I wanted to recap what we did on the last live trade call and give you the criteria for a potential trade tomorrow.
The last trade call I sent out covered the UK Industrial Production report this morning. For this report, our plan was to go short on the GBP/USD if the release came out lower than expected by 0.5% or more from the expected number of 0.3%. The actual number came out with a deviation of -0.2%, so our trigger was not met and we did not enter this trade.
To see the video of the trade click on the following link:
OUR NEXT LIVE ON THE NEWS TRADE CALL
Tomorrow we will have an opportunity to trade when the UK Trade Balance report will be released at 4:30 am EDT. We will be focusing on the UK Trade Balance figure, which will be Row 1 on the RSS. The expectation for this report is -$6,800 Million. We will be looking for a deviation of $700 Million to trigger a safe trade. A higher than expected number (less negative) would be good for the GBP and would signal a long on the GBP/USD, and a lower than expected number (more negative) would be bad for the GBP so that would signal a short on the GBP/USD. This release has met our safe triggers two times this year, and we have seen moves of between 15 and 30 pips.
This is our current outlook for this trade; however, it is subject to change as market conditions may change by tomorrow. Be sure to log in to the Live Trade Room 15 minutes prior to the release to get my commentary on this potential trade.
Good Luck!!!!
