About Pick of the Day

Pick of the Day Author

At the end of each trading day, I will find what I believe is the best looking short term trade setup for the upcoming trading day. 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. Trades will be posted by 1 am ET, Monday through Thursday evening.

Read First: Trade Rules!!

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January 2007

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Pick of the Day: EURCAD - Trade Closed

Trade Closed: 2007-01-12 10:50

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Our trade triggered in the early US hours, and after weathering some whipsaw action, pt1 was hit! We closed the first half of our position and locked in +30 pips, then moved the stop on the second half of our trade to breakeven. The second half of our position was stopped out soon after as the pair retraced back up to 1.5150 before heading south again.

1st Half: +30 pips
2nd Half: +00 pips
Total: +30 pips

So, we ended the week on a positive note. I hope everyone has a wonderful weekend, and an extended weekend for those in the US!


Trade Idea: 2007-01-12 00:36

For tonight I'm looking at EURCAD. Here's my thought process...We have a weak sentiment on the Euro after Trichet commented without the "strong vigilance" rhetoric. Also, we may see strength in the Loonie tomorrow as OPEC conducts an emergency meeting after oil prices slid to around $51 per barrell. They may cut the daily output which may push oil prices higher. A short trade makes sense, so let's short below the previous low at:

Short EURCAD at 1.5140, stop at 1.5180, pt1 at 1.5110, pt2 at 1.5060

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!


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