Pick of the Day: USD/CHF
It's been a quiet week so far for USD/CHF as we saw little reaction on US housing data, but that may change later today with the US Durable Goods reports. Right now, the main market theme is… 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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June 2007 Monthly Archive
Pick of the Day: EUR/USD - Stopped Out
Our trade stopped out ahead of the FOMC statement as market players bought USD and sold Euros. USD buying continued as the Fed held rates at 5.25% and as their statement indicates… More…
Pick of the Day: USD/CAD - Close Trade
Philly Fed Index came out much stronger than expected at 18.0 versus 4.2 in the previous month. This is not good for our trade so I will close at market at 1.0730 to reduce our loss. … More…
Pick of the Day: GBP/USD - Trade Closed
The second half of our position was closed at breakeven this evening. We managed to collect +20 pips from our trade. In retrospect, closing the position earlier would have been the best move. I recognized the move was out of steam, but… More…
Pick of the Day: USD/CAD - Close Open Trades...
With all trading sessions closed except for the US, I have decided to close all open positions and orders at the current market price of 1.0628. It's a great start to the week and I hope everyone did well on this one!… More…
Pick of the Day: USD/CHF - Close Open Orders
We saw US CPI, along with a plethora of other US data, go by and USD/CHF pretty much went no where. The headline CPI read came in at 0.7%, slightly above the 0.6% forecast, and the core number at 0.1% versus 0.2% forecast. We saw more mixed data as… More…
Pick of the Day: None
No trade idea at the moment as it the market is looking pretty choppy. While we do have important economic events in the pipe for today, I think we will see limited movement and … More…
Pick of the Day: GBP/USD - Stopped Out
Our short entry at 1.9680 was triggered during the European session and was stopped out after the positive US Retail Sales data on a "buy the rumor, sell the news" trade scenario. … More…
Pick of the Day: GBP/USD
Today's focus will be on GBP/USD and UK interest rates. Cable has taken a beating as of late as the Greenback has rallied on the idea that a strengthening US economy will prevent the Fed from cutting rates. Where to now? … More…
Pick of the Day: USD/CHF - Trade Closed
Bullish dollar sentiment remained strong as we saw a push in dollar buying durning the European trading session. Our long orders at 1.2280 was triggered and both profit targets were … More…
Pick of the Day: GBP/USD - Trade Closed
The Bank of England's Monetary Policy Committee kept rates unchanged today. As expected, Cable dropped on the news and temporarily found support at our entry point at 1.9850. But with traders flocking to the dollar on a "flight to safety" response on the North Korea event, the momentum was strong enough to break through. … More…
Pick of the Day: EUR/USD - Closed Trade
Our trade was stopped out during the Euro session on an unforeseen event. North Korea launched two shot range missles off its coast today, after which traders flocked to the dollar on as a "flight to safety" response. The dollar rallied and took our trade to the stop out level... doh!! … More…
Pick of the Day: None
It looks like we're going to start off the month of June with a couple of monster reports out of the US: Core PCE and US Jobs Data. We see US jobs data the first Friday of every month. This is the one report that can cause… More…
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