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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March 2006

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Trade Review: USD/CAD

Posted 22:25 29 March 2006 | Comments

Another loss on this trade recommendation. Luckily it's only 14 pips. After looking back on the trade, I over look a very important thing and realized why it didn't work. The Fed rate decision didn't come out until 2:15 pm EST, which is after the European trading session is closed. So, European traders didn't get a chance to trade the news release until the next day of trading.

So, when the trading opened in the European session the dollar was bought up pushing the pair through my entry and stop. As soon as it hit my stop though, it dropped back down in my direction. Wonderful! Hehe oh well...it's another lesson learned.