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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November 2006

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Trade Review: USD/CAD

Posted 23:36 28 November 2006 | Comments

It was another “make-no-sense” day in the market as the US Durable Goods number came out WAY worse than expected. Couple weak US data with oil trading above $60 per barrel (stronger commodities usually correlate to a stronger Canadian Dollar) we should have seen this pair drop! But we didn’t and we watched our short trade trigger and reverse within the matter of minutes. Doh! Hopefully we’ll catch some pips in the next one!

Lot 1: -30 pips
Lot 2: -30 pips
Total: -60 pips