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 23:55 12 July 2006 | Comments

During the Euro session, we saw the GBP/USD gap down after a disappointing employment report in the UK. That brought the pair closer to our short entry trade. The US trade balance report was released with slightly better than expected numbers causing the pair to further decline. Our short entry order was hit and within the next couple of hours we reached maximum profit.

Lot 1: +25 pips

Lot 2: +35 pips

Total: +60 pips