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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August 2006

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Trade Review: EUR/JPY

Posted 21:50 03 August 2006 | Comments

The ECB hiked rates as expected, but the market reaction was pretty weak. Regardless, the pair moved higher and we saw our long entry order trigger. Pt1 was easily hit for +15 pips, but the pair move back and closed the second lot at break even. We didn’t get max profit, but came out a winner. Nice! On to the next trade!

Lot 1: +15 pips

Lot 2: +00 pips

Total: +15 pips