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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November 2006

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Trade Review: GBP/USD

Posted 23:50 01 November 2006 | Comments

Well, my contrarian ideas on the current market sentiment proved to be wrong this trading day, but I still think we will see a USD correction sometime soon. First, I had hoped for a market reaction to the ADP Non-Farm Payroll, but got none as the number was released close to expectations at 128K new jobs. ISM Manufacturing came in lower as expected, but the move was rather limited as the pair spiked up briefly before coming back to pre-news release levels. This tells me two things: 1. Negative US economic news is having less of an effect and 2. Market players are leaving a majority of their money on the sidelines waiting for the NFP report on Friday. So, we got a day off from pip making as there was no trade today.

No Trade Triggered.