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 21:17 19 July 2006 | Comments

Well, we had another disappointing trade last night as our downtrend hopes were quickly reversed during the euro and US trading sessions. There was slight whipsaw action as our short trade was triggered and then stopped out within the next hour or so. Just a quick note, we saw the US dollar weaken heavily as Bernanke's testimony to the US Senate provided to be slightly less hawkish than in the past. It will be interesting to see what happens to the greenback if the Fed pauses or halts the interest rate hikes. On to the next trade...

Lot 1: -30 pips

Lot 2: -30 pips

Total: -60 pips