Friday, January 27, 2006

Forex Trade - 01/27/06

6:05 pm EST- 2 Trades won

Well after 2 weeks of either boredom from watching sideways charts and crying from 3 straight losses, we finally had some good trades today. At first it looked like we would see a repeat of the week. After the GDP came out, the Euro shot up and it looked like we would have a long breakout. Of course the Euro stalled and it looked like it would be another boring day. However, the New Home Sales report had a big surprise and actually went up when everyone else thought the report would show decreasing sales. This caused the Euro to spike down and I almost sobbed as I saw it fall like a waterfall. We finally had a breakout at 10:40 and I entered 3 lots short at 2151 with a stop at 2173 and a target at 2139. Our target was hit on the next candle and we closed 2 lots and moved our last lot's stop to breakeven. We eventually got stopped out on our last lot at the high of the candle shown in the picture wich was 2130. At 11:40 an Alba signal was generated. Normally I don't like trading twice in a day, especially after a win and so late in the day, but I decided to take it. I entered 3 lots short at 2123 with a stop at 2141 and a target at 2112. My target was hit and it was hit hard. 2 of my lots were closed out automatically because I had put limit orders on them to ensure I'd get a precise exit, and after the candle closed, I decided to close out my last lot because it was already late in the trading day. I closed my last lot out at 2103. Overall, today was spectacular and I'm glad we were able to end the week and month on a good note. ~Big Pippin

Breakout: + 24 +21 -9(spread)= +36 pips
Signal: + 22 +20 -9(spread)= +33 pips
Total: +69 pips

8:00 am EST - Analysis

Good Morning! Alright, can we get some movement in the market please!! Well, our wishes may be granted today with GDP. Today we have GDP coming out at 8:30 am EST. GDP is the measure of all goods and services produced by a nation's economy. It's a very important number because it gauges all of the economy activity, which in turn, is a good indicator of a nation's economic health. The consensus is 2.8% vs. the previous of 4.1%. Let's stay on our toes just in case we get an off number. As usual, we will wait 30 min or so until after the report to do any trading just in case there is extreme volatility. Stay focused, good luck and good trading! ~PipCrawler

EU Session High: 1.2217
EU Session Low: 1.2165

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