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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April 2006

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Trade Review: USD/CHF

Posted 22:27 30 April 2006 | Comments

At about 7:00 am EST, I saw that the pair was already below my entry level, so I waited and entered manually at 1.2525. Afterwards, the quarterly GDP was released. At first, the pair was slow to move down, but then picked up some steam. PT1 and PT2 was easily hit by 10 am EST. Total move from entry to PT2 was +50 pips.

By the way, sorry for the typographical error on the headline and that second scenario idea. Fortunately, the pair never moved up, so it was a non-factor and we did well for the day.