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 2007

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Pick of the Day: EUR/USD - Trade Closed

Posted 11:10 23 February 2007 | Comments

Trade Closed: 2007-02-23 11:10

We just saw a broad based dollar selloff this morning. EUR/USD shot up along with the selloff and triggered our long trade. We hit our pt for 20 pips soon after! Close open short orders. Have a great weekend!

Total: +20 pips

Trade Idea: 2007-02-23 01:20

Later today we have a potentially volatile reports out of the Eurozone with the German Ifo Business Climate Index and Business Expectations Index at 04:00 EST. These reports gives us a look at the general feel of firms by taking a survey of over 7,000 firms in construction, wholesale, retail, and manufacturing.

Traders will be waiting for the release to jump back into the market, and any surprise should bring EUR/USD out of its range. So, let's be prepared for either a positive or negative surprise...

Short half position EUR/USD at 1.3100, stop at 1.3130, pt at 1.3080

Long half position EUR/USD at 1.3140, stop at 1.3110, pt at 1.3160

Remember to never risk more than 1% of your account on any single trade, so please adjust your position sizes accordingly.

Good luck and good trading!