Thursday, April 20, 2006

Forex Trade - 04/20/06

2:30 pm EST- 1 Trade won

That 2300 is a very tricky level right now. I've seen it bounce on the level for the past 3 days now so keep that in mind as you trade. At 10:00 am there was an Alba breakout and I entered 3 lots short at 2303 with a stop at 2330 and a target at 2388. My target was hit at 10:50 and I closed 2 lots out and moved my stop to breakeven where I was stopped out a few minutes later. Coincidentally enough this looks just like yesterday's trade except our target was a little too low. Yesterday, the Euro got down to 2285 before bouncing back up. Today it got down to 2286. Who knows what will happen tomorrow. Cheers for the win! ~Big Pippin

Result: +30 +3 -9(spread)= +24 pips

8:00 am EST - Analysis

Good Morning! Today we have weekly Unemloyment Claims at 8:30 am EST, Leading Indicators at 10:00 am EST, and the Philadelphia Fed Index at 12:00 pm EST. All three have low potential for volatility, but keep an eye out at those times for any surprise numbers and be cautious before entering any trades. Without any major news reports we will probably see the EUR/USD continue to range, finding support and resistance at the EU highs and lows. Good luck and good trading! ~Pipcrawler

EU Session High: 1.2362
EU Session Low: 1.2316

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