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 21:41 27 June 2006 | 0

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

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

"Things may come to those who wait, but only the things left by those who hustle."
Abraham Lincoln
Clicky Web Analytics
Feedback Form