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 20:45 28 February 2006 | Comments

Today's pick on the EURJPY. We have several economic reports coming out of the E-12 region and today's entries should take advantage of any breakouts from any surprise news reports.

I will go long with a break and candle close above the R2 line and 100 SMA. Going for 10 pips as usual and my aggressive profit target will be 139.32. My stop will be 20 pips below the R2 @ 138.65

If the pair breaks to the downside I will short with a candle close below the 50 SMA and pivot point. After 10 pips, my aggressive target is approximately 137.50.