Wednesday, April 05, 2006

Forex Trade - 04/05/2006

3:00 pm EST- No trades

Well after 2 good days of movement in the EUR, we finally had a pause as there were no valid Alba trades today. You'll notice that the candle marked on the chart was an Alba breakout but as most of you know I do not trade around news events. The breakout occurred at 9:30 which was the same time as Bernanke's testimony which is why there was no trade. Hindsight is great I know, but this is a perfect example of why trading around news can be very dangerous. Luckily we were able to stay out of this one as it would have been a loss. Like I always say, it's better to not trade and make nothing then to trade and lose money. Hopefully we'll have a better day tomorrow. Cheers! ~Big Pippin

Result: +0 pips

8:00 am EST - Analysis

Good morning! At 10:00 am EST we have ISM Non-Manufacturing Index. It is the measure of growth in various industries, and its consensus number is at 59.0...We also have weekly EIA crude inventory numbers at 10:30 am EST. Fed Chairman Bernanke will be speaking today at 9:30 am EST at a financial literacy press conference today. The market will be on the look out for any hints to the Fed policy. The Alba did well yesterday...let's see if we get a good signal today. Good luck and good trading! ~Pipcrawler

EU Session High: 1.2282
EU Session Low: 1.2245

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