Pick of the Day: GBP/USD
Tomorrow morning at 4:30 am EST, we have the Bank of England Meeting Minutes being released. The housing sector in the UK looks to still be on a rise, in which will play heavily in to future rate decisions...… 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
Trade Review: USD/CAD
Apparently, the negative US economic news today wasn't enough to strengthen the loonie against the US Dollar. With consumer price inflation dropping, we may be seeing a slowdown in growth for Canada. Is this a sign of what's to...… More…
Trade Review: EUR/JPY
We saw the euro sell off across the board at the beginning of the Euro trading session, and the sell off only accelerated as the Eurozone CPI report came out as expected at 0.2% and the Trade Balance was...… More…
Last Week in Review
Monday: -5 pips Tuesday: -40 pips Wednesday: No Trade Thursday: +80 pips Total: +35 pips Like last week, we started off slow, but managed to get a win or two and positive pips for the week. This upcoming week...… More…
Trade Review: USD/JPY
What a boring day in USD/JPY!! While we saw some action in the majors, nothing too major about this pair as it stayed in a 40 pip range. It was pretty much expected with the major events coming up...… More…
Pick of the Day: EUR/JPY
We have quite a few US economic reports rolling out tomorrow - most notably the US Consumer Price Index reports. I decided to avoid all of that because of the extreme volatility that is potentially created by that report....… More…
Pick of the Day: GBP/USD
Well, it looks like Prime Minister Blair may have been misquoted when saying that employment data would come out slightly worse today - it unexpectedly came out better! Unemployment claims were actually down unexpectedly, show signs of strength in...… More…
Pick of the Day: USD/JPY
Greetings fellow traders! Tonight's pick is a simple one is that we're just going to jump into a short-term, fundamental based trend in USD/JPY. The yen has been creeping higher in value due to speculation that the Chinese will...… More…
Trade Review: USD/CHF
Well, the US trade balance grew to a whopping $68 billion...eh, who cares? Apparently, currency traders don't! There was a little bit of whipsaw action that brought our short trade to inches from pt1...well, depending on your broker (my...… More…
Pick of the Day: GBP/USD
We have a battle going in this pair and it's between the strength of the US Dollar caused by "inflation concerned"/"oil weakening", versus the "inflation concerned" strength of the Pound. Now, the Greenback has been strengthening across the board...… More…
Pick of the Day: USD/CHF
It's rare that we get to see Elliot wave theory played out so perfectly in the markets, so I had no choice but to make this pair my "Pick of the Day" when I saw it. As you can...… More…
Trade Review: USD/CAD
We saw a surprise from Canada this past Friday morning as employment numbers came out worse than expected. This caused a rally and triggered our long trade, in which we were narrowly stopped out. Luckily, US dollar strengthening continued...… More…
Last Week in Review
Monday: -60 pips Tuesday: +80 pips Wednesday: +100 pips Thursday: +70 pips Total: +190 pips It was a great week as we rode US dollar strengthening and breakouts. +190 pips?? Maybe we should just call it a day for...… More…
Trade Review: GBP/USD
Our pretty little chart formation in GBP/USD turned out to be a winner as the retracement proved to be a great time to jump in short. I drew a Fib extension on the chart to show how a pair...… More…
Pick of the Day: USD/CAD
Well, it's the last trade of the week, and we've done pretty well for the week...+120 pips up until this point. Should we take a break and start the weekend early?? Naaaahhhhh =) Well, I see a breakout opportunity...… More…
Trade Review: GBP/USD
Well, it looks like we got a winner last night with a continued drop in the GBP/USD on rising inflation concerns in the US and inline numbers out of the UK. Within a few hours, the pair dropped and...… More…
Pick of the Day: GBP/USD
I couldn't resist doing another pick on the GBP/USD with such a nice technical setup. Fundamentally, we saw a strong drop in the pair due to inline results from manufacturing and industrial data from the UK, and rising inflation...… More…
Trade Review: EUR/JPY
As you can see on the chart, it looks like we caught the end of the short term downtrend, and the trade went against us for a -30 pip stop loss. I still like a longer term short on...… More…
Pick of the Day: GBP/USD
After a strong move in GBP/USD for the last day or so, the pair is now in consolidation mode - it's now trading in a 20 pip range, approximately. Now traders are potentially waiting for the numbers out of...… More…
Pick of the Day: EUR/JPY
Last week I had a short play on EUR/JPY that didn't pan out too well. In hindsight, it was definitely a good idea to go short, but on a longer term basis with a wider stop. So, we're going...… More…
