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/CHF

Posted 21:51 09 August 2006 | Comments

The big news report tomorrow would have to be the US Trade Balance report. Forecasters are expecting a higher deficit because of higher export prices, due to a stronger greenback, and higher oil prices; so we should see a drop in the USD/CHF tomorrow. In will have a short trade idea in case this scenario plays out, and with a downtrend on the daily and 4 hour charts, it looks to be a high probability trade. Also, we’ll have a long trade ready, in case of the very low probability that we’ll see good Trade Balance numbers for the US. Here we go:

Short USD/CHF at 1.2290, stop at 1.2310, pt1 at 1.2260, pt2 at 1.2240

Long USD/CHF at 1.2360, stop at 1.2340, pt1 at 1.2390, pt2 at 1.2410

Good luck and good trading!