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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April 2006

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Week in Review

Posted 20:25 09 April 2006 | Comments

The Non farm payroll number came out slightly higher than expected at 211K and unemployment rate fell from 4.8% to 4.7%. Also, the February numbers revised down which caused a mixed reaction initially. We then saw the dollar surge after 10 am EST. This caused USDCHF to hit our entry and rise as high as +30 pips from our entry. If you held the position to the close of the trading day you would have been up 5 pips

Monday No trade

Tuesday No trade

Wednesday +44 pips

Thursday +5 pips

Total +49 pips

Well, we had a decent start to April with a total of +49 pips. Not great, but not bad either. For some of you who have been following my trades you can see a change in my trading style as far as profit targets, entries and exits. I continually tweak and try to improve this part of my trades, and I think this is the style I am going to stick with for now. So, from here on out you'll see bigger profit targets and wider stops. Hopefully, it will work out alright. Thanks for checking out my page, hope you all have a great weekend!