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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July 2006

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Trade Review: GBP/USD

Posted 23:00 09 July 2006 | Comments

Our long trade recommendation was triggered early in the Euro session before US trading session opened up. At 8:30 am EST, the NFP report showed a number of 121K new jobs created in the month of June. It was weaker than expected which meant a rocket rise in GBP/USD. Pt1 and pt2 was easily hit after the report. I hope everyone caught some pips!

Lot 1: +28 pips

Lot 2: +65 pips

Total: +93 pips