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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September 2006

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Trade Review: GBP/USD

Posted 22:09 07 September 2006 | Comments

Our pretty little chart formation in GBP/USD turned out to be a winner as the retracement proved to be a great time to jump in short. I drew a Fib extension on the chart to show how a pair can react to it, and as you can see the drop responded to the 1.000 level. This level corresponded with the 1.8700 area making it a great resistance area and profit target. So, we could've gone for more pips, but I'm happy with the results. Good job to those who made some pips on this one!

Lot 1: +20 pips

Lot 2: +80 pips

Total: +100 pips