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.

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August 2006

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Trade Review: USD/CAD

Posted 20:44 01 August 2006 | Comments

We saw the greenback spike up after the US economic reports were released, most notably the PCE y/y coming out with a slightly higher number. The pair actually rose up and triggered our long entry order an hour or so before the reports. Unfortunately, the US dollar sold off a few hours later on fears of rising oil prices and summer storms. So, our first target was hit, but our second lot stopped out at breakeven. Not a bad trade.

Lot 1: +20 pips

Lot 2: +00 pips

Total: +20 pips