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.

Read First: My Trading Framework!!

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March 2006

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Trade Review: EUR/JPY

Posted 21:15 19 March 2006 | Comments

Here's a quick review of my only pick after my break last week. It looks like I underestimated the move of the E-12 CPI report and picked out the wrong resistance point at the R2 line. It's okay. It's another important lesson learned on gauging news reports, and I limited the loss to only 20 pips.

Longer Term Trade reviews

USD/CAD

My USDCAD pick went as far as 85 pips before returning to the entry point. Still in trade.

EUR/JPY

My longer term pick on this pair still has not hit entry point. I will continue to watch this trade.

AUD/USD

This pair has broken below and closed below the middle channel lines. Entered at .07271. Currently up 18 pips at 0.7253. Still in trade.