Greetings.

The EUR/USD is starting to channel off and we have a couple alternate counts for where its headed. Of course, one says it’s going up and one says it’s going down.

I have drawn in a trend line and two high/low points of the current channel. When it starts going sideways, look for a nice breakout.

Look for the pair to continue heading up. Confirmation of a long trade comes when it closes above the top black line. The good thing about this is that you’ll know fairly quickly which forecast to go with. Be sure to check for any major news announcements.

Good Luck!

Hello everyone.

We hope everyone had a nice weekend. I’m sure with all the financial news going on throughout the U.S. at this time, everything is in a shake up.

We have a longer (daily) term trade set up. We are starting a Wave 3 Impulse down. Look for the pair, in the longer-term, head down towards the .9000 and below. If it goes above the Wave 2, then that will invalidate this forecast.

We’ll continue to scan the markets and follow with the news to bring you any more potential trade set-ups.

Good luck.

Hello everyone.

We’ve got a trade set-up in multiple time frames showing a sell in the AUD/CAD. We’re in a larger wave ZZ pattern and have potenially completed the retracement with the high of September 16. If it goes above this point, disregard this forecast.

Good luck and we’ll see everyone again shortly.

Greetings. We hope everyone enjoyed their weekend. For those of you that attended the Forex Trading Expo in Las Vegas, I hope you had a good time. Perhaps next year you will attend one of my seminars or group discussions at the expo. I know I will soon see all of you at an upcoming ITC from FX Street.

Let’s take a look at the EUR/USD. Let me first state that this is a risky set-up (of course, all trading set-ups are in some way ‘risky’). However, this does show a good example of utilizing your Risk vs. Reward Ratio.

One Elliott Wave count is looking at a Wave 3 Impulse move down. The high of 9/15/08 serves as the invalidation point, as that is the completion of Wave 2 - put your stop right above there. If this forecast is correct, look for the pair to head down below Wave 1, potentially to the 1.3700 area.

Again, this is a RISKIER set-up than I would prefer when trading but it is a valid count. Proceed with caution and utilize your money management techniques.

Good luck.

Hello everyone.

If you remember, we said the EUR/USD was heading down to 1.1000. We’ve had a good move down thus far and now we’re in a bit of a retracement. The longer term trend is still down.

I drew in a trend line and did some Fibonacci analysis and found a potential turning point at 1.4220.

So, the question is, do we trade against the overall trend? We’ve all been taught - the trend is your friend. Well, the answer depends on your risk tolerance and money management. Also, be sure to check out the other expert bloggers on FX Street.

Good luck and happy trading.

Hello everyone.

We hope everyone had a restful weekend after the NFP.

Our scan has brought us to the USD/CAD Daily charts. As you can see, we have completed the larger term waves 1 and 2. To verify internal waves and if this wave count is correct, we would analyze the same time period in a smaller time frame (usually hourly).

Also, to help portray the uptrend, wait for two (2) consecutive candles to close strongly above the Wave 1 price point.

As always, check the economic calendar for any announcements coming up and uitilize your money management techniques.

Good luck.

Hello everyone.

With the non-farm payroll coming at us in a couple of hours, this is where we look for trade set-ups to take, once we hear what the actual numbers are and the market’s reaction to the numbers.

In this trade set-up, we actually scanned the daily charts first and then broke it down into the hourly charts.

We have completed a Wave 1 and 2 and am in the process of a Wave 3. Remember, the 3rd Wave of an Impulse must be impulsive. We completed wave “i” and am now forming wave “ii”.

Depending on the numbers and market’s reaction, look for a surge down and then an overall reversal back up.

Be sure to read Pierre Charlebois’s blog on how the NFP figures will affect the USD and steps to take to trade during the NFP.

We wish everyone happy trading during the NFP.

Hello everyone,

We have a major announcement in the EUR coming out later on today (Central Bank Rate Decision) so we are in limbo until that comes out.

Our scan of the EUR/CAD shows 2 potential outcomes. This is what we do when there are no clear trades to be taken and we have a big announcement coming up.

If that’s something you don’t like to hear, then I understand and visit us again shortly  (most likely tomorrow after the market settles) for some clear trades. However, we do not post trades (or live trade) just to trade. To do that would be foolish. Sometimes, trading is a waiting game - but don’t fret - you’ll get a chance to trade in the near future.

So, knowing that we have an announcement coming up, we do our analysis. We have a ZZ wave. We see a pretty clear movement down to complete Wave 1. From here, this is where our 2 possibilities arise.

The move up could be a complete Wave 2 move (meaning we’re in a Wave 3 down) and you’ll want to look for the pair to cross the “b” low and keep heading south. If the pair closes above the upper trend line, then we can assume that the “red” analysis is correct and we’re going in an upward movement to complete the C wave (and Wave 2 of bigger ZZ wave).

I know most of us just want to know the trade and get into the market, however, at times you must resist that urge. In trading, you’ll only spend 10% of your time in the markets. The other 90% of the time should be dedicated to analysis and times like this to see what the market gives us.

Good luck and we’ll see everyone again shortly.