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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March 2006

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Trade Review: USD/CAD

Posted 22:25 29 March 2006 | 0

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.

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