Thursday, October 27, 2005

Forex Trading 10/27/05

9:35 pm- 1 Big FAT loss!

As I am writing this I am cringing. Today was a painful day for the Alba system. After the durable goods report (which was much lower than expected) the Euro made an Alba system AND at the same time broke out above the EU session high. A high percentage of the time, this is a very good sign of a winning trade, but today was not one of those times. As it turns out, the Euro then proceeded to fall back down and stay around the EU session high. Needless to say I lost a lot of pips because since the breakout was so high, my stop was fairly big. My stop loss was set at 2130 and sure enough, I got stopped out on all 3 of my lots for a whopping loss of 108 pips. So much for that great week right? :) I'm not complaining because I know I have to lose sometimes but that is why I practice good money management, and I am VERY glad I do, especially after today. I also trust my system, so I know that this will not happen all the time. Take a deep breath....AHHHH! Tomorrow will be a new day :)

Results: -108 pips

8:00 am- Analysis

Good morning everyone! Sorry for not posting last night, but if you watched the market yesterday you would've seen that there were no trades yesterday. Even when Greenspan spoke nothing happened. Today might be another story because Greenspan is speaking again at 11:00 am EDT. Whenever that man speaks, there is always a good chance the market will move one way or the other. The Euro made a 67 pip range last night so it does have the potential to move about 50 pips today. Remember to wait for a good signal and/or breakout. Have a great day everyone!

Key Levels:

EU session high: 2149
EU session low: 2082
Calculated Target 1: 2201
Calculated Target 2: 2097

No comments:

Subscribe to this blog