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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June 2006

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Pick of the Day: AUD/USD

Posted 21:13 15 June 2006 | Comments

This pair has been trending to the downside, but recently we've seen a nice run up. This is most likely due to a bounce back in metals in which the Aussie dollar has a strong correlation to, and recent mixed news coming out of the US. Like they always say, "the trend is your friend" so I think I'm going to look go short and jump in this downtrend at a nice price.

Short AUD/USD at 0.7420, stop at 0.7450, pt1 at 0.7400, pt2 at 0.7385