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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Week in Review

Posted 23:12 12 March 2006 | 0

We had 3 trades entered this week. Two winners and one loser. Take a look:

Day

Pair

First Target

Second Target

Monday

NZD/USD

+10

+21

Tuesday

USD/CHF

-30

-30

Wednesday

EUR/JPY

+10

+10 No suggest 2nd Target

Thursday

EUR/JPY

No trade

No trade

TOTAL

-10

+1

Unfortunately, that 30 pip stop loss killed the profits gained from the other two trades. Also, Thursday's trade missed entry by 2 pips! It would have been nice as the 10 pips and the aggressive target would have been hit. I'm going to further review these trades and continue to tweak my entry and exit orders.

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