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!!

Latest Posts

February 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

Archives

Pick of the Day: EUR/JPY

Posted 21:43 08 February 2006 | 0

(Click on chart to enlarge)

EURJPY is in a short term down trend, so I'm going to look at a short play. I will short below the 100 SMA and pivot point right below 141.50. Stop above 50 SMA @ 142.37. Going for 10 pips of course, but my aggressive target is going to be 140.71.

If EURJPY decides to keep going up I will go long above the R3. Right below the 50 SMA as my stop. 10 pips is my first target, then 143.50 as my aggressive target.

Comments (0)

Post a Comment

Oh snap! You need to be signed in to post comments! If you're already a BabyPips.com member, please sign in. If you aren't part of our ridiculously cool club, please register. It's free! And cool.

Forex Blog: Pick of the Day

"Always bear in mind that your own resolution to succeed is more important than any other one thing."
Abraham Lincoln
Clicky Web Analytics
Feedback Form