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.

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October 2007

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Pick of the Day: None

Posted 00:15 25 October 2007 by Pipcrawler

We have the big economic event of the week in US New Home sales tomorrow at 10:00 am EDT. Weak numbers are expected of course, especially after today's weak Existing Home Sales numbers.

We will probably see volatility after the report, maybe even a short term trend, but it may be short lived as many traders wait for the big FOMC decision on interest rates.

I will look to long EUR/USD after tomorrow's report, so stay tuned for a possible trade idea in the morning US session. Until then, good luck, and good trading!

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