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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May 2006

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Pick of the Day: EUR/JPY

Posted 20:44 16 May 2006 | Comments

We have seen the Euro rise against the dollar lately, but against the Yen it has been drifting lower and lower. Now we have potential volatility with the E-12 CPI coming out at 5:00 am EST. With the trend on the 1 hour chart going down, I'm looking for a short trade when it hits the top of the channel drawn, pivot point, and 50 sma. Now if we see a strong move down, I will look to go long from the S2 line.

Short EUR/JPY at 141.22, stop at 141.62, pt1 at 140.95, pt2 at 140.78

Long EUR/JPY at 140.37, stop at 140.08, pt1 at 140.57, pt2 at 140.67