Friday, March 24, 2006

Forex Trading - 03/24/06

2:10 pm EST- 1 Trade won

Well just like PipCrawler predicted, the US New Home Sales had a major impact on today's market even though Forex Factory only categorized it as a yellow event. Housing data has had a lot of significance lately and it's a good thing we paid attention to it. At 10:20 we had an Alba breakout and I entered 3 lots long at 2022 with a stop at 1970 and a target at 2048. Unfortunately, there was not enough juice to make the Euro shoot up some more but we did get a gradual increase in price throughout the rest of the day. By 1pm my target was still not hit so I decided to go ahead and close all 3 lots at 2037 since I was already in profit and it was getting late in the day. It was a great way to end this week and I hope you all were able to get in on it. Have a great weekend everyone! ~Big Pippin

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

8:00 am EST - Analysis

Good Morning! Today at 8:30 am EST we have US Durable Goods orders. I've seen different consensus numbers from different sources, but Forex Factory has their number at -1.2%. Whatever it may be it should have a significant impact given the volatility we have seen in that report month to month. At 10:00 am EST we have the US New Home Sales. I think this number will have significance because of the strong housing report yesterday. Alright Alba traders, another small range of 25 pips last night. Traders are on the sidelines waiting to jump in, so watchout for a breakout! Good luck and good trading! ~Pipcrawler

EU Session: 1.1978
EU Session: 1.1953

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