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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August 2006

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Last Week in Review

Posted 21:09 20 August 2006 | Comments

Monday:	No trade
Tuesday:	+70 pips
Wednesday:	-60 pips
Thursday:	No trade
Total:	+10 pips

We saw the possibility of future rate hikes drop significantly in the US after a week of negative US data reports, but the greenback still gained on most of the major currencies. I don’t get it – isn’t the opposite supposed to happen? Well, in a sensible and rational trading world then yes, but whoever said that the markets always made sense? It’s been a crazy summer of trading, and it will be interest to see where currencies if the FOMC continues to pause rate hikes and the rest of the world tightens…