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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June 2006

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Trade Review: EUR/JPY

Posted 21:31 20 June 2006 | Comments

After the impulse wave pattern, we saw the corrective waves and a move sharply lower. It was helped by comments from the Bank of Japan Governor Fukui. Fukui stated that "monetary policy decisions should be made early and changes should be made in small increments." And the market went Yen long on this statement. This caused our trade to trigger and reach maximum profit within a couple of hours! Hope everyone caught some pips!

Lot 1: +20 pips

Lot 2: +46 pips

Total: +66 pips