About Pick of the Day

Each day, I will try to find what I believe is the best looking short term trade setup for the upcoming trading day or week. 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. I will post my ideas and/or reviews through out each session right here, on Twitter and on Facebook.

Read First: My Trading Framework!!

Del.icio.us Bookmark

Technorati Favorite

Latest Posts

August 2006

S	M	T	W	T	F	S
		1	2	3	4	5
6	7	8	9	10	11	12
13	14	15	16	17	18	19
20	21	22	23	24	25	26
27	28	29	30	31

Pick of the Day: AUD/USD

Posted 20:43 24 August 2006 | Comments

The AUD/USD has been in range mode for the past few days, making directional trades difficult. Regardless, I still like a long trade on the pair for a few reasons – Stronger commodity prices, much stronger housing numbers our of Australia, and a mixed US dollar as traders await hints from the Fed of future monetary policy. The market is not expecting any significant remarks from FOMC chairman Bernanke, but please adjust trades according before he speaks (ie. Tighten stops or close profitable positions) to any surprise remarks.

Long AUD/USD at 0.7600, stop at 0.7580, pt1 at 0.7620, pt2 at 0.7650

We’ve done pretty well this week and hopefully we can end the week off strong! Good luck, good trading, and have a great weekend!