Pick of the Day: USD/JPY
To close out the week, tonight's chart couldn't get any simpler. No Fibonacci, no mathematical indicators - just short at the resistance line! … 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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May 2008 Monthly Archive
Pick of the Day: EUR/USD - Close Open Orders
EUR/USD was not able to make it above the 38% Fibonacci retracement level before falling further to its current levels around 1.55.… More…
Pick of the Day: USD/JPY
After retracing from last week's downtrend, it appears the move lower may resume after finding resistance at 104.00. … More…
Pick of the Day: GBP/USD - Trade Closed
We held our short position over the weekend, and it looks like we came close to our second profit target, but as the European trading session open, Cable caught fire higher on… More…
Pick of the Day: USD/JPY - Close Trade
It's pretty that price action is telling us that the broken resistance did not turn to support. So, our trade idea did not work out and it's time to close it down and move on. … More…
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