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.

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May 2006

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Pick of the Day: AUD/USD

Posted 22:38 08 May 2006 | Comments

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