for April 17, 2009…
TRADE CALL RECAP
For our last live forex trade call, we were looking at the US CPI report yesterday morning. For this release we were looking to sell the GBPUSD if the number came out at least 0.1% better than expected. I preferred a buy trade and I cautioned against that this could go the wrong way as it had the previous two months. The actual number came out with a 0.1% deviation, so it met our safe sell trigger and we had a few traders enter a sell trade. As I had cautioned, it did go the wrong way by about 10-15 pips initially. After a few minutes the GBPUSD dropped to provide a few pips of profit for those who did get in a trade. We did not get a good video of this particular trade.
OUR NEXT LIVE ON THE NEWS FOREX TRADE CALL
Tomorrow we will have an opportunity for a trade when the Canadian CPI is released at 7:00 am EDT. There are several components to this release, and we will be focusing on the CAD CPI Excluding Core 8 (YoY) figure. The expectation for this report is 1.9%. We will be looking for a deviation of 0.2% to trigger a safe trade. A lower than expected number will trigger a buy on the USDCAD or EURCAD.
The USDCAD and EURCAD have been in a down trend for the past few weeks, so our focus on this particular release will be biased for a sell on the USDCAD and even the EURCAD. We will use caution on this particular release as it has gone the wrong direction the last couple of months it has met our trigger on this piece of data.
This report last met our safe trigger last month, and after a quick spike in the right direction the market moved against the deviation for a while. The chart below shows how the USDCAD reacted at the time of last month’s release:
We do not have a video of last month’s release, so to see a video of December’s trade, click on the link below:
[kml_flashembed movie="http://www.youtube.com/v/-NJaDsr9To8" width="425" height="344" allowfullscreen="true" fvars="fs=1" /]
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 releases to get my commentary on this potential trade.
Good Luck!!!!
HOW TO TRADE THE FREE CALLS
If this is the first time you are receiving my trade calls, please visit…
for important information on how to use my calls.
WOULD YOU LIKE ME TO COACH YOU THROUGH
THIS TRADE IN REALTIME TOMORROW?
Then visit: http://www.forextradersdaily.com/forex2.php
