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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Trade Review: AUD/USD

Posted 20:12 24 January 2006 | Comments

Let's review yesterday's trade. Well, it looks like AUDUSD hit our entry point of 0.7498. First, the good news. If you were less aggressive and went for 10 pips your profit target would've been hit. The bad news, if you're aggressive like me, is that you would've been stopped out at 0.7525. Here's the chart: