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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 - Hold short entered at 0.8495 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 24 17 13:59 GMT

The single currency met resistance at 0.8495 and retreated, retaining our bearishness and recent decline is likely to resume after consolidation, a break below indicated support at 0.8403 would extend recent fall from 0.8857 towards 0.8370-75 later but near term oversold condition should prevent sharp fall below

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 24 17 13:54 GMT

As the greenback has fallen again after the sharp retreat from 1.3210 and broke below support at 1.3074, suggesting the rebound from 1.3009 has ended and near term downside risk remains for weakness to 1.3030-35 but indicated support at 1.3009 should remain intact. Only a drop below this level would signal recent decline has resumed and extend weakness to

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Trade Idea: EUR/JPY - Sell at 120.20 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 24 17 09:56 GMT

Although the single currency has retreated, early rebound from 118,60 suggests consolidation above this level would be seen and corrective bounce to 120.00 cannot be ruled out, however, reckon resistance at 120.32 would limit upside and bring another decline, break of said support at 118.60 would add credence to our view that recent erratic decline from 124.10 top has resumed and bring further fall to

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Trade Idea: AUD/USD - Hold short entered at 0.7690 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 24 17 09:54 GMT

Although aussie edged higher after finding renewed buying interest at 0.7649 earlier this week, loss of upward momentum should limit upside and as long as 0.7740-45 holds, mild downside bias is seen for another test of said support at 0.7649 but break of indicated minor support at 0.7637 is needed to add credence to our view that top is possibly formed, bring further fall to another previous support at 0.7618

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Trade Idea: EUR/GBP - Hold short entered at 0.8495 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 23 17 14:15 GMT

Although euro recovered after falling to 0.8403 yesterday and consolidation above this level would be seen, reckon upside would be limited to 0.8495-00 and bring another decline later, below said support at 0.8403 would extend recent fall from 0.8857 towards 0.8370-75 later but near term oversold condition should prevent sharp fall below 0.8350, risk from there has increased for a rebound later.

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Trade Idea: USD/CAD - Exit long entered at 1.3120 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 23 17 14:05 GMT

As the retreat from 1.3210 turned out to be stronger than expected, dampening our bullishness and downside risk remains for weakness to 1.3074 support cannot be ruled out, break there would suggest top is formed, bring further fall to 1.3030-35 but indicated support at 1.3009 should remain intact. Only a drop below this level would signal recent decline has resumed and extend weakness to

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Trade Idea: EUR/JPY - Sell at 120.20 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 23 17 09:44 GMT

As the single currency rebounded after falling to 118.60 yesterday, suggesting consolidation above this level would be seen and corrective bounce to 120.00 cannot be ruled out, however, reckon resistance at 120.32 would limit upside and bring another decline, break of said support at 118.60 would add credence to our view that recent erratic decline from 124.10 top has resumed and bring further fall to 118.00 but

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Trade Idea: AUD/USD - Hold short entered at 0.7690 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 23 17 09:38 GMT

Although aussie rebounded after finding support at 0.7649, as long as last week’s high of 0.7732 holds, further consolidation would take place with mild downside bias for another test of said support at 0.7649, but break of indicated minor support at 0.7637 is needed to add credence to our view that top is possibly formed, bring further fall to another previous support at 0.7618, below there would confirm, bring retracement of recent upmove to

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Trade Idea: EUR/GBP - Sell at 0.8495 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 22 17 14:57 GMT

As euro has recovered after falling to 0.8403, suggesting minor consolidation would be seen and corrective bounce to 0.8470-75 is likely, however, reckon upside would be limited to 0.8495-00 and bring another decline later, below said support at 0.8403 would extend recent fall from 0.8857 towards 0.8370-75 later but near term oversold condition should prevent sharp fall below

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Trade Idea: USD/CAD - Buy at 1.3120 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 22 17 14:31 GMT

As the greenback has surged again after brief pullback to 1.3110, suggesting another leg of corrective rise from 1.2969 is underway and above resistance at 1.3212 would add credence to this view and extend further gain to 1.3250 and then 1.3300, however, near term overbought condition should limit upside and price should falter well below

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Trade Idea: EUR/JPY - Sell at 120.20 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 22 17 10:20 GMT

As the single currency has fallen again after brief recovery and broke below indicated previous support at 119.33, adding credence to our view that recent erratic decline from 124.10 top has resumed and bearishness remains for this move to extend further weakness to 118.50, then 118.00, however, near term oversold condition should prevent sharp fall below 117.50, risk from there has increased for a rebound to take place later.

