Monday, October 24, 2005

Forex Trading 10/24/05

7:48 pm- 2 trades won

Wow, surprisingly enough we had a great Monday. There were 2 easy trades today. A breakout trade happened at 10:00 am and then an Alba signal at 11:40. On the breakout trade, the Euro closed at least 10 pips above the EU high and I entered 3 lots long at 1969 with a s/l at 1952 and a first target at 1978. My first target was hit the very next candle and I closed 2 lots and moved my stop to breakeven and that's where my last lot was stopped out. Then at 11:40 there was a regular Alba signal and I entered 3 lots at 1995 with a s/l at 1970 and a first target at 2007. My target was hit 2 candles later and I closed 2 lots and moved my last lots stop to breakeven and that's where I got stopped out. I should've closed all my lots when it shot up to 2020 since it was already 12 noon but I always like going for more pips and letting my trades ride out. Plus, I want to stick to the rules of my system. Besides, I can't complain about 2 winning trades :)


1st trade: +18 +3 -9(spread)= +12 pips
2nd trade: +24 +3 -9(spread)= +18 pips
Total: +30 pips

8:00 am- Analysis

Good morning everyone! Hope you all had a great weekend. For those of you who attended the live trading session on Friday, I hope you all had a fun time and that you learned something. We ended up with a good trade for a 16 pip gain. In the future, I would like to have more live trading sessions because I think that is the fastest way for people to learn this system which I have now dubbed as "The Alba System".

As for today, the Euro is VERY quiet and only made a 29 pip range during the EU session. According to the 5 day average daily volatility, we have about 85 pips of movement left in the Euro for the US session. I doubt we'll get 85 pips of movement but there is a big possibility for a breakout trade today. My only concern is that since the range is so narrow, a breakout might be a fakeout. Hey, that rhymes :) Anyways, be patient because we might not even see anything at all since no news reports are coming out. I'll try to post throughout the day. If you were at the trading session and want a transcript, send me an email and I'll get one to you. Happy trading everyone!

P.S. T-Minus 8 days until BabyPips!

Key Levels:

EU Session High: 1957
EU Session Low: 1928
Calculated Target 1: 2042
Calculated Target 2: 1843

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