Trade Review: GBP/USD
The Fed raised rates from 5.00% to 5.25%, and as expected with a 25 bps raised the dollar fell. Within the hour GBP/USD gained almost 200 pips, but to be honest I stayed out of the trade due to...… 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
USD/CAD has been ranging between 1.1300 and 1.100, and it looks like it's in a downward trend at the moment. After today's US interest rate hike the pair made a strong move downward and I believe we may see...… More…
Trade Review: EUR/JPY
We had a profitable trade today as EUR/JPY bounced back up as soon as it hit our entry point at 145.70. In just a couple of hours we saw it hit pt1 for +20 pips, while we had to...… More…
Pick of the Day: GBP/USD
Please read entire post! Tomorrow is a big day as traders have been anticipating the FOMC rate decision for what seems like forever now. We've seen much debate in the media (from economists, market pundits, traders, etc.) and quite...… More…
Pick of the Day: EUR/JPY
Without any significant economic reports tomorrow, I had to look for a purely technical play. Because of the lack of reports, I expect low volatility and range trading, but I think I've found a nice play in EUR/JPY. We've...… More…
Pick of the Day: NZD/USD
For those of you who have been watching NZD/USD, you've seen a considerable drop in this pair, and now that it's broken the previous daily low of 0.6141 we should see a further decline. Today's new home sales report...… More…
Pick of the Day: NZD/USD
For those of you who have been watching NZD/USD, you've seen a considerable drop in this pair, and now that it's broken the previous daily low of 0.6141 we should see a further decline. Today's new home sales report was...… More…
Last Week in Review
Monday: +66 pips Tuesday: +80 pips Wednesday: No trade posted Thursday: No trade triggered Total: +146 pips...… More…
Trade Review: USD/CHF
At the open of the euro session on Friday, US dollar buying continued, and the pair never made its way down to our sell entry point. No trade entered. Hope everyone is having is a great weekend!...… More…
Pick of the Day: USD/CHF
At the open of the Euro trading session we saw the US dollar rally against all the majors as traders look for a safe haven from the North Korea missile situation. So, the question now is, "is this rally...… More…
Trade Review: USD/CAD
Well, the market was forecasting weak retail numbers out of Canada, and of course, the Canadians showed the market how wrong it was! We had a trade prepared for great numbers, and it looks like we capitalized by gaining...… More…
Pick of the Day: No Trade
I've been reading news reports and looking at charts all day and to be honest, there really isn't a trade jumping out at me. It's been a range bound week for many pairs with the lack of significant economic reports...… More…
Pick of the Day: USD/CAD
USD/CAD has made several attempts to break the 1.1250 price level on the hourly chart, but it looks like a "no go" as we're seeing a move down in the pair. Now, it may find resistance at the 200...… More…
Pick of the Day: USD/CAD
Pipcrawler's Pick of the Day: USD/CAD USD/CAD has made several attempts to break the 1.1250 price level on the hourly chart, but it looks like a "no go" as we're seeing a move down in the pair. Now, it may...… More…
Trade Review: EUR/JPY
After the impulse wave pattern, we saw the corrective waves and a move sharply lower. It was helped by comments from the Bank of Japan Governor Fukui. Fukui stated that "monetary policy decisions should be made early and changes...… More…
Pick of the Day: EUR/JPY
I've been watching this pair for a while, and it seems here we have a nice little example of a currency pair moving in waves. To me, it looks like it has completed its impulse wave pattern and is now...… More…
Pick of the Day: EUR/JPY
I've been watching this pair for a while, and it seems here we have a nice little example of a currency pair moving in waves. To me, it looks like it has completed its impulse wave pattern and is...… More…
Trade Review: AUD/USD
We saw great numbers out of the US current account and consumer confidence reports on Friday, and that helped our short play on the AUD/USD. Our short play was triggered during the euro session and ended with the pair...… More…
Last Week in Review
Monday: -72 pips Tuesday: No trade Wednesday: -60 pips Thursday: +55 pips Total: -77 pips...… More…
Trade Review: USD/CHF
