Forex Trade Idea Update - 12/20/05

On the USDCAD trade idea, it never reached my entry point of 1.1657. It came as low 1.1659 then shot straight up...currently at 1.1714 at the time of this writing.

My forex trade idea on Cable turned out to be a 30 pips loss. When I put this trade on I kinda broke my rules. The cross was at 1.7610, so I should've entered at 1.7640. If I entered there I would've hit my 30 pip target at 1.7670. I entered at 1.7650 because that was the pivot point and GBPUSD might have hit resistance at that point. Hopefully, another lesson learned. Stick to the rules.

Also, US PPI came out with a surprise number of -0.7% vs. consenses of -0.5%. A really good number for the US which could lower concerns of inflation. The dollar is making a strong right now. I'm going to look for retracements and possibly enter long the dollar.

I'll update this blog this afternoon with charts.

Well, off to look for another trade idea....