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 2008 Thu, 15 May 2008 23:45:15 -0500 http://blogs.law.harvard.edu/tech/rss To close out the week, tonight's chart couldn't get any simpler. No Fibonacci, no mathematical indicators - just short at the resistance line! http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_29.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_29.html Thu, 15 May 2008 23:45:15 -0500 After retracing from last week's downtrend, it appears the move lower may resume after finding resistance at 104.00. http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_28.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_28.html Tue, 13 May 2008 04:03:12 -0500 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 http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_gbpusd_65.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_gbpusd_65.html Mon, 12 May 2008 09:00:39 -0500 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. http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_27.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_27.html Tue, 06 May 2008 10:05:55 -0500 Cable fell during the morning European trading session on weak UK data, most notably the UK CBI trade data and mortgage data. http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_gbpusd_64.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_gbpusd_64.html Tue, 29 Apr 2008 10:48:08 -0500 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. http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurcad_2.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurcad_2.html Fri, 25 Apr 2008 16:20:59 -0500 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. http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_33.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_33.html Wed, 23 Apr 2008 10:53:44 -0500 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. http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_32.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_32.html Wed, 16 Apr 2008 08:11:15 -0500 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. http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_gbpusd_63.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_gbpusd_63.html Thu, 10 Apr 2008 09:12:29 -0500 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. http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_26.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_26.html Thu, 03 Apr 2008 23:53:09 -0500 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 http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_gbpusd_62.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_gbpusd_62.html Tue, 01 Apr 2008 10:20:05 -0500 EUR/USD has been in consolidation mode for the last few trading sessions. We just saw a drop in the Greenback against the Euro within the last few hours to break outside of the range. Is the market ready to test 1.59 once again? http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_31.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_31.html Wed, 26 Mar 2008 16:05:20 -0500 Looks like we took one to the chin today as the US Dollar rally forgot to stall around 1.0050 against the Swiss Franc, and actually took us all the way up to our http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdchf_44.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdchf_44.html Thu, 20 Mar 2008 10:26:26 -0500 Our trade went our way throughout the Asia/Euro trading session (hitting our first profit target along the way), but after testing .9900, the pair rallied and closed out our remaining position. http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdchf_43.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdchf_43.html Wed, 19 Mar 2008 18:21:23 -0500 It seems we missed the boat on today's USD/JPY continued sell off as the pair reached a high around 101.15 before sellers took control in the morning US session. http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_25.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_25.html Fri, 14 Mar 2008 14:06:21 -0500