Wednesday, February 01, 2006

Forex Trade - 02/01/06

4:45 pm EST- 1 Trade Lost

Unfortunately today was not as beautiful as yesterday. We ended up taking a loss on a breakout trade. At 8:40 am there was an Alba breakout and I entered 3 lots short at 2077 with a stop at 2101 and a target at 2063. At 10am the ISM report came out and I was stopped out on my trade. I know what your thinking. I usually don't trade news but prior to the news I was already close to getting stopped out so I figured I'd just hold onto it to see if the news would change things. Unfortunately that wasn't the case. On the bright side, at least I got a little message from Alba herself. You'll notice it at the bottom of the chart. At least it wasn't a total lost :) Hope we do better tomorrow! ~Big Pippin

Results: -72 -9(spread)= -81 pips

8:00 am EST - Analysis

Good Morning! I hope everybody got a chance to catch some pips with Alba yesterday. Let's see what we have going on today...It looks like the all of our US economic reports are coming out today at 10:00 am EST. We have Construction Spending, Pending Home Sales, and ISM Manufacturing. ISM Manufacturing may be the biggest economic indicator of the group, with the most potentional of moving the market if there is an off number. It measures the manufacturing sector and a reading above 50 indicates expansion. The consensus is 55.4 vs. 54.2 previous. So, keep an eye out for possible movement around 10:00 am EST. Good luck and good trading! ~Pipcrawler

EU Session High: 1.2159
EU Session Low: 1.2087

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