Live Trade Call for October 14, 2009
Written by Dustin Pass on October 13, 2009 – 12:10 pm -TRADE CALL RECAP
This morning we were watching the UK CPI report and were looking to sell the GBPUSD if the number came out at least 0.3% worse than expected. The actual number came out with a deviation of -0.3%, so it met our trigger. We had several traders report entering the trade and they made up to 22 pips on the trade. The video of this trade is below.
OUR NEXT LIVE ON THE NEWS TRADE CALL
Our next live trade opportunity comes tomorrow when the US Retail Sales report is released at 8:30 am EDT. We will focus on the Retail Sales Less Autos figure, which is expected to be 0.3%, and we will be looking for a deviation of at least 0.7% on this release to trigger a safe trade. We have changed our focus to trade the EURJPY as the GBPUSD has spiked the wrong direction the last few months on this particular release. Therefore, a better than expected number will trigger a buy on the EURJPY.
We will most likely prefer to see a buy trigger on the EURJPY for this particular release, as a better than expected number should have a good impact on the stock market. We could also see a quick move on a sell trigger, but we will most likely close out quickly if we do get a sell trigger. We will want to use caution on this trade as there is some additional US data that will be released at the same time that could also affect the trade.
This release has met our safe trigger in six of the last nine months, and the EURJPY has moved 30 to 85 pips each time. This report last met our trigger last month and we had traders report profits of up to 40 pips on the trade. Below is a chart showing the movement of the EURJPY at the time of last month’s release:
The 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, US Retail Sales
Posted in Forex News Trading Live |