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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November 2006

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Trade Review: GBP/USD

Posted 07:10 10 November 2006 | Comments

The classic scenario of “buy the rumor, sell the fact” played out early this morning as GBP/USD dropped as soon as the Bank of England announced that they raised rates to 5.00%. Unfortunately for us, the pair was about 100 pips away from our entry order right before the statement release. I personally took off my entry orders because of this, as I knew we’d only catch the end of the move if we were to get triggered – which we did after the positive US Trade Balance number was released better than expected.

This is one reason why I can’t wait for BabyPips.com 2.0 to be released. It will be in a format in which I can update “Picks” throughout the trading day and share ideas with everyone who visits. Until then, for those who did take the trade, we’ll count this one as a loss of -30 pips per lot. Doh!!!!!

Lot 1: -30 pips
Lot 2: -30 pips
Total: -60 pips