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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June 2006

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Pick of the Day: EUR/JPY

Posted 21:44 19 June 2006 | Comments

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!