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.
Read First: Trade Rules!!
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In yesterday's pick the pair broke to the upside and easily hit 10 pips and the aggressive target of the R2 line at .7407. I hope everyone did well on this one....… More…
Today's pick on the EURJPY. We have several economic reports coming out of the E-12 region and today's entries should take advantage of any breakouts from any surprise news reports. I will go long with a break and candle...… More…
Today's pick is a basic pivot play. I have this feeling the pair is going to run up to the SMA's and then move back down, but to be safe I will wait for a break of the S1...… More…
We had two open trades during the week. One winner and one loser. Now it would have been two winners, but I was a little too tight on the EURJPY stop recommendation. It's okay though. We made a plan and...… More…
A strong move in the morning hours had this pair easily break the moving averages and hit 10 pips. If you were more aggressive you could have possibly hit 60 - 70 pips easily on this trade....… More…
Today's pick is a basic play. We have the NZDUSD downtrending. It's a chart we've all seen plenty of times. Sometimes there's a break to the upside to the 200 SMA then reversal, but this time I think it...… More…
Today's pick is on the good ol' swissy... I like a short play on the pair but here's a setup if it goes in either direction. If makes a strong move up I will probably enter long with a...… More…
Well, it looks like the pair made a strong move to the downside, but my stop recommendation was a little too close for the volatility after the E-12 Current account news release. If you had a wider stop loss...… More…
Today pick is on the EURJPY. Pretty simple really, going long with a break and candle close above the R1 line. Going for 10 pips, targeting R2 as an aggressive target, and stop at 141.59. Looking for a short...… More…
Today's idea is based on the possible volatility of USDCHF after the Trade Report which is coming out tonight at 2:15 am EST (1915 GMT). At the moment the pair is trading above the 200 SMA and below the...… More…
Since the US markets are closed this Monday due to President's Day, I'm just going to review my past week's activities. I only picked out two trades for the week. I went for just ten pips on both, but I...… More…
In my pick from Wednesday I entered at 141.66. I adjusted the entry because the 100 SMA moved. It easily broke through the 100 SMA and hit my initial 10 pip target. In the next candle it hit my...… More…
This trade idea is still has not hit and entry point. I do not like to hold open positions or entry orders through the weekend, so I will remove the orders at the end of the trading day tomorrow...… More…
Usually, I don't like to put trades on before big news reports (actually we recommend against it), but I've been watching what happens on those days and it's pretty interesting. Basically, this is a pivot point play. Pivot points...… More…
(Click on chart to enlarge) EURJPY is in a short term down trend, so I'm going to look at a short play. I will short below the 100 SMA and pivot point right below 141.50. Stop above 50 SMA...… More…
Unfortunately, the pair made it's way all the down to my stop before shooting back up! Oh, well... loses are a part of trading, so I have to live with this one!...… More…
(Click on chart to enlarge) This trade didn't work out exactly as planned. It did make a move up to the 200 SMA as planned, it didn't quite touch(about 3 or 4 pips off), and then it made a...… More…
(Click on chart to enlarge) The pair is in an uptrend, so I think I'm going to do a basic fib retracement play. As you can see the 38% Fib retracement level is lining up with the day's pivot...… More…
I was taking a look at the charts and saw USDCAD, and I said to myself, "Self, let's go for the same trade one more time!" So that's what I'm doing again today except with the 200 SMA. I'm...… More…
As you can see the pair hit the 100 SMA and then my initial profit target of 10 pips and then my aggressive target within 2 hours. Not bad....… More…
USDCAD has been in a down trend and has been bouncing down off the 50 SMA along the way. I see the pair making a break up to 100 SMA and then possibly coming back down. So, for this trade...… More…
