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

April 2007

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: CAD/JPY

Posted 6 years ago | 11:50 PM | 03 Apr 2007 | Comments

Tonight we will look at CAD/JPY. We've seen a few factors today that may push the pair down to a great buying price to jump in the "Return of the Carry Trade" bonanza we're seeing today. The bull run in oil took a breather today as tensions in Iran eased as Iran and U.K. agree to negotiate the release of the British sailors and marines. Also, we may see a decline in CAD/JPY as Canada's main commodity moneymaker may take a hit in the short term and on profit taking.

Let's see if we can get long on CAD/JPY:

Long CAD/JPY at 102.10, stop at 101.80, pt1 at 102.30, pt2 at 1.0260

Please remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.

Good luck and good trading!