I wanted to recap what we did on the last live trade call and give you the criteria for two possible trades tonight and tomorrow.
The last trade call I sent out covered the US GDP report this morning. For this release, we were looking to buy the GBP/USD if the number came out at least 0.4% lower than expected. The actual number came out with no deviation, so our safe trigger was not met and we did not enter the trade.
OUR NEXT LIVE ON THE NEWS TRADE CALL
Tomorrow we will have an opportunity to trade when the Canadian GDP report will be released at 8:30 am EDT. We will be focusing on the Canadian GDP figure, which will be Row 1 on the RSS. The expectation for this report is 0.0%. Since there is also some US data coming out at the same time, our focus will be on the EUR/CAD for this release. We will be looking for a deviation of 0.3% to trigger a safe trade. A higher than expected number would be good for the CAD and would signal a short on the EUR/CAD, and a lower than expected number would be bad for the CAD so that would signal a long on the EUR/CAD. This release has met our medium triggers the past four out of five months, and has provided moves of 15-70 pips. The last time this release met our safe trigger was in July, and we had traders report profits of up to 40 pips on the EUR/CAD.
To view the video of July’s trade click on the link below:
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!!!!
