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!!

Del.icio.us Bookmark

Technorati Favorite

Latest Posts

May 2006

S	M	T	W	T	F	S
	1	2	3	4	5	6
7	8	9	10	11	12	13
14	15	16	17	18	19	20
21	22	23	24	25	26	27
28	29	30	31

Trade Review: GBP/JPY

Posted 21:24 02 May 2006 | Comments

As anticipated we saw strong numbers out of the UK manufacturing sector which caused a rise in the pound against the yen. At about 3:00 am EST, our entry price was triggered, and nearly hit PT1 before it moved back down below our entry. After the report was released the pound just shot straight up on PMI number of 54 vs. the previous number of 51.5. By 6 am EST, our second lot reached PT2. Hope everyone did well on this one!

As stated in my April review I will now review the lots as if two lots were traded.

Lot 1: +35 pips

Lot 2: +70 pips

Total: +105 pips