This is a long one but we have a lot to review and a lot to discuss for tomorrows trade call so lets get started
OUR LAST LIVE ON THE NEWS TRADE CALL
Today we were watching two releases. The US GDP and the CAD GDP. The Cad figure did not hit our trigger so we didn’t get an entry on that release however the US GDP did hit our triggers and provided for a few pips. I personally only got around 3 pips on the smaller accounts I traded however I picked up 9 pips on my managed funds.
The plan per yesterdays email was to go short if the data came out higher than expected by .4% and the actual release was off by .5%. The overall move was around 35 pips however I had a plan and that was to close the trade if it came off of one of my target levels to hard.
Discipline is very important when trading; I have found that it is best to stick to your plan no matter what so my target was struck and I saw the market react off of that level and I closed the trade. My priority is to close the managed accounts out first so I got 9 pips there however by the time I got around to the smaller accounts that I project I only picked up around 3 pips there.
The majority of the traders in the room followed my lead and got out with around 3 to 13 pips profit depending on their reaction to my close signal. There where a few that held there position and picked up 35+ pips but only a hand full. Small profits but profits none the less. To see a video of this release follow this link
OUR NEXT LIVE ON THE NEWS TRADE CALL
Tomorrow we have two sets of releases that we will be watching. The first trade will be the PCE Core m/m which is expected at .2%. The market will also be affected by Personal Spending which is expected at .7%.
Again the focus will be the core and I would like to see around .2% in deviation. If Personal Spending conflicts at all I will be out of this trade in a hurry. This is not a great mover however we should see around 25 pips. This data will be released at 8:30 am eastern and I will be trading the GBP/USD. A higher than expected number signals a sell and a lower than expected number signals a buy.
The next release that we have is the US ISM Manufacturing. This is a great trade opportunity as it tends to move the Market very well. The expected number is 51.7 and I will be looking for around 1.8 in deviation.
This will likely give more than 30 pips profit if our triggers are struck. I like this report because there is very little data to conflict as it comes out on its own generally. The ISM Prices should not affect the move unless it is off substantially.
I will be trading the GBP/USD with this as well and a higher than expected number will signal a sell and a lower than expected number will signal a buy. This data is scheduled to be released at 10 am eastern.
I wrote an article some time ago and it used this exact release as an example. You may have already read it however if you are new to my calls it is a good read and will help explain how exactly we trade and why we are so successful. Follow this link to read the article.
Good Luck trading!!!
