Wednesday, March 08, 2006

Forex Trade - 03/08/06

3:24 pm EST- 1 Trade Lost

It was another humbling day today in the market. This marks the only the 3rd time since the Alba system has lost 2 trades in a row. At 10:10 there was a good looking Alba signal and I entered 3 lots long at 1926 with a stop at 1899 and a target at 1940. Unfortunately the market did not move at all after I entered and I eventually closed my trade out right before Bernanke's testimony at noon at 1912. Hopefully the next 2 days will help us recover. Cheers! ~Big Pippin

Results: -42 -9(spread)= -51 pips

8:00 am EST - Analysis

Good morning! We have Fed speak at 9:30 am EST with Fed President Poole and at 12:00 pm EST from the Fed Chairman Bernanke. The only US economic report we have is EIA Crude Oil Inventories at 10:30 am EST. Unless there are surprise comments during the Fed speak or an unusually high or low number in the Inventory number, I don't see much movement from the market during our session. I think traders will hold off until Bernanke gives his speech in the afternoon before making any big bets. Even though we're expecting a slow day always stay ready. You never know what may happen, so stay on your toes. Good luck and good trading. ~Pipcrawler

EU Session High: 1.1940
EU Session Low: 1.1893

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