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.

Read First: Trade Rules!!

Latest Posts

August 2006

S M T W T F S
1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31

Archives

Trade Review: AUD/USD

Posted 21:54 09 August 2006 | 0

Okay, so my trade idea from last night got blown out of the water! It’s my fault though. I made a mistake I’ve made before, which is I forgot that the FOMC rate decision was at 2:15 pm EST – after the European and Asian traders has stopped trading. So, when the euro trading session opened up again, the greenback sold of against most currencies, as in the case of AUD/USD. This actually happened at the last FOMC rate decision and I made the same mistake then as well. Grrrrrr!!! Now, it’s ingrained in my brain and hopefully I won’t make the same mistake again. It’s an expensive lesson learn, but it’s time to move onto the next trade!

Lot 1: -25 pips

Lot 2: -25 pips

Total: -50 pips

Comments (0)

Post a Comment

Oh snap! You need to be signed in to post comments! If you're already a BabyPips.com member, please sign in. If you aren't part of our ridiculously cool club, please register. It's free! And cool.

Forex Blog: Pick of the Day

"He who asks a question is a fool for five minutes. He who does not ask a question remains a fool forever."
Chinese Proverb
Clicky Web Analytics
Feedback Form