About Pick of the Day

Pick of the Day Author

At the end of each trading day, I will find what I believe is the best looking short term trade setup for the upcoming trading day. 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. Trades will be posted by 1 am ET, Monday through Thursday evening.

Read First: Trade Rules!!

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June 2007

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Pick of the Day: None

It looks like we're going to start off the month of June with a couple of monster reports out of the US: Core PCE and US Jobs Data. We see US jobs data the first Friday of every month. This is the one report that can cause excessive volatility, enough to create massive slippage on open orders.

Throw in the Core PCE data (the preferred measure of inflation by the Fed), and we could possibly see a lot of whipsaw action if the data is mixed.

So, no trades for now. We will wait for these reports to be released at 8:30 am EDT before we run analysis as the jobs data and inflation data should set the tone for the US Dollar in June. Stay tuned for updates after the reports!

Comments (4)

hi can you tell me , how you read the chart and how you compine it with the fundamental , and the news to take a discision to go to trade or take a posetion? please send me
Greetings alkhatarey, That's a tough question, and I could probably write a whole book to answer it! But to keep it simple, my approach to trading is to gauge market sentiment by seeing how the market (price action) reacts to fundamentals. Depending on how I view fundamentals and market sentiment determines which direction I will take on a currency, and then I would use charts to help me determine an entry and exit levels. This is my approach that works for me. My suggestion is to learn everything you can, demo trade, and then figure out your ideas and beliefs about the foreign exchange markets. From that point you can start refining your strategies and creating methods/systems that will work for you. I know it sounds like a lot of work, but of course the BabyPips community will be here to help! Good luck!
Hi guys , am absolutly new to forex , n to b frank with u all I really dont care how ppl read the charts (As long as I get the right info to make a bit of profit) .After all isnt this all about?... ;-)
Good point nocturnal, but what if one do your favorite Forex commentator stopped putting out ideas for some reason?? What would you do then?? Wouldn't it be nice to know you can do it yourself??

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