TRADE CALL RECAP
For our last live trade call, we were watching the US CPI report this morning. For this release we were looking to buy the EURJPY if the number came out at least 0.1% better than expected. The actual number came out with a deviation of 0.1%, so it just met our safe trigger. We had many traders enter the trade and they reported up to 25 pips of profit on the trade. The video of this trade is below.
httpv://www.youtube.com/watch?v=MM2-F8g0Nng
OUR NEXT LIVE ON THE NEWS TRADE CALL
Tomorrow we will have an opportunity for a trade when the Canadian CPI report 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 1.4%. 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.
Although the USDCAD and even the EURCAD seem to be in a down trend for the past couple of months, they have both found support at strong areas this week. Our focus on this particular release will be biased for a sell on the USDCAD and even the EURCAD, but we could see a 15-30 pip spike either way if it meets our trigger. We will use caution on this particular release as it has gone the wrong direction a few times recently. We may even decide to raise our safe trigger to 0.3%.
This report last met our safe trigger in June, and the USDCAD only dropped about 10-15 and stalled so we recommended closing the trade with small profits. We had traders report profits of 5-10 pips on this particular trade. The chart below shows how the USDCAD reacted at the time of June’s release:
We do not have a video of June’s release, so to see a video of December’s trade click on the link below:
http://www.forextradersdaily.com/vid/CADCPI121908/
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!!!!
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