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 21:41 27 June 2006 | Comments

Without any significant economic reports tomorrow, I had to look for a purely technical play. Because of the lack of reports, I expect low volatility and range trading, but I think I've found a nice play in EUR/JPY. We've been watching the euro rising again and I think with a correction we can jump into this pair's up movement at a nice price. Also, the 145.50 level was a previous resistance point on the daily chart, but the pair broke that this past week. Hopefully, it will act as a support now, so I will place my stop below that level. Here's a long trade idea:

Long EUR/JPY 145.70, stop at 145.40, pt1 at 145.90, pt2 146.50