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.

Read First: My Trading Framework!!

Del.icio.us Bookmark

Technorati Favorite

Latest Posts

December 2006

S	M	T	W	T	F	S
					1	2
3	4	5	6	7	8	9
10	11	12	13	14	15	16
17	18	19	20	21	22	23
24	25	26	27	28	29	30
31

Pick of the Day: GBP/USD

Posted 6 years ago | 12:59 AM | 06 Dec 2006 | Comments

In the next couple of trading sessions, traders are expecting a range bound market as there aren't any significant economic reports to be released until the interest rate statements from the BOE and ECB, and the US Non-Farm Payroll release on Friday. We do have a couple of reports out of the UK that may be significant - Industrial Production and Manufacturing Production - both of which are released at 4:30 am EST.

Both not considered major market movers, but they may cause enough stir to hit a support and resistance point.

Short 1 lot GBP/USD at 1.9820, stop at 1.9860, pt1 at 1.9780, pt2 at 1.9760
Or
Long 1 lot GBP/USD at 1.9660, stop at 1.9620, pt1 at 1.9700, pt2 at 1.9720

Good luck and good trading!