Another news indicator with enough deviation from expectation to trade. After Tuesday's no trade on US Consumer Confidence this was a great gift, also my mystery broker is filling me. Also my first time using Currenex for a news trade, there is the danger of trading to many accounts at once, especially if something happens like a revision or other news reports coming out at the same time. For this reason I have been trading with a smaller position usually just 1 or 2 lots, this has meant that my gains have been less than last week when I was trading up to 6 lots per trade. It is the balance between more precise news trading and doing broker research, which I think will pay dividends later on.
When the trade hit the initial spike and retraced some, because I was in with positions on 3 brokers, I closed some of my trades early, so I could focus on the remaining ones. I bit like scaling out of a trade, where you sell half and leave the rest on to run for more pips. The move did turn around and continue so I didn't achieve maximum potential on every broker. I closed the IGIndex first because it seems the slowest to execute, then got out of Currenex where I was trading GBPJPY, after doing this the price turned around and moved south. I did catch this further move on the mystery broker trading GBPUSD and faded out of the trade.
The UK GDP for 2006 Q4 was expected 0.8%, but came out at 0.7% , a 0.1% deviation was enough to move the market. It wasn't a huge move, about 35 pips, but I will take it. Click here to read more about this report
Here is the GBPUSD chart with the mystery broker and the IGIndex trade.
Here is the GBPUSD chart with the mystery broker and the IGIndex trade.
and here is the GBPJPY chart with my Currenex fill, currenex prices in the currency that is bought or sold, it is real thing.
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