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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Pick of the Day: AUD/USD

Posted 23:04 08 June 2006 | Comments

The US dollar has been gaining some ground against the Aussie dollar, so I've decided to jump in the downtrend of this pair. The pair has tested the .7400 handle, retraced, and it's back down again, barely keeping it's head about that level. Because AUD/USD is in a downtrend I'm looking for a short play on this pair. My only concern is the release of the trade balance report tomorrow at 8:30 am EST. Please be very cautious during that time period for potential volatility from a surprise number. Here's a couple of trade ideas:

Short AUD/USD at 0.7466, stop at 0.7496, pt1 at 0.7450, pt2 at 0.07425

Short AUD/USD at 0.7377, stop at 0.7407, pt1 at 0.7350, pt2 at 0.7330

Good luck and good trading!

P.S. - Don't forget to check out Big Pippin's and Pipcrawler's new signal blogs!