tag:www.babypips.com,2008:/blogs/pick-of-the-day//3 2008-06-05T14:31:01Z 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!! tag:www.babypips.com,2008:/blogs/pick-of-the-day//3.2342 2008-06-05T04:09:15Z 2008-06-05T14:31:01Z

I have closed my open orders today as the Euro rallied higher on Trichet's comments that a rate hike may be in the cards for the next meeting to stabilize prices.

Pipcrawler I have closed my open orders today as the Euro rallied higher on Trichet's comments that a rate hike may be in the cards for the next meeting to stabilize prices. tag:www.babypips.com,2008:/blogs/pick-of-the-day//3.2318 2008-06-03T19:20:05Z 2008-06-03T19:47:39Z

Looks like I'm going to have to shut this trade down as Bernanke's comments has signaled an end to the rate cuts and the Fed's focus on the US Dollar weakness.

Pipcrawler Looks like I'm going to have to shut this trade down as Bernanke's comments has signaled an end to the rate cuts and the Fed's focus on the US Dollar weakness. tag:www.babypips.com,2008:/blogs/pick-of-the-day//3.2339 2008-06-03T13:30:30Z 2008-06-03T13:32:47Z

As hoped, EUR/USD rallied a bit higher to the 38% Fibonacci retracement level, and after hanging out just a bit above 1.56, the pair dropped as the US Dollar rallied on

Pipcrawler As hoped, EUR/USD rallied a bit higher to the 38% Fibonacci retracement level, and after hanging out just a bit above 1.56, the pair dropped as the US Dollar rallied on tag:www.babypips.com,2008:/blogs/pick-of-the-day//3.2332 2008-05-30T14:00:39Z 2008-05-30T14:00:52Z

EUR/USD was not able to make it above the 38% Fibonacci retracement level before falling further to its current levels around 1.55.

Pipcrawler EUR/USD was not able to make it above the 38% Fibonacci retracement level before falling further to its current levels around 1.55. tag:www.babypips.com,2008:/blogs/pick-of-the-day//3.2309 2008-05-16T03:45:15Z 2008-05-16T03:48:08Z

To close out the week, tonight's chart couldn't get any simpler. No Fibonacci, no mathematical indicators - just short at the resistance line!

Pipcrawler To close out the week, tonight's chart couldn't get any simpler. No Fibonacci, no mathematical indicators - just short at the resistance line! tag:www.babypips.com,2008:/blogs/pick-of-the-day//3.2301 2008-05-13T08:03:12Z 2008-05-13T08:22:21Z

After retracing from last week's downtrend, it appears the move lower may resume after finding resistance at 104.00.

Pipcrawler After retracing from last week's downtrend, it appears the move lower may resume after finding resistance at 104.00. tag:www.babypips.com,2008:/blogs/pick-of-the-day//3.2297 2008-05-12T13:00:39Z 2008-05-12T13:07:05Z

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

Pipcrawler 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 tag:www.babypips.com,2008:/blogs/pick-of-the-day//3.2289 2008-05-06T14:05:55Z 2008-05-06T14:23:04Z

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.

Pipcrawler 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. tag:www.babypips.com,2008:/blogs/pick-of-the-day//3.2279 2008-04-29T14:48:08Z 2008-04-29T14:54:16Z

Cable fell during the morning European trading session on weak UK data, most notably the UK CBI trade data and mortgage data.

Pipcrawler on weak UK data, most notably the UK CBI trade data and mortgage data. ]]> tag:www.babypips.com,2008:/blogs/pick-of-the-day//3.2277 2008-04-25T20:20:59Z 2008-04-25T20:31:31Z

Our trade was triggered, and after a rollercoaster ride through unrealized loss, then profit, and now back to loss, it appears there aren't enough buyers at the trendline to support our long play.

Pipcrawler Our trade was triggered, and after a rollercoaster ride through unrealized loss, then profit, and now back to loss, it appears there aren't enough buyers at the trendline to support our long play. tag:www.babypips.com,2008:/blogs/pick-of-the-day//3.2270 2008-04-23T14:53:44Z 2008-04-23T14:56:37Z

Our short position was entered quickly after our post and it looks like we caught a break as there was a broad based US Dollar rally throughout the Euro/US overlap.

Pipcrawler Our short position was entered quickly after our post and it looks like we caught a break as there was a broad based US Dollar rally throughout the Euro/US overlap. tag:www.babypips.com,2008:/blogs/pick-of-the-day//3.2256 2008-04-16T12:11:15Z 2008-04-16T12:27:16Z

Euro bulls have been beating on the 1.59 door and it looks like they have broken through on the back of higher Eurozone year over year CPI data this morning.

Pipcrawler higher Eurozone year over year CPI data this morning. ]]> tag:www.babypips.com,2008:/blogs/pick-of-the-day//3.2246 2008-04-10T13:12:29Z 2008-04-10T13:23:27Z

Doh! Looks like sellers made an attempt to push Cable lower during the Asian trading session, but buyers came with force as soon as European markets taking Cable above 1.9800.

Pipcrawler Doh! Looks like sellers made an attempt to push Cable lower during the Asian trading session, but buyers came with force as soon as European markets taking Cable above 1.9800. tag:www.babypips.com,2008:/blogs/pick-of-the-day//3.2237 2008-04-04T03:53:09Z 2008-04-04T04:11:24Z

Here's a quick little resistance play meant for the Asia/Europe trading session. It appears sellers held ground just under 103.00, so we may see it hold once again on another retest of that level.

Pipcrawler Here's a quick little resistance play meant for the Asia/Europe trading session. It appears sellers held ground just under 103.00, so we may see it hold once again on another retest of that level. tag:www.babypips.com,2008:/blogs/pick-of-the-day//3.2228 2008-04-01T14:20:05Z 2008-04-01T14:32:32Z

Our trade was triggered during the morning European trading session and it looks like traders bought in at that support area. Our first profit target was hit and we

Pipcrawler Our trade was triggered during the morning European trading session and it looks like traders bought in at that support area. Our first profit target was hit and we