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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May 2006

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Trade Review: USD/CHF

Posted 21:39 07 May 2006 | Comments

As stated in my recommendation, I waited until 7:00 am EST before I tried to enter my orders. Unfortunately, I could not get my limit orders at the levels recommended, so I waited until after the report to enter the market. The report was release at 8:30 am EST. The employment reported an increase of 138,000 jobs in April, significantly below consensus. We saw the dollar sell off after the report, and it did reach our short entry level and then bounced back up. As recommended, I did not enter short because it was too soon after the report. Alas, we never saw the pair drop back down to our short entry level. For record keeping purposes I will record it as a loss of 20 pips per lot.

Lot 1: -20 pips

Lot 2: -20 pips

Total: -40 pips