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Trade Idea: AUD/USD - Hold short entered at 0.7690 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 22 17 10:14 GMT

Although aussie has rebounded after finding support at 0.7649, as long as last week’s high of 0.7732 holds, further consolidation would take place with mild downside bias for another test of said support at 0.7649, but break of indicated minor support at 0.7637 is needed to add credence to our view that top is possibly formed, bring further fall to another previous support at 0.7618, below there would confirm, bring retracement of recent upmove to

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Trade Idea: EUR/GBP - Sell at 0.8550 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 21 17 15:30 GMT

As euro’s retreat from 0.8592 has kept the single currency under pressure, suggesting a retest of last week’s low at 0.8456 would be seen, however, break there is needed to retain bearishness and extend recent fall from 0.8857 towards 0.8400-10 later but near term oversold condition should prevent sharp fall below 0.8370-75, risk from there has increased for a rebound later.

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 21 17 15:21 GMT

As the greenback has risen again after brief pullback, adding credence to our view that further choppy trading above support at 1.2969 would be seen and mild upside bias remains for recovery to 1.3170-80, however, as broad outlook remains consolidative, reckon upside would be limited and price should falter below resistance at 1.3212, bring retreat later.

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 21 17 10:19 GMT

As Friday’s retreat has kept aussie under pressure, suggesting early rebound from 119.33 has ended at 121.34 earlier and mild downside bias remains for weakness towards previous support at 119.33, however, break there is needed to confirm early decline from 124.10 top has resumed and extend further fall to 119.00, then towards 118.50 which is likely to hold

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Trade Idea: AUD/USD - Sell at 0.7690 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 21 17 10:04 GMT

As aussie has slipped again after brief recovery, retaining our view that further consolidation below last week’s high at 0.7732 would be seen and mild downside bias remains for a test of minor support at 0.7637, however, break of indicated support at 0.7618 is needed to signal top is formed, bring retracement of recent upmove to 0.7600, then towards 0.7575-80 but price should stay above

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Trade Idea: EUR/GBP - Sell at 0.8635 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 20 17 15:18 GMT

Although the single currency has retreated has brief bounce to 0.8592, break of 0.8480-85 is needed to signal the rebound from 0.8456 has ended, bring retest of this level, break there would extend the fall from 0.8857 towards 0.8400-10 later. If said support continues to hold, then further choppy trading would take place, above said resistance at 0.8592 would bring a stronger recovery to

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Trade Idea: USD/CAD - Stopped profit and stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 20 17 14:59 GMT

As the greenback found good support just above 1.3000 level and has rebounded from 1.3009, dampening our bearishness and further choppy trading above support at 1.2969 would be seen and with mild upside bias for recovery to 1.3150-60, however, as broad outlook remains consolidative, reckon upside would be limited to 1.3190-00 and price should falter below

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 20 17 09:55 GMT

Although the singe currency has recovered after falling to 119.70 on Friday and consolidation above this level would be seen, reckon upside would be limited to 120.50 and previous support at 120.68 should hold, bring another decline later, below said support at 119.70 would bring test of previous support at 119.33 which is likely to hold from here. Only a break of said support at 119.33 would shift risk back to downside and extend recent erratic decline from 124.10 top to

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Trade Idea: AUD/USD - Sell at 0.7695 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 20 17 09:44 GMT

Aussie’s retreat after last week’s rise to 0.7732 suggests consolidation below this level would be seen and test of minor support at 0.7637 cannot be ruled out, below there would bring test of support at 0.7618 but break of latter level is needed to signal top is formed, bring retracement of recent upmove to 0.7600, then towards 0.7575-80 but price should stay above 0.7551 support, bring rebound later.

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