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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October 2006

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Last Week in Review

Posted 21:20 29 October 2006 | Comments

We watched the Greenback take a beating all last week as US data has been showing that the US economy is not as strong as we all thought, and that further weakness is expected. We pretty much rode USD down the whole week, and with the exception of our Wednesday trade, hit profitability every day.

Monday:	+20 pips
Tuesday:	-46 pips
Wednesday:	+20 pips
Thursday:	+80 pips
Total:	+74 pips

This upcoming week should be as action packed as we have PCE Price Index, Consumer Confidence, Chicago PMI, ISM index, and Non-Farm Payrolls being released. Also, for all of you Euro watchers, when have the ECB interest rate statement on Thursday. So, let’s stay on our toes because there are plenty of pip collecting opportunities out there. Time to end the month of October out strong!