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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March 2006

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Pick of the Day: USD/CAD

Posted 20:25 23 March 2006 | Comments

Kinda tough to pick out a trade tonight, especially with a lack of news reports, but I think I found one. If the loonie decides to head south I will enter a trade short at 1.1630. I will have a 20 pips stop at 1.1650. My first profit target is going to be 1.1590. Once I have hit that I will close half of my position and move stop to entry point and have a 20 pip trailing stop.