Wednesday, March 01, 2006

Forex Trade - 03/01/06

4:43 pm EST- 1 Trade won

After another day full of news events we had another win with the Alba system. Early on it looked like we would have an Alba breakout on the long side, but because the profit potential was so small, I did not enter. The clear signal happened at 11:40 when we saw both a breakout and a signal. When this happens it usually means there will be a strong possibility of a winning trade. I entered 3 lots short at 1908 with a stop at 1927 and a target at 1898. My target was hit on the next candle and I closed 2 lots out and moved my last lot's stop to breakeven. I trailed my stop to 1897 on the dip from the next candle but was stopped out a minute later when the price shot back up. Overall it was another satisfying win for the Alba system.

Results: +20 +11 -9(spread)= +22 pips

8:00 am EST - Analysis

Good morning! We another day full of US economic data. At 8:30 am EST we have the US Personal Income and Personal Spending. Personal spending is the number to watch with consensus at 1.0%. It makes up a significant part in GDP, and a rise in this number can strengthen the US dollar. At 10:00 am EST we have the ISM Manufacturing Index, Construction Spending, and at 10:30 am EST EIA Crude Oil Inventories coming out. The number to watch out of the the previously mentioned is the ISM Manufacturing Index number at 56.0. A number over 50 implies a growing manufacturing sector. Well, the EURUSD traded in a small range of 22 pips during the early morning sessions, so let's look for a possible breakout with these news reports coming out. Good luck and good trading! ~Pipcrawler

EU Session High: 1.1948
EU Session Low: 1.1926

1 comment:

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