Trade Review: USD/CHF
I saw the candle close below the 200 SMA so I entered short at 1.3042. US GDP (Q4) came out at 8:30 am EST. Caused the dollar to go up, and then traders sold off the pair to easily...… 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: USD/CAD
The momentum for this pair is currently in a downtrend, so we'll look to short at a good price. Canada GDP comes out at 8:30 am EST tomorrow so please cancel order if the trade has not triggered. If...… More…
Trade Review: USD/CAD
Another loss on this trade recommendation. Luckily it's only 14 pips. After looking back on the trade, I over look a very important thing and realized why it didn't work. The Fed rate decision didn't come out until 2:15...… More…
Pick of the Day: USD/CHF
It looks like the pair had a tough time breaking and move above the 100 SMA. I'm looking for a short play on USD/CHF if the pair breaks below and candle close 200 SMA. I'm targeting the 1.3000 price...… More…
Trade Review: EUR/JPY
This pair moved strongly, and hit my entry and stop in one candle bar. Lost 32 pips. Ouch! Hopefully we'll have better luck on the next trade!...… More…
Pick of the Day: USD/CAD
Since there aren't any news reports I thought I'd look for a resistance play in USD/CAD. I drew the fib extension lines to see where the pair was going and possibly make a reversal. 61% fib line is usually...… More…
Pick of the Day: EUR/JPY
This pair continues in a downtrend, so let's see if we can find an entry point. On this chart I've drawn Fibonacci retracement and extensions. As you can see we have some levels lining up with each other along...… More…
Week in Review
This past week I had 3 intraday recommendations and I closed out one long term trade recommendation. My first NZD/USD trade idea did not enter, but on my second recommendation NZD/USD fit my entry criteria. Unfortunately, I had a pretty...… More…
Trade Reviews
AUD/USD Pair has hit the bottom of the channel for a total of 157 pips. Exited trade. NZD/USD Well, the pair moved down as expected and made my entry criteria. Now depending on where you got in and your brokers'...… More…
Pick of the Day: USD/CAD
Kinda tough to pick out a trade tonight, especially with a lack of news reports, but I think I found one. If the loonie decides to head south I will enter a trade short at 1.1630. I will have...… More…
Trade Reviews
EUR/JPY Didn't hit entry point. No longer watching this trade. NZD/USD No candle close below the fib line. No Trade....… More…
Pick of the Day: NZD/USD
Today's chart is on NZDUSD once again! It's still in a down trend with a slight retracement, so let's see if we can get in and grab a few pips! Tomorrow NZD will be releasing its QoQ GDP report...… More…
Pick of the Day: NZD/USD
This pair has been in a serious downtrend. Let's see if we can partake in the pip party! By the arrow I have drawn you can see that the 0.750 fib extension level and the S1 line are lining...… More…
Trade Review: EUR/JPY
Here's a quick review of my only pick after my break last week. It looks like I underestimated the move of the E-12 CPI report and picked out the wrong resistance point at the R2 line. It's okay. It's...… More…
Pick of the Day: EUR/JPY
Here's a one hour chart on EURJPY. Tomorrow morning at approximately 5:00 am EST the E-12 Consumer Price Index report is coming out. I'm looking for support and resistance in the areas pointed out at the chart. On the...… More…
Trade Review: EUR/JPY
The pair moved up to within 2 pips the R1 line and moved down again. I took the entry order off before 8:00 am EST as suggested before the Non-Farm Payroll Report at 8:30 am EST. No trade....… More…
Pick of the Day: EUR/JPY
Here's a daily chart of EURJPY. As I've mentioned before, the EUR has been range bound, so I'm looking to do a resistance play. I will enter an order short at approximately 143.50 on the EURJPY with at 50...… More…
Week in Review
We had 3 trades entered this week. Two winners and one loser. Take a look: Day Pair First Target Second Target Monday NZD/USD +10 +21 Tuesday USD/CHF -30 -30 Wednesday EUR/JPY +10 +10 No suggest 2nd Target Thursday EUR/JPY No...… More…
Trade Review: EUR/JPY
As you can see, after the BoJ statement the pair whipsawed up and then made a move down. The BoJ announced an end to their quantitative easing policy, which could possibly lead to a raise in the interest rates,...… More…
Pick of the Day: EUR/JPY
Even after the BoJ announced the end to their quantitative easing policy the EURJPY remained range bound. So we'll look to do a support/resistance play. If the trade does not hit by 8:00 am EST tomorrow please cancel any...… More…
Pick of the Day: EUR/JPY
Alright kiddies. Today's pick really isn't a set it and forget it trade. Tonight the Bank of Japan is coming out with the Interest Rate Statement 11:00 pm EST. Now for those of you who watch our morning analysis...… More…
Trade Review: USD/CHF
The pair triggered my short entry order at 1.3086. Unfortunately, my 30 pips stop wasn't enough space for it to move before it went back down. So, it's 30 pips down whether you went for the first profit target...… More…
Trade Review: NZD/USD
This trade ended up pretty well. Our first profit target was hit and then 2 hours later the aggressive profit target was hit. Congrats on those who took this trade and made some pips....… More…
Pick of the Day: USD/CHF
No major economic news coming out tomorrow for the US dollar or the swissy, so this a straight technical play. If the pair moves up go long for 10 pips at 1.3205 with a 30 pips stop. For those...… More…
Pick of the Day: NZD/USD
This is a pure technical play since there aren't any major news coming out for the NZDUSD until Wednesday. If the pair manages to make it up all the way to the 38% fib line then it could possibly...… More…
Week in Review
We had 3 trades entered this week. I always go for just 10 pips, but I also have aggressive targets for those looking for more. So, in my review I post if 10 pips were hit, then what happens if...… More…
Trade Review: EUR/JPY
I pulled up the 10 min chart to show the price action on this pick. Basically, after the short trade was triggered my target of 10 pips was hit 30 minutes later and then went back up. For all...… More…
Pick of the Day: USD/JPY
On this chart I see a strong move to the downside, so I drew a fib retracement line to see where the pair may possibly go. As you can see the 50 SMA, Pivot point, and 38% fib line...… More…
Pick of the Day: EUR/JPY
Today's pick will be on the EURJPY again, but this time a little trickier. I drew a fib line on the 4hr chart and as you can see we have a couple of resistance points lining up; most notably...… More…
Trade Review: EUR/JPY
The were no breaks of the SMA's or pivot areas, so no trades entered on yesterdays pick....… More…
