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.

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December 2006

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Trade Review: USD/JPY

Posted 05:08 04 December 2006 | 2

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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.

Comments (2)

please help me find where you have put the calender for weekly economic reports thanks
crystal clear amir | Posted 07:34 04 December 2006
Hello Crystal Clear Amir, We don't currently have an economic calendar in the new version of BabyPips.com, but it's one of the features we will be adding very soon, hopefully!
pipcrawler | Posted 11:12 04 December 2006

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Forex Blog: Pick of the Day

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