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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September 2006

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Trade Review: USD/CAD

Posted 22:03 19 September 2006 | Comments

Apparently, the negative US economic news today wasn't enough to strengthen the loonie against the US Dollar. With consumer price inflation dropping, we may be seeing a slowdown in growth for Canada. Is this a sign of what's to come from the great run the Loonie has had against the Greenback? Only time will tell, but for now our short trade was entered, then unfortunately stopped out. Grrrr!! In hindsight, a good ol' breakout would've done just fine, but that's hindsight - we learn what we can and hope not to make the same mistake twice. On to the next trade!

Lot 1: -20 pips

Lot 2: -20 pips

Total: -40 pips