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 20:11 06 June 2006 | Comments

We see the euro trending higher against the yen in the past few weeks on the back of positive economic reports out of the euro zone. The pair has hit the top of the channel drawn, so I'm looking to enter long with the trend with a retracement down at the bottom of the middle channel lines, approximately at the 78% fib retracement. We may see some volatility later in the day with E-12 retail PMI, Retail Sales, and Germany factory orders, so please be cautious during those times. Here's a long trade idea to get back in the trend:

Long EUR/JPY at 144.76, stop at 144.46, pt1 at 144.98, pt2 at 145.24

Good luck and good trading!

P.S. - Don't forget to check out Big Pippin's and Pipcrawler's new signal blogs