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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December 2006

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Trade Review: USD/CHF

Posted 00:52 06 December 2006 | Comments

I guess because of the new site and my ability to post trade updates on the site, I got a little crazy with today's "Pick of the Day." My analysis of the current market environment led me to believe that we would see a further drop as I expected a drop in the ISM service sector number.

My first trade idea was actually stopped out, but I firmly believed that we would see a drop, so I decided to take advantage of my new ability to post directly on the site and offer a new trade idea. Of course, the ISM number surprises to the upside and my second trade idea was closed out as the Dollar rallied on the positive economic news. So, first trade -40 pips and the second trade -50 pips.

I promise I won't get that crazy again, I'm just so excited about the new BabyPips.com....aren't you????