Friday, March 10, 2006

Forex Trade - 03/10/06

3:42 pm EST- 1 Trade Won

What a crazy day in the market today! After some heavy volatility due to the NFP release my charts and trade station went a little crazy and actually prevented me from getting in the correct trade. Luckily another opportunity occurred and I was able to snag some pips. At 9:10 am there was an Alba breakout and I entered short at 1885 with a stop at 1908 and a target at 1776. 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 taken out at the high of the candle that is marked on the chart which was 1874. Although we had a win, it wasn't enough to compensate for our losses earlier in the week which makes it another losing week for us. This is the 4th week since inception that we've had a losing week. Hopefully we'll have a better week next week. Cheers. ~Big Pippin

Results: +18 +11 -9(spread)= +20 pips

8:00 am EST - Analysis

Good morning! Well, it's US Non Farm Payroll day here in the forex market and for those of you who play it right it's like Christmas all over again! haha. Well, we have that report coming out at 8:30 am EST, and by judging on the range of 21 pips last night in the EURUSD, everybody and their mama is waiting for this late report(NFP usually comes out the first friday of the month). As usual, we wait 30 minutes to an hour to for the extreme volatility to fade and for a trend to form. The consensus is at 220K, so let's watch out for any surprises. Good luck and good trading! ~Pipcrawler

EU Session High: 1.1926
EU Session Low: 1.1905

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