Written by dustin pass
Tuesday, July 27th, 2010
TRADE CALL RECAPS
For our last live trade call, we were watching the UK GDP and Canadian CPI reports last Friday morning. For the UK GDP report, we were looking to buy the GBPUSD if the number came out at least 0.2% better than expected. The actual number came out 0.5% better than expected, so it easily met our safe buy trigger and we entered a trade. We had traders report profits of up to 47 pips on this trade. A video of the trade is below.
httpv://www.youtube.com/watch?v=vzh-Lp2-t80
For the Canadian CPI report, we recommended raising the safe trigger to 0.3% and only trading the safe trigger as this particular release has not had a strong impact on the market recently. The actual number came out only 0.2% worse than expected, so it did not meet our raised safe trigger. As anticipated, there was not a strong move on the USDCAD or EURCAD in response to the 0.2% deviation.
OUR NEXT LIVE ON THE NEWS TRADE CALL
Our next live trading opportunity comes tomorrow when the US Durable Goods report is released at 8:30 am EDT (12:30 pm GMT). For the US Durable Goods report, we will be focusing on the US Core Durable Goods figure, which is expected to be 0.4%. We will be looking for a deviation of at least 2.0% on this report to trigger a safe trade. A higher than expected number will trigger a buy on the USDJPY and EURJPY.
This release should be tradable either way if it meets our safe trigger. We will likely look to close the trade once we see 20-40 pips of profit, although it might be worth holding a portion of a buy trade. We will want to use caution tomorrow as this release has not had a very strong impact on the market lately.
This report last met our safe trigger in April, and we were focusing on some Canadian data at the time. The EURJPY did move about 20 pips in the right direction in response to this data. The chart below shows the movement of the EURJPY at the time of April’s release.
To see the video of April’s trade, click on the link below:
httpv://www.youtube.com/watch?v=TJ818Dq6JNs
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 Profit Center (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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for important information on how to use my calls.
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