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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April 2006

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Trade Review: CAD/USD

Posted 22:11 25 April 2006 | Comments

We saw the Bank of Canada raise rates as expected. Traders sold off the pair which caused our entry order to hit. PT1 was hit within the hour, so we moved the stop to break even on the second half of our position. Unfortunately, the second half of our position stopped out at breakeven and then dropped back down. We managed to net +20 pips today!