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.

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Pick of the Day: EUR/USD - Trade Closed

Posted 08:11 16 April 2008 by Pipcrawler

Trade Closed: 2008-04-16 08:11

Euro bulls have been beating on the 1.59 door and it looks like they have broken through on the back of higher Eurozone year over year CPI data this morning.

This closed our trade out as both of our profit targets were hit.

1st Half: +50 pips
2nd Half: +135 pips
Total: +1.85% gain

Hope everyone did well on this one! Stay tuned to see if the market gives us another opportunity tonight!

Trade Update: 2008-04-15 13:32

Our trade was just triggered as EUR/USD fell within the last hour to hit our orders at 1.5755. It is the end of the Euro/US sessions overlap, so we may not see much movement from here for the rest of the US session, but hopefully we will see buying support in the upcoming Asia and European trading sessions.

Stay tuned for updates and adjustments! Good luck and good trading!

Trade Idea: 2008-04-14 22:04

PoD Chart

Greetings! For today's "Pick" we'll take a look at the EUR/USD as we head to what should be a very active session in the currency markets. We have an ample supply of economic releases with the ZEW economic survey data for the Eurozone and for the US we will see PPI and the TIC data.

Our trade ideas is that if we see EUR/USD fall on today's data, we may see buying support at the trendline drawn at the chart. The pair has been drifting higher, so a long play may give us a higher probability of jumping in the right direction.

Fundamentally, we all know that energy and commodity costs have been running high and with the value of the US Dollar falling, investments in US assets are projected to be lower. Any surprise data otherwise should produce some extra action in the markets.

Long EUR/USD at 1.5755, stop at 1.5705, pt1 at 1.5805, pt2 at 1.5890

Remember to never risk more than 1% of you account on any single trade. Adjust position sizes accordingly.

Stay tuned for updates and please be cautious during news releases. It could be very prudent to reduce position size and risk during as news releases can be very unpredictable. Good luck and good trading!

Comments Comments (11) | Email to a friend Email to a friend | Printer friendly version Printer friendly version

Comments (11)

it seems to me that we have head and shoulders figure and stockastics and going down, not sure yer, Im looking to catch a reversal.
dreknar | Posted 13:16 15 April 2008
it seems to me that we have head and shoulders figure and stockastics and going down, not sure yer, Im looking to catch a reversal.
dreknar | Posted 13:16 15 April 2008
It looks like its going to hit it - but its afternoon in US. Does anybody enter trades after noon while Europe & Asia are closed???
enochbenjamin | Posted 13:27 15 April 2008
Pip, I keep saying it that you are the man for this forex job. I got your blog this morning but as at that time, i was short on the EUR/USD pair because i was anticipated the good news from the PPI and TCI report and it all worked to my advantage as i used your Entry point as my profit target.My trade closed and i made 80pips.Keep the blogs coming!! Thanks
demontez | Posted 14:36 15 April 2008
nice trade.
enochbenjamin | Posted 05:19 16 April 2008
Pip, How did you anticipate the entry and exit point of this trade. I tell you all your profit targets was hit. I was only able to pick 40pips going up to the last target.I hope everyone enjoyed this trade as much as i did.Good luck everyone
demontez | Posted 07:11 16 April 2008
Thanks for the comments guys. Demontez, I get lucky sometimes I guess haha. Seriously, it's all in my analysis above. Basically, the pair is in an uptrend and fundamentals and data support that. Gotta go with the trend and we got lucky entering at the trend line. I hope everyone did well in their own trades.
Pipcrawler | Posted 08:31 16 April 2008
Pip, Do you see it hitting 16000 by the close of play today??
demontez | Posted 08:52 16 April 2008
I don't like to make too many predictions, I'd rather react to price action and fundamental data...but I would probably say 'No' as it appears 1.5950 is holding. Bulls and Bears will probably battle it out here for a bit. With no more major news to push the pair, we probably won't see 1.60 by the end of the US session. If anything, we'll see profit taking as the Euro session end and the pair may trend lower. Of course, this is the markets and ANYTHING can happen and today's momentum may not be dead yet....basically, what I'm trying to say is 'who knows?' haha
Pipcrawler | Posted 10:10 16 April 2008
Pip, What is happening today to this pair. it seems the bears are out in full force despite the good trade balance release by the Euro. Any hope for a 1.6000 high today or tomorrow considering there is a song forecast that the jobless claim in the US is likely to increase which might dampen the weakness of the dollar even more.What are your thoughts??
demontez | Posted 07:47 17 April 2008
hi i feel all guys here are doing good with the help of pipcrawler, i am newbie, so i just wanna know what time of day pipcrawler post his views daily.
getgoing | Posted 08:59 03 May 2008

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