Wednesday, November 30, 2005

Forex Trading - 11/30/05

7:36 pm- No Trades

Today was a pretty boring day for the Euro. There were a couple of times it looked like we might have an Alba trade, but conditions weren't completely met and therefore there were no trades. At 9 am it looked like we would have an Alba breakout but it didn't quite qualify. Then at 10:30 it looked like we would have a good Alba signal but look at where the 2nd candle closed. This was way too close to the EU session high which is why no trade was entered. I hope you were able to avoid any losses in today's ugly market. Hopefully tomorrow will be better. ~Big Pippin

8:00 am - Analysis

Good Morning! It's another day of plentiful US economic reports with GDP Annualized (3Q P), GDP Price Index (3Q P), and Personal Consumption (3Q P) at 8:30 am EST. Then Chichago PMI (NOV) at 10:00 am EST and Beige Book for Dec FOMC Meeting at 2:00 pm EST. For the most part the consensus numbers are inline with previous, which means we may not see much movement if the actual numbers are inline. If there are any surprises expect the dollar to move, so be focused and ready. During the EU session the EURUSD only ranged about 32 pips which leads me to believe there are many traders on the sidelines waithing for this mornings reports. Remember on news days to use discrection, and wait 30 min to hour for a trend to materialize. Remember the rules, Good luck, and Good Trading!!! ~ PipCrawler

EU Session High: 1.1800
EU Session Low: 1.1768

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