for March 25, 2009…
UK CPI PROVIDES UP TO 60 PIPS FOR FOREX TRADERS
For our last live forex trade call, we were looking at the UK CPI report this morning. We were looking to buy the GBPUSD if the figure came out at least 0.2% better than expected. The actual deviation came out at 0.6%, so it met our safe trigger and we entered a trade. We had reports of several traders entering the trade and making up to 60 pips of profit on this trade. To see a video of this trade, click on the link below:
OUR NEXT LIVE ON THE NEWS FOREX TRADE CALL
We will have an opportunity for a forex trade tomorrow when the US Durable Goods report is released at 8:30 am EDT. We will be focusing on the US Core Durable Goods figure, which is expected to be -2.0%. We will be looking for a deviation of 2.0% on this report to trigger a safe trade. A higher than expected number will trigger a buy on the USDJPY.
We will likely prefer a buy trigger on this as as the USDJPY is in an uptrend. Also, a better than expected number could have a bigger impact on the USD and the stock market, as the number would have to be a positive number to meet our safe trigger. We should still be able to trade a sell trigger, but we will likely look to close out quickly once we see 20-25 pips if it triggers a sell.
This report last met our safe trigger in December, and we had traders report profits up to 5-10 pips on the trade. The chart below shows the movement of the USDJPY at the time of this release. December’s release was affected by the thin liquidity in the market on Christmas Eve.
We did not get a video of December’s trade. To see a video of November’s trade, click on the link below:
[kml_flashembed movie="http://www.youtube.com/v/L9fyFtrcQHw" width="425" height="344" allowfullscreen="true" fvars="fs=1&rel=0" /]
This is our current outlook for this trade; however, it is subject to change as market conditions may change by tomorrow. Be sure to log in to the Live Trade Room 15 minutes prior to the release to get my commentary on the potential trade.
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