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: GBP/JPY

Posted 20:26 01 May 2006 | Comments

Early tomorrow morning at 4:30 am EST the UK Manufacturing Purchasing Manager's Index (PMI) is being released. It is a leading indicator of the manufacturing sector, and its consensus number is around 51.5. Any number above 50 is an indicator of an expanding manufacturing sector. Hopefully, we can catch some pips from a potentially volatile report. Here are a couple of ideas:

Long GBP/JPY at 207.80, stop at 207.40, PT1 at 208.15, PT2 at 208.50

If we see a weak PMI number here's a short idea:

Short GBP/JPY at 206.15, stop at 206.55, PT1 at 205.85, PT2 at 205.35

Good luck and good trading!