OUR LAST LIVE ON THE NEWS TRADE CALL
Friday we had a great trade on the GBP/USD. In the trade call I sent out Thursday I outlined my play for the UK Retail Sales Report that came out Friday at 4:30 am eastern, the plan was to go long if the actual number came out higher than expected by .4% or more. I had also outlined the levels that I would be taking profit at if my triggers were hit.
In the video you can see that we were up almost immediately and closed half of the trade as soon as it hit our first target. With in a few seconds it hit our second target and started to fall pretty hard so I closed the rest right away.
Once again this is a great example of why it is important to have a plan before you go into a trade. Identify where you plan to take profit and stick to your plan. I have included a link to Fridays trade below..
To see a video of the UK Retail Sales follow this link
OUR NEXT LIVE ON THE NEWS TRADE CALL
Tomorrow we have two releases coming out of Canada and both could provide a great move. The first is the CPI core 8 which excludes the 8 most volatile items. This release could be a little tricky because the regular monthly number is being released at the same time and both of these numbers can have a substantial impact on price.
These numbers will be released at 7 am eastern and a higher than expected number will signal a sell on the USD/CAD and a lower than expected number will signal a buy on the USD- CAD. The Core number is expected at 0,0% and the monthly number is expected at .2%.
Because the Core number is generally the strongest I will enter based on this number. So if the Core comes out .2 or higher I will go short on the USD/CAD and if it comes out -.2 or lower I will go long on USD/CAD. I will then immediately verify that the monthly number came out in agreement and if not I will close the trade right away. IF all is in agreement I would expect to see around 25 to 30 pips.
The next trade we have is also coming out of Canada however this will be released at 8:30 am eastern. This next release is the Retail Sales Less Autos which is expected to be released at .4%. With this particular release a higher number will signal a sell on the USD/CAD and a lower number will signal a buy.
I would like to see around .8% in deviation to trade this. In the past we have traded this with less however I am more comfortable with .8% If our triggers are hit we will possibly see around 30 pips.
Good Luck trading!!!
