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Elliott Wave Daily Trade Ideas

Elliott Wave Principle reveals that mass psychology swings from pessimism to optimism and back in a natural sequence, creating specific and measurable patterns. If you can identify repeating patterns in prices, and figure out where in those repeating patterns we are today, then you can predict where we are going in the future.

  • The daily trade ideas section provides trading strategies everyday for our readers to profit from these identifiable patterns.
  • The weekly analysis section provides wave counts and forecasts from the bigger picture.

Elliott Wave Daily Trade Ideas Update Schedule:

  • AUD/USD, EUR/JPY: 0800 - 0830 GMT
  • EUR/GBP, USD/CAD: 1430 - 1500 GMT


Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 27 15 14:19 GMT

Although the single currency has continued to trade lower after resuming recent decline and near term downside risk remains for weakness to 0.7250, as this move is still viewed as the final phase of the wave v of recent wave (c), reckon downside would be limited to 0.7220 (61.8% projection of wave i-iii from wave iv at 0.7592) and 0.7200 should hold, risk from there has increased for a corrective rebound to take place later.

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Trade Idea: USD/CAD - Turn long at 1.2445 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 27 15 14:17 GMT

The greenback found support at 1.2388 yesterday and rebounded from there, retaining our view that further consolidation would be seen and we are keeping our count that the price action from 1.2799 top (wave iii peak) is possibly developing into a triangle, hence downside would be limited and bring rebound later to 1.2600 but break of resistance at 1.2664 is needed to suggest a possible upside break of recent range, bring test of 1.2698 resistance. Looking ahead, only above there would add credence to this view

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 27 15 09:42 GMT

Yesterday's selloff dampened our near term bullishness and weakness to 133.50-55 cannot be ruled out, however, break of support at 132.55 is needed to confirm the correction from 130.15 has ended earlier at 136.69, bring further weakness to next support at 132.22, then 131.90-00 but reckon said support at 130.15 would hold from here.

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Trade Idea: AUD/USD - Hold long entered at 0.7800 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 27 15 08:49 GMT

As aussiie has retreated after yesterday's brief rise to 0.7913, suggesting consolidation would be seen, however, reckon downside would be limited to 0.7775-80 and bring another rise later, above said resistance would extend the erratic rise from 0.7626 low for retracement of recent decline to 0.7940-50 and possibly towards 0.8000 but reckon resistance at 0.8025 would hold from here.

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 26 15 14:46 GMT

Although the single currency has fallen again after brief recovery and near term downside risk remains for recent decline to extend weakness to 0.7250, as this move is still viewed as the final phase of the wave v of recent wave (c), reckon downside would be limited to 0.7220 (61.8% projection of wave i-iii from wave iv at 0.7592), risk from there has increased for a corrective rebound to take place later.

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Trade Idea: USD/CAD - Turn long at 1.2445 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 26 15 14:36 GMT

Although the greenback slipped from 1.2664 in line with our near term bearish expectations, as the price action from 1.2799 top (wave iii peak) is possibly developing into a triangle, reckon downside would be limited and bring rebound later to 1.2600 but break of said resistance at 1.2664 is needed to suggest a possible upside break of recent range, bring test of 1.2698 resistance.

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Trade Idea: EUR/JPY - Hold long entered at 134.60 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 26 15 09:26 GMT

Although further consolidation is expected to be seen, as long as 134.45 holds, mild upside bias remains for another rebound to 135.90 (Friday's high), however, break of 136.20-25 is needed to add credence to our view that the pullback from 136.69 has ended and bring retest of this level, once euro is able to penetrate this resistance, this would extend the rebound from 130.15 low for retracement of recent decline to 137.50 and later 138.00

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Trade Idea: AUD/USD - Buy at 0.7800 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 26 15 09:22 GMT

Aussiie's rally after finding renewed buying interest at 0.7739 suggests a temporary low has been formed at 0.7626 earlier and consolidation with upside bias is seen for retracement of recent decline to 0.7940-50 and possibly towards 0.8000, however, near term overbought condition would limit upside and reckon resistance at 0.8025 would hold from here.

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 25 15 14:31 GMT

Although the single currency has remained under pressure and near term downside risk remains for recent decline to extend weakness to 0.7300, as this move is still viewed as the final phase of the wave v of recent wave (c), reckon downside would be limited to 0.7250-60, risk from there has increased for a corrective rebound to take place later.

