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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June 2006

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Trade Review: AUD/USD

Posted 23:33 18 June 2006 | Comments

We saw great numbers out of the US current account and consumer confidence reports on Friday, and that helped our short play on the AUD/USD. Our short play was triggered during the euro session and ended with the pair hitting pt2 a few hours later. We finally see a winning trade after a choppy and difficult week in the markets. Hope everyone caught some pips!

Lot 1: +20 pips

Lot 2: +35 pips

Total: +55 pips