Wednesday, July 05, 2006

Forex Trade - 07.05.06

3:15 pm EST- 1 Trade Won

Well after the first day back, we were able to grab some pips and start the month off on a good note. Since the Factory Orders report was only a yellow event on Forex Factory, I knew that I would still take a trade if I saw one before the report. If there was no trade before the report and the actual news candle was volatile (30+ pips in range) I would've then treated it as a news candle and waited at least 20 minutes before trading. In today's case I saw an Alba breakout at 9:40 am EST and I entered 3 lots short at 2722 with a stop at 2737 and a target at 2714. My target was hit at 10:10 am EST and I closed 2 lots and moved my last lot's stop to breakeven. I trailed my last lot's stop to the high of the candle shown on the chart where I was eventually stopped out at 10:50 am EST at 2715. Even though it was only a small win, it was a nice way to come back into the market, especially after last month's disappointing results. Hope you all did well today. Cheers! ~Big Pippin

Results: +16 +7 -9(spread)= +14 pips

8:00 am EST - Analysis

Good morning! For all those in the U.S., I hope you had a wonderful, and very extended holiday weekend. I know for me personally, I have had enough hot dogs and hamburgers to last me for a while! Well, it's back to forex trading. It's a new month and hopefully we can start it off right.

Today we have US Factory Orders m/m released at 10:00 am EST. The consensus is 0.1% versus the previous month of -1.8%. A rising trend in this number shows growth in the economy which is good for a country's currency. So, please be cautious during this time period, and be on the look out for any comments from the ECB on interest rates or inflation. Good luck and good trading! ~Pipcrawler

EU Session High: 1.2838
EU Session Low: 1.2744

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