Wednesday, November 09, 2005

Forex Trading - 11/09/05

6:30 pm- 1 Trade lost

Argghh! That's my pirate cry. Today was not a good day for Alba, although there was a good signal given. The first Alba signal was given at 8:50 but as you can see it did not close 10 pips above the EU session high. When this happens, you should wait a little bit until there is a clear direction. You don't always have to have a breakout with the alba signal, but in this case, the price barely closed above the high (only about 4 pips above the high). Therefore I did not enter that trade. If you look again, there was another good Alba signal at 10:20 and this was also an Alba breakout. This was the perfect criteria to enter so I entered 3 lots short at 1717. Unfortunately, this was not a winning trade and I ended up losing 72 pips on 3 lots. So yea, it was not a good day today, but that's why we practice good money management :) Let's hope for a better day tomorrow.

8:00 am Analysis

Good morning! The euro edged slightly lower against the dollar last night during the EU session, so we may see the EURUSD continue to trend lower today. The US has a few economic reports coming out today starting around 9:00 am EST. These reports are not major movers, but hopefully they will move the dollar enough so that we may see an alba signal, or more likely an alba breakout. With a 49 pip range last night, we calculated that the EURUSD has about 67 pips to move in this session. Remember, to follow the rules of the system!! Good luck and good trading!! ~ PipCrawler

EU Session High: 1.1778
EU Session Low: 1.1729
Calculated Target 1: 1.1796
Calculated Target 2: 1.1662

No comments:

Subscribe to this blog