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

July 2007

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 00:07 18 July 2007 | Comments

Good evening! Today's "Pick" was a difficult one as we have this week's biggest risk events coming later today with MPC Meeting minutes from the UK, US CPI data, and a host of others.

If we see evidence of the MPC to raise rates to 6.00%, we should see the rally in Cable come very quick. Also, if the US data comes in weaker that expected, iIf not, we will probably see a retracement as this pair looks overbought technically.

For today's trade, I hope to see a retracement, possibly after the UK MPC Monetary Policy report. This would give us a good opportunity to jump in the longer term uptrend at a better price.

Here's our idea:

Long GBP/USD at 2.0400, stop at 2.0360, pt1 at 2.0430, pt2 at 2.0500

Please remember to never risk more than 1% of your account on any single trade. Please adjust position sizes accordingly.

Stay tuned for updates and Good Luck!