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/CHF

Posted 21:56 06 February 2006 | Comments

(Click on chart to enlarge)

The pair is in an uptrend, so I think I'm going to do a basic fib retracement play. As you can see the 38% Fib retracement level is lining up with the day's pivot point. I am going to go long at 1.2993, with a stop at 1.2959. Ofcourse, I go for 10 pips first, and my aggressive profit target is going to be at 1.3037.