Monday, November 21, 2005

Forex Trading - 11/21/05

7:23 pm- 1 Trade won with discretion

There was a good Alba breakout at 10:40 am EST and I entered 3 lots short at 1753 with a s/l at 1833 and a target at 1713. If you notice, you'll see that there was an Alba signal at 10:10 but it closed right at the EU session low so I did not enter. Here is where the discretion came in. At 11:10, the price got within 5 pips of my target but did not hit. I still held my positions but the price just stayed around that area for the rest of the day. At 1:20 the price was around the low 1720's so with my discretion I decided to close all 3 lots at 1721 9because it was already late in the day. I'm sure many of you all did the same thing. This is why I say that the system is not 100% mechanical. At certain times you do have to use your common judgment. Anyways, it was a great day for Alba and I hope you all had a great day as well. ~Big Pippin

Results: +96 -9(spread)= +87 pips

8:00 am- Analysis

Good Morning! It's another wonderful week in the world of Forex, and if you got a chance to check out Pip Daddy's Analysis this weekend at, you will see it's a short one here in the US markets. Not many US economic reports coming out this week, but you never know what may happen(like the surprise annoucement by European Central Bank President Trichet on friday). If you missed the annoucement, basically Trichet hinted at possible interest rate hike in the euro zone. This caused the EURUSD to spike up, and could possibly be the turning point in the EURUSD. We'll have to wait and see. For now, let's see if Alba can muster up any good trades for us today. Remember to be patient and stick to the rules. Good luck and good trading! ~ PipCrawler

EU Session High: 1.1833
EU Session Low: 1.1765

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