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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February 2006

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Pick of the Day: EUR/JPY

Posted 21:43 08 February 2006 | Comments

(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.