Tuesday, February 28, 2006

Forex Trade - 02/28/06

3:42 pm EST- 1 Trade won

With the plethora of news events today, we finally saw some action. At 10 am both the consumer confidence report and the Chicago PMI came out with disappointing numbers. This prompted the Euro to rise and at the close of the 10:10 candle (which was 10:20) there was an Alba signal/breakout which was a very good sign for a trade. I entered 3 lots long at 1913 with a stop at 1896 and a target at 1927. My target was hit on the next candle and I closed 2 lots and moved my last lot's stop to breakeven. I trailed my stop and was eventually stopped out at the low of the candle that is marked in the chart which was at 1920. So after a long wait, we finally got a win. Thank goodness! ~Big Pippin

Results: +28 +7 -9(spread)= +26 pips

8:00 am EST - Analysis

Good Morning! Well, it looks like we have an action packed day in the US session with the release of five US economic reports and two Fed speakers. At 8:30 am EST we have probably the most watched news of the day with US GDP (q/q). GDP is up there as far as potential volatility, so be very very careful around this time. At 10:00 am EST we have Consumer Confidence, Chicago PMI, and Existing Home Sales. All have the potential to move the markets. So, for all of you Alba traders I think be cautious and focused. I think the GDP report is going to set the mood today for the US dollar, so hopefully we'll see a good Alba trade setup and the EURUSD trend today. Good luck and good trading! ~Pipcrawler

EU Session High: 1.1893
EU Session Low: 1.1840

No comments:

Subscribe to this blog