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 7 years ago | 7:04 PM | 17 Aug 2006 | Comments

Without any major economic reports coming out tomorrow, I’m looking to enter a couple of short plays on the AUS/USD, and to catch what seems to be a short term downtrend. It looks like the pair stalled at the 0.7600 level. I’d like to see a small relief rally before I jump in short to jump in at a great price. I drew a fibonnaci retracement and pivot points to check which area of resistance would be a great entry point. So, here it goes:
Short AUD/USD at 0.7640, stop at 0.7660, pt1 at 0.7620, pt2 at 0.7600