, but the wave count is potentially complete at the 117.32 level. The JPY currently trades at 117.52.

The CAD still looks like it's in a corrective move up and is trading at 1.1492.

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We have our Forex Daily call of the week available on the Elliott Exchange web site. This week's call was the downward move on the USD/JPY. According to the news articles, this sudden move down caught many of the 'Professionals' by surprise. But you weren't surprised if you were listening to our Daily Podcast from Monday. You had the opportunity to capture more than 120 pips.

We are still looking for a break in tight range on the EUR, GBP, and CHF. We still favor the downside for the EUR and the GBP, but we are waiting for a firm break either way before we enter.

The EUR currently trades at 1.1979.
The GBP currently trades at 1.7407.
The CHF currently trades at 1.2981.

The JPY moved up just as we thought yesterday to the 118.80 level. We'd like to see one more push up to near 119 before heading back down to 117.50 and below although we may not get it. We are waiting patiently for this wave pattern to unfold. The JPY currently trades at 118.40.

As mentioned yesterday the CAD ran slightly higher to 1.1561, then turned down for 70+ pips. We continue to favor a lower CAD, but are urge caution as it's a tough currency to read. The CAD currently trades at 1.1481.

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We hope you caught those moves on the EUR, GBP, and CHF. All three currencies were good for 40 pips or more trading the correction. We continue to favor a stronger USD in the JPY, EUR, GBP, and CHF.

The EUR corrected back down to near the low. We were expecting wave c of a flat from this low which would have been an impulsive move up. When that didn't materialize we switched our expectation to a contracting triangle. We should see the EUR fade to move lower. Looking for a firm break of 1.1943 to confirm the next move down likely to the 1.1850 level. The EUR currently trades at 1.1953.

The GBP also corrected down past it's previous low and continues to fade lower. we will look for a firm break of the 1.7400 level to confirm the next move down. The GBP currently trades at 1.7417.

The CHF corrected up near it's previous high before pulling back. We are looking for a firm break of the 1.3025 level. The CHF currently trades at 1.2988.

We think the JPY is in wave B of a larger correction. This current move up should unfold as a 5 wave move taking the currency to the 118.80 level or above. This could be the start of the next run up, but we are favoring another pullback to the 117.50 - 116 level at this time. The JPY currently trades at 118.40

The CAD seems to take on a life of it's own. We continue to favor a move lower to the 113 level. The current pattern looks like a 3 wave move up that is nearly complete. We hope to find a trade lower just above these levels. This is a difficult currency to read right now so be cautious. The CAD currently trades at 1.1546.

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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.

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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

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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

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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

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The correction is either complete as of this morning or we are entering a more complex correction from the run down, which means we should head down near the lows before advancing back up on the EUR. We would expect the EUR to move up to the .618 retracement of the run down, it has only run to the .382 level so far.

The EUR currently trades at 1.2109
The GBP currently trades at 1.7695
The CHF currently trades at 1.2835
The JPY currently trades at 117.36
The CAD currently trades at 1.1436

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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.

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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.

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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.

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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.

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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

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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

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The EUR is moving into a tighter range today, we are looking for a breakout. We're looking at 1.2052 as the decision point for the EUR. The EUR is currently at 1.2067 so we are looking to trade up with a stop just below 1.2052. We'll close 1/2 our position when our limit is equal to our stop. Our target is 1.2250, but we'll move our stop up in case we're rejected around 1.2010. We'll be stopped out and enter another position if the EUR hits 1.2010 and drops back down, but we'll be very patient on this next entry.

Although our GBP trade yesterday didn't move like we expected, it was still had nearly 100 pips of profit potential. That's why you want to be patient with your trades, so you can make good money even if your wrong. Some of you who were patient probably had 20 pip stops or less, that's a fantastic risk/reward ratio. We're looking for the same type of trade today, a trade up within 20-25 pips of 1.7527 and our stop just below this level. We are looking for 200 pips on the upside, but it has to convincingly break through the 1.7605 level. The GBP currently trades at 1.7555. If the trade hits 1.7605 before we are able to enter we will be very patient before entering.

The CHF got within 4 pips of our decision point level yesterday before dropping more than 80 pips. We'll try the same trade down today, using yesterday 1.2889 as our current decision point. We want to be within 20 pips and patient because these ranges are getting smaller. The CHF currently trades at 1.2858.

