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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February 2006

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Trade Review: USD/CHF

Posted 23:36 10 February 2006 | Comments

In my pick from Wednesday I entered at 141.66. I adjusted the entry because the 100 SMA moved. It easily broke through the 100 SMA and hit my initial 10 pip target. In the next candle it hit my aggressive target of 140.70 for a total of +96 pips.

USDCHF - The trade didn't trigger during aftermath of the US Trade Balance report so I removed my entry orders.

So, for the week if you had only gone for 10 pip targets you would be down 24 pips. If you had gone for the aggressive targets I would be +62 pips. Well, I hope everyone enjoyed this week's trade ideas. Have a great weekend!