UK Manufacturing PMI 08/03/09

4:30am (NY Time) UK Manufacturing PMI   Forecast 47.7   Previous 47.0
ACTION: GBP/USD                                     BUY 50.1              SELL         45.0

Manufacturing PMI is a survey of purchasing managers in the manufacturing sector on various economic activities, including inventory, employment, orders, etc… A higher than 50 reading means expansion, or a less than 50 reading means contraction.

If our SELL number is hit, we can expect GBP/USD to move 50 pips within the hour.  If we do not get our tradable number, there would be NO trade.

Normally we are looking for a deviation of 2.0, but in this case we are looking for an above 50.0 release and below 45.0, this is due to the recent market condition and risk sentiment.

UPDATE: We got a much better than expected release and market reacted with a strong demand for Sterling almost immediately.  I waited for the market to calm down and then entered after a quick dip, made over 30 pips in about 47 minutes after the release.  Not bad for a total of 77 minutes of work, if you count the 30 minutes before the release preparation time. 

[flv:http://www.newsprofiteer.com/080309-ukmanufpmi/080309-ukmanufpmi.mp4 480 360]

Related posts:

1. UK Manufacturing PMI 10/01/09
2. Forex Video & Trade Plan For UK Manufacturing PMI 08/02/10
3. UK Manufacturing PMI 09/01/09
4. UK Manufacturing PMI m/m 12/01/09
5. UK Manufacturing PMI 11/02/09
6. UK Manufacturing PMI 01/04/10
7. UK Manufacturing PMI 02/01/10
8. UK Manufacturing PMI 04/01/10
9. Forex News Trading UK Manufacturing PMI 02/01/11
10. Forex News Trade UK Manufacturing PMI 6/1/11

Tagged as: economic activities, Forecast, Forex, Forex News, Fundamental News, GBP, GBP/JPY, GBP/USD, Manufacturing PMI, manufacturing sector, pips, PMI, Purchasing Manager's Index, purchasing managers, Sterling, UK, USD