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 23:05 27 April 2006 | Comments

Well, Big Ben spoke and the market listened. After he commented on a possible rate pause in the near term we saw a sell off in the dollar. This triggered our order, and unfortunately we caught the last leg of the move. Our position never PT1 and so I closed the trade out at 5:00 pm EST for a profit of +9 pips. I hope some of you were able to close out the trade earlier and capture a few more pips!