Pipcrawler's Forex Picks

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Sunday, March 26, 2006

Week in Review - 3/19/06 to 03/24/06

This past week I had 3 forex intra day recommendations and I closed out I long term trade recommendation. My first NZD/USD trade idea did not enter, but on my second recommendation NZD/USD fit my entry criteria. Unfortunately, I had a pretty small stop loss of 20 pips which my trade hit before shooting down in my predicted direction. For those who entered at a higher price and didn’t get stopped out, congratulations! You made out really well. For my third forex trade idea of the week the USD/CAD never moved down to enter a trade, but I will still be watching those levels for they are great trade entry points. And finally, this past week I closed a forex trade based on one of my longer term picks from 2 weeks ago. I drew a channel on the AUD/USD and I shorted once it broke below and had a candle close below the middle of the channel lines. I closed the trade out when it hit my max potential target. It was a good 157 pips.

It was a pretty tough week and I think I still have to work on my stop loss and exit strategies. If I had a wider stop loss on the NZD/USD trade I would’ve gotten a chance to catch some pips as I know some of you did. The market is a constantly changing environment which makes trading a continual learning process. Never forget that. Have a great weekend!

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