Forex Daily Podcast - Friday, March 10, 2006

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. 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