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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February 2006

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Trade Review: USD/CAD

Posted 23:46 06 February 2006 | Comments

(Click on chart to enlarge)

This trade didn't work out exactly as planned. It did make a move up to the 200 SMA as planned, it didn't quite touch(about 3 or 4 pips off), and then it made a move back down to the 100 SMA. I forgot to mention to take the trade off before the NFP report. Oops! I never have a trade on during that report. As you can see, that report causes extreme volatility and is very dangerous to play.