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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March 2006

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Pick of the Day: USD/CHF

Posted 20:58 07 March 2006 | Comments

No major economic news coming out tomorrow for the US dollar or the swissy, so this a straight technical play.

If the pair moves up go long for 10 pips at 1.3205 with a 30 pips stop. For those who want more pips, move the stop to breakeven after 10 pips are made and go for the R2 line at 1.3274.

If the pair moves down, go for a quick 10 pips with a short entry at 1.3086 and a 30 pip stop. For more pips, after the first 10 pip target is hit, move your stop to breakeven and go for the S1 line at 1.3032.