Trade Review: USD/CHF
At about 7:00 am EST, I saw that the pair was already below my entry level, so I waited and entered manually at 1.2525. Afterwards, the quarterly GDP was released. At first, the pair was slow to move down,...… 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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April 2006
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April 2006 Monthly Archive
Month in Review
As you can see we had a pretty go month in April. We're finally seeing breakouts and trends form in the currency markets as the US dollar is starting to weaken. If you remember, I had technical difficulties the second...… More…
Week in Review
Well, we had a pretty good week. Hope everyone caught some pips with me! Good luck trading this week. Monday +20 pips Tuesday -40 pips Wednesday +9 pips Thursday +50 pips Total: +39 pips...… More…
Trade Review: USD/CAD
Well, Big Ben spoke and the market listened. After he commented on a possible rate pause in the near term we saw a sell off in the dollar. This triggered our order, and unfortunately we caught the last leg...… More…
Pick of the Day: USD/CAD
We have US quarterly GDP coming out tomorrow at 8:30 am EST. Today's pick will hopefully capture some pips off the potential volatility of this report. Now the consensus number is at 4.9% which is a lot higher than...… More…
Pick of the Day: USD/CAD
Today's pick is based on general fundamentals and the trend. We all know the loonie and other "commodity" currencies have been on a tear against the US dollar. Even with oil slightly pulling back from record highs, we still...… More…
Trade Review: GBP/USD
Well, we had our first big losing day in April...hopefully it won't be a recurring thing! As expected, UK GDP came out as expected at 0.6%. We saw a move in the pair and it triggered our short entry....… More…
Pick of the Day: GBP/USD
Cable has been stuck in a range for the past ten days which means that traders are waiting for something to move the pair. Hopefully, UK GDP will be the catalyst for a strong move and break the pair...… More…
Trade Review: CAD/USD
We saw the Bank of Canada raise rates as expected. Traders sold off the pair which caused our entry order to hit. PT1 was hit within the hour, so we moved the stop to break even on the second...… More…
Pick of the Day: USD/CAD
Welcome back to another wonderful week of forex trading! Hopefully, we can catch some pips this week and continue the streak. Here is today's pick: Well, the US dollar has been beaten up across all currencies for the past,...… More…
Trade Review: USD/CAD
As you can see from the chart the loonie made a strong move which triggered our trade and within the next hour hit PT1. Closed out one half of the position and moved stop to breakeven for the other...… More…
Last Week in Review
Well, we had a pretty good week. Hope everyone caught some pips with me! Good luck trading this week. Monday +14 pips Tuesday +82 pips Wednesday -7 pips Thursday +17 pips Total: +106 pips...… More…
Pick of the Day: USD/CAD
The loonie has been on a nice run against the dollar, and I think with the pull back it is a nice time to go with the trend and rising commodity prices! Short USD/CAD at 1.1377, stop at 1.1429,...… More…
Trade Review: EUR/JPY
In last night's trade we some some volatility after the E-12 CPI report that caused the pair to trigger our long order. Unfortunately, there was strong movement that caused the pair to drop and stop out at a 50...… More…
Pick of the Day: EUR/JPY
Tomorrow morning at 5:00 am EST we have the release of the E-12 CPI report. The number is forecasted to be at 2.2% and any number over 2.0% is considered to be above ECB's "neutral rate" This number will be...… More…
Trade Review: GBP/USD
First, I'd like to apologize for not being able to have this Pick up on the site at 12:00 am EST. We've had some technical issues lately. I did, however, post my pick on some of the well known...… More…
Trade Review: USD/CHF
Yestersday's pick came within 6 pips of hitting PT1 before it reversed back and made another attempt to drop. I recommended closing all postions at 3 pm EST. I closed at 1.2729 for a gain of 14 pips....… More…
Pick of the Day: GBP/USD
Later tomorrow morning we have the Bank of England releasing the minutes from their meeting approximately 2 weeks earlier. We will be looking for volatility from any surprise insight on future rate moves or an unexpected vote count. Long GBP/USD...… More…
Pick of the Day: USD/CHF
I hope everyone had a great three day weekend. As we came back from a few days of deserved rest and relaxation, we saw a big a sell off in the US dollar, even with a surprisingly strong TIC...… More…
Trade Review: EUR/JPY
Sorry, no charts today due to technical difficulties I won't have the abilities to post charts up. Until then I won't be able to do a daily pick, so keep checking back or for those of you signed up for...… More…
Pick of the Day: EUR/JPY
Good evening! Sorry it's a little late! Hopefully we can start out our week right with this one! At 2:00 am EST we have the BOJ releasing its monthly Monetary policy report. This report covers economic developments and serves...… More…
Week in Review
The Non farm payroll number came out slightly higher than expected at 211K and unemployment rate fell from 4.8% to 4.7%. Also, the February numbers revised down which caused a mixed reaction initially. We then saw the dollar surge...… More…
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