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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 - Sell at 0.7970 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 24 14 15:10 GMT

The fall from 0.8047 (last week's high) signals the wave a from 0.7766 has ended there and consolidation with downside bias is seen for wave b decline to bring weakness to support at 0.7850, however, if our view that low has been formed at 0.7766 is correct, downside should be limited to 0.7820-25 and reckon 0.7790-00 would hold, bring another rebound later.

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Trade Idea: USD/CAD - Buy at 1.1100 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 24 14 15:04 GMT

As the greenback has retreated after meeting resistance around 1.1296, retaining our view that further consolidation below last week's high at 1.1366 would be seen and pullback to 1.1180 and then 1.1140-50 cannot be ruled out, however, price should stay above previous support at 1.1082 and bring another rise later, above 1.1300 would bring retest of said resistance at 1.1366, break there would extend recent rise from 1.0660 low to 1.1440-50

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Trade Idea: EUR/JPY - Buy at 135.95 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 24 14 09:08 GMT

The single currency found good support at 135.21 yesterday and staged the anticipated rebound, adding credence to our view that low has been formed at 134.14 last week and consolidation with upside bias remains for test of 137.01 resistance, break there would bring retracement of recent decline to 137.50. Looking ahead, a break of resistance at 137.94 is needed to provide confirmation, bring a stronger rebound to 138.40-50 and possibly towards 138.80

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Trade Idea: AUD/USD - Sell at 0.8805 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 24 14 09:01 GMT

Although near term sideways trading is likely to continue in the form of a possible triangle wave iv, reckon upside would be limited to 0.8830-35 and bring another decline, below 0.8700 would bring test of indicated support at 0.8686. A break below last week's low at 0.8652 would bring a retest of said support at 0.8643 (wave iii trough), however, break there is needed to confirm recent decline has resumed and extend weakness in wave v to 0.8600 and possibly 0.8550

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Trade Idea: EUR/GBP - Sell at 0.7970 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 23 14 15:08 GMT

Although euro recovered after intra-day marginal fall to 0.7871 and consolidation with mild upside bias is seen for recovery to 0.7940-50, as top has been formed at 0.8047 last week, reckon 0.7980-85 would limit upside and bring another decline later, we are keeping our view that the a leg of the correction from 0.7766 low has ended at 0.8047 and mild downside bias is seen for retracement of the rise from 0.7766 in wave b, hence weakness towards support at 0.7850 is likely

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Trade Idea: USD/CAD - Buy at 1.1100 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 23 14 15:01 GMT

As the greenback continued to meet resistance around 1.1296, retaining our view that further consolidation below resistance at 1.1366 (last week's high) would be seen and pullback to 1.1180 and then 1.1140-50 cannot be ruled out, however, price should stay above previous support at 1.1082 and bring another rise later, above 1.1300 would bring retest of said resistance at 1.1366, break there would extend recent rise from 1.0660 low to 1.1440-50

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Trade Idea: EUR/JPY - Buy at 135.95 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 23 14 08:54 GMT

Although the single currency fell briefly to 135.21 earlier today, as euro found renewed buying interest there and has rebounded again, suggesting further consolidation would be seen and gain towards resistance at 137.01 (this week's high) would be seen, however, break there is needed to add credence to our view that low has been formed at 134.14 last week and bring retracement of recent decline to 137.50.

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Trade Idea: AUD/USD - Sell at 0.8845 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 23 14 08:45 GMT

Aussie has remained locked within recent established range and although initial recovery to 0.8835-45 cannot be ruled out, reckon resistance at 0.8860 would limit upside and bring another decline towards indicated support at 0.8686. Below last week's low at 0.8652 would bring a retest of said support at 0.8643 (wave iii trough), however, break there is needed to confirm recent decline has resumed and extend weakness in wave v to 0.8600 and possibly 0.8550

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Trade Idea: EUR/GBP - Sell at 0.7970 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 22 14 15:18 GMT

As the single currency has remained under pressure after retreating sharply from last week's high of 0.8047, retaining our view that the a leg of the correction from 0.7766 low has ended there and consolidation with mild downside bias is seen for retracement of the rise from 0.7766 in wave b, hence bearishness is seen for weakness towards support at 0.7850, having said that, reckon 0.7820-25 would limit downside and 0.7790-00 would hold

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Trade Idea: USD/CAD - Buy at 1.1100 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 22 14 15:15 GMT

As the greenback has slipped again after intra-day brief bounce to 1.1294, retaining our view that further consolidation below 1.1366 (last week's high) would be seen and pullback to 1.1180 and then 1.1140-50cannot be ruled out, however, price should stay above previous support at 1.1082 and bring another rise later, above 1.1300 would bring retest of said resistance at 1.1366, break there would extend recent rise from 1.0660 low to 1.1440-50

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 22 14 09:36 GMT

Although the single currency slipped again today and consolidation with mild downside bias remains for weakness to 135.00-10, break of 134.50 is needed to revive bearishness and signal the rebound from 134.14 (last week's low) has ended, bring weakness towards this level, once this support is penetrated, this would confirm recent decline has resumed and extend weakness towards 133.50, then 133.00 later.

