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.

Read First: Trade Rules!!

Latest Posts

May 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

Archives

Pick of the Day: AUD/USD

Posted 22:38 08 May 2006 | 0

It was pretty tough to find a pick tonight, as there is a lack of reports being released. Well, we've seen the Australian dollar make a magnificent run up in the past month, but in the past few days we've seen consolidation. Maybe it's time for a correction... We saw a pull back in commodities in the past few days. Hopefully, tonight's trade idea will help us catch a piece of the correction. Here's the trade idea:

Short AUD/USD at 0.7650, stop at 0.7685, PT1 at 0.7625, PT2 at 0.7600

Comments (0)

Post a Comment

Oh snap! You need to be signed in to post comments! If you're already a BabyPips.com member, please sign in. If you aren't part of our ridiculously cool club, please register. It's free! And cool.

Forex Blog: Pick of the Day

"Look at a day when you are supremely satisfied at the end. It's not a day when you lounge around doing nothing. It's when you've had everything to do, and you've done it."
Margaret Thatcher
Clicky Web Analytics
Feedback Form