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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September 2006

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Pick of the Day: GBP/USD

Posted 21:59 19 September 2006 | Comments

Tomorrow morning at 4:30 am EST, we have the Bank of England Meeting Minutes being released. The housing sector in the UK looks to still be on a rise, in which will play heavily in to future rate decisions from the Bank of England. So, what will the language and tone sound like in tomorrow's release?? Who knows, but the GBP/USD pair is consolidating as traders wait for the Meeting Minutes tomorrow morning. So, let's see if we can catch a breakout tomorrow. Remember that the FOMC Interest Rate Statement is tomorrow at 2:15 pm EST, so we will adjust/close all positions and orders before then at 12:00 pm EST.