TRADE CALL RECAP
For our last live trade call, we were watching the Canadian Labor Change report last Friday morning. For this report, we were looking to sell the USDCAD and EURCAD if the number came out at least 15k better than expected. The actual number came out with a strong 73k deviation, so it easily met our safe sell trigger and we entered a trade. The market responded very strong and we had traders report up to 70 pips on the trade! A video of this trade is below.
httpv://www.youtube.com/watch?v=Rra_y7TrFnk
OUR NEXT LIVE ON THE NEWS TRADE CALL
Our next live trade opportunity comes tomorrow when the UK GDP report is released at 4:30 am EDT (8:30 am GMT). For the UK GDP, the expected number is 0.3%. A higher than expected number will be good for the GBP and signal a long the GBPUSD, and a lower than expected will be bad for the GBP and signal a short on the GBPUSD. This is data that was delayed for about two weeks as they found some flaws in the data, so this is actually some data that would typically come out in June.
We will likely prefer a sell trigger on this trade as a more negative number could have a larger impact on the GBP, but we could see a 25-40 pip move either way. We will likely stay in for a larger move if we do get a sell trigger. This is a Final quarterly number which typically does not have as big of an effect on the market as an Advanced number, so we will most likely raise our safe trigger to 0.3% tomorrow. There is some other UK data coming out at the same time that could also impact the GBPUSD, so we will want to use some caution on this trade.
The UK GDP report has met our safe trigger in six out of the last twelve months and the GBPUSD has moved between 25 and 100 pips each time. The last time this report met our safe trigger was January, and we had traders report up to 50 pips of profit on their trades. The chart below shows the movement of the GBPUSD at the time of January’s release:
The video of January’s trade is below:
httpv://www.youtube.com/watch?v=aTi_KRH5Hoc
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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