Thursday, June 08, 2006

Forex Trade - 06.08.06

4:00 pm EST- 1 Trade Won

Well after the Unemployment claims we saw a nice move in the EUR/USD. I did not trade the actual news candle because I don't like trading the news but I did see a good Alba breakout at 9:20 am EST and I entered 3 lots short at 2660 with a stop at 2725 and a target at 2627. My target was hit at 9:40 am EST and I closed 2 lots and moved my last lot's stop to the high of that candle. I was stopped out on my last lot on the very next candle at 2641. Overall it was a very good trading day. I hope you all were able to catch some of that move. Cheers! ~Big Pippin

Results: +66 +19 -9(spread)= +76 pips

8:00 am EST - Analysis

Good morning! This morning the ECB raised interest rates by 25 basis points, as expected, to 2.75%. After the release the EUR/USD dropped off, and at the moment we see stalling around the 1.2725 level. Traders will now wait to hear from ECB president Trichet comment at 12:15 pm EST for any hints of possible future rate hikes.

We do have economic news in the US today with weekly Unemployment claims at 8:30 am EST. Also, Fed Governer Kohn will be speaking today at 10:00 am EST on his nomination to Vice Chairman.

Hopefully, we see enough volatility for the day to trigger an Alba signal or breakout. Keep your eyes open! Good luck and good trading! ~Pipcrawler

EU Session High: 1.2800
EU Session Low: 1.2727

1 comment:

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