Friday we had a fairly complicated trade. There were three different pieces of data that we were watching and two of the three releases were US data and the other was Canadian data.
The plan was to focus on the EUR/CAD since there was a possibility of the US data conflicting causing an unpredictable market. We actually traded all the numbers in the live room and ended up taking a short on the GBP/USD which I closed with only 2 pips profit. The Canadian data missed our trigger by .1 so I passed on this however there were quite a few people that traded it using lower triggers and did very well.
The spread on the EUR/CAD did set us back but the pair moved enough to produce profits; we did stay in this almost an hour. The video for this session is fairly long as there are some good examples of level breaks and continuation patterns that I didn’t want to cut out. Although this was a complicated trade we still ended the session with good profits. To see the video of this trade follow the link below.
OUR NEXT LIVE ON THE NEWS TRADE CALL
I’m really excited about this week because we have a lot of data coming out so it should be a fairly eventful week. We start the week off with some data out of the US.
Tomorrow at 8:30 am eastern we will receive the data for the US Retail Sales Less Autos. It is expected by most analysts that it will come out at .9%. If the actual number released tomorrow deviates by .5 or more we should see the market move enough to capitalize on.
If the number comes out higher than expected by .5% or more I will short (SELL) the GBP/USD and if it comes out lower than expected by .5% or more I will go long (buy) the GBP/USD. I would expect to see around 25 pips however I will watch for revisions as they are common on this release. If the revision conflicts with the actual data I will watch the market carefully and close my position at the first sign of market reversal.
Good Luck!!!
