Does a Trendline Break Mean a Further Move Lower for Cable? - Trade Closed
Well, that trade didn't last too long as volatility continued to push Cable down and up during today's Asia and European trading session.…
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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Pick of the Day
Triangle Breakdown Leads to More Selling in Cable? - Trade Closed
And the choppiness continues! There was no follow through to the downside after a nice break of the falling triangle and major support area. …
USDJPY Continuing to Channel Lower? - Trade Closed
USDJPY ultimately did not move my way this time as the pair touched the top of the falling channel, dropped and narrowly hit my first profit target before rallying. The rally was enough to break the upper end of the channel and move to my stop. …
Swing Lower in Guppy? - Trade Closed
Good morning! With the Bank of England interest rate decision quickly approaching, I have decided to lock in profits to avoid event risk.…
Is the EURUSD rally done? - Trade Closed
A combination of better than expected European Bank stress test results on Friday and today's better than expected US New Home Sales brought risk tolerance back to the markets at the start of this trading week. This meant a broad US Dollar sell off and a rally in EURUSD. …
Pick of the Day: GBPUSD - Trade Closed
As expected, UK CPI data brought in volatility to Cable, eventually pushing the pair higher to my entry level. Unfortunately, weak US data and and positive corporate earnings sparks a demand for "risk" at the beginning of the US trading session. …
Long EURUSD at the Fibs? - Close Open Orders
Good afternoon! It looks like I didn't get the retracement I was looking for to go long EURUSD as traders came back from barbeque and fireworks ready to buy! Is it too late to buy??…
Shorting Cable...Third Time's a Charm? - Trade Closed
Wowzers! I went to bed with a nice gain on my trade only to wake up with a nice punch in the face from the FX markets. Has the "Risk"-to-US Dollar relationship changed? …
Another shot at the Cable downtrend? - Trade Closed
It looks like I couldn't catch a break on this trade as it seem traders took the proposed austerity measures in the UK as a good sign to buy up British Pounds…
New opportunity to jump in the Cable downtrend? - Trade Closed
Good afternoon! My remaining position in Cable closed at 1.4620 for a profit during yesterday's return to positive sentiment towards global growth. …
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