Today was an excellent trading day. We had an "Alba" breakout at 8:50 am EST. Don't freak out by the terminology =) An Alba breakout is just a close of 10 pips above or below the EU session high or low. In this case the price closed 10 pips above the EU session high and I entered 3 lots long at 2058 with a stop at 2024 and a first target of 2077. My first target was hit at 10:00 am and coincidently enough that candle formed an Alba signal. This made me feel all giddy inside because I had a strong feeling the price would continue to move up. After my first target was hit I closed 2 lots and moved my stop to the low of the candle that hit my first target. You might ask why I didn't move my stop to breakeven. Well, in this case, moving my stop to the low of the candle that hit my first target would lock in 5 pips of profit on my last lot. This is why I chose to move my stop there. And just like I thought, the Euro continued to move up and I moved my stop to the low of each candle that made a new high. Unfortunately, this forced me to hold onto my trade past 12 noon. I hate having to watch charts past that time. It hurts my eyes =) I was finally stopped out at 2109 at 2:30 pm. I had a beer after that.
Results: +38 +51 -9(spread)= +80 pips
8:00 am- Analysis
Good morning everyone! The Euro made some big movement last night with 110 pip range. Because the range is so wide, it erases the calculated targets because technically the Euro has moved all it can for today's session. Of course we know this is not true, but it's going to be hard to tell what will happen. We could see a correction of the EU session movement and see a big drop. We could see a continuation of the EU session and see a breakout. Or we could see nothing and the Euro could stay flat the rest of the day. Be patient and wait for a good signal and/or breakout. I'll try to post here if I see anything. Happy trading!
Key Levels:
EU Session High: 2045
EU Session Low: 1935
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