FOREX TRADE CALL RECAP
For our last live Forex trade call, we were looking at the US CPI report this morning. For this release we were looking to sell the GBPUSD if the number came out at least 0.1% better than expected, although I cautioned against that this could go the wrong way as it did last month. The actual number came out with a 0.1% deviation, so it met our safe trigger and we had a few traders enter a sell trade. As I had cautioned, it did go the wrong way by about 25 pips initially. I mentioned that a second good sell entry was at the 1.3950 area, and it did drop off that area enough for Forex traders to get out with overall profits on the trade. We did not get a good video of this particular trade.
OUR NEXT LIVE ON THE NEWS FOREX TRADE CALL
Tomorrow we will have an opportunity for a trade when the Canadian CPI is released at 7:00 am EDT. There are several components to this release, and we will be focusing on the CAD CPI Excluding Core 8 (YoY) figure. The expectation for this report is 0.2%. We will be looking for a deviation of 0.2% to trigger a safe trade. A lower than expected number will trigger a buy on the USDCAD or EURCAD.
The USDCAD and EURCAD are in overall up trends, so our focus on this particular release will be biased for a buy on the USDCAD and even the EURCAD. We will use caution on this particular release as it has gone the wrong direction the last couple of months it has met our trigger on this piece of data.
This report last met our safe trigger last month, and after a quick spike in the right direction the market moved against the deviation for a while. I mentioned a couple of areas for re-entry as it was going the wrong direction, and eventually it turned back to the long side and paid all of the trades out. A couple of traders reported that they held on and eventually got out of the trade with some profits. The chart below shows how the USDCAD reacted at the time of last month’s release:
CADCPI022009
We do not have a video of last month’s release, so to see a video of December’s trade, click on the link below:
Video Link Here:
This is our current outlook for this trade; however, it is subject to change as Forex market conditions may change by tomorrow. Be sure to log in to the Live Trade Room 15 minutes prior to the releases to get my commentary on this potential trade.
Good Luck!!!!
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