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 22:01 25 January 2006 | Comments

First let's take a look at the chart:

As you can see the pair never broke down past the 50 SMA, so a short trade never developed. Now I did make a side that if it broke above the 200 SMA it would probably make a move to the upside. If you played that you would have netted at least 10 pips.