Just when we thought it wouldn't get any worse, it turns out that it can! After the CPI report we saw an Alba breakout at 9:00 am and I entered short at 2299 with a stop at 2342 and a target at 2275. The EUR got down to 2285 but then made a complete reversal and I was stopped out on all 3 lots at 10:00 am. This is probably due to the weak dollar sentiment now and as commodities are increasing and housing data weakening and high oil prices affecting consumer spending, we're probably going to see a weaker dollar in the next few months. The reason for the slight surge for the dollar was because of the higher than expected CPI numbers. I just wish it surged a little more to hit our target before going weak again :) Oh well, you can't win them all. Hoping for a better day tomorrow. Cheers! ~Big Pippin
Results: -129 -9(spread)= -138 pips (ouch)
8:00 am EST - Analysis
Good Morning! Sorry for the late entry. It's 8:52 am EST and the CPI report was just released with a bigger than expected number of 0.4% versus Feb number of 0.1%. This is mostly due to higher gasoline prices. In response the EUR/USD has shot down and if you're an Alba trader you should be watching the market very closely and looking to enter, and you should not be in the trade in at this point due to the recent release of the news report. Remember the rules! When we do enter we should see continued strength in the US dollar until 10:00 am EST.
At 10:30 am EST we have the weekly EIA Crude Oil inventories number coming out with an expected number at 3.2 M. A higher number may weaken the US dollar. Alright Alba traders, stay focused! Good luck and good trading!
EU Session High: 1.2374
EU Session Low: 1.2330
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