OUR LAST LIVE ON THE NEWS TRADE CALL
Today the plan was to go long on the EUR/CAD if the CAD GDP was released .2% or lower per my last email. In the trade room we decided to use .3% instead however either way it hit our trigger and signaled a long. This was a great trade and went Right to our targets.
Pre release price was around 1.5049 give or take and once the Signal came thru most got an entry within a few pips of that Price; some a few pips higher some a few pips lower. Our target Was a fib extension around 1.5080 which is exactly where the First drive went. .
We actual had a few traders trying out other country combinations Such as the GBP/CAD and CAD/JPY in addition to some trading The CAD against the dollar. We actually had one report of over 60 Pips on the GBP/CAD.
The video of this is pretty long however there was a lot of good stuff covered and I think you will learn a lot about a few different concepts including Fib extension, Price Projection, and how they play together to identify targets in the market. I also go over how I arrive at my deviation levels by looking at historical moves.
In addition to that I show you one of the dirty little tricks brokers use to suck you into a trade or scare you out of a trade. There is some good info in this video so I hope you find the time to watch it all. If all you want to see is the actual call you can fast forward to around 7 minutes in.
CAD GDP 11/30/06
OUR NEXT LIVE ON THE NEWS TRADE CALL
I am very excited about tomorrow as we have two very good releases to watch. The first of which is the CAD Employment change. This release will be accompanied by the Unemployment Rate which shouldn’t be an issue. I am expecting this to be a good trade if it hits our triggers.
The main focus will be the Employment Change which is expected at 15k. This is a big dive from last months number of 50.5k. I would really like to see this number come out even lower than expected as this would only add to the upward momentum of the USD/CAD pair. This will be released at 7 am eastern.
For this release I would like to see around 15k in deviation so if it comes out at 30k or higher I will go short on the USD/CAD and if it comes out at 0.0 or lower I will go long on the USD/CAD. I would prefer to see a long signal as the cad has been getting steadily weaker. To see last months video of this trade follow this link.
CAD Employment 11/03/06
The next release we will be watching is becoming my favorite trade. It is the ISM manufacturing which is expected at 51.8. I would like to see around 1.8 in deviation to trade this. If it comes out higher than expected I will go short on the GBP/USD and if it comes out lower than expected I will go long on GBP/USD. With the current US dollar weakness I prefer a long signal on this trade. This is being released at 10 am eastern.
Good Luck trading!!!
