Forex Signal (Wednesday November 23, 2011 NY TIME 4:30am EDT NY TIME) – UK MPC Meeting Minutes

[Stavro D'Amore]

Hello All

Welcome to our Wednesday highlight, I wont be trading this today due to educational seminar that I'm a guest for, so here is my trade plan below.

UK MPC Meeting Minutes
Forecast: 0-0-9
Previous: 0-0-9
Pair to trade: GBP/USD

The numbers we will look for:
BUY GBP/USD if we get 2 Votes for hike
SELL GBP/USD if we get 2 Votes for quantities easing

Economic Impact: High (will bring strong volatility to GBP pairs)
Typical Result: More hawkish than expected is good for currency
Occurrence: Released monthly, 13 days after the Official Bank Rate is announced


About our Triggers:
The breakdown of the MPC member’s interest rate votes tends to be the most important part of the minutes. The vote is reported as X-X-X format, we are currently on 0-0-9 forecast and previous was also 0-0-9.
The first number is how many voted to increase rates.
The second number is how many voted for a rate reduction
The third number is how many voted to hold rates.
If we get 2 votes for an increase (which is very unlikely) we will immediately BUY GBP/USD. If we get 2 votes for quantities easing we will sell GBP/USD. Should the vote remain the same, I will not enter this trade on any retracement due to uncertainty and other comments that could have been circulated during the MPC meeting.

What is it? Why does the market care?
The Bank of England (BOE) Monetary Policy Committee (MPC) Meeting Minutes are a detailed record of the committee's interest rate meeting held about two weeks earlier.
It gives a picture of economic conditions in the UK.
It also records the votes of the individual members of the Committee
If the BoE is hawkish about the inflationary outlook; it should be taken as positive/bullish for the GBP.

Method I use to trade this:
Stavro D’Amore Trading Method

Felix Description
Indicators

Approximately 15 minutes prior to the news release look for a short term SHORT position using GBP/USD pair. Be out of this SHORT trade 1 minute before the actual release, or to avoid any spreads that should widen.

I do NOT recommend spike trading as an option for this release.

Historical Chart and MPC Meeting Minutes

All the best

Stavro D’Amore

 

[Stavro D'Amore]

Hello guys,

I'm not always around so if you need to contact me i might not get the Private message it is easier to email me i can be emailed on stavro.damore@hotmail.co.uk

all the Best

Stavro D'Amore

 

[simonbriggs]

Thanks man

I feel you man,ur signals are good,hhhm do you only use fundalmental analysis,cos i gat sm cool technical indicators u can try.thanks maan

 

[digamer]

...look for a short term SHORT position using GBP/USD pair. Be out of this LONG trade...

So which is it, short or long?

 

[Stavro D'Amore]

It was a short