Lets review.
THE LAST TRADE CALL…
Yesterday I wrote that if the US Trade Balance came out lower than expected by 1.5 billion to go long on the GBP/USD. The actual release came out 3.2b lower than expected and had no revisions which signaled a long however the pressure was down therefore it only moved around 20 pips initially.
Prior to the trade I mentioned in the room that my biased was down meaning I would prefer to see a trigger that signaled a sell and that is why I was so quick to close this trade. It went against my desired direction. It did hit my first target in the room and you will see in the video I closed the trade very quickly.
OUR NEXT FOREX ‘LIVE ON THE NEWS’ TRADE CALL…
Tomorrow we have US Retail Sales Less autos and Advanced Retail Sales. My focus will be the Less Autos. The expected number is 0.0% and I will be looking for 1.0% in deviation. I will also watch Advanced number and if it is conflicting it will result in a no trade.
The Advanced can cause a move on its own however the Less Autos is generally the one to watch. A higher than expected number signals a sell on the GBP/USD and a lower than expected number signals a Buy. This news release will be coming across the wire at 8:30am eastern so be ready to make some money!!
Good Luck trading!!!
