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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Trade Review: EUR/JPY

Posted 22:44 11 April 2006 | 0

Sorry, no charts today due to technical difficulties I won't have the abilities to post charts up. Until then I won't be able to do a daily pick, so keep checking back or for those of you signed up for the newsletter, we'll send you folks an email. Again, I apologize for any inconvenience. On to the trade...

Yesterdays, trade on the EUR/JPY was good for +15 pips. At 3 am EST the trade was triggered, and at approximately 8:30 am PT1 was hit. Closed half of the position and moved the stop to B/E. Unfortunately, we didn't get a push through to PT2, so the other half was stopped out at breakeven. Hope everyone did well on this one.

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Forex Blog: Pick of the Day

"Mistakes are the usual bridge between inexperience and wisdom."
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