Wednesday, May 17, 2006

Forex Trade - 05/17/06

2:15 pm EST- 1 Trade won

Well it was a very good day for the Alba system today. Core CPI was slightly higher than expected and we actually saw a rise in the EUR/USD. Shortly after the dollar gained strength and we got an Alba breakout at 9:40 am EST. I entered 3 lots short at 2844 with a stop at 2884 and a target at 2821. My target was hit at 10:20 am EST and I closed 2 lots and moved my stop to the high of that candle. I trailed my stop to the high of the candle marked on the chart which is where I was eventually stopped out at 2789. Let's hope we can keep this up for tomorrow. Hope you all did well. Cheers! ~Big Pippin

Results: +46 +55 -9(spread)= +92 pips

8:00 am EST - Analysis

Good morning! At 8:30 am EST, we have the monthly US Consumer Price Index report released. The CPI is the measure of inflation experienced by customers, very important to look at when considering interest rates movements by the Fed. Traders will focus on core CPI (excluding food and energy), and it's consensus number is around 0.6% versus the previous number at 0.4%. Also, any revisions on the previous number can affect the market as well. Also, at 10:30 am EST we have the weekly EIA crude oil inventories. Please be cautious during these time Alba traders. Good luck and good trading! ~Pipcrawler

EU Session High: 1.2917
EU Session Low: 1.2855

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