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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April 2006

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Trade Review: USD/CAD

Posted 23:14 23 April 2006 | Comments

As you can see from the chart the loonie made a strong move which triggered our trade and within the next hour hit PT1. Closed out one half of the position and moved stop to breakeven for the other half. Unfortunately, the other half was stopped out within the next fews hours. We netted 17 pips last Friday. Not bad!