About Pick of the Day

Pick of the Day Author

At the end of each trading day, I will find what I believe is the best looking short term trade setup for the upcoming trading day. 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. Trades will be posted by 1 am ET, Monday through Thursday evening.

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Trade Review: EUR/JPY

Posted 23:40 28 June 2006 | 0

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.

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"There are two kinds of failures: those who thought and never did, and those who did and never thought."
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