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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/JPY - Sell at 148.00 Print E-mail
Elliott Wave Daily | Written by Action Forex | Nov 24 14 09:33 GMT

As the single currency has recovered after finding support at 145.59 earlier today, suggesting consolidation with initial upside bias would be seen and recovery to 147.40-50 cannot be ruled out, however, if our view that wave iii top has ended at 149.14 is correct, upside should be limited to 148.00-05 and bring another corrective fall later. A break of said support at 145.59 would extend the retreat from 149.14 for retracement of recent upmove in wave iv for weakness to 145.00-10

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Nov 24 14 09:27 GMT

Despite Friday's brief bounce to 0.8723, lack of follow through buying and the subsequent retreat suggest further consolidation would be seen and weakness to 0.8600 cannot be ruled out, however, reckon last week's low at 0.8566 would limit downside and bring further choppy trading. Only break of indicated support at 0.8541 would signal recent decline has resumed and extend weakness in wave v for further weakness to 0.8500 and possibly towards 0.8440-50

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Trade Idea: EUR/GBP - Hold long entered at 0.7940 Print E-mail
Elliott Wave Daily | Written by Action Forex | Nov 21 14 14:20 GMT

Current sharp fall after ECB has dampened our bullishness and 0.7900 needs to hold to retain prospect of another rebound, above 0.7973 (previous support) would bring test of 0.8000-05, however, break of this week's high at 0.8039 is needed to signal the rise from 0.7766 low has resumed for retracement of recent decline to 0.8047 resistance

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Nov 21 14 14:15 GMT

The greenback met renewed selling interest at 1.1369 yesterday and dropped below indicated support at 1.1254-59 (61.8% Fibonacci retracement of 1.1122-1.1467 and previous minor support), dampening our bullishness and suggesting top has been formed at 1.1467 earlier as wave v, hence consolidation with downside bias is seen for retracement of recent upmove to 1.1170, then 1.1150

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Nov 21 14 08:49 GMT

Despite yesterday's rise to 149.14, the subsequent retreat suggest the wave v as well as larger degree wave iii has possibly ended there and consolidation with mild downside bias is seen for retracement of recent rise in wave iv to 146.70, then 146.35-40, however, break of latter level is needed to add credence to this view, bring further weakness to 146.00, then towards 145.00-10 but reckon support at 144.79

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Nov 21 14 08:39 GMT

Although aussie fell to 0.8566 yesterday, as the pair has rebounded after holding above indicated support at 0.8541, suggesting consolidation would be seen and recovery to 0.8680-85 cannot be ruled out before prospect of another decline. Only break of said support at 0.8541 would signal recent decline has resumed and extend weakness in wave v for further weakness to 0.8500 and possibly towards 0.8440-50

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Trade Idea: EUR/GBP - Buy at 0.7940 Print E-mail
Elliott Wave Daily | Written by Action Forex | Nov 20 14 14:44 GMT

As the single currency has retreated after rising to 0.8039 yesterday, retaining our view that minor consolidation below previous resistance at 0.8047 would be seen and pullback to 0.7970-76 cannot be ruled out, reckon support at 0.7955 would limit downside and 0.7935-40 should hold, bring another rise later.

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Trade Idea: USD/CAD - Hold long entered at 1.1260 Print E-mail
Elliott Wave Daily | Written by Action Forex | Nov 20 14 14:38 GMT

Although the greenback has retreated after meeting resistance at 1.1369 earlier today, as long as indicated support at 1.1260 (this week's low) holds, upside bias remains for another rebound, above said resistance would bring test of indicated resistance at 1.1402, break there would signal the pullback from 1.1467 has ended and bring retest of this resistance, above there would confirm the rise from 1.0660 low has resumed

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Nov 20 14 09:16 GMT

The single currency continued to head north after recent rally and further gain to 149.15-20 and possibly 149.50 would be seen, however, near term overbought condition should prevent sharp move beyond psychological resistance at 150.00, risk from there has increased for a much-needed correction to take place in wave iv which may bring the pair back towards the area of the previous 4th of a lesser degree, i.e. 144.79-146.53.

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Nov 20 14 09:09 GMT

Aussie dropped below indicated support at 0.8591, suggesting the rebound from 0.8541 has ended at 0.8796 and retest of this level cannot be ruled out, however, break there is needed to signal recent decline has resumed and extend weakness to in wave v for further weakness to 0.8500 and possibly towards 0.8440-50 before prospect of another rebound later this month.

