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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October 2006

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Trade Review: GBP/USD

Posted 21:35 29 October 2006 | Comments

It was all about the GDP reports on Friday as we saw little movement before the report. As expected, GDP numbers came out lower and the US Dollar sold off quickly. Our long trade was triggered, and within an hour after entering the position we hit full profitability. What a great way to end the week!

Long Trade Triggered:
Lot 1: +20 pips
Lot 2: +60 pips
Total: +80 pips