Month in Review
July 3 – July 7 +93 pips July 10 – July 14 +55 pips July 17 – July 21 -120 pips July 24 – July 28 -10 pips July Total: +18 pips We had a great start to July...… 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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July 2006
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July 2006 Monthly Archive
Trade Review: USD/CAD
The USD/CAD pair has been in a short term downtrend which is pretty easy to see on the hourly chart. We’ve see strong moves in this pair, with the most recent move after the Canadian GDP monthly number coming...… More…
Last Week in Review
Monday: No entry Tuesday: +30 pips Wednesday: No pick Thursday: -40 pips Total: -10 pips...… More…
Trade Review: GBP/USD
It looks like we closed out the week with a loss gosh darn it! GDP came out with lower than expected numbers which caused a sell off in the US dollar. The pair rose, and at the end of...… More…
Trade Review: USD/CHF
We saw a broad US dollar sell off against many currencies, including the Swissy, at the beginning of the Euro trading session. Pt1 was easily hit, but with good number for Durable goods orders the market spiked back up...… More…
Trade Review: NZD/USD
We saw US Existing Home sales coming in pretty much in line with consensus numbers, so we didn't see a decline. The pair never reached down far enough to trigger our entry orders. No trade....… More…
Pick of the Day: GBP/USD
Tomorrow morning we will see the US Gross Domestic Product quarterly report and GDP deflator released at 8:30 am EST. These are the economy's broadest measure of health and inflation, and they have significant market moving potential if we...… More…
Pick of the Day: USD/CHF
It's been a wild ride for the US dollar recently - first it goes up, then the next minute it's dropping like a rock! Can the market please make up its collective mind?! Hehe Well, for tonight's pick, we're...… More…
Trade Review: USD/JPY
The market was expecting lower numbers out of the US reports today, so what happens? Numbers were better than expected(even an upward revision of the previous existing home sales report) and the US dollar takes a nice ride to...… More…
Pick of the Day: None
It's a pretty dead market right now with no significant news reports set to be released. Also, there weren't any chart patterns that stood out to me on any of the pairs, so no pick of the day this evening....… More…
Pick of the Day: USD/JPY
For today's pick we are focusing on the USD/JPY pair. On the one hour chart it looks like the pair is in a corrective three wave pattern, with it possibly continuing further to the downside. Now, we do have...… More…
Trade Review: USD/JPY
After a very frustrating week, we ended up a win in Friday's pick for USD/JPY. After Fed Chairman Bernanke's dovish testimony to the Senate on Thursday we saw US dollar selling across the board, which carried over to the...… More…
Last Week in Review
Monday: -80 pips Tuesday: -60 pips Wednesday: -60 pips Thursday: +80 pips Total: -120 pips Well, we saw a rough week in trading with a crisis in the Middle East, Fed testimonies, and inflation data. Fortunately, our last trade brought...… More…
Last Week in Review
Monday: -80 pips Tuesday: -60 pips Wednesday: -60 pips Thursday: +80 pips Total: -120 pips Well, we saw a rough week in trading with a crisis in the Middle East, Fed testimonies, and inflation data. Fortunately, our last trade brought...… More…
Trade Review: EUR/JPY
As predicted we saw the rise in the EUR/JPY, but unfortunately we didn't see the resistance at the 147.50 level as expected. Our trade quickly turned into a loss as we were stopped out within the next hour. Arrrrgghhhh!!!...… More…
Pick of the Day: USD/JPY
It's been a rough week for my picks, but hopefully we can end the week on a good note. There are no major economic releases out of Japan or the US tomorrow, so I found a low risk setup...… More…
Trade Review: GBP/USD
Well, we had another disappointing trade last night as our downtrend hopes were quickly reversed during the euro and US trading sessions. There was slight whipsaw action as our short trade was triggered and then stopped out within the...… More…
Pick of the Day: EUR/JPY
Today's pick is on the EUR/JPY. The euro has been in a short term slide, but we've seen gains against many currencies in the past trading day. Currently, EUR/JPY is trending higher as it approaches the 147.50 level. On...… More…
Trade Review: USD/CHF
