Today we had US Retail Sales which didn’t hit our trigger so not much to talk about there.
OUR NEXT LIVE ON THE NEWS TRADE CALL
I have been very busy today so I will make this short and to the point. Tomorrow I will be watching the UK Retail Sales which is expected at 0.0. I will be looking for .4 as my safe entry level.
If you look back over the last 3 years you will see that the few times it came out at .3 it only moved around 15 to 20 pips except in September of 2005 where it moved about 35 pips however there was also a revision of -.3 which greatly added to the move.
A higher number will signal a buy in the GBP/USD as this will strengthen there currency agains the US dollar. A lower than expected number will signal a sell as this will weaken the GBP.
This should be a very cut and dry trade as there is very little to influence the trade however revisions are common so we will watch out for that. If the revision is more than .2 and Our trigger is just struck than I will close. If the release far exceeds the trigger than I will asses the situation and possibly Stay in depending on the revision. I would expect to see Around 30 pips. Look for this data at 4:30am eastern.
Good Luck trading!!!
