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.

Read First: Trade Rules!!

Latest Posts

January 2006

S M T W T F S
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31

Trade Rules:

  1. Trade lots in multiples of 2.
  2. Recommendations will include entry point, initial stop-loss level, first profit target (PT1) and second profit (PT2).
  3. When PT1 is reached, close half of the open position. From here you can do one of two things - move the stop for the other half to breakeven point (this will lock in profit from first half for the day) or leave the stop on the second half as it is and this will create a risk free trade for the day (if you get stopped out on the second half, the profits from the first half will offset the loss on the second half).
  4. Close any open trades or orders at 5 pm EST, or at your discretion.

My picks and analysis are intended for demo use only to help further your trading education. Good luck and good trading!

Comments (6)

Hi, I'm new in Forex. Can you give me some example on trade lots in multiples of 2? Thanks
Hi, I'm new in Forex. Can you give me some example on trade lots in multiples of 2? Thanks
Hi Pipcrawler, your trading rules are ingenious. Wonder for situation where market position did not hit PT1 and PT2 and went directly to SL. Shall we close the position by 2 same SLs or we shall have another SL? Thanks in advance.
Sounds,Sound Advice! Can you please confirm what you mean by "Trade lots in multiples of 2"?
New to your BLog. Really dumb question. I took a tip today and did the USD/CAD play off the Canada interest rate cut. Unfortunately, I believe I took the wrong position. I clicked on the right side USD for 10,000. In my practice account I then lost around $50. Should I have sold USD instead of bought, and clicked the left side?
can we get these an alerts on our cell phones when they come up?

Post a Comment

You are not signed in. You need to have a user name to post comments. Please sign in. If you don't have one yet, please register. It's free!

(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)

"If you refuse to accept anything but the best you very often get it."
Somerset Maugham
Clicky Web Analytics