Tuesday, June 27, 2006

Forex Trade - 06.27.06

2:55 pm EST- 1 Trade Lost

Well it was another tough day for the Alba system. There was a good Alba signal at 8:40 am EST and I entered 3 lots long at 2592 with a stop at 2569 and a target at 2604. Unfortunately my target was not hit by the time the Existing Home Sales and Consumer Confidence report came out and seeing that I don't like being in trades during news reports I closed all 3 lots at 10:00 am EST at 2587. In hindsight, had I stayed in the trade, my target would've been hit. Don't you hate that? Even though I lost and even though I see that my trade would've won had I stayed in, I am happy that I was able to stick to my rules even though it cost me some pips today. It's especially tough to follow your trading rules especially when you've been having an aberrant run. We are still negative for the month with only 3 days left. It doesn't look like I'll be able to pull up positive pips for this month but you never know. We'll have to wait and see what happens. Cheers! ~Big Pippin

Results: -15 -9(spread)= -24 pips

8:00 am EST - Analysis

Good morning! We have the US Existing Home Sales and Consumer confidence reports coming out at 10:00 am EST. Now, we saw a surprise rise in New Home Sales when the market was predicting a decline. If today's existing home sales number confirms a rise in home buying we should see a further rise in the US dollar. Please be very cautious during the release of these reports. Good luck and good trading! ~Pipcrawler

EU Session High: 1.2615
EU Session Low: 1.2562

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