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!!

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Pick of the Day: No Trade

Posted 00:24 11 July 2007 | Comments

Greetings! No "Pick of the Day" tonight. With the lack of news events we may see little volatility in the markets leaving us with low probability of any breakout trades.

It was a wild ride for markets today, with the Euro and GBP rallying high against the dollar. Both the Euro and Cable, looks overbought at the moment, but it is a pretty risky trade to go against the strong trends.

Also, the Yen and the Swissy have rallied strong against the Greenback, so is it time to return to the carry. We will have to wait and see if price dictates a reversal back to a strong risk appetite.

Again, no trade for today, but stay tuned for any possible trade ideas in the morning US session.