Trade Review: AUD/USD
First let's take a look at the chart: As you can see the pair never broke down past the 50 SMA, so a short trade never developed. Now I did make a side that if it broke above the 200...… More…
About Pick of the Day
Each day, I will try to find what I believe is the best looking short term trade setup for the upcoming trading day or week. 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. I will post my ideas and/or reviews through out each session right here, on Twitter and on Facebook.
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Monthly Archive
Pick of the Day: EUR/JPY
(Click on chart to enlarge) The EURJPY is making lower lows on the 1 hour chart. I like a short trade at or below the 50 SMA (142.00). I drew the Fib line to show 3 points of resistance:...… More…
Pick of the Day: EUR/JPY
Check out this chart on the EURJPY: The EURJPY has been trending upwards since it bounced off the 200 SMA on the daily chart. Here on the one hour chart we are going to take advantage of a retracement and...… More…
Pick of the Day: NZD/USD
Here's my pick of the day. Let's take a look at the hourly chart for NZDUSD: As you can see, with NZDUSD having trouble breaking above the 100 SMA to the upside and the pair in a downtrend, we're going...… More…
Trade Review: AUD/USD
Let's review yesterday's trade. Well, it looks like AUDUSD hit our entry point of 0.7498. First, the good news. If you were less aggressive and went for 10 pips your profit target would've been hit. The bad news, if you're...… More…
Pick of the Day: AUD/USD
Today we have a daily chart of the AUDUSD: As you can see the pair is in a downward channel. The top of a channel is a strong resistance point, and with the 200 SMA there as well it looks...… More…
Trade Rules:
Trade lots in multiples of 2. Recommendations will include entry point, initial stop-loss level, first profit target (PT1) and second profit (PT2). When PT1 is reached, close half of the open position. From here you can do one of...… More…
