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.

Read First: My Trading Framework!!

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March 2006

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Trade Reviews

Posted 23:33 22 March 2006 | Comments

EUR/JPY

Didn't hit entry point. No longer watching this trade.

NZD/USD

No candle close below the fib line. No Trade.

USD/CAD

The loonie made a big run from the entry point of about 95 pips. Hopefully, those who took the trade had a trailing stop and took some profit as it came 5 pips from my first target before hitting the 50 SMA and making a move back up past my initial stop recommendation.

AUD/USD

This recommendation is currently still in the trade. Entry point was at the candle close approximately .7271. Currently up 124 pips in this trade. I still think it will move down to the bottom of the channel. I will close half of my position and set stop for the other half at .7200.