About Pick of the Day

Pick of the Day Author

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: AUD/USD

Posted 23:50 27 February 2006 | 0

Today's pick is a basic pivot play. I have this feeling the pair is going to run up to the SMA's and then move back down, but to be safe I will wait for a break of the S1 line to enter. So, wait for a break and a candle close of at least 5 pips below the S1 line to go short @ 0.7353. Our stop is going to be at 0.7383. Going for 10 pips first, then move stop to breakeven and then going for 0.7332.

In the case the pair moves to the upside go long after a break and candle close above the R1 line. Set a 30 pips stop and go for 10 pips first, then for 0.7407.

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