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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February 2006

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Pick of the Day: USD/CAD

Posted 21:32 01 February 2006 | Comments

USDCAD has been in a down trend and has been bouncing down off the 50 SMA along the way. I see the pair making a break up to 100 SMA and then possibly coming back down. So, for this trade I'm just going to have watch and make the trade when it touches the 100 SMA. I'm placing the stop 10 pips above the R2 line. Going for 10 pips as usual, and my aggressive target is going to be the R1 line. Good luck and good trading!