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.

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September 2006

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Pick of the Day: GBP/USD

Posted 21:45 13 September 2006 | Comments

Well, it looks like Prime Minister Blair may have been misquoted when saying that employment data would come out slightly worse today - it unexpectedly came out better! Unemployment claims were actually down unexpectedly, show signs of strength in the economy. So, the short story is no short trade as expected, but our long trade was triggered. Unfortunately, we were stopped out a few hours after entry as traders we're battling it out before picking a direction. Oh, well...on to the next trade!

Long trade:

Lot 1: -20 pips

Lot 2 -20 pips

Total: -40 pips