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Thursday, October 05, 2006

Forex Trade Review - 10/05/06

Short trade triggered:

Lot 1: +20 pips
Lot 2: +30 pips
Total: +50 pips

We had a great day with the signal, but it could've been better. I noticed that my second profit target on the short trade was only 10 pips more. haha. I've been sick lately, so while I was OD'ing on night time cough syrup and fighting sleep I didn't notice that small error. We still made good on the trade though, it just could have been more.

On a side note, we see a nice little uptick in oil and gold this morning. With my "Pick of the Day" - which unfortunately got stopped out this morning - I decided to short USD/CAD. I still like a short on this pair for the longer term if oil and gold continues to rise. We'll see if USD/CAD is able to rise above and stay above the 1.1300 level. If not, I'm staying bearish on this pair.

Tonight's signal maybe coming out a little early again tonight as I will be going out of town this evening. I may even hold off tonight's signal and post a market order tomorrow morning before tomorrow's big report - Non-Farm Payrolls number! The ADP report came in at 78K, and forecast for NFP is around 125K. We'll see how the market sets up before this report before I decide on how I want to trade it. So, stay tuned!

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