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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August 2006

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Pick of the Day: USD/CAD

Posted 22:29 22 August 2006 | Comments

I still like a short play on USD/CAD as it seems to drift lower on the one hour chart. Oil prices are back on the rise with geopolitical issues out of the Middle East, which is helping the pair drift lower. I drew a fib extension to help me find possible levels of support and profit levels. We’ll look to short with a break below the 75% fib extension level, or if the pair drifts higher, a short at 1.1190. Please be cautious at 8:30 am EST with Canada coming out with its Leading Indicator report.

Short USD/CAD at 1.1190, stop at 1.1210, pt1 at 1.1170, pt2 at 1.1155

Short USD/CAD at 1.1130, stop at 1.1155, pt1 at 1.1110, pt2 at 1.1075

On a side note... I’ve been getting a lot of questions from many visitors about the best forex website to check out upcoming news events. My favorite would have to be Forex Factory! Not only do they have a great list of upcoming economic indicators, but a great forum as well. It’s a top notch forum website for newbies to learn from other traders… Check it out!