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.

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Trade Review: USD/CHF

Posted 00:36 09 November 2006 | 0

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Apparently, the markets took the Democratic win of the House as a good sign as the USD, among other markets, was bid up as soon as the US markets opened up for trading. We were expecting a down US Dollar if the Democrats took control of either the House of Representatives or the Senate, but of course, the market surprised us and went against our trade. So, -40 pips for the day. Let’s get past this whole election thing and move onto some real data. On to the next opportunity!

Lot 1: -20 pips
Lot 2: -20 pips
Total: -40 pips

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