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Trade Idea: EUR/GBP - Buy at 0.7955 Print E-mail
Elliott Wave Daily | Written by Action Forex | Nov 19 14 14:52 GMT

Despite intra-day rise to 0.8039, as the single currency has retreated after faltering below previous resistance at 0.8047, suggesting minor consolidation would be seen and pullback to 0.7975-80 cannot be ruled out, reckon support at 0.7955 would limit downside and bring another rise later. Above 0.8039-47 resistance area would add credence to our view that the wave c (tentatively an impulsive move) is still in progress for further gain to 0.8066

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Trade Idea: USD/CAD - Hold long entered at 1.1260 Print E-mail
Elliott Wave Daily | Written by Action Forex | Nov 19 14 14:45 GMT

As the greenback found renewed buying interest at 1.1260 yesterday and has rebounded, retaining our bullishness and consolidation with upside bias is seen for test of resistance at 1.1402, break there would signal the pullback from 1.1467 has ended and bring retest of this resistance, above there would signal the rise from 1.0660 low has resumed and may extend further gain in wave v to 1.1475-80

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Nov 19 14 10:21 GMT

The single currency has surged again and current firmness suggests upside risk remains for recent upmove to extend further gain to 148.00, however, near term overbought condition should prevent sharp move beyond 148.40-50 today, reckon 149.00 would hold from here, euro may retreat from there and bring a much-needed retracement of recent rally later this week.

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Nov 19 14 10:12 GMT

Current break of support at 0.8650 suggests the rebound from 0.8541 has possibly ended at 0.8796 earlier this week and consolidation with downside bias is seen for test of previous support at 0.8591, however, a sustained breach below there is needed to signal decline has resumed for retest of 0.8541 first. Looking ahead, once this level is penetrated, this would signal recent decline has resumed in wave v for further weakness to 0.8500 and possibly towards 0.8440-50

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Trade Idea: EUR/GBP - Buy at 0.7925 Print E-mail
Elliott Wave Daily | Written by Action Forex | Nov 18 14 14:17 GMT

As the single currency has risen again after last week's anticipated rally, adding credence to our view that retreat from 0.8047 has ended at 0.7799 as wave b and upside bias is seen for current wave c (tentatively an impulsive move) to bring retest of said resistance at 0.8047, break there would extend the rise from 0.7766 low for further gain to 0.8066 and later towards 0.8100-10.

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Trade Idea: USD/CAD - Hold long entered at 1.1260 Print E-mail
Elliott Wave Daily | Written by Action Forex | Nov 18 14 14:13 GMT

Although the greenback slipped again to 1.1260 earlier today, as the move from 1.1467 (this month's high) is still viewed as retracement of recent upmove, reckon 1.1254-59 (61.8% Fibonacci retracement of 1.1122-1.1467 and previous minor support) would limit downside and bring another rebound, above resistance at 1.1402 would signal the pullback from 1.1467 has ended and bring retest of this resistance, break there would signal the rise from 1.0660 low has resumed and may extend further gain in wave v to 1.1475-80

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Trade Idea: EUR/JPY - Hold short entered at 145.75 Print E-mail
Elliott Wave Daily | Written by Action Forex | Nov 18 14 09:57 GMT

Although the single currency retreated after rising to 146.53 yesterday, euro found renewed buying interest at 144.79 and has staged a stronger-than-expected rebound, dampening our near term bearishness, however, only break of said resistance at 146.53 would signal recent upmove has resumed and extend further gain to 147.00

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Nov 18 14 09:50 GMT

Although aussie has retreated after rising to 0.8796 yesterday and consolidation below this level would be seen, break of said support at 0.8650 is needed to signal the rebound from 0.8541 has ended there and bring weakness towards 0.8591 support, once this level is penetrated, this would confirm and bring resumption of recent decline for a retest of 0.9541

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Trade Idea: EUR/JPY - Sell at 145.75 Print E-mail
Elliott Wave Daily | Written by Action Forex | Nov 17 14 09:24 GMT

Although the single currency surged to 146.53 earlier today, current retreat suggests a temporary top has possibly been formed there and consolidation below this level would be seen with mild downside bias for retracement of recent upmove in wave iv to 144.30-40, then 143.75, below there would bring further weakness to 143.35 but reckon support at 142.09 (previous 4th of a lesser degree) would remain intact

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Trade Idea: AUD/USD - Exit long entered at 0.8610 Print E-mail
Elliott Wave Daily | Written by Action Forex | Nov 17 14 09:19 GMT

Aussie found renewed buying interest at 0.8650 on Friday and has rallied again, retaining our bullishness for the rebound from 0.8541 (tentatively wave v bottom) to bring retracement of recent decline, above 0.8800 would extend gain towards 0.8845-55, however, near term overbought condition should prevent sharp move beyond there and reckon 0.8890-00 would cap upside, bring retreat later.

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