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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April 2006

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Pick of the Day: USD/CHF

Posted 20:02 17 April 2006 | Comments

I hope everyone had a great three day weekend. As we came back from a few days of deserved rest and relaxation, we saw a big a sell off in the US dollar, even with a surprisingly strong TIC number. Amidst this sell off was the lack of European traders in the mix, so we should see some volatility at the open of the European session, then a pause as traders wait for the US Producer Price Index report to come out tomorrow morning at 8:30 am EST.

Here's todays picks:

Long USD/CHF at 1.2867, stop at 1. 2839, PT1 at 1.2900, PT2 at 1.2923

Short USD/CHF at 1.2743, stop at 1.2807, PT1 at 1.2711, PT2 at 1.2655

Remember to close half of position when the first profit target is reached and move stop to breakeven for the second half of the position. Close all orders/positions at 3pm EST or at your discretion. Good luck and good trading!