Tuesday, January 03, 2006

Forex Trade - 01/03/06

7:45 pm- 1 Trade won

Well it's great to be back! I hope you all had a very merry Christmas and a happy New Year! I know I did. My stomach grew a full 2 inches :) Today was an excellent day to come back to the market. At 9:20 there was a signal candle but the entry candle closed too close to the EU session high. I thought the price might drop back down but instead it made a nice breakout on the very next candle. Since I still had some time before the news, and because there was both a signal and a breakout, I decided to enter the trade, but I had full intentions of closing it out at 10am for the ISM report regardless if I won or lost. I entered at 1919 with a stop at 1882 and a target at 1938. At the close of the 9:50 candle the price was at 1934 and I closed all 3 of my lots. Because the market moved so quickly, I didn't want to re-enter after the news because the risk would've been really big and I had already won for the day so I decided not to trade again. It was a nice long move and even though I didn't get all of it, I'm still happy with a win. ~Big Pippin

Results: +45 -9(spread)= +36 pips

8:00 am - Analysis

Good Morning and Happy New Year!! I hope everyone's holiday season was great! It's a new year and time to start making some pips again! Today, we don't have any US economic reports until 10:00 am EST. ISM Manufacturing and Construction spending is coming out at that time, so be careful with the Alba system around that time. Now, we usually don't trade until after 12:00 pm EST, but just to let you know, the FOMC minutes are being released at 2:00 pm EST. The FOMC minutes is a record of the last meeting, where traders can find out exactly what policy changes and interest rate decisions were made. It's considered to be a major market mover, so be very very cautious around then. Well, good luck, good trading, and let's start 2006 out with a bang! ~ Pipcrawler

EU Session High: 1.1901
EU Session Low: 1.1859

1 comment:

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