Tuesday, December 06, 2005

Forex Trading - 12/06/05

10:31 pm- No trades

Hello everyone. Today was a very boring day for the Euro. As you can see from the chart, the Euro pretty much bounced between the high and low and didn't really give us much action. There were no Alba breakouts or signals so I was able to catch up on some reading :) Hopefully we'll get some trades the rest of this week but I'm not expecting too much movement until next week when the Fed meets. However, I will be prepared for anything. That's the beauty of the Alba system. No matter what the longer term trend is, Alba can catch small intra-day waves so we can still grab some pips. Hopefully we can grab some during this slow week. ~Big Pippin

Results: +0 pips

8:00 am - Analysis

Good morning!! Looks like the EURUSD made a small 29 pip range during the EU session last night, so hopefully there's a good chance we may see a breakout trade today. In the US, we have Non-farm Productivity and Unit Labor Costs at 8:30 am EST. At 10:00 am EST the Pending Home Sales and Factory Orders reports are coming out. The Factory Orders is probably the strongest market mover out of the bunch, so keep an eye out for a move around 10:00 am EST. On a side note, if you watch the USDCAD or AUDUSD, their central banks are making rate decisions today. Canada will announce at approximately 9:00 am EST, and the consenses is that they will raise rates to 3.25% from 3.00%. The Aussies will announce their desicion about about 5:30 pm EST, and consenses will be no change. It would be a great lesson to watch and see how those decisions affect their currency, especially if there is a surprise. Well, that's it for now folks...remember the rules, good luck and good trading!! ~ PipCrawler

EU Session High: 1.1790
EU Session Low: 1.1761

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