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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May 2006

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Trade Review: AUD/USD

Posted 23:37 09 May 2006 | Comments

Well, I made a major error with last nights pick... I admit it. I went with the fundamentals and ignored technical analysis. I saw a pullback in commodities and a short term rise in the strength of the dollar and went against the trend. I thought there would be a correction and I was wrong. It was a gamble and I paid for it in the form of 70 pips. Goes to show you, the trend is your friend....until it stabs you in the back and takes your money.

Lot 1: -35 pips

Lot 2: -35 pips

Total: -70 pips