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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November 2006

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Trade Review: USD/CAD

Posted 18:02 26 November 2006 | Comments

Man, did anyone see that US Dollar sell off coming?!? Traders everywhere, including myself, were expecting a muted trading session due to the US and Japanese holidays. We had a range strategy in the works for the final pick of the week before the holiday, but it was stopped out as the US Dollar sold off sharply in the low liquidity environment. The huge sell off was reportedly due to order flow as stop loss orders were triggered and not for any fundamental reasons. This was another case of the market doing the complete opposite of what was expected. A painful lesson learned which goes to show how unpredictable the market can be.

Lot 1: -20 pips
Lot 2: -20 pips
Total: -40 pips