There are two main parts to this trade call email. The first part is a recap of the last trade call I sent out and how I personally traded the information. The second part is tomorrow’s trade call and what I plan to do.
OUR LAST LIVE ON THE NEWS TRADE CALL
The last release we were watching was a smashing success. We were watching the CAD Employment Figures and the plan was to go short if the number came out higher than expected by 15k or more. We actually increased the trigger in the room by a little due to some varying consensus’s; however, it was no matter as the actual number came out around 75k higher than expected.
This was an awesome trade that actually went for over 100 pips. I called a close on half of the position around 1.1800, which was around 40 pips from most of the entries in the room. We held the rest of the trade all the way down.
I closed the session with the two following suggestions: allow the market to continue down and simply chase it with a stop. Keep the position open until stopped out. For those who wanted an actual target number, I stated that my final target was 1.1719; however, I suggested traders take profit at the 1.1735 level to be safe.
Although the video for this trade is very long, we covered some great material, so I included it as I know you can benefit from its contents. We discuss support and resistance along with the evils of greed and fear and how they can affect your trading.
The first 3 minutes of this video are a quick intro and prep for the key levels to watch for in the video as the trade progresses. If you want to go directly to the real time footage Fast Forward to around 3 minutes in and you will see the trade as it is executed.
You will hear conflicting data being announced from the software. This does not affect the auto click as it is simply to alert you as soon as possible that there is conflicting data. It is up to you to decide if you would like to close the position based on this info. This is just another one of the added benefits of the RSS we use. In this case the data did not conflict enough to cause a problem so we held our positions.
To see the video follow this link.
OUR NEXT LIVE ON THE NEWS TRADE CALL
The next release we will be trading is the UK CPI. This release can move the market substantially when we get the correct deviation; however, it rarely gives us a trigger. I will be looking for .2 in deviation. A higher than expected number signals a buy on the GBP/USD and a lower than expected number signals a sell.
I will also keep an eye on the CPI Core y/y number as it could Affect the market just as much as the Monthly figures. This release is growing more difficult to trade as the Core and the m/m figures are creating a possibility for a contradicting data release.
If either of these conflict I will call a close; however, my focus will remain on the Monthly figure for now. This data will be released at 4:30am eastern.
Next up we have two releases coming out at once out of two separate countries. The first will be the US GDP. This release is coming out by itself so should be a very straight forward trade.
I would like to see around .6 in deviation. If we get a higher than expected number I will sell the GBP/USD and if lower than expected I will buy the GBP/USD. The expected number is -59.7b and will be released at 8:30am eastern.
I will also trade the Canadian Trade Balance which is expected at 4.7b. A higher than expected number will signal a short on the USD/CAD and a lower than expected number will signal a buy. If your dealing station has the EUR/CAD you can also trade that. In fact, it may move quite a bit better than the USD/CAD. There are actually some who may still be holding there cad positions from the Employment trade and we are hoping for a sell ?
Those that are using my software can trade both trades; however, if you are trading manually or using another software that does not support multi station and multi click dealing stations, I would suggest choosing one and just concentrating on that trade.
Good Luck trading!!!