The JPY hasn't shown any great desire to break to the upside so we might try a trade down to match the CHF if the JPY can rise closer to the 115.87 level we'll trade down with a stop just above this 115.87 level. The JPY currently trades at 115.55.

The CAD ran to the 1.1797 level yesterday topping our forecasted level by 2 pips before plummeting 180 pips. This currency gave us many chances to enter, hopefully you caught some of the ride. That was a beautiful example of a 5 wave impulsive move up on the 15 minute charts combined with RSI divergence. If we get the opportunity this weekend, we'll post the chart on the web site. The CAD currently trades at 1.1642.

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The EUR looks like it might be in a contracting triangle ranging between about 1.2060 and 1.2140. We would be looking for a trade up as long as the previous low at 1.2004 didn't get taken out. The EUR currently trades at 1.2079.

We like the possibility that we are in an impulse wave up on the GBP to finish the correction flat from November. If this is the case, the currency will likely go no lower than 1.7520. Therefore, we are looking for a trade up within 20-30 pips of this with a 200 pip limit. Stop should be just lower than 1.7520. We'll be looking to sell 1/2 of our position where our limit equal our stop which make this a free money trade. The GBP currently trades at 1.7548.

The CHF looks like it also needs to break out of it's range. We might try for a trade down for a 100 pips limit if we get within 20 pips of the 1.2893 high. We think it has some downside left. The CHF currently trades at 1.2854.

The JPY should drop here a bit before continuing to move higher. The JPY currently trades at 115.25.

The CAD should have one more thrust higher to the 1.1795 level before pulling back 40-60 pips. We are looking for a 2:1 risk/reward ratio or better to enter a trade. The CAD currently trades at 1.1767.

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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.

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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.

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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.

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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.

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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.

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We reevaluated all of the currencies overnight and either our correction on the EUR is complete at the Jan 6th high, or we are most likely entering into a more complex correction. Both of these alternatives mean that the EUR will most probably trade lower to the 1.1900 level or below in the near term. Our preferred path of the correction to date having the EUR immediately going up to the 1.2300 level is not out of the level is looking less probable as the chart patterns unfold. As corrections become more complex, it becomes more difficult to find good trades, so be cautious. The EUR currently trades at 1.2068.

1.7722 is likely the high of the GBP we will be looking for trade entries down unless this high is taken out. The GBP currently trades at 1.7542

The CHF is typically moves opposite of the EUR. Therefore, we are looking for trade entries up as a larger or complete correction is our now our favored alternative. The CHF currently trades at 1.2826.

We reevaluated the entire JPY move from early December. If we view this as a corrective move rather than an impulsive move then we find the correction potentially complete at the 113.75 level. This provides an interesting alternative. We'd be looking for a trade up near the 114.10-113.75 levels for a move up to 117 or above. we'd likely use a 30-40 pip stop depending on how the wave pattern emerges. The JPY currently trades at 114.40.

The CAD should trade up at least to the 117.50 level. We would like an entry up with 30-40 pips of risk using 1.1612 as a stop. 30 pips of risk would give us better than a 3:1 risk:reward ratio. The CAD currently trades at 1.1654.

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The EUR currently trades at 1.2065. Since we only had a 3 wave move up from this morning's low, the indication is the EUR should trade to a new low before beginning it's final push up.

1.7617 is the balance point for the GBP. If you can get a trade up with less than 20 pips stop it might be worth the risk. If it breaks 1.7617 you should have 50 pips on the downside. Be very patient on your upside entry as this would be opposite move of the EUR. The GBP currently trades at 1.7660.

If the CHF break 1.2817 then it will likely run to 1.2934.

If the JPY breaks 114.80 then look for it to run to 115.44. before starting the next move down. If it doesn't break this point then you may want to enter a trade down with a stop just above 114.80 provided you only take on 10-20 pips of risk. The JPY currently trades at 114.36.

The CAD currently trades at 116.80 and should have another run up the 1.1730 level.

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The EUR has moved into it's target area, however we'd like to see it go a bit higher after a pullback here at the beginning of the week. The EUR currently trades at 1.2073.

The GBP currently trades at 1.7647.

The CHF has moved into the high probablity target area and pulled back to 1.2771.

