Thursday, March 02, 2006

Forex Trade - 03/02/06

3:50 pm EST- 1 Trade won

The Euro is finally starting to move and we are once again able to recapture some pips. It was tempting to enter on that beautiful breakout at 10am but I didn't do it because of the fact that Orson (Fed) had a testimony at that time. It took some patience but I finally saw a good Alba signal at 11:20. I entered 3 lots long at 2009 with a stop at 1986 and a target at 2024. Since the trade was still on after 12pm I decided that I was going to watch it very close and close all 3 targets at or near my target. If by 1 pm my target was not near being hit or if I was negative, I was going to close my trade out. At 12:40 the price reached within 1 pip of my target and I decided to go ahead and close all 3 lots at the close of that candle which was at 2021. In hindsight, you could see that the target would've eventually been hit later on at about 2:20 pm. Either way, I can't complain about the win :)

Results: +36 -9(spread)= +27 pips

8:00 am EST - Analysis

Good morning! This morning the ECB raised the interest rates from 2.25% to 2.5% as expected, but traders are still waiting on remarks from Trichet for possible future interest rate moves. His comments should set the mood for the market today as there are no potentially volitale US economic reports being released according to Forex Factory. The EURUSD made as small range of 23 pips last night so be on the lookout for a breakout. Good luck and good trading! ~Pipcrawler

EU Session High: 1.1947
EU Session Low: 1.1924

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