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 23:40 28 June 2006 | Comments

We had a profitable trade today as EUR/JPY bounced back up as soon as it hit our entry point at 145.70. In just a couple of hours we saw it hit pt1 for +20 pips, while we had to wait until 5 pm EST to close lot 2 for +52 pips. Congrats to those went with this one.

Lot 1: +20 pips

Lot 2: +52 pips

Total: +72 pips

On a side note, my short idea on NZD/USD did break to the downside below the psychological level of 0.6000. We should definitely see a continued drop in this pair, so keep watching it and maybe you'll be able to jump in at a great price.