Live Trade Call for November 5, 2009
Written by Dustin Pass on November 4, 2009 – 1:13 pm -TRADE CALL RECAP
For our last live trade call, we were looking at the US ISM Manufacturing report Monday morning. On this report, we were looking to buy the EURJPY if the number came out at least 2.1 better than expected. The number came out 2.7 better than expected, so it met our safe buy trigger and we entered a trade. The market reacted very nicely to this release and we had traders report up to 60 pips of profit on their trades. The video of this trade is below:
OUR NEXT LIVE ON THE NEWS TRADE CALL
We will have an opportunity for a trade tomorrow when the UK Industrial Production report is released at 4:30 am EDT. We will be focusing on the Industrial Production (MoM) figure. The expectation for this report is 1.1%. 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 GBP/USD.
Our bias will be to the sell side on this particular release, and we could see a larger move if the number comes out negative because a positive number is expected. However, we can probably anticipate a 20-40 pip move either way if this release meets our safe trigger. If we get a buy trigger, we will most likely take quick profits on the trade. In either case we will probably not hold this long term as the Bank of England interest rate decision will be released a couple of hours after this release, and that could have a profound effect on the GBP.
This report last met our safe trigger last month. The number came out much worse than expected, so it provided a much bigger move than normal. We had traders report profits of up to 60 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 |