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 23:20 18 July 2006 | Comments

The GBP/USD has been in a downtrend due to US dollar strengthening. This morning we saw a nice run up in the pair with good economic numbers out of the UK, but it appears the downtrend is resuming. We look to target the previous low in tonight's pick, but please be aware of Bank of England minutes release at 4:30 am EST, and US economic reports starting at 8:30 am EST. We also have Big Ben Bernanke testifying to the US Senate at 10:00 am EST. Here's a short trade idea to jump into the downtrend:

Short GBP/USD at 1.8250, stop at 1.8280, pt1 at 1.8225, pt2 at 1.8200