Thursday, January 12, 2006

Forex Trade - 01/12/06

7:10 pm- 1 Trade Won

Good evening everyone! Finally with a worthy news report, the trade balance, the Euro made a good move today. At 8:15, the Euro broke out of it's range, but I didn't want to enter because I knew the trade balance was coming out at 8:30. I waited until the 8:50 candle before I entered because it was 20-30 minutes after the news and it made another good breakout from the low. I got in 3 lots short at 2075 and had a stop at 2118 and a target at 2054. My target was hit the very next candle and I closed 2 lots and moved my last lot's stop to breakeven. I trailed my stop to the high of the candles shown on the charts and I was eventually stopped out at the high of the 10:10 candle at 2019. Overall it was a very good day. Hope you all did well. ~Big Pippin

Results: +42 +56 -9(spread)= +89 pips

8:00 am EST - Analysis

Good Morning! Finally, we have an action packed day of US reports, and with the EURUSD ranging only 42 pips during the EU session, it looks like traders have been waiting. The big one today would have to be the US Trade Balance coming out at 8:30 am EST among others. The Trade Balance report measures the difference between total imports against total exports, and it can affect a country's GDP. In recent reports, the US trade balance report has be releasing record numbers causing big moves in the dollar, so watch out! Also, for those of you who trade USDCAD, canada is also releasing their Trade Balance report. Okay Alba traders, be very cautious and patient around these news releases. Follow the rules! Good luck and good trading!! ~PipCrawler

EU Session High: 1.2162
EU Session Low: 1.2120

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