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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May 2006

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Trade Review: EUR/JPY

Posted 23:18 04 May 2006 | Comments

Well, it looks like we got bit on this trade last night. My orders got triggered a little after midnight and a couple of hours after the European session opened we saw a drop in the Euro and the trade stopped out. Now, on the chart review, I pointed out that the trade worked after the US session opened at 8:00 am EST. The reason I pointed it out is because it felt like "dÃ©jÃ vu." I've seen this situation many times before. My trade would get stopped out during the European session, and then I would see it work during the US session. I think it's time to make a slight change in my method, in that I should start putting entry orders between 7:00 am to 8:00 am EST. There never seems to be follow through during the European session until the US markets open. Anyways, I'll tweak the method and include it future picks.

Lot 1: -34 pips

Lot 2: -34 pips

Total: -68 pips

On a side note, please forgive me if you have emailed me and I have not responded. I've been having technical difficulties with my email account. Hopefully, it will get fixed soon. Sorry for the inconvenience. Thanks for your patience.