http://www.babypips.com/blogs/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. Read First: Trade Rules!! en Copyright 2009 Thu, 19 Nov 2009 19:41:26 -0500 http://blogs.law.harvard.edu/tech/rss Good evening! I thought I'd end the week by throwing out a trade idea on GBPUSD. The US Dollar rallied on Thursday as a drop in global equities caused a run to the Greenback. Will we see more risk aversion trades into the weekend? http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_gbpusd_80.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_gbpusd_80.html Thu, 19 Nov 2009 19:41:26 -0500 Good morning! Not much movements in the markets since I dropped in orders to go long EURUSD, but we did see the pair dip a bit lower to the 38% Fib area and rally up to the http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_64.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_64.html Wed, 11 Nov 2009 11:50:39 -0500 Good morning Forex fanatics! It looks like I was a bit too conservative in my entry order as traders didn't want to wait until the market hit the 50% Fib before dropping some sell orders on USDJPY. http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_58.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_58.html Wed, 28 Oct 2009 09:21:35 -0500 Good morning! It looks like I couldn't catch a break on my remaining position as USDJPY didn't quite reach 88.00 before buyers jumped in and took the pair back above 90.00. http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_57.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_57.html Wed, 14 Oct 2009 07:50:33 -0500 My short term trade produced a few pips as 1.6400 held back GBPUSD bulls throughout the Asia session. My first profit target was hit at 1.6350 ahead of the http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_gbpusd_79.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_gbpusd_79.html Wed, 23 Sep 2009 10:58:49 -0500 Good morning! The EURUSD continues to defy gravity as US Dollar weakness has been, and continues to be, the driver for financial markets in the past week or so. http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_63.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_63.html Wed, 23 Sep 2009 10:20:49 -0500 Doh! US Dollar selling was strong across the board this week, pushing Cable higher and higher! My short entry orders at 1.6615 and unfortunately, there wasn't enough USD buyers at these previous resistance areas to http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_gbpusd_78.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_gbpusd_78.html Fri, 11 Sep 2009 11:49:58 -0500 Good afternoon! It looks like I didn't enough of a rally in EURUSD to trigger my short orders at 1.4400 before the pair dropped at the beginning of the European trading session. http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_62.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_62.html Tue, 01 Sep 2009 16:50:40 -0500 Good afternoon! It looks like EURUSD sellers have 1.4380 on lockdown as the pair could not stay above that area for very long during the Asia and European trading sessions, and then fell below 1.4300 during the US trading session. http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_61.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_61.html Fri, 28 Aug 2009 16:00:52 -0500 Good morning! It looks like I missed out on some strong risk aversion moves as USDJPY made a high around 95.30 (20 pips under my entry level) before dropping lower. http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_56.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_56.html Wed, 19 Aug 2009 10:28:52 -0500 With the end of the European trading session wrapping up and the FOMC interest rate decision and statement approaching, I have decided to close my trade to avoid event risk. http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdchf_47.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdchf_47.html Wed, 12 Aug 2009 11:03:22 -0500 We saw a bit of volatility, and potential shift in sentiment today as we saw risk aversion in USDJPY beginning in the European trading session. A bit of help to Yen bulls when consumer confidence data in the US printed a http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_55.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_55.html Tue, 28 Jul 2009 17:55:28 -0500 Well, the bullish momentum for more risk taking has continued as US earnings have surprised to the upside. Resistance at 1.4000 and 1.4100 have failed to hold and the pair made its way up to http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_60.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_60.html Mon, 20 Jul 2009 15:38:30 -0500 Yo Yo! Man, it looks like my trade never materialized as USDCHF barely missed the 1.0950 level before dropping down to 1.0800 and beyond. Doh! It's the end of the week and http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdchf_46.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdchf_46.html Fri, 10 Jul 2009 15:40:22 -0500 Good evening! It looks like I couldn't get into any positions this week as USDJPY did rise towards 97.00, but not enough as the pair did not trigger. With a possibly wild economic day coming up, I have decided to avoid event risk and close my trades orders out. http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_54.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_54.html Wed, 01 Jul 2009 22:42:44 -0500