The JPY was in our alternative count completed it's wave 2 and it looks like wave 3 down is also complete. Our primary count is for the currency to have 1 more push down after a period of consolidation. However, if we don't get our push
down from here, then it would likely make this recent move on a larger scale corrective rather than impuslive, if that turns out to be the case, then we'd likely run back up to the 120-122 range. This week should be very interesting. The
JPY currently trades at 114.06

The CAD currently trades at 1.1694. We need this one to move a bit to show a better wave count.

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We are still expecting The EUR to fall to the 1.2050-1.1900 level before continuing back up to 1.2150-1.2500, Ideally near 1.2350. It may not go as low as initially hoped before turning back up. An updated diagram has been posted for the EUR so you can see how the progress of this move aligns very well with our initial projections. The EUR currently trades at 1.2092.

The GBP should run down to the 1.7480-1.7320 level target is 1.7440. before running up to the 1.7800-1.8450 levels The GBP currently trades at 1.7547.

The CHF should correct up to the 1.2850 level or above before moving down to the 1.2750-1.2550 level. The CHF currently trades at 1.2780.

The JPY has moved sideways yesterday as shown in the flat scenario posted on the web site. We are still looking for one final move up before continuing lower. The JPY currently trades at 116.18

Should have gone with our gut on the CAD yesterday, we certainly missed a nice move up. I hope some of you caught it. It was simply a case of overanalyzing the market. I point that out because it's a natural occurance some times. Just need to learn from it and move on. They'll be plenty more good trades ahead. We think the CAD should pull back here in a 3 wave move before continuing upward. A new diagram of this scenario was posted on the web site yesterday. The CAD currently trades at 1.1656.

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Even though the EUR ran up near our 2150 level, it still needs more time to correct. The EUR should fall to the 1.2050-1.1900 level targeting 1.1980 before continuing back up to 1.2150-1.2500,
Ideally near 1.2350.

The GBP should run down to the 1.7480-1.7320 level target is 1.7440. before running up to the 1.7800-1.8450 levels

The CHF should correct up to the 1.2850 level or above before moving down to the 1.2750-1.2550 level

The JPY has to start breaking below it's recent low of 115.50 to prove that it's starting a large run down. Either the latest corrective move is complete and we are starting the next run down or We are in a larger flat. A large flat means we should have a few more sideways corrections before starting the next run down. Both alternatives are posted on the web site. Also, if this is an impulsive move down, the JPY could run all the way back up to the 118.10 level so set your stops accordingly.

The CAD moved down like we thought yesterday. We were hoping that we could count wave 5 finished here, but the weakness in the USD is causing us to think we have some more room to the downside. We are staying away from the CAD
for now.

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The EUR looks to be in a correction which started in mid November. We are looking for the EUR to eventually run up to the 1.2150 - 1.2500 level. We like to see a 3 wave move down before finishing with a move up to these levels. With the weakness of the USD right now, we may not get the move down. Be patient and wait for the trades to come to you. The EUR currently trades at 1.2061.

We'll we've gotten our larger correction on the GBP as we discussed last week.
We think it will run up to the 1.7700 to the 1.8400 level. We'll have a more precise target as this market continues to reveal itself. Like the EUR/USD are looking for a 3 wave move down so we can trade up towards these targets. The GBP currently trades at 1.7500.

The CHF should continue to move down to the 1.2750-1.2550 levels. Ideally, we'll get a corrective 3 wave move up before the move continues to these levels. The CHF currently trades at 1.2862.

The JPY moved down starting late last week as we thought. Although we didn't want to hold a trade position over the holiday weekend we hope some of you jumped in. The JPY should trade down to the 113 level and below unless we are entering a more complex correction of the move down from early December. We'd like to see a 3 wave move up near these levels so we can get a trade down using the 117 level as a stop. If we don't get a good risk:reward ratio, we'll just sit out and wait for the next trade. The JPY currently trades at 115.66

The CAD may be moving to a slightly different drummer. It should continue to fall to at least the 1.1520-1.1440 level before perhaps making a run up to the 117 level. We'll reassess as the currency approaches these levels. The CAD currently trades at 1.1562.

