Monday, November 07, 2005

Forex Trading - 11/07/05

10:00 pm- No trades

It was a typical Monday as the Euro ranged the whole US session. This is why Mondays can be dangerous. The movement is usually choppy. Thanks to Alba, there were no signals or breakouts and we weren't in the market today. Hopefully things will look better tomorrow. I want share something else with you all. I got an email from one of the Alba traders, Aaron, and he was kind enough to send me his trading results for today. His day ended up in a loss as he made some mistakes according the Alba rules and he wanted me to show you how breaking the rules can hurt your trading account. I commend Aaron for owning up to his mistakes and logging them because it keeps him accountable and he can learn from his mistakes. His chart is pretty self explanatory so I won't say much else about it. However, his first trade, which was a winner, does not meet the Alba signal criteria. Remember the first candle must have touched or come close (1 or 2 pips) to touching the 8 WMA. This was not the case today. However, he was able to make a small profit off of it. Anyways, hope this helps put things in perspective and again I thank Aaron for his willingness to share. ~BigPippin

8:00 a.m Analysis

Good morning everyone!! We saw a 50 pip range due to a slew of retail reports coming out of the euro zone. USD consumer credit will be reported at 20:00 GMT, so be patient and wait for clear signals before trading. With the US economy looking strong, look for continued downside in the EURUSD. After such a strong week there is a big chance of retracement, so look out for that. Good luck and good trading!! ~PipCrawler

Eur session High: 1.1831
Eur session Low: 1.1781
Calculated Target 1: 1.1906
Calculated Target 2: 1.1706

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