Tuesday, May 09, 2006

Forex Trade - 05/09/06

3:45 pm EST- 1 Trade Won

For the 2nd day and a row we've seen some pretty nice movement considering the lack of economic reports. The dollar lost some ground again and we saw an Alba breakout at 9:10 am EST. I entered 3 lots long at 2717 with a stop at 2690 and my target at 2730. 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 last lot's stop all the way up to the low of the candle marked on the chart where I was eventually stopped out at 2760. It was another great day for Alba and I'm hoping with tomorrow's big events we'll see even more movement in this pair. Hope you all did well. Cheers! ~Big Pippin

Results: +26 +43 -9(spread)= +60 pips

8:00 am EST - Analysis

Good morning! Looks like we have a slow news day with the only one US economic report coming out. The Wholesale inventories report will be released at 10:00 am EST. It is the monthly change of inventories held and it's not really considered a market moving report. Well, we've a slow down in the sell of in the dollar, and it has been ranging for the past couple of days. unless we see a big surprise today, we probably will not see significant movement or any breakouts until tomorrow when a slew of reports are being released. So, keep an eye out for an Alba signal, because that's what we're likely going to get today. Good luck and good trading! ~Pipcrawler

EU Session High: 1.2705
EU Session Low: 1.2660

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