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 21:37 29 June 2006 | Comments

The Fed raised rates from 5.00% to 5.25%, and as expected with a 25 bps raised the dollar fell. Within the hour GBP/USD gained almost 200 pips, but to be honest I stayed out of the trade due to the fact that the pair drifted farther and farther away from our long entry point at 1.8300. For record keeping purposes I will record the trade as a loss. In the future I will hold off on any trade ideas for interest rate statements until before it's released. On to the next trade....

Lot 1: -20 pips

Lot 2: -20 pips

Total: -40 pips