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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June 2006

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Trade Review: GBP/USD

Posted 7 years ago | 11:20 PM | 13 Jun 2006 | Comments

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