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.

Read First: Trade Rules!!

Latest Posts

May 2006

S M T W T F S
1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31

Archives

Trade Review: USD/CHF

Posted 21:39 07 May 2006 | 0

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

Comments (0)

Post a Comment

Oh snap! You need to be signed in to post comments! If you're already a BabyPips.com member, please sign in. If you aren't part of our ridiculously cool club, please register. It's free! And cool.

Forex Blog: Pick of the Day

"Anyone who lives within their means suffers from a lack of imagination."
Oscar Wilde
Clicky Web Analytics
Feedback Form