Pick of the Day: EUR/JPY
As I stated a couple picks earlier, I would keep an eye for a short trade on this pair. It looks like it's going to close below the trendline drawn. It has also made a few attempts to break...… 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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May 2006 Monthly Archive
Trade Review: GBP/USD
From the consolidation, we see a breakout during the euro trading session. A strong move downward triggered our short trade, and within the next five hours we reach full profit potential. Hopefully, everyone caught some pips! Short trade entered:...… More…
Pick of the Day: GBP/USD
GBP/USD went into range mode this evening after the strong move due to U.S. Treasury Secretary Snow leaving his position. Traders are sitting on the sidelines waiting for a catalyst now and hopefully we can find one with the...… More…
Trade Review: EUR/JPY
It looks like EUR/JPY found support at the 50 sma and 100 sma, and broke previous highs with a strong move during the beginning of the euro session. I'm going to keep an eye on this pair for a...… More…
Pick of the Day: EUR/JPY
The Euro has made a nice run up in the last few weeks against many pairs, not just the dollar. It looks like this run has been exhausted on the hourly chart as I have pointed out a head...… More…
Trade Review: AUD/USD
It seems in the last few days this pair has been stuck in a range between the 23% and 32% Fibonacci area. It looks like the correction may be exhausted and a continuation of a bullish run up may...… More…
Trade Review: EUR/JPY
After the open of the US trading session we saw a big drop in the pair which hit the bottom of the channel shown. We entered long at S2 line and saw a quick rise to hit our pt2....… More…
Pick of the Day: AUD/USD
For those of you who have checked out my signals blog, you already know that I'm heading to Europe for a little bit of rest and relaxation. So, today's pick is actually a "Pick of the Week." This is a...… More…
Trade Review: GBP/USD
As you can see by the chart we saw some volatility push the pair down to hit my short trigger and then bounce back up. Doh!!! Seems like I know how to pick reversal points, eh? Well, today was...… More…
Pick of the Day: EUR/JPY
We have seen the Euro rise against the dollar lately, but against the Yen it has been drifting lower and lower. Now we have potential volatility with the E-12 CPI coming out at 5:00 am EST. With the trend...… More…
Pick of the Day: GBP/USD
We have the UK CPI(m/m) coming out at 4:30 am EST. This is the monthly measure of inflation experienced by consumers. The consensus number is around 0.6% versus the previous number of 0.2%. Any surprise in this news report...… More…
Week in Review
Terrible. Monday -70 pips Tuesday -28 Trade Wednesday -78 pips Thursday No trade Total: -176 pips...… More…
Trade Review: EUR/JPY
Sorry to say that I had another losing day in the markets. In last nights pick we saw volatility push the pair down, and then shoot back up! This seems to be the theme this past week with my...… More…
Pick of the Day: None
Even the best of traders have their slumps (not to say I'm anywhere near the best). Look at Barry Bonds. So what does a trader do to combat a losing streak......Stop Trading! And that's what I'm going to do. It's...… More…
Pick of the Day: EUR/JPY
In tonight's pick I'm looking for the Japanese Yen to strengthen against the Euro. We have seen Asian currencies rally against the majors in the past few trading days. Especially the Yen, as traders are positioning for a possible...… More…
Trade Review: AUD/USD
We saw the pair make a strong move right before the US trading session and our long trade was triggered at .7764. After entry, the market did not move much as traders waited for the FOMC interest rate statement...… More…
Trade Review: AUD/USD
Well, I made a major error with last nights pick... I admit it. I went with the fundamentals and ignored technical analysis. I saw a pullback in commodities and a short term rise in the strength of the dollar...… More…
Pick of the Day: AUD/USD
I'm looking at the Aussie dollar again for a few reasons. Mainly, commodities did a turn around after a few days of weakness, and with economists urging the Chinese government to increase gold reserves, we may see the recent...… More…
Pick of the Day: AUD/USD
It was pretty tough to find a pick tonight, as there is a lack of reports being released. Well, we've seen the Australian dollar make a magnificent run up in the past month, but in the past few days...… More…
Week in Review
Well, we had a pretty good week. Hope everyone caught some pips with me! Good luck trading this week. Monday +105 pips Tuesday No Trade Wednesday -68 pips Thursday -40 pips Total: -3 pips...… More…
Trade Review: USD/CHF
As stated in my recommendation, I waited until 7:00 am EST before I tried to enter my orders. Unfortunately, I could not get my limit orders at the levels recommended, so I waited until after the report to enter...… More…
Trade Review: EUR/JPY
Well, it looks like we got bit on this trade last night. My orders got triggered a little after midnight and a couple of hours after the European session opened we saw a drop in the Euro and the...… More…
Pick of the Day: USD/CHF
We have the biggest short term, market moving report, US Non-Farm Payrolls, tomor row morning at 8:30 am EST. Tonight's pick is going to focus on that event. Before I talk about the Pick of the Day, I'd like...… More…
Pick of the Day: EUR/JPY
I have a couple of thoughts that went into consideration for tonight's pick. First, we had the Japanese Finance Minister Sadakazu Tanigaki comment that the movements in the currency markets as of late may be excessive after the G-7...… More…
Trade Review: USD/CHF
As stated, in my Pick yesterday, I placed my orders at 8:00 am EST. We did see movement after the Factory Orders report was released, but not enough to trigger the trade recommendations. Hopefully, everyone followed the Pick recommendation...… More…
Pick of the Day: USD/CHF
Tomorrow morning we have several US economic reports coming out. I'm going to focus on the Factory Orders report at 10:00 am EST, so I will place my orders at the beginning of the US trading session at 8:00...… More…
Trade Review: GBP/JPY
As anticipated we saw strong numbers out of the UK manufacturing sector which caused a rise in the pound against the yen. At about 3:00 am EST, our entry price was triggered, and nearly hit PT1 before it moved...… More…
Pick of the Day: GBP/JPY
Early tomorrow morning at 4:30 am EST the UK Manufacturing Purchasing Manager's Index (PMI) is being released. It is a leading indicator of the manufacturing sector, and its consensus number is around 51.5. Any number above 50 is an...… More…
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