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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August 2006

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Trade Review: AUD/USD

Posted 21:31 22 August 2006 | Comments

It was a snoozer of a day in the AUD/USD market as the pair ranged at about 27 pips since 12 am EST. Just my luck, the top of the day’s range did manage to trigger to long order. Fortunately, I closed out the trade with only a 9 pip loss per lot.

Lot 1: -9 pips

Lot 2: -9 pips

Total: -18 pips