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 23:55 12 July 2006 | 0

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

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Forex Blog: Pick of the Day

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