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: USD/CAD

Posted 23:45 31 October 2006 | 0

USD/CAD

At 8:30 am EST, we saw the US Dollar begin its sell off against the Loonie as Canada released their GDP at 0.3% - higher than expected. The Greenback steadily dropped all the way to the release of the US Consumer Confidence report at 10:00 am EST. The number came out worse than expected at 105.4 versus 108 expected. We saw a sharp move further down, and our short trade entry was triggered. Pt1 was hit easily, as shown in the 10 minute chart above. I wasn’t expecting too much whipsaw action, so I moved my stop on the second half to breakeven. The pair drifted back up and our second lot was closed out at breakeven.

Lot 1: +20 pips
Lot 2: +00 pips
Total: +20 pips

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