Today's trade unfortunately stopped out with good US economic numbers. The overbought conditions I analyzed never saw a relief during the Euro session, possibly due to traders waiting out geopolitical issues and those turning to the US dollar for...… More…
Pick of the Day: GBP/USD
The GBP/USD has been in a downtrend due to US dollar strengthening. This morning we saw a nice run up in the pair with good economic numbers out of the UK, but it appears the downtrend is resuming. We...… More…
Pick of the Day: USD/CHF
We've seen a strong rise in the US dollar recently, mostly due to the crisis in the Middle East, as traders rush to the greenback for safety. Now, as we look at the 1 hour chart on USD/CHF, it...… More…
Last Week in Review
Monday: No trade Tuesday: +60 pips Wednesday: +35 pips Thursday: -40 pips Total: +55 pips...… More…
Trade Review: USD/JPY
It looks like we didn't get to end the week on a good note. An interest rate hike by the Bank of Japan hasn't been seen in over six years, so it was hard to predict what would happen....… More…
Pick of the Day: USD/JPY
Tonight we have the long awaited interest rate decision by the Bank of Japan at 1:00 am EST. It's been almost seven years since the Zero Interest Rate Policy has been in place, so we could possibly see a...… More…
Pick of the Day: USD/JPY
Tonight we have the long awaited interest rate decision by the Bank of Japan at 1:00 am EST. It's been almost seven years since the Zero Interest Rate Policy has been in place, so we could possibly see a...… More…
Trade Review: GBP/USD
During the Euro session, we saw the GBP/USD gap down after a disappointing employment report in the UK. That brought the pair closer to our short entry trade. The US trade balance report was released with slightly better than...… More…
Pick of the Day: USD/CAD
In the last few trading sessions, we've seen the USD/CAD rise in an impulse wave pattern. This rise is probably due to the dovish comments on future monetary policies from the Bank of Canada and rising strength in the...… More…
Pick of the Day: GBP/USD
Tomorrow morning we have the US Trade Balance report being released at 8:30 am EST. The consensus number is about -64.6 B, but we may see a larger deficit number after hearing that China's export report was better than...… More…
Trade Review: USD/JPY
Well, it looks like the downtrend in USD/JPY never resurfaced so there was no trade triggered. Actually, before the pick was released, the pair did touch the price level, so it was a good thing we didn't get in...… More…
Pick of the Day: USD/JPY
We've seen the Yen gain against many different currencies as traders anticipate that the Bank of Japan will finally raise interest rates from 0% to .25%. It seems that this is being priced into USD/JPY as we speak, but...… More…
Trade Review: GBP/USD
Our long trade recommendation was triggered early in the Euro session before US trading session opened up. At 8:30 am EST, the NFP report showed a number of 121K new jobs created in the month of June. It was...… More…
Last Week in Review
Monday: No trade Tuesday: No trade Wednesday: No trade Thursday: +93 pips Total: +93 pips...… More…
Pick of the Day: GBP/USD
It's that time of the month again - US Non-farm Payroll report!!!! Oh yeah! Once a month we get to see this beast of a market mover, and hopefully we get to catch some pips. This month's consensus for...… More…
Trade Review: GBP/USD
Numbers out of the UK came out as expected and we saw little movement in the market compared to the normal volatility that we usually see. This is also due to the fact that US non-farm payroll report is...… More…
Pick of the Day: GBP/USD
Tonight's pick is on GBP/USD. As you can see from the chart we saw extreme dollar weakness after the dovish comments from the Fed, but failure to break the 1.8500 level. So, now we see a move to the...… More…
Pick of the Day: GBP/USD
Tonight's pick is on GBP/USD. As you can see from the chart we saw extreme dollar weakness after the dovish comments from the Fed, but failure to break the 1.8500 level. So, now we see a move to the short...… More…
Trade Review: USD/CAD
Early in the morning, before the US markets started trading we saw a spike in the pair. It triggered the short entry order at 1.1150. Unfortunately, the 30 pips stop wasn't enough to weather the whipsaw. Actually it wasn't...… More…
Last Week in Review
Monday: No trade Tuesday: +72 pips Wednesday: -40 pips Thursday: -60 pips Total: -28 pips...… More…
Month in Review
06/01/06 - 06/02/06 +00 pips 06/05/06 - 06/09/06 +41 pips 06/12/06 - 06/16/06 -77 pips 06/19/06 - 06/23/06 +146 pips 06/26/06 - 06/30/06 -28 pips June Total: +82 pips...… More…
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