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/CHF

Posted 23:35 27 July 2006 | Comments

We saw a broad US dollar sell off against many currencies, including the Swissy, at the beginning of the Euro trading session. Pt1 was easily hit, but with good number for Durable goods orders the market spiked back up to close out our second lot at breakeven before dropping back down again after disappointing new home sales....doh!! we missed out on a max profit opportunity, but we at least locked in some pips!

Lot 1: +30 pips

Lot 2: +00 pips

Total: +30 pips