Tuesday, June 20, 2006

Forex Trade - 06.20.06

2:20 pm EST- 1 Trade Lost

Days like today make losing hurt the most. Usually I can accept a loss with no problem because it's just a normal part of being a trader. However, today was one of those days where you know you were right in your trade, but the market moved just enough against you to briefly stop you out and then decided to go in the original direction you had hoped it would go in the first place. Today there was an Alba signal at 10:20 am EST and I entered 3 lots long. The presumption here was that the price had bounced off the EU low and would proceed to reach at least the EU high. I entered 3 lots at 2576 with a stop at 2558 and a target at 2587. At 11:40 am EST I was stopped out of my trade by 3 pips. And wouldn't you figure, right after I was stopped out, the market continued it's move toward the EU high and not only did it reach it, it ended up breaking out of the EU range late in the day. Sheesh! Everything looked good when I entered the trade, but sometimes things like this just happen. It would've been a nice win today but unfortunately now this loss has put us back to breakeven for the month. The Alba system has not had a negative month since its inception so these last 2 weeks will be interesting to watch. I will follow the system rules to a tee and hopefully the system will bring me back to positive pips for the month. Hope you all did ok today. For those of you who just trade the Alba breakouts, you lucked out of this one :) I wish I was you today. Cheers! ~Big Pippin

Result: -54 -9(spread)= -63 pips

8:00 am EST - Analysis

Good morning! Today we have a couple of US economic reports released at 8:30 am EST - Housing Starts and Building Permits. Housing Starts is the number of new single family homes constructed in the previous month, and it is the potential market mover today. The consensus number is at around 1.90 Million, and any number below that could cause a short term sell off in the dollar. Please be cautious during this time period. Good luck and good trading! ~Pipcrawler

EU Session High: 1.2594
EU Session Low: 1.2550

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