4:30am (NY Time) UK Retail Sales Forecast 0.3% Previous 1.2%
ACTION: GBP/USD BUY 0.9% SELL -0.3%
Our focus will once again be on the UK Retail Sales, which measures activities at the retail level of the nation; a higher Retail sales number means better economy, thus better for Sterling.
The deviation for this release will be 0.6% on the Headline number. If our deviation is hit, we can expect the market to move 50 pips within the hour, with a historical accuracy of 80%. If we do not get at least of 0.6% of deviation, 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 10 better than expected releases and 2 worse than expected releases. Based on pure statistics we could be looking a better than expected numbers today. There is a post on the previous UK Retail Sales on 7/23/09 which you should re-watch and get a feeling what this release will be like.
As usual I will be posting the results back here as soon as possible, so stay tuned.
[flv:http://www.newsprofiteer.com/082009-ukretail/082009-ukretail.mp4 480 360]
UPDATE: Retail Sales came out at 0.4%, which was just a little better than expectation… So it was a no trade, and as the market quickly went on a profit taking streak, the decision to stay out of the market was justified.
Related posts:
- UK Retail Sales m/m 09/17/09
- UK Retail Sales m/m 11/19/09
- UK Retail Sales m/m 10/22/09
- UK Retail Sales m/m 01/22/10
- UK Retail Sales m/m 12/17/09
- Forex Trading Plan For UK Retail Sales 04/22/10
- Trading Plan For UK Retail Sales 06/17/10
- UK Retail Sales m/m 02/19/2010
- Trade Plan For UK Retail Sales 05/20/10
- Forex News Trading UK Retail Sales 12/16/10
{ 3 comments… read them below or add one }
Thank you for the guide.
Henry, Thanks for all the information and your time. Enjoy your holiday. I will miss you.
Thanks Henry for the guide to understanding news and trading news.
Have a nice summer holiday.
best regards,
Muru