Pick of the Day: GBP/USD - Trade Closed
We held our short position over the weekend, and it looks like we came close to our second profit target, but as the European trading session open, Cable caught fire higher on… More…
About Pick of the Day
At the end of each trading day, I will find what I believe is the best looking short term trade setup for the upcoming trading day. If you're a forex newbie, it can be tricky in the beginning trying to figure out how to look at charts and draw lines. My goal is help you understand the psychology of price movements so you can learn to analyze your own charts and trade on your very own. Trades will be posted by 1 am ET, Monday through Thursday evening.
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Latest Posts
May 2008
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Pick of the Day: USD/JPY
After retracing from last week's downtrend, it appears the move lower may resume after finding resistance at 104.00. … More…
Pick of the Day: USD/JPY - Close Trade
It's pretty that price action is telling us that the broken resistance did not turn to support. So, our trade idea did not work out and it's time to close it down and move on. … More…
Pick of the Day: GBP/USD - Close Open Orders
Cable fell during the morning European trading session on weak UK data, most notably the UK CBI trade data and mortgage data. … More…
Pick of the Day: EUR/CAD - Trade Closed
Our trade was triggered, and after a rollercoaster ride through unrealized loss, then profit, and now back to loss, it appears there aren't enough buyers at the trendline to support our long play.… More…
Pick of the Day: EUR/USD - Trade Closed
Our short position was entered quickly after our post and it looks like we caught a break as there was a broad based US Dollar rally throughout the Euro/US overlap.… More…
Pick of the Day: EUR/USD - Trade Closed
Euro bulls have been beating on the 1.59 door and it looks like they have broken through on the back of higher Eurozone year over year CPI data this morning. … More…
Pick of the Day: GBP/USD - Trade Closed
Doh! Looks like sellers made an attempt to push Cable lower during the Asian trading session, but buyers came with force as soon as European markets taking Cable above 1.9800.… More…
Pick of the Day: USD/JPY
Here's a quick little resistance play meant for the Asia/Europe trading session. It appears sellers held ground just under 103.00, so we may see it hold once again on another retest of that level. … More…
Pick of the Day: GBP/USD - Close Trade
Our trade was triggered during the morning European trading session and it looks like traders bought in at that support area. Our first profit target was hit and we… More…
