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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August 2006

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Trade Review: GBP/USD

Posted 23:49 08 August 2006 | Comments

After the FOMC report we saw some whipsaw action in the US dollar across the board. First, it sold off, then traders went long the greenback after comments by the FOMC that left the door for possible future rate hikes. With all of this action we still didn’t see a strong enough movement to trigger any of our entry orders. No trade.