Trade Review: EUR/JPY
In my last pick, we saw the euro quickly rise against the yen, and there was no stopping it! Our short trade was triggered, and we were so close to pt1, but the pair reversed and continued its long term...… 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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August 2006 Monthly Archive
Month in Review
Aug 1 – Aug 3 +165 pips Aug 8 – Aug 11 -65 pips Aug 15 – Aug 18 +10 pips Aug 22 – Aug 25 +37 pips Aug 29 – Aug 31 -20 pips Total August: +127 pips...… More…
Pick of the Day: None
Tomorrow we have the US Non-Farm Payroll report coming out. I usually do give a pick for that trade with a strong warning against trading that report...now I'm just not going to trade it. The market right after that report...… More…
Trade Review: EUR/CAD
pt1, but narrowly missed pt2 before it rose back up and our second lot we closed at break even. There wasn't much going on in the pair as German Consumer Confidence came in as expected, so we were pretty...… More…
Pick of the Day: EUR/JPY
After the weak US consumer confidence number and concerns from the FOMC on the housing market, traders sold of the dollar and piled into the euro. We watched today as the euro rose in value in all of its...… More…
Trade Review: EUR/CAD
The loonie made a fabulous run against the euro in the past few weeks, but in the last few days we've seen a correction and weekness in the Canadian dollar. Is it just a correction before a continued drop...… More…
Last Week in Review
Monday: -18 pips Tuesday: +75 pips Wednesday: +20 pips Thursday: -40 pips Total: +37 pips It was a little bit of a frustrating week as there weren’t many market moving reports and traders are still unsure on what to...… More…
Trade Review: AUD/USD
Our AUD/USD trade went against us at the beginning of Friday’s euro session as the pair dropped and found no support at the .7600 level.After the stop out, I continued to watch the pair and notice that the previous...… More…
Trade Review: EUR/CAD
As expected, EUR/CAD continued its downtrend, but was interrupted by the German Ifo Business Climate Index numbers. The market was expecting much worse due to the terrible ZEW report earlier this week, but the Index number came out as...… More…
Pick of the Day: AUD/USD
The AUD/USD has been in range mode for the past few days, making directional trades difficult. Regardless, I still like a long trade on the pair for a few reasons – Stronger commodity prices, much stronger housing numbers our...… More…
Pick of the Day: USD/CAD
I still like a short play on USD/CAD as it seems to drift lower on the one hour chart. Oil prices are back on the rise with geopolitical issues out of the Middle East, which is helping the pair...… More…
Trade Review: AUD/USD
It was a snoozer of a day in the AUD/USD market as the pair ranged at about 27 pips since 12 am EST. Just my luck, the top of the day’s range did manage to trigger to long order....… More…
Pick of the Day: AUD/USD
Last week I had a short play on AUD/USD, but now it’s time to go long again. It seems like dollar bears are on the rise and commodities are making a new run up which makes a long play...… More…
Last Week in Review
Monday: No trade Tuesday: +70 pips Wednesday: -60 pips Thursday: No trade Total: +10 pips We saw the possibility of future rate hikes drop significantly in the US after a week of negative US data reports, but the greenback...… More…
Trade Review: AUD/USD
In Fridays trade, we saw the pair drift lower as expected, but without any retracement. No trade entered....… More…
Trade Review: USD/CAD
Our short entry was entered on USD/CAD and stopped out for a loss…we were only 6 pips away from hitting pt1 and walking away with some pips… doh!!! It seemed the market was pretty dead until about 12 pm...… More…
Pick of the Day: AUD/USD
Without any major economic reports coming out tomorrow, I’m looking to enter a couple of short plays on the AUS/USD, and to catch what seems to be a short term downtrend. It looks like the pair stalled at the...… More…
Pick of the Day: USD/CAD
Tonight’s pick is on USD/CAD. It’s been in downtrend amidst US dollar bearish sentiment and higher oil prices. With today’s double economic whammy of lower US CPI and Housing Starts, we may see greenback sell off continue as the...… More…
Trade Review: USD/CHF
It looks like we got a little lucky today as our short entry was triggered and was nearly stopped out! Luckily, the CPI and US Housing starts came in numbers lower than expected causing a sell off in the...… More…
Trade Review: EUR/JPY
