http://www.babypips.com/blogs/pick-of-the-day/ 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. Read First: Trade Rules!! en Copyright 2008 Tue, 22 Jul 2008 10:06:29 -0500 http://blogs.law.harvard.edu/tech/rss We were looking good through a quiet Asian and European trading session as the pair reached as low as 106.05, 5 pips from our first profit target. Well, that's before the US Dollar and risk appetites grew as the morning US session opened up.<img src="http://feeds.feedburner.com/~r/PickOfTheDay/~4/341584637" height="1" width="1"/> http://feeds.feedburner.com/~r/PickOfTheDay/~3/341584637/pick_of_the_day_usdjpy_35.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_35.html Tue, 22 Jul 2008 10:06:29 -0500 http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_35.html Looks like our adjusted stop was triggered as volatility in EUR/USD seemed to increase throughout the US session, moving the pair back and forth between 1.58 and 1.59 today.<img src="http://feeds.feedburner.com/~r/PickOfTheDay/~4/336623001" height="1" width="1"/> http://feeds.feedburner.com/~r/PickOfTheDay/~3/336623001/pick_of_the_day_eurusd_42.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_42.html Thu, 17 Jul 2008 19:04:37 -0500 http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_42.html Closing open orders as USD/JPY only made a high of around 106.80 today before dropping all the way back down to current levels - just above 106.00. We missed the move on this pair and<img src="http://feeds.feedburner.com/~r/PickOfTheDay/~4/335076430" height="1" width="1"/> http://feeds.feedburner.com/~r/PickOfTheDay/~3/335076430/pick_of_the_day_usdjpy_34.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_34.html Mon, 14 Jul 2008 21:10:13 -0500 http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_34.html Good morning! For a while now, we've been watching USD/JPY price action consolidate, but with the renewed fears in the US financial markets last week, we may have finally seen a breakout<img src="http://feeds.feedburner.com/~r/PickOfTheDay/~4/335065988" height="1" width="1"/> http://feeds.feedburner.com/~r/PickOfTheDay/~3/335065988/pick_of_the_day_usdjpy_33.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_33.html Mon, 14 Jul 2008 08:19:13 -0500 http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_33.html EUR/USD retraced a bit higher as hoped, but missed our short entry orders as sellers stopped the rally around 1.5740 and pushed the pair lower.<img src="http://feeds.feedburner.com/~r/PickOfTheDay/~4/329465273" height="1" width="1"/> http://feeds.feedburner.com/~r/PickOfTheDay/~3/329465273/pick_of_the_day_eurusd_41.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_41.html Tue, 08 Jul 2008 11:15:23 -0500 http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_41.html EUR/USD rose and then fell below 1.58 throughout the morning European trading session, but with private US employment data coming out worse than expected, reporting a loss of<img src="http://feeds.feedburner.com/~r/PickOfTheDay/~4/324410235" height="1" width="1"/> http://feeds.feedburner.com/~r/PickOfTheDay/~3/324410235/pick_of_the_day_eurusd_40.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_40.html Wed, 02 Jul 2008 10:41:48 -0500 http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_40.html Not much for today's trade idea other than to continue to play the rising EUR/USD trend as traders continue to take bets off that the Fed will hike rates soon.<img src="http://feeds.feedburner.com/~r/PickOfTheDay/~4/320313249" height="1" width="1"/> http://feeds.feedburner.com/~r/PickOfTheDay/~3/320313249/pick_of_the_day_eurusd_39.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_39.html Thu, 26 Jun 2008 02:34:05 -0500 http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_39.html It looks like my trade idea was good, but I made a mistake in execution with incorrect stop placement as USD/JPY barely touched 108.20 and<img src="http://feeds.feedburner.com/~r/PickOfTheDay/~4/318132384" height="1" width="1"/> http://feeds.feedburner.com/~r/PickOfTheDay/~3/318132384/pick_of_the_day_usdjpy_32.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_32.html Tue, 24 Jun 2008 11:12:55 -0500 http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_32.html Our trade was closed today as the US Dollar sold off as traders feel we may see the Fed hike rates later than first thought.<img src="http://feeds.feedburner.com/~r/PickOfTheDay/~4/313790377" height="1" width="1"/> http://feeds.feedburner.com/~r/PickOfTheDay/~3/313790377/pick_of_the_day_eurusd_38.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_38.html Fri, 20 Jun 2008 10:05:15 -0500 http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_38.html The Greenback continued to rally throughout the Asia and European trading sessions, bringing EUR/USD down to 1.5300 before the pair found buyers to stall the rally.<img src="http://feeds.feedburner.com/~r/PickOfTheDay/~4/310944694" height="1" width="1"/> http://feeds.feedburner.com/~r/PickOfTheDay/~3/310944694/pick_of_the_day_eurusd_37.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_37.html Fri, 13 Jun 2008 12:14:17 -0500 http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_37.html The Greenback continued to push higher on a broad base through the Asian and European session with no retracement.<img src="http://feeds.feedburner.com/~r/PickOfTheDay/~4/309972024" height="1" width="1"/> http://feeds.feedburner.com/~r/PickOfTheDay/~3/309972024/pick_of_the_day_usdjpy_31.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_31.html Thu, 12 Jun 2008 10:24:19 -0500 http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_31.html Our trade was triggered and stopped out this morning as US Dollar strength continues to grow after Bernanke's comments on inflation.<img src="http://feeds.feedburner.com/~r/PickOfTheDay/~4/308542892" height="1" width="1"/> http://feeds.feedburner.com/~r/PickOfTheDay/~3/308542892/pick_of_the_day_usdchf_45.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdchf_45.html Tue, 10 Jun 2008 12:17:26 -0500 http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdchf_45.html I have closed my open orders today as the Euro rallied higher on Trichet's comments that a rate hike may be in the cards for the next meeting to stabilize prices.<img src="http://feeds.feedburner.com/~r/PickOfTheDay/~4/304245952" height="1" width="1"/> http://feeds.feedburner.com/~r/PickOfTheDay/~3/304245952/pick_of_the_day_eurusd_36.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_36.html Thu, 05 Jun 2008 00:09:15 -0500 http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_36.html Looks like I'm going to have to shut this trade down as Bernanke's comments has signaled an end to the rate cuts and the Fed's focus on the US Dollar weakness.<img src="http://feeds.feedburner.com/~r/PickOfTheDay/~4/295927871" height="1" width="1"/> http://feeds.feedburner.com/~r/PickOfTheDay/~3/295927871/pick_of_the_day_usdjpy_30.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_30.html Tue, 03 Jun 2008 15:20:05 -0500 http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_usdjpy_30.html As hoped, EUR/USD rallied a bit higher to the 38% Fibonacci retracement level, and after hanging out just a bit above 1.56, the pair dropped as the US Dollar rallied on<img src="http://feeds.feedburner.com/~r/PickOfTheDay/~4/303419540" height="1" width="1"/> http://feeds.feedburner.com/~r/PickOfTheDay/~3/303419540/pick_of_the_day_eurusd_35.html http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_35.html Tue, 03 Jun 2008 09:30:30 -0500 http://www.babypips.com/blogs/pick-of-the-day/pick_of_the_day_eurusd_35.html