Live Trade Call for June 24, 2010
Written by Dustin Pass on June 23, 2010 – 12:13 pm -TRADE CALL RECAP
For our last live trade call, we were watching the Canadian Retail Sales report this morning. For this release, we were looking to buy the EURCAD and USDCAD if the number came out at least 0.5% worse than expected. The actual number came out 1.4% worse than expected, so it easily met our safe buy trigger and we entered a trade. We had traders report profits of up to 35 pips on this trade. A video of the trade is below.
OUR NEXT LIVE ON THE NEWS TRADE CALL
Our next live trading opportunity comes tomorrow when the US Durable Goods report is released at 8:30 am EDT (12:30 pm GMT). For the US Durable Goods report, 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 sell 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 other U.S. data coming out at the same time that could also have an impact on the USDJPY and EURJPY.
This report last met our safe trigger in April, and we were focusing on some Canadian data at the time. The EURJPY did move about 20 pips in the right direction in response to this data. The chart below shows the movement of the EURJPY at the time of April’s release.
To see the video of April’s trade, click on the link 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 Profit Center (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 Durable Goods
Posted in Forex News Trading Live |