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.

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August 2006

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Trade Review: EUR/CAD

Posted 21:45 24 August 2006 | Comments

As expected, EUR/CAD continued its downtrend, but was interrupted by the German Ifo Business Climate Index numbers. The market was expecting much worse due to the terrible ZEW report earlier this week, but the Index number came out as expected at 105.0 – good for the euro, bad for our trade. Our second lot was stopped out at breakeven. Eventually, the pair went back into short mode as you can see on the chart. I will continue to watch this pair for longer term trades as it seems like the trend will continue for a while.

Lot 1: +20 pips

Lot 2: +00 pips

Total: +20 pips