About Pick of the Day

Pick of the Day Author

At the end of each trading day, I will find what I believe is the best looking short term trade setup for the upcoming trading day. 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. Trades will be posted by 1 am ET, Monday through Thursday evening.

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August 2007

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Pick of the Day: USD/CAD

Posted 23:05 20 August 2007 by Pipcrawler

PoD Chart

Good evening! The Loonie has been on a tear a against the Greenback and we may see more to come with Canadian CPI and Retail Sales later today.

On the chart, we can see the pair trading within the 240 MA's. We will probably continue to see the pair trade sideways up until the both reports later today starting at 7:00 am EDT.

I am short bias on the pair, to trade with the downside momentum, and I am looking to enter short below the previous low at 1.0529.

Short USD/CAD at 1.0510, stop at 1.0560, pt1 at 1.0460, pt2 at 1.0400

Remember to never risk more than 1% of your account on any single trade. Adjust position sizes according.

Good luck and good trading!

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