Forex Daily Podcast - Thursday December 22, 2005

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.