Man, it's been a tough week to trade, and yesterday was no different. We saw our short order trigger and stop out during the euro session. I still think this pair is going to break out to the downside,...… More…
Pick of the Day: AUD/USD
This pair has been trending to the downside, but recently we've seen a nice run up. This is most likely due to a bounce back in metals in which the Aussie dollar has a strong correlation to, and recent...… More…
Pick of the Day: USD/CHF
Since mid May the USD has risen against CHF steadily, and recently we've seen a sideways, ranging pattern in the currency pair. There was a strong move to the upside in an attempt to break the range, but it...… More…
Trade Review: AUD/USD
There wasn't enough movement to the upside, even after the CPI report, for a trigger of a very a conservative entry point. No trade entered....… More…
Trade Review: GBP/USD
After the release of the reports, we saw fast movement in the markets, and a lot of whipsaw action. Our short trade was entered, but soon after, the volatility cause the pair to hit our stop out level. News...… More…
Pick of the Day: AUD/USD
We are seeing a continued move to the downside in AUD/USD, so in tonight's pick, we will hopefully catch this move at a great price. It's looks like the pair is stalling and back in range mode momentarily, but...… More…
Pick of the Day: GBP/USD
We have a big week for the USD starting with tomorrow morning at 8:30 am EST. US Producer Price Index and Retail Sales will be released tomorrow morning, along with comments from Fed Chairman Bernanke. It's been all about...… More…
Last Week in Review
Monday: +31 pips Tuesday: +70 pips Wednesday: No Trade Thursday: -60 pips Total: +41 pips...… More…
Trade Review: AUD/USD
On Friday, we saw the pair trade higher during the euro session and our short trade was triggered. Unfortunately, the pair just going higher and we were stopped out a couple of hours after the trade triggered. Lot 1:...… More…
Trade Review: EUR/USD
Well, the ECB raised rates 25 basis points to 2.75% and we did not see the highly unlikely raise of 50 basis points that would have caused EUR/USD to hit our entry. After the report was released we saw...… More…
Pick of the Day: AUD/USD
The US dollar has been gaining some ground against the Aussie dollar, so I've decided to jump in the downtrend of this pair. The pair has tested the .7400 handle, retraced, and it's back down again, barely keeping it's...… More…
Trade Review: EUR/JPY
We saw further correction in the pair last night, and it was enough to trigger our long play at 144.76. Soon after the entry, pt1 was hit, while it took the rest of the trading day for the pair...… More…
Pick of the Day: EUR/USD
Usually, I don't ever really touch this currency pair for my "Pick of the Day" because it's Big Pippin's thing, but how could I pass up a trade on it with an ECB interest rate decision tomorrow morning! Now...… More…
Trade Review: NZD/USD
As suspected, we saw dollar buying at the beginning of the euro session open. Shortly after the open there was a strong reversal, but not enough to hit our stop loss level. Dollar buying resumed and we saw pt1...… More…
Pick of the Day: EUR/JPY
We see the euro trending higher against the yen in the past few weeks on the back of positive economic reports out of the euro zone. The pair has hit the top of the channel drawn, so I'm looking...… More…
Pick of the Day: NZD/USD
We have a pretty good looking chart on NZD/USD tonight. As you can see on the left of the chart, there was a pretty strong move in favor of the US dollar against the New Zealand dollar. I drew...… More…
Last Week in Review
Monday: No trade Tuesday: No trade Wednesday: +67 pips Thursday: No trade TOTAL: +67 pips...… More…
Trade Review: USD/CHF
The Non-Farm Payroll report came worse than expected....way worse! The number of jobs created was a very low 75K, way below the consensus of 170K. It seems the US economy seems to be slowing down which is bad news for...… More…
Pick of the Day: USD/CHF
Tomorrow morning we have one of the most volatile, market moving reports in the U.S. Non-Farm Payroll report. It is a very dangerous report to play and I recommend to take the trading day off since we're up +67...… More…
Trade Review: EUR/JPY
We saw strong movements after the early morning E-12 reports, but not enough to enter our trade levels. This pair has been in range trading mode for a couple of days, and I would suspect it will continue that...… More…
