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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April 2006

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Trade Review: EUR/JPY

Posted 21:49 20 April 2006 | Comments

In last night's trade we some some volatility after the E-12 CPI report that caused the pair to trigger our long order. Unfortunately, there was strong movement that caused the pair to drop and stop out at a 50 pip loss. Fortunately, I kept the other trade order open! It triggered our short order and went all the way down to PT2 within the next hour. So, -50 pips from the first trade, and +43 pips on the second which gives us a net loss of 7 pips. Not too bad.