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 23:40 23 July 2006 | Comments

After a very frustrating week, we ended up a win in Friday's pick for USD/JPY. After Fed Chairman Bernanke's dovish testimony to the Senate on Thursday we saw US dollar selling across the board, which carried over to the European session early the next morning. The US dollar sold off sharply which cause our short entry to trigger and eventually we hit pt1 and pt2.

Lot 1: +30 pips

Lot 2: +50 pips

Total: +80 pips