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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August 2006

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Trade Review: AUD/USD

Posted 7 years ago | 9:54 PM | 09 Aug 2006 | Comments

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