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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Week in Review

Posted 23:10 05 March 2006 | Comments

We had 3 trades entered this week. I always go for just 10 pips, but I also have aggressive targets for those looking for more. So, in my review I post if 10 pips were hit, then what happens if you were going for the second target instead (assuming you were asleep and didn't move your stop breakeven after hitting the first target).

Day Pair First Target Second Target

Monday AUD/USD +10 +19

Tuesday EUR/JPY No Trade No Trade

Wednesday EUR/JPY +10 -35

Thursday USD/JPY -26 -26

TOTAL -6 -41

I felt good about all the trades except for the USDJPY. I knew I there news coming out of Japan when I put up the Pick, but I didn't think the news would cause the pair to shoot upwards like it did. Another lesson learned. Well, I hope everyone has a great weekend!