OUR LAST LIVE ON THE NEWS TRADE CALL
In my last trade call I was planning on selling the GBP/USD if the Non Farm came out less than expected. It did come out less than expected however we needed more deviation for it to be a safe trade. The release was only off by around 30k and we needed 50k or more for a safe trade.
There was a revision however I don’t believe that had any substantial impact on the market. A rally followed the initial move down as the move down provided a better price for the bulls to come in and take back over. As you know we have been in a very strong bull market the last couple of weeks and we were hoping for a buy signal.
OUR NEXT LIVE ON THE NEWS TRADE CALL
This week will be a very active week as we have quite a few good releases to trade. First up is the UK Trade Balance which is expected at -6.6b. I will look for around .2b in deviation and a higher than expected number will signal a buy on the GBP/USD and a lower than expected number will signal a sell.
We have another release coming out at the same time which could affect the market quite a bit and that is the PPI numbers. This is expected at -.1%. If this conflicts with the Trade Balance data I will close the trade immediately. These reports will be released at 4:30am eastern and if my triggers are hit I will look for around 30 to 50 pips.
Good Luck trading!!!
