About Pick of the Day

Pick of the Day Author

At the end of each trading day, I will find what I believe is the best looking short term trade setup for the upcoming trading day. 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. Trades will be posted by 1 am ET, Monday through Thursday evening.

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Trade Review: GBP/USD

Posted 23:20 13 June 2006 | 0

After the release of the reports, we saw fast movement in the markets, and a lot of whipsaw action. Our short trade was entered, but soon after, the volatility cause the pair to hit our stop out level. News reports are definitely difficult to trade, and today was no exception.

Lot 1: -36 pips

Lot 2: -36 pips

Total: -72 pips

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Forex Blog: Pick of the Day

"The key to everything is patience. You get the chicken by hatching the egg, not by smashing it open."
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