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 18:04 13 August 2006 | Comments

We are taking a look at our USD/CAD trade on a 10 minute chart to get a better view of price action on Friday. Our long entry trade was hit as the pair drifted down before Friday’s economic reports. Retail Sales gave the greenback a boost and we saw pt1 hit soon after. Unfortunately, loonie quickly regained value against the US dollar and our second lot was closed out at break even.

Lot 1: +25 pips

Lot 2: +00 pips

Total: +25 pips