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 21:48 01 June 2006 | Comments

Tomorrow morning we have one of the most volatile, market moving reports in the U.S. Non-Farm Payroll report. It is a very dangerous report to play and I recommend to take the trading day off since we're up +67 pips for the week. For those of you who still want to trade I recommend waiting 20 to 30 minutes after the NFP report to enter the recommend levels to avoid whipsaws and quick stopouts. The goal is to wait and see if a strong movement in one direction will form and participate in it.

Long USD/CHF at 1.2300, stop at 1.2254, pt1 at 1.2320, pt2 at 1.2355

Short USD/CHF at 1.2144, stop at 1.2194, pt1 at 1.2129, pt2 at 1.2098

Good luck and good trading!

P.S. - Don't forget to check out Big Pippin's and Pipcrawler's new signal blogs!