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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July 2006

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Trade Review: USD/CAD

Posted 23:50 02 July 2006 | Comments

Early in the morning, before the US markets started trading we saw a spike in the pair. It triggered the short entry order at 1.1150. Unfortunately, the 30 pips stop wasn't enough to weather the whipsaw. Actually it wasn't enough by 3 pips!!! Doh!!! After the stop out, the pair dropped back down to hit pt1 and pt2. What a frustrating trade! But we'll just have to review and learn, and hopefully we'll take new knowledge away from it.

Lot 1: -30 pips

Lot 2: -30 pips

Total: -60 pips

On a side note, it is an extended holiday weekend here in the US, so we probably won't have a Pick of the Day until Tuesday evening at 12:00 am EST (midnight).