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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August 2006

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Trade Review: USD/CAD

Posted 20:05 17 August 2006 | Comments

Our short entry was entered on USD/CAD and stopped out for a loss…we were only 6 pips away from hitting pt1 and walking away with some pips… doh!!! It seemed the market was pretty dead until about 12 pm EST when Philly Fed Index came out way, way, way better than expected. Dollar bullishness meant a stopped out trade. Oh, well… all we can do is just learn, learn, learn, learn and try not to repeat past mistakes. On to the next trade!

Lot 1: -30 pips

Lot 2: -30 pips

Total: -60 pips