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.

Read First: Trade Rules!!

Latest Posts

July 2006

S M T W T F S
1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31

Archives

Trade Review: USD/CAD

Posted 23:50 02 July 2006 | 0

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).

Comments (0)

Post a Comment

Oh snap! You need to be signed in to post comments! If you're already a BabyPips.com member, please sign in. If you aren't part of our ridiculously cool club, please register. It's free! And cool.

Forex Blog: Pick of the Day

"People rarely succeed unless they have fun in what they are doing."
Dale Carnegie
Clicky Web Analytics
Feedback Form