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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May 2006

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Pick of the Day: GBP/USD

Posted 23:56 30 May 2006 | Comments

GBP/USD went into range mode this evening after the strong move due to U.S. Treasury Secretary Snow leaving his position. Traders are sitting on the sidelines waiting for a catalyst now and hopefully we can find one with the GfK Consumer Confidence report later. It's consensus number is inline with the previous at -4, so a surprise may be enough to hit our entry points and targets.

Long GBP/USD at 1.8853, stop at 1.8833, pt1 at 1.8872, pt2 at 1.8900

Short GBP/USD at 1.8782, stop at 1.8812, pt1 at 1.8762, pt2 at 1.8725

Good luck and good trading!