Friday, June 02, 2006

Forex Trade - 06.02.06

4:20 pm EST- 1 Small trade won

Once again we had another day where we able to get out of trade that didn't hit our target. After the NFP report we had a strong move upwards in the Euro which made a nice breakout of the EU session range. However because it was a news candle, I did not take it. I waited until I got another breakout which happened at 8:50 and I entered 3 lots long at 2923 with a stop at 2830 and a target at 2978. Unfortunately the movement seemed to be over and the price just hovered around that area and stayed there throughout the day. Because the NFP is such a big mover I held my trade longer than normal and finally closed out at the close of the 2pm candle at 2932 because I was able to get out with a small profit. It's been a weird week and I'm hoping the market will give us some good trades next week. Have a great weekend everyone. Cheers! ~Big Pippin

Results: +27 -9(spread)= +18 pips

8:00 am EST - Analysis

Good morning! Well, it's the first Friday of the month, so you know what that means...US Non-Farm Payroll report!! Yes, once again we have the monster market moving report coming out at 8:30 am EST. This is the measure of new jobs created in the previous month. Many traders look to this gauge the health of a country's economy. Consensus is at 180K versus the previous number of 138K. Alba traders, please wait 20 - 30 minutes after this report is release to enter at trade. Good luck and good trading! ~Pipcrawler

EU Session High: 1.2828
EU Session Low: 1.2797

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