Live Trade Calls for June 11, 2010
Written by Dustin Pass on June 10, 2010 – 12:37 pm -TRADE CALL RECAP
For our last live trade calls, we were looking at the Canadian and US Trade Balance reports this morning. We recommended only trading the Canadian Trade Balance as there was some additional data coming out that could affect the US Trade Balance. For the Canadian Trade Balance report, we recommended raising our safe triggers, so we were looking to buy the EURCAD and USDCAD if the number came out at least $1.5 Billion better than expected. The actual number came only $0.7 Billion worse than expected, so it did not meet our safe buy trigger. The US data also came out with very little deviation so it was also a no trade for those who chose to trade it.
OUR NEXT LIVE ON THE NEWS TRADE CALLS
Our next live trade opportunities come tomorrow when the UK Industrial Production and US Retail Sales reports are released. The first opportunity comes 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 0.4%. 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 we had traders report profits of up to 20 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:
Our second opportunity tomorrow comes when the US Retail Sales report is released at 8:30 am EDT (12:30 pm GMT). Our focus will be on the US Retail Sales Less Autos number, which is expected to be 0.1%. We will trade the EURJPY currency pair as it typically provides a better move on this data. We will look for a buy on the EURJPY if the number comes out better than expected.
We will most likely prefer a buy trigger on this report as better than anticipated data could help the stock market. I anticipate a 30-50 pip spike either way, but it may just be a temporary move if we get a sell trigger.
The US Retail Sales report has met our safe trigger eight times in the last year, and the EURJPY moved 30 to 85 pips each time. This report last met our safe trigger in March and we had traders report profits of up to 32 pips on the trade. Below is a chart showing the movement of the EURJPY at the time of March’s release:
The video of March’s trade is below:
This is our current outlook for these trades; 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 releases to get my commentary on these potential trades.
Good Luck!!!!
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Tags: forex news trading, UK Ind. Production, US Retail Sales
Posted in Forex News Trading Live |