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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Will the Greenback rally continue tomorrow?

Posted 00:18 28 December 2006 | Comments

Tomorrow morning we have a slew of economic reports coming out of the US - most notably the US Consumer Confidence report, Existing Home Sales, and the Chicago PMI (Big Pippin did a great job with a brief analysis in his post today of all three reports). Basically, the forecasts are calling for strong numbers and we may see a continued end of year rally in the greenback.

So, no trade idea for the Euro trading session. I will be watching the market tomorrow morning, and depending on price action leading up to the reports I may have one last trade idea before the new year. Again, we are still in a holiday trading environment which means lower liquidity and a higher posibility of spikes, so we will trade smaller position sizes if an opportunity arises.

So, stayed tuned, and for those trading the Euro session, good luck and good trading!