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 7 years ago | 9:33 PM | 27 Jul 2006 | Comments

Tomorrow morning we will see the US Gross Domestic Product quarterly report and GDP deflator released at 8:30 am EST. These are the economy's broadest measure of health and inflation, and they have significant market moving potential if we see surprise numbers. Also, at 9:45 am EST, US consumer confidence report will be released. So, there's a lot of potential to see strong moves in tomorrow's market and hopefully if we see some volatility we can catch some pips in GBP/USD. I used the Fibonacci extensions to draw out possible entry points if we do see a breakout trade:

Long GBP/USD at 1.8655, stop at 1.8635, pt1 at 1.8675, pt2 at 1.8700

Short GBP/USD at 1.8535, stop at 1.8555, pt1 at 1.8505, pt2 at 1.8460