Friday, February 10, 2006

Forex Trade - 02/10/06

2:50 pm EST- 2 Trades Won

Today was a fabulous day for the Alba system. There were 2 very clear trades although during our session we only took the first one. The first trade came as an Alba breakout at 8:40 after the announcement of a widened trade gap for the US. At 8:40 we entered 3 lots long at 1997 with a stop at 1979 and a target at 2006. Our target was hit on the next candle and we closed 2 lots and moved our last lot's stop to breakeven. We trailed our stop until we were taken out at the low of the candle that is marked in the chart which was 2010.

The 2nd trade came at 10:20 after a perfect Alba signal. Although we didn't enter, I will walk through the trade as if we did. We would've entered 3 lots short at the close of 10:20 candle which was 1968 with a stop at 1996 and a target at 1952. The target was hit on the next candle and 2 lots would've been closed out and the last lot's stop would be moved to breakeven. The trade would still be open, but the people who know my trading style know that I like to hold until about 12:30 to 1 so I probably would've closed at the candle that is marked on the chart which was 1914.

Breakout: +18 +13 -9(spread)= +22 pips
Signal: +32 +54 -9(spread)= +77 pips (if we had taken it)
Total: +99 pips

8:00 am EST - Analysis

Good Morning! We have one of the big monthly reports today at 8:30 am EST. The Trade Balance is the monthly report of the difference between a country's total import and total export of goods. The forcast number for the US today is -65.0B. We always recommend against trading right before and after the release of big reports. Hopefully, for us Alba traders, we'll get a good trade setup. Remember to be patient, stay focused, good luck and good trading! ~Pipcrawler

EU Session High: 1.1986
EU Session Low: 1.1954

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