Wednesday, July 19, 2006

Forex Trade- 7.19.06

3:30 pm EST- No Trades

Well we had plenty of economic reports today to fuel the market but unfortunately it wasn't enough to give us a breakout or signal. Both the 8:30 and 10:00 candle caused breakouts but because I don't trade news candles, I stayed out. After each of those candles I didn't see any further confirmation that those trends would continue and stayed out both times. Hopefully we'll have better days tomorrow and Friday.

On a side note, I thought I might add that I see a possible trade for the AUD/USD. This is more of a swing trade so the risk is fairly high. I will set an entry order to buy the AUD/USD at 7566 with a stop at 7456 and a target at 7766. If this trade is not triggered by the end of the trading day tomorrow, I will remove my order. I just thought I'd throw it out there because it looks like a nice trade. Cheers! ~Big Pippin

Result: +0 pips

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