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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March 2006

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Trade Review: EUR/JPY

Posted 23:41 02 March 2006 | 0

I pulled up the 10 min chart to show the price action on this pick. Basically, after the short trade was triggered my target of 10 pips was hit 30 minutes later and then went back up. For all those who took the aggressive target and didn't move your stop, you would have been stopped out at the red line drawn on the chart for a total loss of 25 pips.

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