As you can see the pair hit the 100 SMA and then my initial profit target of 10 pips and then my aggressive target within 2 hours. Not bad.
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Every day, I will try to find what I believe is the best looking short term currency trade setup for the upcoming trading day or week. If you're a forex newbie, it can be tricky trying to figure out how to look at charts and draw lines. My goal is help you understand the psychology behind price movements in the foreign exchange markets, so you can learn to analyze your own currency 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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After dipping last week, the value of net long bets on the Greenback increased again. And the latest COT report from the CFTC reveals that the Greenback's advance was broad-based. The Greenback continued to lose ground to the pound, though. ...Read More