Monday, November 14, 2005

Forex Trading- 11/14/05

7:00 pm- 1 Trade Won

Hello everyone! Hope you all had a great weekend. Unfortunately I wasn't able to post this morning because my subscription was expired and I had problems getting renewed. Luckily I was able to get it back up right before the trade happened. I've been working on updates for the Alba system so you might notice that the charts look a little different. It's not concrete yet, but I'm thinking of actually getting rid of all the indicators except the moving averages and strictly relying on price action and volatility of the EU session. Talk about a simple system! I am also getting rid of the morning calculated targets as I have found some flaws with them. Don't worry, they don't affect the actual entries of the Alba system, but since it has some errors, I'd rather just take it off for now until I come up with a better solution.

As for today, there was a classic Alba breakout at 8:20 am EST. I entered 3 lots short at 1692 with a stop loss at 1741 and a target at 1666. My target was hit at 11:40 and I closed 2 lots and moved my stop to the high of that candle which was 1677. Unfortunately there was no more downward movement and my last lot was stopped out at 12:30.

Results: +52 +15 -9(spread)= +58 pips

~Posted by Big Pippin

1 comment:

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