Live Trade Call for March 10, 2010
Written by Dustin Pass on March 9, 2010 – 11:49 am -TRADE CALL RECAP
For our last live trade call, we were looking at the US jobs report last Friday morning. For the US Non-Farm Payrolls report, we were looking to buy the EURJPY and USDJPY if the number came out at least 65k better than expected. The actual number came out only 31.5k better than expected so it did not meet our safe buy trigger. However, the market had a strong reaction to this data and the row 2 data which was in agreement. The video of this trade is below.
OUR NEXT LIVE ON THE NEWS TRADE CALL
Our next live trade opportunity comes tomorrow when the UK Industrial Production report is released at 4:30 am EST. We will be focusing on the Industrial Production (MoM) figure. The expectation for this report is 0.3%. We will be looking for a deviation of at least 0.5% on this report to trigger a safe trade. A better than expected figure will trigger a buy on the GBPUSD.
Our bias will be to the sell side on this particular release, but we can probably anticipate a 20-40 pip move either way if this release meets our safe triggers. If we get a buy trigger, we will most likely take quick profits on the trade.
This report last met our safe trigger in December, and the move was a little muted due to the market making a large move the previous day. We had traders report profits of up to 10 pips, depending on their entries.
The chart for the GBPUSD at the time of December’s trade is below:
A video of December’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, UK Ind. Production
Posted in Forex News Trading Live |