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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Pick of the Day: USD/CAD

Posted 7 years ago | 11:18 PM | 30 Mar 2006 | Comments

The momentum for this pair is currently in a downtrend, so we'll look to short at a good price. Canada GDP comes out at 8:30 am EST tomorrow so please cancel order if the trade has not triggered. If the trade has triggered, close the trade at 8:00 am EST.

I'm looking to short at 1.1612 if the pair moves up, or at 1.1592 if the pair moves down. Stop for both entries at 1.1645. I have two targets. If the first target is hit at 1.1560 I'm closing half of my position and moving stop to beakeven. Then go for second target at 1.1530. Good luck and good trading!