Wednesday, April 12, 2006

Forex Trade - 04/12/06

2:50 pm EST- 1 Trade Lost

Unfortunately on my last trading day this week I had a loss. After the trade balance report the Euro made a nice move down and at the close of the 8:40 candle I entered short on an Alba breakout at 2072 with a stop at 2143 and a target at 2033. After entering, the Euro made a complete reversal and headed back all the way up to the EU session low before finally moving down a little bit. By 12 noon I knew it was time to close my trade because the price was pretty close to 2100 so I ended up closing all 3 lots at 2104. So after a nice run last week I took a pretty good hit today but we are still up for the month. Hopefully the rest of the month will get us back up. I will not be trading tomorrow or Friday as I will be on vacation. Hope you all have a great Easter and I will be back on Monday. Cheers! ~Big Pippin

Result: -96 -9(spread)= -105 pips

8:00 am EST - Analysis

Good morning! Today we have the release of the US Trade Balance number for Feb. at 8:30 am EST. It is a major number for the markets in that it measures the difference in the total number of exports and imports. This number has a huge impact on a country's GDP. The previous number was -68.5 B, and consensus is at -67.0 B.

Also, we have have the EIA weekly crude oil inventories number at 10:30 am EST.

Please be cautious around the Trade Balance report. With a surprise number it can be very dangerous to trade around. Good luck and good trading! ~Pipcrawler

EU Session High: 1.2159
EU Session Low: 1.2138

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