Thursday, June 01, 2006

Forex Trade - 06.01.06

2:35 pm EST- 1 Very Small trade won

After the low ISM numbers, the EUR shot up and at 10:50 we had an Alba breakout. I entered 3 lots long at 2817 with a stop at 2764 and a target at 2844. Unfortunately my target was not hit and by 12 noon I had a small profit and decided that it was best to get out because it seemed like the movement was done for the day. I ended up closing all 3 lots at the close of the 11:50 candle which was at 2821. Although it was just a few pips, I'm still glad I was able to avoid a loss. Hope you all did well. Cheers! ~Big Pippin

Results: +12 -9(spread)= +3 pips

8:00 am EST - Analysis

Good morning! We have quite a few US economic releases today. Most notably, the Nonfarm Productivity and weekly Jobless Claims report at 8:30 am EST and the ISM Manufacturing report at 10:00 am EST. Please be cautious at those times for we may see volatility and/or false breakouts. With the NFP report being released tomorrow, we usually see muted trading conditions as traders are cautious before the release of this volatile report. Remember the rules of the Alba and let's stick with them! Good luck and good trading! ~Pipcrawler

EU Session High: 1.2803
EU Session Low: 1.2737

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