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 20:29 21 February 2006 | Comments

Today pick is on the EURJPY. Pretty simple really, going long with a break and candle close above the R1 line. Going for 10 pips, targeting R2 as an aggressive target, and stop at 141.59.

Looking for a short play with a break and candle close below the 50 SMA. Place stop 10 pips above the 50 SMA. Go for 10 pips first then target the S1 line for more profit.