Forex Daily Podcast - Friday, March 3, 2006

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. 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