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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March 2006

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Trade Review: EUR/JPY

Posted 21:53 09 March 2006 | Comments

As you can see, after the BoJ statement the pair whipsawed up and then made a move down. The BoJ announced an end to their quantitative easing policy, which could possibly lead to a raise in the interest rates, which hasn't happened in like a gazillion years(ok, maybe not that long). With an announcement like that I would have expected a much stronger move. It took it about seven hours to reach the S1 line, so I went long at 139.85 and my 10 pip target was hit two bars later.