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 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: EUR/JPY

Posted 20:44 10 April 2006 | Comments

Good evening! Sorry it's a little late! Hopefully we can start out our week right with this one!

At 2:00 am EST we have the BOJ releasing its monthly Monetary policy report. This report covers economic developments and serves as an indicator to possible future interest rate moves. As you can see in the chart, the pair is in range mode as traders await the announcement. I'm looking to catch some volatility tonight with possible hints of an interest rate hike.

Long EUR/JPY @ 143.75, stop @ 143.45, PT 1 @ 143.90, PT 2 @ 144.40

Short EUR/JPY @ 143.13, stop @ 143.60, PT 1 @ 143.00, PT 2 @ 142.55

Now with economic news coming out in the Euro zone I suggest taking profits at PT 1. Of course, if you hit PT 1, close half of position, set stop to B/E for other half, and go for PT 2. Close opposite trade when position is entered. Close all trades and open orders at 12:00 pm EST or at your discretion.