Tuesday, January 31, 2006

Forex Trade - 01/31/06

6:30 pm EST- 1 Trade won

Today was a good day for Alba. My normal charting software wasn't working today so I used NetDania which is a free charting package and it has a direct feed from FXCM (the broker I use for Alba). Surprisingly, even though it was almost certain that the Fed was going to raise rates, the Euro continued to climb and we were able to grab most of the move. At 10:40 there was both a signal and a breakout happening at the same time. If you followed me long enough then you know that when this happens it usually means there will be a good trade. I entered 3 lots long at 2138 with a stop at 2123 and a target at 2146. My target was hit at 11:30 and I closed 2 lots and moved my last lot's stop to breakeven. I continued to trail my stop until I finally got stopped out on my last lot at the low of the candle marked in the chart which was 2175. Overall, it was a very good day and I hope the rest of the week will turn out this nice! ~Big Pippin

Results: +16 +37 -9(spread)= +44 pips

8:00 am EST - Analysis

Good Morning! Well, Alba traders....it looks like an action packed day! For starters, at 8:30 am EST we have the Employment Cost Index q/q (ECI) coming out which is a broad measure of labor costs. At 10:00 am EST we have Cosumer Confidence and Chicago PMI. But the big news for the day is the FOMC meeting today at 2:00 pm EST. I know it's outside of our usual trading time period, but it will have an affect on us today as a lot of traders may stay on the sidelines to see what the Federal Reserve has to say. So, stay focused, good luck and good trading! ~Pipcrawler

EU Session High: 1.2128
EU Session Low: 1.2087

1 comment:

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