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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August 2006

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Pick of the Day: None

Posted 20:19 31 August 2006 | Comments

Tomorrow we have the US Non-Farm Payroll report coming out. I usually do give a pick for that trade with a strong warning against trading that report...now I'm just not going to trade it. The market right after that report moves way too fast to get any kind of acceptable execution, even with entry orders. So, I will stay out and wait until after the report to see what the number is and what the market does - if a strong trend forms or if it whipsaws and goes back into range mode. I suggest to be safe, and do the same.