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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Pick of the Day: USD/CHF

Posted 21:24 29 March 2006 | Comments

It looks like the pair had a tough time breaking and move above the 100 SMA.

I'm looking for a short play on USD/CHF if the pair breaks below and candle close 200 SMA. I'm targeting the 1.3000 price level, with a stop at 1.3125.