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: EUR/JPY

Posted 23:53 19 April 2006 | Comments

Tomorrow morning at 5:00 am EST we have the release of the E-12 CPI report. The number is forecasted to be at 2.2% and any number over 2.0% is considered to be above ECB's "neutral rate" This number will be closely watched and may give insight on whether the ECB will hike rates in May or June. So, today's pick will try to capture any potential volatility from that report.

Long EUR/JPY at 145.45, stop at 144.95, PT1 at 145.65, PT2 at 146.00

Short EUR/JPY at 144.93, stop at 145.40, PT1 at 144.72, PT2 at 144.50

Watch out for resistance at the 50 SMA and 100 SMA.

Remember to close half of your position when the first profit target is reached. Then move stop to breakeven for the second half of your position and go for PT2. Close all orders/positions at 3pm EST or at your discretion. Good luck and good trading!