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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December 2006

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Trade Review: USD/JPY

Posted 05:08 04 December 2006 | Comments

It looks like we got off to a good start for the month of December as we won our first trade. We used a different position management technique on this trade. We shorted one lot instead of the usual two and incorporated a wider stop loss level. This new trade style helped us weather a correction in USD/JPY before it dropped again after the weak ISM Manufacturing Index number at 10:00 am EST on Friday, and we managed to hit pt2 for +60 pips!

Lot 1: pt 2 achieved +60 pips

We will continue to use this new trade method as long as the current trade environment continues. Please read the posts carefully as I may often switch between both the old and the new trades styles.