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

October 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 - Close Open Orders

Posted 16:40 02 October 2007 | Comments

Close Open Orders: 2007-10-02 16:40

We will close all open orders to short as Cable did not make the move lower as hoped.

Stay tuned for a new trade idea tonight!

Trade Idea: 2007-10-02 00:50

Good evening! We will start out the week with another attempt on Cable as the pair looks unable to continue its rise at the moment.

With no major economic reports expected for the European trading session, we may see technicals play out. We see that the 240 MA's are moving sideways indicating that the pair is in range bound motion, giving a better chance of success playing tops and bottoms.

It looks like the pair is bouncing lower off of the top Bollinger band (2 standard deviations) and stochastics are trending slightly lower.

I am going to wait for a break below the previous low at 2.0375 and go for quick profits.

Short GBP/USD at 2.0365, stop at 2.0415, pt1 at 2.0340, pt2 at 2.0300

Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.

Good luck everyone!