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.
Read First: Trade Rules!!
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Our trade was triggered short at 1.0675 at the beginning of the US trading session this morning. Unfortunately, it was one of those cases where I was able to pick the support area instead of breaking area.… More…
As expected, EUR/JPY corrected a bit further. Unfortunately for our "Pick", it was unable to break support at 163.00 before rallying up to its current level around 163.40. Our trade was never triggered... doh! … More…
Our profit target was hit at 1.0730 as USD/CAD continued to fall after this morning's interest rate decision and the statement soon afterwards. The pair is currently finding support between 1.0710 - 1.0720, and it looks like it will consolidate for the rest of the day. … More…
US Existing Home Sales for April came in at -2.6% to 5.99M. We saw a revision in March up to 6.15M. The Greenback sold off, but the move was minute probably due to low volume ahead of the holiday weekend in the US.… More…
It looks like I adjusted my stop a little too early. After a 20 pip move up from entry, I adjusted the stop from 111.85 to 112.05. Soon after, the pair retraced down once again to close out our position for a 20 pip loss on half a position. 112.00 proved to be a strong support area as the pair has rallied to it's currently level around 112.80..... Doh!!!… More…
With the thought of any rate cut from the Fed anytime this year, the market has sent the Greenback rallying in a slow and steady pace. Will it continue? For now, this is the… More…
Just a quick review from our trade on Thursday in which we were long CAD/JPY. April inflation data did come out stronger than expected which boosted the Loonie, but we hit a stumbling block on Friday as China widened the trading band for the Yuan. This proved to be more of a buying opportunity… More…
We have been entered short half position in GBP/USD at 1.9830. We have April housing data just released with Building Permits down 8.9% and Housing starts up 2.5%. With such a weak Building Permits number I look to… More…
EUR/USD traded in between 1.3530 to 1.3560 during the Euro trading session as data came in mixed from of the Eurozone's largest members. There were no trades triggered and ahead of the closely watched US CPI data out at 8:30 am EDT we will… More…
Canadian Jobs data came in weaker than expected with a -5.2K change in employment. In the US, the headline Retail Sales number came in at -0.2% while the core came in at 0.0%. And the headline US PPI number came in … More…
Trade closed as Sterling sold off ahead if the Bank of England Interest Rate decision during the Euro trading session. It appears to have been a sell off on weaker than expected Manufacturing data along with a "buy the rumor, sell the news" situation as traders… More…
It looks like the market decided to close our positions down for us as USD/CAD dropped further after we adjusted our trade. Our trade hit our adjusted profit target at 1.1060 to lock in +30 pip a few hours before the FOMC Interest Statement. … More…
It's time to take another crack at USD/CAD! Man, this pair just won't stop... or will it? The Loonie is trading against the Greenback right above a psychologically important level at 1.10. Will 1.10 hold as support? Probably not. Today… More…
Well, it's almost the end of another trading today, and today we saw positive data out of the US. We saw surprises to the upside with Nonfarm Productivity at 1.7% versus the consensus of 1.0% and … More…
We saw some volatility last night as the pair dropped close to 1.1100 after the pick was posted. As expected, the pair rallied during the morning Euro trading session, but met resistance at 1.1140 before sharply moving down once again to 1.1100.… More…
ISM and Pending Home Sales numbers both came out at a surprise, with ISM Man. Index out at 54.7 vs 51.0, ISM Man. Prices at 73.0 vs. 65.9, and Pending Home Sales down -4.9%. So, good ISM numbers and bad pending home sales. I wanted to wait to… More…
