Wednesday, February 15, 2006

Forex Trade - 02/15/06

4:55 pm EST- 1 Trade Won

With the plethora of news reports today, the market moved with alot of juice. However, we didn't see a clear direction until after Bernanke (Triple B) spoke. At 11:20 we saw an Alba breakout and I entered 3 lots short at 1887 with a stop at 1905 and a target at 1877. Our target was hit at 11:40 and I closed 2 lots and moved my last lot's stop to breakeven. I moved my stop to 1877 when the next candle made its move down and then got stopped out on that same candle. Overall it was a decent trade and cancelled out our loss from yesterday.

Results: +20 +10 -9(spread)= +21 pips

8:00 am EST - Analysis

Good Morning! We have quite a few economic reports today. Most notably, the Treasury International Capital (TIC) report is coming out at 9:00 am EST. The TIC report measures the foreign demand of US debt and assets. It's a very important report, so let's keep an eye out for that. Probably the biggest event to watch today is the new Fed Chairman Bernanke at 10:00 am EST. He is giving his first testimony and traders will be watching for any clues to what he may do with interest rates. Well, it's an action packed day, so let's stay focused. Good luck and good trading! ~Pipcrawler

EU Session High: 1.1917
EU Session Low: 1.1901

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