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Trade Idea: USD/CAD - Target met and stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 25 15 14:29 GMT

The greenback dropped in line with our bearish expectations, our short position entered at 1.2620 reached our indicated downside target at 1.2420 today with 200 points profit, this anticipated retreat adds credence to our view that further consolidation below recent high of 1.2799 would be seen and mild downside bias remains for weakness towards support at 1.2352-64 support. Having said that, a break of this support is needed to signal another leg of corrective decline (tentatively wave c) from 1.2799 top is under way and extend weakness to 1.2300-05

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Trade Idea: EUR/JPY - Hold long entered at 134.60 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 25 15 09:45 GMT

Euro's near term sideways trading is likely to continue and as long as 134.45 holds, mild upside bias remains for another rebound to 135.90 (Friday's high), however, break of 136.20-25 is needed to add credence to our view that the pullback from 136.69 has ended and bring retest of this level, once euro is able to penetrate this resistance, this would extend the rebound from 130.15 low for retracement of recent decline to 137.50 and later 138.00

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 25 15 09:41 GMT

Aussiie found renewed buying interest at 0.7739 and has staged a stronger-than-expected rebound above resistance at 0.7876, suggesting a temporary low has been formed earlier at 0.7626 and consolidation with upside bias is seen for retracement of recent decline and gain to 0.7940-50 and possibly 0.8000 would be seen, however, reckon resistance at 0.8025 would hold from here.

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 24 15 14:32 GMT

Although the single currency has fallen again after brief recovery and near term downside risk remains for recent decline to extend weakness to 0.7300, as this move is still viewed as the final phase of the wave v of recent wave (c), reckon downside would be limited to 0.7250-60, risk from there has increased for a corrective rebound to take place later.

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Trade Idea: USD/CAD - Hold short entered at 1.2620 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 24 15 14:30 GMT

Although the greenback has continued to edge higher and marginal gain from here cannot be ruled out, as outlook remains consolidative, reckon upside would be limited and bring retreat later, below 1.2540 would bring test of support at 1.2422 but break there is needed to signal the rebound from 1.2364 has ended, then weakness towards 1.2352-64 support area would follow. A break of this support would signal another leg of corrective decline (tentatively wave c) from 1.2799 top is under way

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Trade Idea: EUR/JPY - Hold long entered at 134.60 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 24 15 10:24 GMT

Although the single currency retreated after meeting resistance at 135.90 on Friday, last week's strong rebound from 133.55 suggests the pullback from 136.69 has possibly ended there and consolidation with upside bias remains for gain to 136.00, then towards this level, once euro is able to penetrate this resistance, this would extend the rebound from 130.15 low for retracement of recent decline to 137.50 and later 138.00

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Trade Idea: AUD/USD - Sell at 0.7810 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 24 15 10:19 GMT

Aussiie slipped again after brief recovery to 0.7815 (just missed our short entry at 0.7820), adding credence to our view that further consolidation is in store and yesterday's high at 0.7850 should put a lid on the pair, bring weakness to 0.7720-25 and possibly towards support area at 0.7626-44 which is likely to hold from here. Looking ahead, only a break of this recent low would confirm recent decline has resumed and extend weakness to 0.7550-60

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 23 15 14:54 GMT

Although the single currency has remained under pressure after brief bounce to 0.7429 on Friday and near term downside risk remains for recent decline to extend weakness to 0.7300, as this move is still viewed as the wave v of recent wave (c), reckon downside would be limited to 0.7250-60, risk from there has increased for a corrective rebound to take place later.

Read more...
 
Trade Idea: USD/CAD - Hold short entered at 1.2620 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 23 15 14:49 GMT

Although the greenback has surged after finding renewed buying interest at 1.2422 on Friday, as outlook remains consolidative, reckon upside would be limited and bring retreat later, below 1.2500 would bring test of said support at 1.2422 but break there is needed to signal the rebound from 1.2364 has ended, then weakness towards 1.2352-64 support area would follow. A break of this support would signal another leg of corrective decline (tentatively wave c) from 1.2799 top is under way

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Trade Idea: EUR/JPY - Buy at 134.60 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 23 15 10:00 GMT

Although the single currency slipped again on Friday to as low as 133.55, as euro found good buying interest there and staged a strong rebound, suggesting the pullback from 136.69 has possibly ended and consolidation with upside bias is seen for gain to 136.00, then towards this level, once euro is able to penetrate this resistance, this would extend the rebound from 130.15 low for retracement of recent decline to 137.50 and later 138.00

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Trade Idea: AUD/USD - Sell at 0.7820 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 23 15 09:26 GMT

Although aussiie edged higher last week, as price has retreated after faltering below resistance at 0.7876, retaining our view that further consolidation is in store and as long as said resistance holds, mild downside bias is seen for weakness to 0.7720-25 and possibly towards support area at 0.7626-44 which is likely to hold from here. Looking ahead, only break of this recent low would confirm recent decline has resumed and extend weakness to 0.7550-60

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