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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May 2006

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Trade Review: EUR/JPY

Posted 23:31 11 May 2006 | Comments

Sorry to say that I had another losing day in the markets. In last nights pick we saw volatility push the pair down, and then shoot back up! This seems to be the theme this past week with my picks. I've been a pro at picking reversal points. Haha. So, that short trade idea stopped out quickly. At the end of the day my second short pick was triggered and barely moved afterwards. Closed the trade at 5 pm EST with at 9 pip loss per lot. L

First trade:

Lot 1: -30 pips

Lot 2: -30 pips

Total: -60 pips

Second trade:

Lot 1: -9 pips

Lot 2: -9 pips

Total: -18 pips