Friday, January 06, 2006

Forex Trade - 01/06/06

1 Trade Won

With NFP coming out at 10am, we waited after that news candle before looking for a trade. I actually messed up my targets and came out with more pips than I was supposed to but it was because I got lucky. However, according to the Alba rules, the trade would have won...I just happened to bag a few extra pips. For the purposes of keeping the Alba record honest, I'll post the correct Alba trade. The breakout was at the close of the 8:40 candle and we would've entered 3 lots long at 2146 with a s/l at 2101 and a target at 2172. Our target would've been hit on the next candle and we would've closed 2 lots and move our last lot's stop to breakeven. Our last lot would've gotten stopped out on the next candle. It was a great day and a perfect way to start the weekend :) Hope you all did great this week. ~Big Pippin

Results: +52 +3 -9(spread)= +46 pips

8:00 am - Analysis

Good Morning!! Well, it's that time of the month again...US Non-Farm Payroll report!! This is the report that measures the number of new jobs created. If this number rises that means more jobs added to the economy which increases the value of a country's currency and vice versa. The consensus is at 215K matching the previous number, but you never know if there will be a surprise. Be very cautious, it is highly recommend that you wait 30 min to and hour before and after this report comes out to trade. Usually a trend forms after all the whipsaws and volatility, so please be patient. Alba traders please be patient, stay focused, good luck and good trading! ~ PipCrawler

EU Session High: 1.2103
EU Session Low: 1.2081

No comments:

Subscribe to this blog