Today TX Trading
Okay...yesterday we had U.S. Trade Balance coming out really bad. It deviated by over 3 billion, and was bad for the dollar. We saw GBP/USD spike up by about 30 pips or so, then relatively quickly retracing down, then again going back up by another 40 pips. Today is Friday the thirteenth :) Excellent day for trading :) Here is what's happening today, and here is what I am going to do.
1. Friday, October 13th, 2006 (8:30 am New York Time) USA
We have three reports coming out this day. However, since they are all coming out at the same time, and the plan is to get in before the spike starts happening, we need to focus on one. The reports are Advance Retail Sales, Retail Sales Less Autos, and Import Price Index. What I am going to be doing, is looking for an entry based on Retail Sales Less Autos, and then looking at other numbers to judge where to exit. But mostly, of course, I'll be looking to exit, based on price, trailing my mental exit point by 5 pips. The Retail Sales Less Autos is expected to come out at 0%, so no improvement...if it comes out at 0.3% or higher, it would be good for the dollar, so I may possibly go short on GBP/USD. If it comes out at -0.3% or lower, it would be bad for the dollar, so I may possibly go long on GBP/USD.
Again, with all these different numbers coming out, including revisions and all that, it's impossible to predict all the possible scenarios. So the best suggestion I can make if you are trading it with your own news service, is to enter based on my triggers on the X Autos, and exit purely on the price action by taking a profit, if you see a price retracing by 5 pips or more after the initial spike.
1. Friday, October 13th, 2006 (8:30 am New York Time) USA
We have three reports coming out this day. However, since they are all coming out at the same time, and the plan is to get in before the spike starts happening, we need to focus on one. The reports are Advance Retail Sales, Retail Sales Less Autos, and Import Price Index. What I am going to be doing, is looking for an entry based on Retail Sales Less Autos, and then looking at other numbers to judge where to exit. But mostly, of course, I'll be looking to exit, based on price, trailing my mental exit point by 5 pips. The Retail Sales Less Autos is expected to come out at 0%, so no improvement...if it comes out at 0.3% or higher, it would be good for the dollar, so I may possibly go short on GBP/USD. If it comes out at -0.3% or lower, it would be bad for the dollar, so I may possibly go long on GBP/USD.
Again, with all these different numbers coming out, including revisions and all that, it's impossible to predict all the possible scenarios. So the best suggestion I can make if you are trading it with your own news service, is to enter based on my triggers on the X Autos, and exit purely on the price action by taking a profit, if you see a price retracing by 5 pips or more after the initial spike.
posted by Naveen Pantera at 8:34 PM
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