About Pick of the Day

Pick of the Day Author

At the end of each trading day, I will find what I believe is the best looking short term trade setup for the upcoming trading day. 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. Trades will be posted by 1 am ET, Monday through Thursday evening.

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Trade Review: EUR/JPY

Posted 22:59 30 May 2006 | 0

It looks like EUR/JPY found support at the 50 sma and 100 sma, and broke previous highs with a strong move during the beginning of the euro session. I'm going to keep an eye on this pair for a move short still. On the daily chart the pair is trading sideways at the top of the channel, so I feel a move down may be coming.

No trade entered.

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