The last Forex trade call I sent out covered three different currency trading opportunities. The First was the UK Trade Balance which was released at 4:30 am Eastern. The plan on this release was to go short on the GBP/USD if it came out worse than expected by $900 million.
Our trigger was just missed so we didn’t take the trade; however, there were some who used a more aggressive trigger and actually went short. For those that did go short in my trade room, I suggested an immediate close as the currency pair struck one of our target levels. We had reports of small gains on this from this trade call as it did move down approximately 20 pips, but for me it was a no trade. You can see a chart image below. If you would like to see an actual video of this live Forex trade then follow this link:
Then at 8:30 am Eastern time we had data from Canada as well as the US. In the Forex trade call I sent out I said to go short on the GBP/USD if the US Trade Balance came out higher than expected by $1.5 billion. This trigger was met and we saw an initial move of around 20 pips. This retested the pre-release price, then fell back down for a total of around 30 pips. I personally didn’t trade this one; however, we did have several people that were in my live Forex trade room report profits. The image for this trade is below.
I focused more on the other trade that was being released, which was the Canadian Trade Balance. The Plan for this was to go long on the EUR/CAD if it came out lower than expected. The reason we traded the EUR/CAD in place of the USD/CAD is two-fold. First the EUR/CAD tends to move more than the USD/CAD, and secondly there was US data coming out at the same time which would also have an affect on the USD/CAD.
The CAD Trade Balance hit my triggers and I went long on this with 110 lots on two separate accounts. Unfortunately, I use software that automatically locks in two pips once I see 7 pips of profit so I got stopped out with 2 pips due to the volatility of the move. This did move from about 1.3800 to 1.3840, so it was a good move none the less but I made little profit to show for it. I have posted an image of the move below for you. Additionally if you would like to see the actual video of this trade call you can click this link:
Have a great weekend and keep an eye out for my next trade call.
Dustin
