Thursday, February 09, 2006

Forex Trade - 02/09/06

3:24 pm EST- 1 Trade Lost

Well with another day of uneventful forex news, I was very surprised to see an Alba breakout. Be that as it may, we had an Alba breakout at 10:00 am and I entered 3 lost short at 1953 with a stop at 1973 and a target at 1939. Because the Euro had dropped so fast, and with no economic reports the price stalled and we were eventually stopped out at 12:50. Some of our students closed their positions earlier and were able to cut some of their losses. Needless to say, it was a pretty, um, "crummy" day for the Alba system. Very cautious times right now with this pair so if we can get through this rough time with minimal losses, it will be a tremendous gain in the long run. Til tomorrow! ~Big Pippin

Results: -60 -9(spread)= -69 pips

8:00 am EST - Analysis

Good Morning! It looks like the only US economic report we have coming out today is the weekly Unemployment Claims at 8:30 am EST. It's not known to be a big market mover, but we will still be cautious around that time period. Other than a big surprise in that number, I don't see the EURUSD moving a whole lot in this trading session. Many traders are on the sidelines waiting for the Trade Balance report coming out tomorrow at 8:30 am EST. Well, the EURUSD made a 30 pip range, so let's be on the look out for a possible breakout. Stay focused, good luck and good trading! ~Pipcrawler

EU Session High: 1.1994
EU Session Low: 1.1964

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