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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August 2006

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Trade Review: EUR/CAD

Posted 21:00 28 August 2006 | Comments

The loonie made a fabulous run against the euro in the past few weeks, but in the last few days we've seen a correction and weekness in the Canadian dollar. Is it just a correction before a continued drop in the pair, or is it a sign of what's happening with weak commodities and Canadian data. You know me, I always try to trade with the trend, and this week I think we may see a continued drop in the euro against the loonie. Here's an idea:

Short EUR/CAD at 1.4205, stop at 1.4225, pt1 At 1.4185, pt2 at 1.4255

Short EUR/CAD at 1.4280, stop at 1.4300, pt1 at 1.4280, pt2 at 1.4260