Trade Closed: 2007-02-05 07:55

Our first short order triggered during the Euro trading session and reached profitability for +30 pips. Our second trade order was triggered as well. Stochastics look to be in the oversold area, so with the current market price at .6815 I will close the second trade order to lock another +5 pips. Congrats to those who caught some pips!

1st Half: +30 pips
2nd Half: +5 pips
Total: +35 pips

Trade Idea: 2007-02-04 20:21

Welcome to another week of Forex trading, and for tonight's Pick we'll take a look at NZD/USD. We have a nice little Fibonacci retracement setup as we see the pair rising after making a strong move from about .6900 to about .6760. Stochastics and RSI are floating around overbought territory, so we will scale into a short position in NZD/USD.

Short half position NZD/USD at 0.6855, stop at 0.6885, pt at 0.6825

Remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.