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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August 2006

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Trade Review: AUD/USD

Posted 20:25 27 August 2006 | Comments

Our AUD/USD trade went against us at the beginning of Friday’s euro session as the pair dropped and found no support at the .7600 level.After the stop out, I continued to watch the pair and notice that the previous support levels are now turning into resistance levels.We may see a new short term downtrend forming, especially since we see crossing in the MACD and RSI indicators to the downside on the daily chart.

Lot 1: -20 pips

Lot 2: -20 pips