4:30am (NY Time) UK Retail Sales Forecast 0.4% Previous -0.6%
ACTION: (GBP/USD) BUY 1.0% SELL -0.2%
Our focus will be on Retail Sales, which is a measurement of the activities at the retail level of the nation; a higher Retail sales number means better economy, thus better for its currency.
Our surprise factor will be 0.6% on the Headline number. If our surprise factor is hit, we can expect the market to move 50 pips within the hour, with a historical accuracy of 78%. If we do not get at least of 0.6% of deviation (or difference), we will not take a trade based on the news, but based on the pre-market trend and the condition of the market at the release time.
An interesting trend over the last 12 releases is that we’ve gotten 9 better than expected releases and 3 worse than expected releases. Based on pure statistics we could be looking a better than expected numbers today.
UPDATE: Retail Sales came out much better than expected at 1.2%, but prior number was revised down from -0.6% to -0.9%. Because of this conflict of releases, market initially only spiked up about 32 pips. I looked at the market sentiment and decided to SELL instead of BUY and was able to pick up some good pips from GBP/JPY pair counting on the break above the 156.00 at the time… Watch this video as I explain the reason behind this trade LIVE…
[flv:http://www.newsprofiteer.com/072309-ukretail/072309-ukretail.mp4 480 360]
Related posts:
- UK Retail Sales m/m 08/20/09
- UK Retail Sales m/m 09/17/09
- UK Retail Sales m/m 11/19/09
- UK Retail Sales m/m 12/17/09
- UK Retail Sales m/m 10/22/09
- UK Retail Sales m/m 01/22/10
- Forex News Trading UK Retail Sales m/m 01/21/11
- Trading Plan For UK Retail Sales 06/17/10
- Forex Trade Plan & Video For UK Retail Sales 07/22/10
- Forex News Trading UK Retail Sales m/m 03/24/11
{ 2 comments… read them below or add one }
I use alarms and close the open trades manually; it is just something that I’ve learn to do to avoid price spikes and stop hunting. As long as you close the trade when your “mental” stop is hit, then there is no problem. Also if I am not around my trading station, I’d always put SL orders. But with MT4 Mobile platform on my phone, I am always around my trading station.
Hello Henry,
I really appreciate your posts.I would like to know why you don’t place stop loss?
Most times when i trade using ur method,my stop loss always get hit.
If i don’t set a s/loss,i feel i am no longer in control and all of my capital is at risk.
I would be glad to get your response.Thanks.
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