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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March 2006

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Pick of the Day: EUR/JPY

Posted 20:52 09 March 2006 | Comments

Even after the BoJ announced the end to their quantitative easing policy the EURJPY remained range bound. So we'll look to do a support/resistance play. If the trade does not hit by 8:00 am EST tomorrow please cancel any entry orders.

Short at 141.30

Stop loss at 141.55

First Profit Target at 141.20

Second Profit Target at 141.00

Long at 140.00

Stop Loss at 140.80

First Profit Target 140.10

Second Profit Target 140.20