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We've just released our 2006 Outlook for the EUR/USD, the GBP/USD, the USD/JPY, and the GBP/JPY. Each of these Outlooks is only $10.00. These can be a great addition to your trading techniques for 2006. You can be alot more profitable if you know where the market is headed. You can find them on our web site at www.elliottexchange.com. Once you purchase them they are immediately available for download.

We are going to ease into 2006 here. We'd like to see the how the markets open before we start announcing trades. Our JPY trade from last week went a bit farther than we expected although it stayed within our stop had we traded it. We didn't want to hold a position into the long holiday weekend so we were happy just to sit aside. We hope to start publishing trade ideas in earnest tomorrow.

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The JPY moved into our high probability area and this could be the start of the next run down. If so, it should rise to the 117.70 level before continuing down. With the New Year Holiday and the markets closed we think it's prudent just to sit out until next week. Have a Happy New Year and we'll publish our next Podcast on Tuesday.

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We'd also like thank all of you who have donated a portion of your winnings to this program. It seems our donation button was not working for some time last week, but seems to be working now. When you win we all win, but at Elliott Exchange we want you to win first. Donations are accepted at forex.podomatic.com.

We were hoping for a clean 5 wave pattern on the EuR, but we didn't get our Christmas present. Our bias is still for a move lower to finish the fifth wave to the 1.1830-1.1740 levels, but the risk is to the upside short term. A new chart is available on the website. The EUR currently trades at 1.1863.

Same with the GBP, it doesn't synchronize well with the EUR but a larger correction should be needed to the upside short term. The GBP currently trades at 1.7216.

Like the EUR we are waiting for the next wave to unfold on the CHF. The CHF currently trades at 1.3135.

Looks like the JPY is still correcting and almost finished. It should top out in the 118.43-119.12 range. Look for a trade down near these levels. This is currently our favored setup. A chart is available on the website in the Forex Podcast Forum. The JPY currently trades at 117.79.

We have the CAD either moving up directly from these levels or take one more move down to the 116.74 - 115.44 levels before moving up to the 1.18-1.20 levels. The CAD currently trades at 1.1644.

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This week we expect some volatility in these thinly traded markets so we urge extra caution. We don't think there will be many quality trade setups this week, but will be vigilant just in case. Remember, sometimes the best trade you can make is no trade at all.

So where is the EUR moving next? That is the big question. We have a nice 3 wave pattern ending at the Dec-21st low. We favor continuing to move lower, however we want to wait at this point for the market to unfold and confirm this. A move lower should be good for nearly 130 pips if it occurs. If the EUR does move lower a correction up would follow. The EUR currently trades at 1.1874.

Same with the GBP, we favor a continued move lower, but we'll let the market reveal itself. The GBP currently trades at 1.7380

We favor the upside on the CHF, but like the EUR we are waiting for the next wave to unfold. The CHF currently trades at 1.3111.

The JPY trade netted 85 pips yesterday. A continued move lower would target the 112 - 114 area. If this currency moves lower, this should be the money wave. The JPY currently trades at 116.52.

We have been targeting the CAD to continue lower is a Zig-Zag move, however our computer model tells us it's more likely to rise to the 1.18-1.20 levels. If the 1.1727 level is broken then the upside becomes our favor direction short term.

We'd like to wish everyone around the world a Merry Christmas. We will be off Monday and resume our shows on Tuesday, December 27th.

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We'd like to thank all of you who have donated a portion of your winnings to this program. When you win we all win, but at Elliott Exchange we want you to win first. Donations are accepted at forex.podomatic.com.

The EUR moved lower as expected yesterday, hopefully some of you caught that action and currently trades at the 1.1822 level. Look for a correction nearhere for likely 80-100 pips.

Decision time came yesterday and the GBP just blew poast the 7523 level and didn't look back. You should have been able to get 100 pips out of that 230 pip run. We should see a correction very near current levels 1.7300 would be ideal. The GBP currently trades at 1.7361.

The CHF should be at or near a correction at these levels. Given the run of this week, expect 100 or more pips potential to the downside. The CHF currently trades at 1.3147.

We got stopped out for an 18 pip loss on our JPY trade. Those of you who followed the strategy we mentioned on the CAD may have sold 1/2 your JPY position for 20 pips or better gain would have covered your loss making this a free trade. This technique, for me, completely eleminates the emotional aspect of a trade. We all need to find those spots, because our minds are our worst enemies in trading. The JPY is once again trading near a point where you can limit your loss to 20-25 pips. Aggressive traders may want to try this strategy once again. The JPY currently trades at 117.47.

