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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July 2007

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Pick of the Day: USD/CHF

Posted 21:27 11 July 2007 by Pipcrawler

PoD Chart

Greetings everyone! We're keeping it simple tonight as USD/CHF takes a breather from its downtrend, we look for a possible retracement to jump in at a better price.

On the chart, we see the Dollar selloff and the minor retracement it is currently in, but will the selling continue? Of course, we will have to wait and see, but there is a good chance of volatility later tomorrow with the US Trade Balance forecasted worse than the previous month at -60.0B.

So, if the pair rallies a bit more we will jump in near the 50% Fibonacci retracement level. Here we go:

Short USD/CHF at 1.2110, stop at 1.2150, pt1 at 1.2090, pt2 at 1.2000

Remember to never risk more than 1% of your account on any single trade. Please adjust your position sizes accordingly.

Good luck and good trading!

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Comments (2)

Should we keep this parent/contingent order working OR has the window closed meaning we should cancel the order?
pigactor | Posted 23:52 15 July 2007
Greetings Pigactor, I've left this open in hopes that the pair will retrace further, but after taking a look at this weeks news events I am going to close my open orders. Dollar sentiment is bearish right now, and this weeks reports may push it down further without out a retracement to 1.21...
Pipcrawler | Posted 02:30 16 July 2007

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