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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Pick of the Day: GBP/USD

Posted 21:56 11 July 2006 | Comments

Tomorrow morning we have the US Trade Balance report being released at 8:30 am EST. The consensus number is about -64.6 B, but we may see a larger deficit number after hearing that China's export report was better than expected. So, here are a couple of trade ideas in case we see surprise numbers out of the US Trade Balance:

Long GBP/USD at 1.8515, stop at 1.8485, pt1 at 1.8540, pt2 at 1.8572

Short GBP/USD at 1.8375, stop at 1.8405, pt1 at 1.8350, pt2 at 1.8330