Tuesday, January 10, 2006

Forex Trade - 01/10/06

6:30 pm- 1 Trade won

Good evening everyone! Although there were no important economic reports today, we were able to grab some pips as the Euro ranged between its high and low. Our signal came right at the close of the 8am candle and since there were no news reports coming out at 8:30 I entered 3 lots short at 2064 with a stop at 2079 and a target at 2056. My target was hit at 8:30 and I closed 2 lots and moved my last lot's stop to breakeven. The next candle made a new low and I moved my stop to the high of that candle which is where I eventually got stopped out at 2052. Overall, it was a pretty straightforward day. Hope you all did well. ~Big Pippin

Results: +16 +12 -9(spread)= +19 pips

8:00 am - Analysis

Good morning! Today looks like it may be another slow day for all you Alba traders. We have Wholesale Inventories at 10:00 am EST. The consensus is 0.4% vs previous of 0.2%. This report is not really consider a market mover, and since it's the only US economic report today, we don't expect much movement again. I hope you have received Pip Diddy's Chart Analysis this weekend in your email. If not, make sure you go to www.babypips.com and make sure you sign up for it! He's got some pretty good long term views on the EURUSD. Remeber to stay focused and watch out for support and resistance around the EU session high and lows. Good luck and good trading!~ PipCrawler

EU Session High: 1.2108
EU Session Low: 1.2036

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