Live Trade Call for February 18, 2010
Written by Dustin Pass on February 17, 2010 – 1:20 pm -TRADE CALL RECAP
For our last live trade call, we were watching the UK CPI report yesterday morning. We were looking to sell the GBPUSD if the number came out at least 0.2% worse than expected. The actual number came out only 0.1% worse than expected so it did not meet our safe trigger.
OUR NEXT LIVE ON THE NEWS TRADE CALL
Tomorrow we will have a live trade opportunity when the Canadian CPI report is released at 7:00 am EST. There are several components to this release, and we will be focusing on the CAD CPI Excluding Core 8 (YoY) figure. The expectation for this report is 1.9%. We will be looking for a deviation of at least 0.2% to trigger a safe trade. A lower than expected number will trigger a buy on the USDCAD or EURCAD.
The USDCAD and EURCAD are currently in a down trend, so our focus on this particular release will be biased for a sell on the USDCAD and even the EURCAD. However, we could see a 15-30 pip spike either way if it meets our trigger. We will use caution on this particular release as it has gone the wrong direction a few times recently. Because of this, we will most likely raise our safe trigger to 0.3%.
This report last met our raised safe trigger in June, and the USDCAD only dropped about 10-15 and stalled so we recommended closing the trade with small profits. We had traders report profits of 5-10 pips on this particular trade. The chart below shows how the USDCAD reacted at the time of June’s release:
We do not have a video of June’s release, so to see a video of last December’s trade, click on the link below:
http://www.forextradersdaily.com/vid/CADCPI121908/
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: Canadian CPI, forex news trading
Posted in Forex News Trading Live |