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 23:12 30 November 2006 | Comments

Sorry if I seem cynical about last night’s trade in my chart review, but that’s how most of November felt for me. As mentioned in last night’s Pick, I said if the pair can sustain a move above 1.9545 it will move to the R2 at 1.9632. So, the pair shot up, except at one point – that one long red candlestick in the middle of the move. It was just enough of a pull back to stop out our trade before continuing the rally in GBP/USD. Arrrrggghhh!!! So, we suffered another loss to end the month. Now that November is over, it’s time to regroup, shake off the losses and look for new opportunities in December to finish the year out strong!

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