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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July 2006

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Trade Review: USD/JPY

Posted 21:27 17 July 2006 | Comments

It looks like we didn't get to end the week on a good note. An interest rate hike by the Bank of Japan hasn't been seen in over six years, so it was hard to predict what would happen. What we saw was whipsaw action in the time leading up to the rate decision and afterwards. Fortunately, we kept a tight stop during this uncertain event and limited our losses.

Lot 1: -20 pips

Lot 2: -20 pips

Total: -40 pips