Monday, February 13, 2006

Forex Trade - 02/13/06

3:25 pm EST- 1 Small Trade Won

Hello everyone. Like a typical Monday, the Euro moved very little today. Before I begin today's trade analysis, I'd like to point out that I did not take this trade. I've said this to many of our traders and that is I don't like taking trades unless our profit potential is at least 5 pips after the spread on our first target. That was not the case today. The candles were so small that even though we saw a signal, it was not worth it for me to enter. This trade still turned out to be a winner and I will still record it as a winner. In fact, no matter what, from now on I will post the actual Alba trade whether or not I took it and record the wins and losses. That way it will make for better record keeping.

Ok, on for today's trade. There was a signal at 10:20 and 3 lots would've been entered long at 1901 with a stop at 1894 and a target at 1905. The target was hit on the next candle and 2 lots would've been taken out and the last lot's stop would be moved to breakeven. The next candle made a next high but you would've been stopped out at the close because it moved lower than the low of that candle. The exit would've been 1907.

Results: +8 +6 -9(spread)= +5 pips

8:00 am EST - Analysis

Good Morning! Today looks like it's going to be a slow day as there are no major reports coming out during our trading period. I suspect it's going to be a snoozer because tomorrow we have the E-12 GDP at 5:00 am EST, along with US economic reports coming out at 8:30 am including US Retail Sales. Also, the new Fed Chairman Bernanke will be giving a testimony to the US Senate on Wednesday. Traders maybe be waiting to see if he will give any clues as to what he will do with interest rates. Okay Alba traders, let's stay focused, and trust in the system. Good Luck and Good Trading! ~Pipcrawler

EU Session High: 1.1918
EU Session Low: 1.1879

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