Wednesday, January 25, 2006

Forex Trade - 01/25/06

5:55 pm EST- 1 Trade Lost

I think our momentum has finally run out. After a series of winning trades, we have now hit a wall of losses. This is a first for the Alba system and although we're still positive for the month, we are hoping to finish the month off with a win either tomorrow or Thursday. Today, there was a good breakout at 10:40 and I entered 3 lots short at 2244 with a stop at 2266 and a target at 2233. Unfortunately, 20 minutes later I was stopped out on all 3 lots. I'm staying optimistic though because I have faith in the system and I know a good trade is coming up. Discipline plays a big role in being a profitable trader so I will stick to the rules and let the system do the work for me. ~Big Pippin

Results: -66 -9(spread)= -75 pips

8:00 am EST - Analysis

Good morning! Two lost trades in a row!! Grrrr!! Well, it's a good thing we practice proper money management and we know that even the best traders have their off days. Just brush those loses off like a pro and let's get started on a new day. Today we have Existing Home Sales coming out at 10:00 am EST. This is the measure of prexisting homes sold last month. It's a strong indicator because it is a larger portion of the housing market. Also, at 11:30 am EST ECB President Trichet is giving a conference in Greece. Although his comments are within our trading time period, I doubt they will factor into the market before 12:00 pm EST, when we end our trading day. So, keep an eye out for those Alba signals and Alba breakouts, stay focused, good luck and good trading! ~PipCrawler

EU Session High: 1.2323
EU Session Low: 1.2258

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