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Trade Idea: AUD/USD - Sell at 0.8845 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 22 14 09:31 GMT

Aussie is expected to remain confined within recent established range and although recovery to 0.8835-45 cannot be ruled out, reckon resistance at 0.8860 would limit upside and bring another decline towards indicated support at 0.8686. Below last week's low at 0.8652 would bring a retest of said support at 0.8643 (wave iii trough), however, break there is needed to confirm recent decline has resumed and extend weakness in wave v to 0.8600 and possibly 0.8550

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Trade Idea: EUR/GBP - Sell at 0.7980 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 21 14 14:55 GMT

As the single currency has retreated sharply after rising to 0.8047 last week, suggesting the a leg of the correction from 0.7766 low has ended there and consolidation with mild downside bias is seen for retracement of the rise from 0.7766 in wave b, hence bearishness is seen for weakness towards support at 0.7850, having said that, reckon 0.7820-25 would limit downside and 0.7790-00 would hold, bring another rebound later.

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Trade Idea: USD/CAD - Buy at 1.1100 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 21 14 14:49 GMT

As the greenback has retreated after rising to 1.1366 last week, retaining our view that consolidation below this level would be seen and pullback to 1.1180-90 cannot be ruled out, however, price should stay above previous support at 1.1082 and bring another rise later, above said resistance at 1.1366 would extend recent rise from 1.0660 low to 1.1440-50 but anticipated overbought condition should limit upside to 1.1500, bring retreat later.

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 21 14 09:35 GMT

Although the single currency has retreated again after faltering below yesterday's high of 137.01 and consolidation would be seen, break of 136.00 is needed to suggest top is possibly formed, bring pullback to 135.50-60, however, if our view that a temporary formed at 134.14 last week is correct, downside should be limited to 135.00-10 and bring another rebound later.

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Trade Idea: AUD/USD - Sell at 0.8845 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 21 14 09:30 GMT

Although aussie edged higher after rebounding from 0.8686 and near term upside risk remains for marginal gain, as outlook is still consolidative, reckon resistance at 0.8860 would limit upside and bring another decline to said support at 0.8686. Below last week's low at 0.8652 would bring a retest of said support at 0.8643 (wave iii trough), however, break there is needed to confirm recent decline has resumed and extend weakness in wave v to 0.8600 and possibly 0.8550

Read more...
 
Trade Idea: EUR/GBP - Sell at 0.7980 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 20 14 14:31 GMT

Although the single currency rallied to 0.8047 last week, the subsequent retreat after faltering below resistance at 0.8066 suggests the a leg of the correction from 0.7766 low has ended there and consolidation with mild downside bias is seen for retracement of the rise from 0.7766 in wave b, hence bearishness is seen for weakness to 0.7880 and possibly towards support at 0.7850, having said that, reckon 0.7820-25 would limit downside

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Trade Idea: USD/CAD - Buy at 1.1100 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 20 14 14:26 GMT

Despite last week's rise to 1.1386, the subsequent retreat suggests consolidation would be seen and pullback to 1.1190-00 cannot be ruled out, however, price should stay above previous support at 1.1082 and bring another rise later, above said resistance would extend recent rise from 1.0660 low to 1.1440-50 but overbought condition should limit upside to 1.1500, bring retreat later.

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Trade Idea: EUR/JPY - Exit short entered at 136.90 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 20 14 08:52 GMT

Despite last week's resumption of decline to 134.14, the subsequent strong rebound suggest low has possibly been formed there and consolidation with mild upside bias is seen for retracement of recent decline, above 137.00 would bring further gain to 137.50, however, break of resistance at 137.94 is needed to add credence to this view, bring stronger rebound to 138.40-50 and possibly towards 138.80 which is likely to hold from here.

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Trade Idea: AUD/USD - Sell at 0.8835 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 20 14 08:45 GMT

As aussie rebounded after holding above this month's low at 0.8643, suggesting further consolidation would be seen and recovery to 0.8830-35 cannot be ruled out, however, reckon resistance at 0.8860 would limit upside and bring another decline. Below last week's low at 0.8652 would bring a retest of said support at 0.8643 (wave iii trough), however, break there is needed to confirm recent decline has resumed and extend weakness in wave v to 0.8600 and possibly 0.8550

Read more...
 
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