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 22:23 22 February 2006 | Comments

Today's pick is on the good ol' swissy... I like a short play on the pair but here's a setup if it goes in either direction. If makes a strong move up I will probably enter long with a candle close above the 76.4% fib retracement line. I will place my stop at about the 50% fib line around 1.3116.

For a short play I would usually enter at the 38.2% fib line, but with all the moving averages in the way I think I will wait with a break and candle close below the blue area drawn on the chart. My will be set for the pivot point; approximately 1.3111.

As usual, I'm going for just 10 pips on the trade. Let's see how it goes.