About Pick of the Day

Pick of the Day Author

At the end of each trading day, I will find what I believe is the best looking short term trade setup for the upcoming trading day. 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. Trades will be posted by 1 am ET, Monday through Thursday evening.

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Trade Review: AUD/USD

Posted 21:33 10 May 2006 | 0

We saw the pair make a strong move right before the US trading session and our long trade was triggered at .7764. After entry, the market did not move much as traders waited for the FOMC interest rate statement at 2:15 pm EST. As expected, we saw volatility after the report as the pair dropped and rose back up, but that was about it. Traders and the world alike are still unsure if the rate hikes will continue. It all depends on upcoming economic reports. As, for the Treasury report, China was not labeled as a "currency manipulator." This proved to be a beneficial for the dollar. So, we did not see strong movement today for our position to hit a predetermined exit. The trade was closed at 5:00 pm EST at .7750

Lot 1: -14 pips

Lot 2: -14 pips

Total: -28 pips

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"The key to everything is patience. You get the chicken by hatching the egg, not by smashing it open."
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