Tuesday, April 18, 2006

Forex Trade - 04/18/06

3:50 pm EST- 1 Trade Lost

Well after a nice Easter vacation, I came back to a not-so-nice market :) We had a good looking Alba breakout at 8:50 am and I entered 3 lots long at 2295 with a stop at 2250 and a target at 2319. Unfortunately the economic reports weren't strong enough to move the market enough to hit our target and the price returned back to the EU session high. By 12:30 after a small run up I cut my losses and closed all 3 lots out at 2287. Since we only had 1 trade last week I will be combining this week's results with last week. So far it's not looking good. We are still up for the month but I would like to see another good week like the first week of this month where we made over 200 pips. Hopefully the odds will play in our favor :) Cheers! ~Big Pippin

Results: -24 -9(spread)= -33 pips

8:00 am EST - Analysis

Good Morning! We have economic reports coming out at 8:30 am EST which include: Producer Price Index(month over month and year over year), Housing Starts, and Building Permits. The PPI will be closely watched with the forecast headline number at +0.4%. We also have Fed speak at the end of our trading session starting at 11:00 am EST. But probably the biggest news of the day will come at 2:00 pm EST as the minutes for the March FOMC meeting will be released. With oil, interest rates, inflation data, and a host of other factors...who knows where the dollar is going next? We'll just have to be prepared for whatever the market gives us. Stay focused and stick to the Alba rules. Good luck and good trading! ~Pipcrawler

EU Session High: 1.2273
EU Session Low: 1.2226

1 comment:

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