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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December 2006

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Pick of the Day: None

Posted 02:00 12 December 2006 | Comments

I apologize for the late post today. I was out of town this weekend and got in late, so I started my analysis a little late.

We have so many different themes in the market - from the US economy, US pressure on China's currency, rising commodity prices, etc - that many possible trade opportunities exist out there. But we do have the FOMC rate decision tomorrow at 2:15 pm EST, and we should see a muted trading environment as the market waits for the Fed's outlook on inflation, the economy and future interest rate moves.

We do have the US Trade Balance report tomorrow at 8:30 am EST with consensus at -63.0 B. This report has been in a positive uptrend with lower oil and rising exports and we will probably see volatility after the report is released, but it may be short lived ahead of the FOMC Interest rate statement.

So, no pick for tonight ahead of the FOMC Interest rate statement, but they may change in the morning during the US trading session, depending on price action and the Trade Balance number in the morning.

Again, I apologize for the late post and stay tuned for any changes!