The CAD paid off 80 pips for us overnight as we closed our trade at 1.1661. We are being more cautious heading into the Christmas weekend. The CAD currently trades at 1.1668.

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.

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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.

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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.

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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.

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This part of the EUR rise should be complete at the 1.2062 level. Look for a correction back at least back to 1.1977, before another move up.

The GBP should correct from these 1.7800 levels. It currently trades at 1.7720.

The CHF should be finshed with the immediate move down at 1.2777 and should enter a correction here before moving even lower. The CHF currently trades at 1.2800.

Everyone who traded the JPY down last night should be happy with their 300 PIP potential. The JPY should stop near the 117.20 level or a bit below, before rising in a correction to 117.90 to 119.00 levels. These levels can change depending on how far the JPY actually falls. Once it completes a retracement to these levels we should be in line for another move down. The JPY currently trades at 117.40.

The CAD should trade sideways here for a bit an not rise much above 1.1550 before heading even lower. It's correction is complete in terms of price, but short in terms of time. The CAD currently trades at 1.1510.

The EUR broke out with a weaker dollar in line with our bias. With the FOMC meeting today we choose to wait on the EUR, GBP, and CHF til after this event. The EUR currently trades at 1.1954.

The GBP surely did rise a bit and is currently trades at 1.7737.

The CHF moved even lower and is currently trading at 1.2899.

Look for a retracement on the JPY to the 120.10 to 120.45 levels. This is the 382 and 618 FIB lines of this last run down. Then the JPY should run down the to 119.16-117.50 level. It's a bit too early to be more specific however the currency should run 100-140 pips from the local top. The JPY currently trades at 119.88.

We can count a complete b wave at the 1.1500 level on the CAD. Therefore, we are now expecting a 200 pip rise to the 1.1700 level. Stop should be placed just below 1.1500 and moved up once you are sufficiently in the world's money to ensure a profitable trade. You should be able to get a 1:8 risk:reward ratio or even 1:10 on this trade. There are the types of low risk high reward trades we like especially coming off a nice day yesterday on the JPY. The CAD currently trades at 1.1504.

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.

Yesterday, the EUR never got to our levels so no trade was made. Not a problem, the GBP and JPY delivered for us. We are still waiting for direction on the EUR.

Hope you enjoyed the trade down on the GBP. It got to be a good enough risk/reward ratio that you didn't want to pass it up. We saw 4:1 or even 5:1 risk/reward ratio. You gotta love it when the market moves 100 pips in your direction.

Wait for the JPY to go up and sell it again. we just grabbed 20 pips while we were writing this broadcast. It should not go much past 121.50 level.

The CAD still looks hopeless. This could easily fall another 100 pips or more, just stand aside.

Yesterday, the EUR never got to our levels so no trade was made. Not a problem, the GBP and JPY delivered for us. We are still waiting for direction on the EUR.

Hope you enjoyed the trade down on the GBP. It got to be a good enough risk/reward ratio that you didn't want to pass it up. You gotta love it when the market moves 100 pips in your direction.

Wait for the JPY to go up and sell it again. we just grabbed 20 pips while we were writing this broadcast. It should not go much past 121.50 level.

The CAD still looks hopeless. This could easily fall another 100 pips or more, just stand aside.

Since the mid term direction for the EUR has been down, let's assume the trend will continue. If this is the case we can count waves which have the 2nd wave of an impulse down ending at 1.1902. This means our next move will be down AND this is an important AND the EUR will NOT rise above 1.1902. Since the EUR moves about 100+ pips on a good day, we want our trade to be within 25 pips of this 1.1902 level to yield a 1:4 risk:reward ratio. If the EUR can manage 1.1877 or slightly above we want to trade down. The closer to 1.1902 the better, with a stop just beyond 1.1902. Look for other momentum indicators to show the EUR is overbought to confirm your trade entry. The EUR currently trades at 1.1775

Same for the GBP. Assuming 1.7450 was the top of wave 2. If the GBP gets close to this value, trade down with a stop just above this number. Make sure you have a good risk/reward ratio and additional confirmations on your entries. The GBP currently trades at 1.7340

