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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June 2006

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Pick of the Day: USD/CAD

Posted 22:36 29 June 2006 | Comments

USD/CAD has been ranging between 1.1300 and 1.100, and it looks like it's in a downward trend at the moment. After today's US interest rate hike the pair made a strong move downward and I believe we may see a continuation of that move during the euro session. I'm thinking one of two scenarios may happen: 1. The drop down has been temporarily exhausted and we will be seeing a short term correction to the upside. At that point traders will jump in short again... or 2. A strong move to the downside will continue after the open of the euro session. Here's a couple of short ideas:

Short USD/CAD at 1.1150, stop at 1.1180, pt1 at 1.1130, pt2 at 1.1100

Short USD/CAD at 1.1050, stop at 1.1080, pt1 at 1.1030, pt2 at 1.1000

Please be cautious during the morning US economic report releases at 8:30 am EST and 10:00 am EST.

Good luck and good trading!