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.

Read First: My Trading Framework!!

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June 2006

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Trade Review: USD/CHF

Posted 20:13 04 June 2006 | Comments

The Non-Farm Payroll report came worse than expected....way worse! The number of jobs created was a very low 75K, way below the consensus of 170K. It seems the US economy seems to be slowing down which is bad news for the US dollar. The market is now going to be on the lookout for the consumer price index number on June 14th. A weak CPI number, along with the slow jobs growth should give the Fed enough reason to pause rate hikes in June.

After the report was released we saw a huge sell off in the dollar against all currencies, including the Swiss Franc. The pair dropped way past our entry point and dollar continued to drop from there. We missed out on some pips, but we stuck to the plan.

No Trade Entered.