I wanted to recap what we did on the last live trade call and give you the criteria for a possible trade tomorrow. The last trade calls I sent out covered two reports last Friday.
First was the UK GDP report. For this report, we were looking to buy the GBP/USD if the number came out at least 0.2% higher than expected. The actual number came out with no deviation, so it did not meet our safe trigger and we did not enter the trade. To view the video of this trade click on the link below:
Next was the US Durable Goods report. For this report, we were looking to sell the GBP/USD if the Core Durable Goods number came out at least 1.5% higher than expected. The actual number for this component came out with a 3.1% deviation, so we entered this trade. There was not much movement after the release, so we closed with very small profits. Most traders reported small gains or small losses on this trade. To view the video of this trade click on the link below:
OUR NEXT LIVE ON THE NEWS TRADE CALL
Tomorrow we will have an opportunity to trade when the US GDP report is released at 8:30 am EDT. We will be focusing on the GDP QoQ figure, which will be Row 1 on the RSS. The expectation for this report is 4.0%. We will be looking for a deviation of 0.4% to trigger a safe trade. A higher than expected number would be good for the USD and would signal a short on the GBP/USD, and a lower than expected number would be bad for the USD so that would signal a long on the GBP/USD.
The last time this trade met our safe trigger was in April, and we had traders report profits of 20-35 pips. To view the video of this 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.
