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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September 2006

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Trade Review: EUR/JPY

Posted 21:43 05 September 2006 | Comments

As you can see on the chart, it looks like we caught the end of the short term downtrend, and the trade went against us for a -30 pip stop loss. I still like a longer term short on EUR/JPY- maybe weeks or months - but for the Pick of the Days, we'll stick to our shorter time frame. Looking back on this trade, I had a feeling to go short at 148.50, but played it safe with a short at 148.30. We definitely would've hit a pt1 with that move. In the future, it's no guts, no glory right!? So, I'll choose entries closer to market in order to catch the narrow price action we've been seeing all summer. Not a great way to start September, but I'm sure we'll find opportunity right around the corner!

Lot 1: -30 pips

Lot 2: -30 pips

Total: -60 pips