Live Trade Call for February 25, 2010
Written by Dustin Pass on February 24, 2010 – 1:21 pm -TRADE CALL RECAPS
For our last live trade calls, we were watching the UK Retail Sales, Canadian Retail Sales and US CPI reports last Friday morning. For the UK Retail Sales report, we were looking to sell the GBPUSD if the number came out at least 0.4% worse than expected. The actual number came out 1.3% worse than expected so it met our safe trigger and we entered a trade. We had traders report up to 31 pips of profit on this trade. The video of this trade is below.
For the Canadian Retail Sales and US CPI reports, we recommended focusing on the Canadian Retail Sales report. For this report we were looking to sell the EURCAD if the number came out at least 0.4% better than expected. The actual number came out only 0.1% better than expected so it did not meet our safe trigger. We had some traders trade the US CPI, which did meet the 0.2% safe sell trigger. The initial move on this trade was against the deviation, but it eventually moved about 20 pips in the correct direction. We had a couple of traders report up to 10 pips of profit on this trade. 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 Durable Goods report is released at 8:30 am EST. We will be focusing on the US Core Durable Goods figure, which is expected to be 1.1%. We will be looking for a deviation of at least 2.0% on this report to trigger a safe trade. A higher than expected number will trigger a buy on the USDJPY and EURJPY.
This release should be tradable either way if it meets our safe trigger. We will likely look to close the trade once we see 20-40 pips of profit, although it might be worth holding a portion of a buy trade. We will want to use caution tomorrow as this release has not had a very strong impact on the market lately. In addition, there is some additional US data coming out at the same time that could also impact the market.
This report last met our safe trigger in November, and some additional data came out in strong disagreement with this trade. As a result, we had traders report small losses of up to 10-15 pips on the EURJPY on the trade. We don’t have EURJPY data from November, so the chart below shows the movement of the USDJPY at the time of November’s release.
To see the video of November’s trade, click on the link below:
This is our current outlook for this trade opportunity; 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 the trade.
Good Luck!!!!
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Tags: forex news trading, US Durable Goods
Posted in Forex News Trading Live |