TRADE CALL RECAPS
Yesterday morning we were watching several releases, including the UK Industrial Production and Canadian and US Trade Balance reports. For the UK Industrial Production release we were looking to buy the GBPUSD if the number came out at least 0.5% better than expected. The actual number came out only 0.3% better than expected so it did not meet our safe trigger.
For the Canadian and US Trade Balance reports we suggested focusing on the Canadian Trade Balance and we were looking to buy the EURCAD if the number came out at least $1.5 Billion worse than expected. The actual number only came out $0.1 Billion worse than expected, so it did not meet our safe trigger. For the US Trade Balance our safe trigger was set at $5 Billion. The number came out at $4.6 Billion worse than expected so it just missed our trigger on this release.
OUR NEXT LIVE ON THE NEWS TRADE CALL
Our next live trade opportunity comes tomorrow when the US Retail Sales report is released at 8:30 am EST. We will focus on the Retail Sales Less Autos figure, which is expected to be 0.4%, and we will be looking for a deviation of at least 0.7% on this release to trigger a safe trade. We have changed our focus to trade the EURJPY as the GBPUSD has spiked the wrong direction the last few months on this particular release. Therefore, a better than expected number will trigger a buy on the EURJPY.
We will most likely prefer to see a buy trigger on the EURJPY for this particular release, as a better than expected number should have a good impact on the stock market. We could also see a quick move on a sell trigger, but we will most likely close out quickly if we do get a sell trigger.
This release met our safe trigger eight times last year, and the EURJPY moved 30 to 85 pips each time. This report last met our trigger in December and we had traders report profits of up to 35 pips on the trade. Below is a chart showing the movement of the EURJPY at the time of December’s release:
The video of December’s trade is below:
httpv://www.youtube.com/watch?v=8R5HV5pKCLc
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!!!!
HOW TO TRADE THE FREE CALLS
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http://www.forextradersdaily.com/signals.htm
for important information on how to use my calls.
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