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 (again)

Posted 21:10 02 February 2006 | Comments

I was taking a look at the charts and saw USDCAD, and I said to myself, "Self, let's go for the same trade one more time!" So that's what I'm doing again today except with the 200 SMA.

I'm shorting USDCAD when it touches 200 SMA, going for 10 pips first, and my aggressive profit target is the 100 SMA. My stop loss is going to be at 1.1501. Good luck and good trading.