The JPY should fall to at least 120.80-119.80 levels. We are being conservative and targeting 120.50. The JPY currently trades at 121.14

The CAD looks hopeless right now. This could easily fall another 100 pips or more, just stand aside. The CAD currently trades at 1.1544

We've got only 1 good trade setup to talk about today so we'll make todays podcast a short one. We are waiting for the EUR to break one way or another to determine the mid-term direction of the market. We are standing on the sidelines except on the JPY, we think this is a good trade at these levels. We've posted a weekly chart of the JPY and we find it hitting a critical trend line at 121.50. We don't think that it should significantly break this level, before it turns down for at least a few hundred pips. There is a potential for significant volatility around this level, so this may open the way for a number of good trades down from this level. One potential way to play this volatility is to stagger your limits for 30, 50, or even 100 pips. This allows money to keep flowing to your bottom line while waiting for the market to finally turn.

The EUR remains oversold at 1.1708. We thought we'd get a bit lower and we may yet, but we are standing aside waiting for a break one way or the other. With US Data out this morning it may be a volatile day.

The GBP has been trading sideways overnight. Look for long wicks as we previously discussed for trade entries. It currently trades at 1.7285.

The CHF currently trades at 1.3180. We are standing aside waiting for direction.

The JPY is trading at multiyear lows at 120.71. We'd still like to see the USD/JPY move lower before rising to the 121.50 area. This top may turning point for the mid-term.

The CAD currently trades at 1.1654. We'd like to see it run a bit higher here, but we are just standing aside waiting for a trade.

The EUR currently trades at 1.1708. Potentially we could see it get down to near the 1.1640 level before reversing itself maybe for a new change in mid-term direction. If it only runs up to the 1.1720 area, then runs down to 1.1640 with oversold conditions look for a trade up.

The GBP has been trading sideways overnight. It currently trades at 1.7308.

The CHF currently trades at 1.3201. Look for it to run down a bit more before making one final throw at a new high. Then it may reverse for quite a while.

The JPY currently trades at 120.58. We've posted a graphic of our ideal movement for this currency. We would like it to run down here to the 119.80-120.20 levels before charging up to the 121.50 area. This area may be the end of the run up on the USD/JPY for quite a while.

The CAD ran up to the 1.1732 level just a bit short of expectations, but now is running back down. We are still on the sidelines on this one it currently trades at 1.1680 and looks like it wants to run down further.

We have an LDS Entry up on the EU above 1.1872 target 1.1937, stop 1.1848. We have an LDS Entry down on the EU below 1.1726, target 1.1639, stop 1.1752. Check the LDS Trade Forum for more EU trade ideas. The EU currently trades at 1.1770.

We have an LDS Entry up on the GU above 1.7318, target 1.7511, stop 1.7279. There are more GBP trade ideas in the LDS Trade Forum. The GBP currently trades at 1.7261

The CHF currently trades at 1.3165.

We think the JPY still has one more go at 120 before running down. We would like to see it run up to the 120.40 area or slightly above for a trade down to the 117 level.

The CAD has flatlined the last few days. We expect it to run up to the 1.1740 level at least before the
next move down, but right now we are waiting patiently on the sidelines.

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.

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.

We had no indications on the EUR to trade up and are standing aside until we get a good wave count. With the strength shown over the weekend we expect the EUR to try to take out the 1.1640 low. The EUR currently trades at 1.1709.

Look at a chart of the GBP overnight. The trade entry for the GBP is typically a long wick at the end of a large run as we saw overnight. Although the GBP looks heavy here and should try to take out new lows. We will likely trade sideways to start today, with potentially some big swings. The GBP currently trades at 1.7091.

The CHF was strong on Friday, and should track opposite the EUR targeting new highs after a few swings here. The CHF currently trades at 1.3209.

The JPY was repelled at it's first attempt at 120.00. You should see it make another attempt here. The JPY currently trades at 119.73.

The CAD seems really broke right now. It moved lower and hasn't yet turned back. The currency is deeply oversold but we are not ones to catch a falling knife. Also, our computer model is now showing us possibilities that we may be entering a more complex correction from the May run down. 1.1640 has to hold to keep the possibilities of a move up alive. We'll be watching this
closely. It trades at 1.1705.