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/USD

Posted 21:59 18 April 2006 | Comments

Later tomorrow morning we have the Bank of England releasing the minutes from their meeting approximately 2 weeks earlier. We will be looking for volatility from any surprise insight on future rate moves or an unexpected vote count.

Long GBP/USD at 1.7848, stop at 1.7800, PT1 at 1.7888, PT2 at 1.7930

Short GBP/USD at 1.7778, stop at 1.7848, PT1 at 1.7737, PT2 at 1.7688

Remember to close half of position when the first profit target is reached and move stop to breakeven for the second half of the position. Close all orders/positions at 3pm EST or at your discretion. Good luck and good trading!