Tuesday, March 28, 2006

Forex Trade - 03/28/06

2:30 pm EST- 1 Trade Lost

Unfortunately, Alba took another loss today. Although the trade looked good, the market decided to do it's own thing like it always does :) At the close of the 10:10 candle there was an Alba signal and I entered 3 lots short at 2063 with a stop at 2086 and a target at 2052. The price got as low as 2056 but then proceeded to head back towards the EU high where it just hung around probably waiting for the Fed's statements today. By 12:30 my target still wasn't hit and I decided to cut my losses as I closed all 3 lots at 2075. This marks only the 3rd time we've had 2 losing days in a row since inception of the system and I'm hoping that the rest of the week will give us something good so we can finish of March on a strong note. Cheers! ~Big Pippin

Results: -36 -9(spread)= -45 pips

8:00 am EST - Analysis

Good morning! Well, the euro made a move last night on the back of strong economic numbers out of Germany, but now it's back in sideways mode. The story of the day is the Federal Reserve interest rate decision, but more importantly traders will be looking for any evidence in their statement for the Fed's future moves.

US Consumer confidence data is being released at 10:00 am EST. Unless there is a big drop in the number I do not see traders making a move before the Fed statement.

The interest rate statement will be made at 2:15 am EST, so we may not see any movement during our trading time frame. Stay focused, good luck and good trading! ~Pipcrawler

EU Session High: 1.2091
EU Session Low: 1.2012

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