Live Trade Call for December 11, 2009
Written by Dustin Pass on December 10, 2009 – 1:20 pm -TRADE CALL RECAPS
This morning we were watching the US and Canadian Trade Balance reports. The Canadian Trade Balance has not had much of an impact on the market lately, so I recommended not trading that one and focusing instead on the US Trade Balance. For the US Trade Balance, the deviation just missed our safe buy trigger, and the USDJPY made a small move up. As anticipated, the Canadian Trade Balance did not cause much of a move. The video of these trades is below.
OUR NEXT LIVE ON THE NEWS TRADE CALL
Our next live trade opportunity comes tomorrow when the US Retail Sales report is released at 8:30 am EST. We will focus on the Retail Sales Less Autos figure, which is expected to be 0.5%, and we will be looking for a deviation of at least 0.7% on this release to trigger a safe trade. We have changed our focus to trade the EURJPY as the GBPUSD has spiked the wrong direction the last few months on this particular release. Therefore, a better than expected number will trigger a buy on the EURJPY.
We will most likely prefer to see a buy trigger on the EURJPY for this particular release, as a better than expected number should have a good impact on the stock market. We could also see a quick move on a sell trigger, but we will most likely close out quickly if we do get a sell trigger. We will want to use caution on this trade as there is some additional US data that will be released at the same time that could also affect the trade.
This release has met our safe trigger in seven of eleven months this year, and the EURJPY has moved 30 to 85 pips each time. This report last met our trigger in September and we had traders report profits of up to 40 pips on the trade. Below is a chart showing the movement of the EURJPY at the time of September’s release:
The video of September’s trade is below:
This is our current outlook for this trade; however, it is subject to change as market conditions may change by tomorrow. Be sure to log in to the Live Trade Room 15 minutes prior to the release to get my commentary on this potential trade.
Good Luck!!!!
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Tags: forex news trading, US Retail Sales
Posted in Forex News Trading Live |