Well, the chart says it all – besides a little volatility at the beginning of the Euro trading session, this pair went virtually no where. Of course, we shouldn’t be surprised. Many pairs have been stuck in a trading...… More…
Pick of the Day: USD/CHF
The USD/CHF has been in a very tight range of about 12 pips since the close of the US trading session this afternoon. Traders are on the sideline as we have significant US economic reports coming out tomorrow, most...… More…
Pick of the Day: EUR/JPY
We have a great looking chart on EUR/JPY. The euro has been making new all time highs against the yen, but when’s it going to end? Again, who knows? The Eurozone economy has been getting better and better, and...… More…
Last Week in Review
Monday: No trade Tuesday: -50 pips Wednesday: -40 pips Thursday: +25 pips Total: -65 pips...… More…
Trade Review: USD/CAD
We are taking a look at our USD/CAD trade on a 10 minute chart to get a better view of price action on Friday. Our long entry trade was hit as the pair drifted down before Friday’s economic reports....… More…
Trade Review: USD/CHF
For those of you who follow my picks regularly (in which I greatly appreciate), you may have noticed an error in my short entry order last night. Instead of short at 1.2290, it was supposed to be 1.2190. While...… More…
Pick of the Day: USD/CAD
We’re seeing US dollar strengthening after the foiled terror plots (traders tend to run to the US dollar on terror news) and better than expected US economic data today. Even with good numbers out of Canada, the loonie still...… More…
Trade Review: AUD/USD
Okay, so my trade idea from last night got blown out of the water! It’s my fault though. I made a mistake I’ve made before, which is I forgot that the FOMC rate decision was at 2:15 pm EST...… More…
Pick of the Day: USD/CHF
The big news report tomorrow would have to be the US Trade Balance report. Forecasters are expecting a higher deficit because of higher export prices, due to a stronger greenback, and higher oil prices; so we should see a...… More…
AUD/USD
Tonight's pick is on the AUD/USD. As you can see on the one hour chart, the pair has found the 0.7600 level as an area of support, but are we seeing a break of that level now? Well, we've...… More…
Trade Review: GBP/USD
After the FOMC report we saw some whipsaw action in the US dollar across the board. First, it sold off, then traders went long the greenback after comments by the FOMC that left the door for possible future rate...… More…
Pick of the Day: GBP/USD
Big story of the week is going to be tomorrow at 2:15 pm EST when the FOMC releases their decision on interest rates. It seems like all have been hearing from “experts” lately is that the Fed will pause,...… More…
Last Week in Review
Monday: +20 pips Tuesday: No trade Wednesday: +15 pips Thursday: +140 pips Total: +175 pips...… More…
Trade Review: GBP/USD
Non-Farm Payroll came out lower than expected at 113K versus the consensus of 150K. As a result there was a broad based US dollar sold off, and massive pip movement in GBP/USD. Actually, there was a USD selling before...… More…
Trade Review: EUR/JPY
The ECB hiked rates as expected, but the market reaction was pretty weak. Regardless, the pair moved higher and we saw our long entry order trigger. Pt1 was easily hit for +15 pips, but the pair move back and...… More…
Pick of the Day: GBP/USD
It was a nice little surprise from the Bank of England this morning - a quarter point raise to 4.75%! Wish they told me about that one, wouldn’t that be nice? =) Well, as we can see the pair...… More…
Trade Review: EUR/JPY
The markets remain silent throughout most of the Euro trading session, with a little bit of volatility during the Euro/US session overlap. The volatility wasn’t enough to push the pair down to our short entry order. In hindsight, I...… More…
Pick of the Day: EUR/JPY
I still like a short play for the simple fact that we have a rate hike decision from the ECB tomorrow morning at 7:45 am EST. A short entry order??? Aren’t you supposed to go long on a currency...… More…
Trade Review: USD/CAD
We saw the greenback spike up after the US economic reports were released, most notably the PCE y/y coming out with a slightly higher number. The pair actually rose up and triggered our long entry order an hour or...… More…
Trade Review: EUR/JPY
Not much going on tomorrow in the way of economic reports except for the E-12 monthly PPI report. The Producer Price Index measures the inflation felt by manufacturers. So, we may see some movement after the report which will...… More…
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