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

June 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 29 30

Archives

Pick of the Day: EUR/JPY

Posted 21:44 19 June 2006 | 0

I've been watching this pair for a while, and it seems here we have a nice little example of a currency pair moving in waves. To me, it looks like it has completed its impulse wave pattern and is now in corrective wave pattern mode. Hopefully, we can catch some pips on its way down. Before you jump into this trade, please be aware of the BOJ releasing the minutes from its most recent meeting at 1:00 am EST, and also stay alert around 2:00 am EST as German CPI m/m is released.

Short EUR/JPY at 144.98, stop at 145.30, pt1 at 144.78, pt2 at 144.52

Good luck and good trading!

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

"Knowing is not enough, we must apply. Willing is not enough, we must do."
Johann Wolfgang von Goethe
Clicky Web Analytics
Feedback Form