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

July 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/USD

Posted 20:48 30 July 2006 | Comments

It looks like we closed out the week with a loss gosh darn it! GDP came out with lower than expected numbers which caused a sell off in the US dollar. The pair rose, and at the end of the move triggered our long entry order. Unfortunately, that was the end of the move and the pair reversed and stopped us out. I personally did not take the trade due to the fact that the market was over 100 pips away from the long entry order right before the GDP numbers were released, but we will record it as a loss for record keeping purposes.

Lot 1: +30 pips

Lot 2: +50 pips

Total: +80 pips