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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May 2006

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Trade Review: EUR/JPY

Posted 23:43 17 May 2006 | Comments

After the open of the US trading session we saw a big drop in the pair which hit the bottom of the channel shown. We entered long at S2 line and saw a quick rise to hit our pt2. Unfortunately, the pair rose so fast it hit our long order and it trended for the rest of the day. Closed at 5 pm EST.

Long trade entered:

Lot 1: +20 pips

Lot 2: +30 pips

Total: +50 pips

Short trade entered:

Lot 1: -21 pips

Lot 2: -21 pips

Total: -41 pips