Thursday, March 23, 2006

Forex Trade - 03/23/06

2:00 pm EST- 1 Trade won

Another great day for the Alba system! At 10am we had the Existing Home Sales report and the report came out higher than expecting creating a dollar surge today. The Euro proceeded to drop and at 10:20 we had an Alba breakout. I entered 3 lots short at 2014 with a stop at 2058 and a target at 1992. My target was hit on the next candle and I closed 2 lots and moved my last lot's stop to breakeven. I held on to my trade and waited to see if the price would drop any lower but at 12:30pm I decided to go ahead and close out my last lot at 1978 because I didn't think the dollar would gain any more ground on the Euro today. Overall it was a very rewarding day. Cheers! ~Big Pippin

Results: +44 +36 -9(spread)= +71 pips

8:00 am EST - Analysis

Good morning! Today we have US weekly Unemployment Claims coming out 8:30 am EST and and Existing Home Sales at 10:00 am EST. We also have ECB speak in the afternoon at 2:30 pm EST. Existing Home Sales could be a surprise today considering how interest rates have been affecting the housing market. Looks like traders are yet again on the sidelines with the EU range at 26 pips. I expect more range trading ahead of the FOMC meeting next week, but let's hope that the reports start a trend today and give us a breakout. Good luck and good trading! ~Pipcrawler

EU Session High: 1.2076
EU Session Low: 1.2050

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