Wednesday, November 02, 2005

Forex Trading- 11/02/05

8:00 pm- 2 Trades won

It was the best of both worlds today as there was both an Alba signal and an Alba breakout. The Alba signal was given at 8:30 am EST and I entered 3 lots long at 2012 with a s/l at 1996 and a first target at 2021. My target was hit at 8:50 and I closed 2 lots and moved my last lot's stop to b/e. I continued to move my stop to the low of each candle that made a new high and I ended up getting stopped out at 2031. At 10:30 there was an Alba breakout and I entered 3 lots long at 2057 with a s/l at 2033 and a first target at 2072. My target was hit at 10:40 and I closed 2 lots and moved my last lot's stop to b/e which is where I was eventually stopped out on my last lot. Overall it was a very good day today.

+18 +19 -9(spread)= +28 pips
+30 +0 -9(spread)= +21 pips
Total: +49 pips

8:00 am- Analysis

Sorry for the late post everyone. I was just catching up on everyone's emails. If you traded yesterday, the Alba system had a small win for about 18 pips. There was a classic Alba signal and it was a fairly easy trade. Today the Euro made a 52 pip range last night and is poised for about another 50 pips of movement during the US session. Right now we are currently around the EU session low so we want to wait for either a bounce or a break of the low. With the bounce, look for an Alba signal and with the break look for Alba breakout. No major news reports are coming out today so it's a possibility we might not see any movement. But then again, sometimes these are the days when big banks like to make their transactions. Remember to be patient and follow the rules of the Alba system and you should be fine. If there is no trade today then don't try to force anything. Remember, there's always tomorrow. The pips aren't going anywhere :) Happy trading everyone!

Key Levels:

EU session high: 2040
EU session low: 1988
Calculated Target 1: 2042
Calculated Target 2: 1934

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