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Forex Signal (Fri, June 11, 04:30 am EST) UK Industrial Production

Discussion in 'Current Forex Trading Signals' started by Crazy Cat, Jun 10, 2010.

  1. Crazy Cat

    Crazy Cat Former FPA Special Consultant

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    Hi there :)

    This is Crazy Cat with a potentially profitable trading opportunity...

    Friday, June 11th (4:30 am New York Time) UK

    We have UK Industrial Production coming out. It is expected to read 0.4. Last month it read 1.9.

    I recommend trading GBP/USD for this report.

    Please read what this indicator means and how it affects the GBP/USD by going to this link: http://www.forexpeacearmy.com/forex...scriptions/7394-uk-industrial-production.html

    The trigger for this indicator is 2.0. This means that if UK Industrial Production comes out at 2.4 or more, GBP/USD will probably go up by 30 pips or more in the first 45 minutes of the report. If it comes out at -1.6 or more negative, GBP/USD will probably go down by 30 pips or more in the first 45 minutes of the report.

    I still prefer to be very careful because sometimes this report works really nice and sometimes it does not work at all.

    We will also have UK Manufacturing Production, both m/m and y/y coming out and UK Industrial Production y/y. If they conflict, I recommend skipping the trade, but most likely they won't conflict.

    Obviously, the bigger the difference between expected and actual numbers, the bigger will be the move.

    To read the after-spike retracement strategy for this report click here: http://www.forexpeacearmy.com/forex...duction-after-spike-retracement-strategy.html

    For example: on May 11th, UK Industrial Production came out at 2.0, versus an expectation of 0.3. Although it would not hit my trigger, GBP/USD went up by around 30 pips. However, this was a quite disappointing price action, and other months it worked better. Nevertheless, it shows that you have to be prepared for this kind of price action, and plan your TP and SL wisely. See for yourself what happened by seeing this chart: Forex news trading currency exchange charts

    Still, I would not trust this report too much as three months ago similar deviation did not produce any meaningful price action.

    I highly recommend you study the entire history and charts of this report by following this link: Forex News Trading | Details and History for GBP Industrial Production m/m

    I hope you make some money on this report.
    -Crazy Cat
     
    #1 Crazy Cat, Jun 10, 2010
    Lasted edited by : Sep 8, 2016
  2. freez

    freez Recruit

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    Re:new york...

    i cant not say thanks enough.I do my thing all the way in africa and you guys are my source of viable info.God bless you and yes we sure will mk some pips...
     
  3. digital_soul

    digital_soul Private, 1st Class

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    Crazy Cat,

    How fast and how accurate actually is SNW? Is it quick enough to tell you a second before the spike or is it a little lagged?
     
  4. West Coast Pips

    West Coast Pips Sergeant

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    I've been using SNW for about 4 years now. Been trading the news for 5 years. There is no software on the market that will get you the information a second or two before the spike hits. Having said that SNW does trigger your buy or sell AS the news comes out. It works with some brokers if you are prepared to have slippage and not with others. I strongly suggest you try it for a month.
     
  5. digital_soul

    digital_soul Private, 1st Class

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    Thanks alot WestCoast,

    Since you have been trading news for so many years, what broker did you use that still has reasonable spreads? Brokers like FXOpen seem to only charge a fixed amount of pips, is that any good for news trading? A few more detailed questions:

    - When you get the data from SNW, has the market already start moving in the direction before your order gets filled? (ie. is the execution of the SNW fill to the broker fast enough?)
    - Do you set your take profits to get filled on the spike or after the spike occurs?
    - Felix says use a ECN broker, is that what you are using too?
    - Do you trade the after-spike strategy?
    - With many brokers widening spreads, is it still worth trading the spike or better off with the after-spike

    Much appreciated to get your views and anyone else who trades this.
     
  6. 4x4Ever

    4x4Ever Private, 1st Class

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    Just a word of caution if your using FxOpen to try and trade news you better have their ECN account! I can't verify if its any good or not but their standard and micro accounts are absolutely useless for trading news (spike trading). Been there done that moved on to a new broker. Good luck and happy Pip'n!

    PS - Yes SNW does rock! Only been using it for about a month but it hits hard and fast at the moment of the release. Although there has been mostly "no trades" lately due to insufficient deviations (spike trading) although after spikes been good from my point of view. Just my humble opinions but I hope they help.

    ~Markus


     
    #6 4x4Ever, Jun 10, 2010
    Last edited: Jun 10, 2010
  7. valdjas

    valdjas Recruit

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    -0,4%
    not triggered. :err:

    during 1 h before the news release they sold gbp/usd down, so they knew what is coming.
     
  8. West Coast Pips

    West Coast Pips Sergeant

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    I used 0.5 & 0.8 triggers. I got burned on this release and lost a lot of money. Maybe this was leaked before the release as gbp was sold off before the release. The gbp spike at 04:30 EST was terrible.
     

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