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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Pick of the Day: EUR/JPY

Posted 20:30 15 March 2006 | Comments

Here's a one hour chart on EURJPY. Tomorrow morning at approximately 5:00 am EST the E-12 Consumer Price Index report is coming out. I'm looking for support and resistance in the areas pointed out at the chart.

On the resistance side I like a sell order at 142.05 with a stop at 142.25. Going for 10 pips first and then 142.65 as my second profit target. On the buy side, I'm looking to place an entry an entry order near the 61.8% Fib line and Pivot point at 141.50. My stop order is 141.30 with an initial profit target of 141.60, and my second profit target is 141.90. Good luck and good trading!