Live Trade Call for May 11, 2010
Written by Dustin Pass on May 10, 2010 – 12:19 pm -TRADE CALL RECAPS
For our last live trade calls, we were looking at the Canadian jobs report and US Non-Farm Payrolls last Friday morning. For the Canadian jobs report, we were looking to sell the EURCAD and USDCAD if the number came out at least 15k better than expected. The actual number came 83.7 better than expected, which was a very large deviation so it easily met our safe sell trigger. The EURCAD dropped very quickly and we had traders report up to 105 pips of profit in a matter of moments! The video for this trade is below.
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 100.5 better than expected so it also met our safe trigger and we entered a trade. There was a strong but quick spike up as the unemployment number came out strong in conflict with the jobs report. We had traders report up to 50 pips on this trade, depending on their entries. 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 EDT (8:30 am GMT). 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 last month, and wee had traders report profits of up to 35 pips, depending on their entries.
The chart for the GBPUSD at the time of last month’s trade is below:
A video of last month’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 |