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Forex: How to Find Trading Opportunities Others Are Missing
While the financial world was focused on the "fiscal cliff," Elliott waves nailed a "cliff" of their own.

By Vadim Pokhlebkin
Tue, 08 Jan 2013 18:00:00 ET
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The beauty of trading a market like forex -- well, one of its many beauties -- is in how easily you can switch between the 70+ currency pairs out there.

Your choices range from the most popular EUR/USD (euro vs. U.S. dollar) to "exotics" like ZAR/JPY (South African rand vs Japanese yen). Most forex brokers let you choose which pair to trade simply by clicking on the drop-down menu.
More choices = more trading opportunities. Case in point: EUR/CAD, a less-traded "cross rate" between the euro and Canadian dollar.
On January 2, the first trading day of 2013, the financial world was focused on the just-reached "fiscal cliff" deal. Meanwhile, our own Currency Specialty Service focused on a "cliffhanger" in EUR/CAD, where the Elliott wave pattern called for a "free fall."
Here's what the Service told subscribers in a January 2 intraday update:
1/2/2013 4:45:45 AM
Last Price:
[Peaked?] The drop through 1.3072 is enough to favor 5-waves up complete at the 1.3187 high. A break of support at 1.3072 would place the market in free fall territory.
The next morning, a new Currency Specialty Service intraday update continued (excerpt):

1/3/2013 8:28:54 AM
Last Price: 1.2896
[Down] Look lower to below 1.2890 as the next downside hurdle...
The next day (January 4), EUR/CAD fell as low as 1.2852. That's a drop of 213 pips.
The original January 2 "free fall" forecast was based on the recognition of a basic Elliott wave pattern in EUR/CAD charts: an ending 5-wave rally at multiple degrees of trend.
Wave analysis says that once a 5-wave move ends, what comes next is at least a 3-wave correction. Then, our Currency Specialty Service analysts used Fibonacci projections to calculate the downside price targets you see above.
We monitor 11 forex pairs around the clock. Look below to find the complete list.

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You get charts that are fully labeled with our up-to-date Elliott wave count, so you see our primary Elliott wave outlook and the alternate scenarios that help you manage risk.

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Dollar Rates
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Cross Rates

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