Wednesday, May 31, 2006

Forex Trade - 05.31.06

4:30 pm EST- 1 Trade Lost

Well unfortunately we took a small loss as the PMI report didn't give the EUR/USD enough juice to give us a good trade. At 11:10 am EST there was an Alba breakout and I entered 3 lots short at 2824 with a stop at 2845 and my target at 2812. My target wasn't hit by 12pm and I held onto the trade until 1pm. The market seemed to die down by then so I closed my trade out at 2828 which was the close of the 12:50 candle. Hopefully we'll see a better day tomorrow. Cheers! ~Big Pippin

Results: -12 -9(spread)= -21 pips

8:00 am EST - Analysis

Good morning! Our only report of the day is at 10:00 am EST, the Chicago Purchasing Managers Index (PMI). This index is the montly survey of purchasing managers in which the activity (ie. purchasing, employment, output, etc.) is reported to be higher or lower than the previous month. It is seen as an early indicator of future business trends, and it is watched by many traders. So, be cautious around this time for we may see some volatility. Also, the FOMC minutes will be released today at 2:00 pm EST. It's out of our trading session time frame, but it's a very important event that you should watch and see how the market reacts. Good luck and good trading! ~Pipcrawler

EU Session High: 1.2903
EU Session Low: 1.2853

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