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

June 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

Pick of the Day: AUD/USD

Posted 23:19 13 June 2006 | Comments

We are seeing a continued move to the downside in AUD/USD, so in tonight's pick, we will hopefully catch this move at a great price. It's looks like the pair is stalling and back in range mode momentarily, but with tomorrow's CPI data, we may see some volatility as this number has been highly anticipated ever since inflation woes have dominated the market. I'm looking to short at the 61.8 Fib retracement line and the 200 sma, a good point of resistance. Here's the trade:

Short AUD/USD at 0.7450, stop at 0.7480, pt1 at 0.7435, pt2 at 0.7420

Good luck and good trading!