FOREX TRADE CALL RECAP
For our last live trade call, we were watching the UK Industrial Production report yesterday. We were looking to sell the GBPUSD if the number came out at least 0.7% worse than expected. I suggested raising the trigger due to the uncertainty in the market. The actual number came out with a -1.2% deviation, so it met our safe trigger, and several people reported getting in the trade. Most traders reported profits of up to 20 pips on this particular trade.
FOREX TRADE OPPORTUNITY TONIGHT
There is an opportunity to trade later today when the Australian Labor Change report is released at 8:30 pm EDT. The focus should be on the Labor Force Employment figure, and the expectation for this release is -20k jobs. We have placed a safe trigger of 15k jobs for this release. We have historically seen moves of around 30 to 50 pips when this release has met the safe deviation.
We would prefer to see a sell trigger on this particular release as the AUDUSD is in an overall downtrend, although it has been making a rebound over the past couple of days. We could still get a good move on a buy trigger, but we won’t expect a sustained move and you will likely want to exit quickly if it triggers a buy.
This release last met our safe trigger last month, and the AUDUSD moved approximately 50 pips. The chart below shows the forex market movement at the time of last month’s release:
We will not have the Live Trade Room open for this trade, but I wanted to make you aware of the opportunity.
OUR NEXT LIVE ON THE NEWS TRADE CALL
Our next live trade opportunity will be tomorrow when the US Retail Sales report will be released at 8:30 am EDT. We will be focused on the Retail Sales Less Autos figure, which is expected to be -0.1%. We will be looking for a deviation of 0.5% on this release to trigger a safe trade. A better than expected number will trigger a sell on the GBPUSD.
We would prefer to see a sell trigger on this particular release as the GBPUSD is currently in a down trend. In addition, a sell trigger would mean that the number is a positive number, which could have a very positive impact on the USD. We could also see a quick move on a buy trigger, but we will most likely close out quickly if we do get a buy trigger.
This release met our safe trigger last month, and the GBPUSD initially moved fairly strong against the direction of the deviation. However, we suggested a couple of additional entry points to sell the GBPUSD and eventually it dropped to provide profits for those who held out or entered at the higher entry levels. The movement of the GBPUSD around the time of last month’s trade is below:
The video of last month’s trade can be seen by clicking 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 Forex Trade Room 15 minutes prior to the release to get my commentary on this potential trade.
Good Luck!!!!
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