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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Pick of the Day: NZD/USD

Posted 21:02 06 March 2006 | 0

This is a pure technical play since there aren't any major news coming out for the NZDUSD until Wednesday. If the pair manages to make it up all the way to the 38% fib line then it could possibly make it's way back up to the pivot point. I will buy NZDUSD at 0.6574 and go for 10 pips first. For those of you who want more, move the stop to break even and go for the pivot point at 0.6601. Stop loss will be set at 0.6544.

OR

If the pair decides to head south short at 0.6509 and go for 10 pips. For the aggressive traders, if it hits 10 pips move your stop to breakeven and go for the S2 line at 0.6488. Set intial stop at 0.6539.

Good luck and good trading!

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