Stavro D'Amore
Former FPA Special Consultant
- Messages
- 547
Hello
Please see UK retail Sales due out today.
UK Retail Sales
Forecast -0.3%
Previous 0.6%
Pair to trade: GBP/USD
Estimated Pips: 40 pips on initial spike
The numbers we will look for:
BUY GBP/USD at 0.2%
SELL GBP/USD at -0.8%
Economic Impact: High (will bring strong volatility)
Typical Result: Good for currency
Occurrence: Released monthly, about 20 days after the month ends
About our Triggers:
We will be looking for a deviation of 0.5 % to BUY GBP or SELL GBP/USD.
If our deviation is hit, there is a strong possibility that the market will move 40 pips on spike immediately; there is a good chance that we will get a 30% retracement before entering if we miss the spike.
What is it? Why does the market care?
The Retail Sales is a monthly measurement of all goods sold by retailers based on a sampling of retail stores of different types and sizes in the UK. It is an important indicator of consumer spending and also correlated to consumer confidence and considered as a pace indicator of the UK economy.
A higher than expected reading should be taken as positive/bullish for the GBP,
A lower than expected reading should be taken as negative/bearish for the GBP.
Method I use to trade this:
Stavro D’Amore Trading Method
Felix Trading Indicators:
Indicator Descriptions
Pre News
There is no pre news for this release
Spike Trading
I do recommend spike trading as an option if you have an Auto clicker.
Please use limit orders or bounds set to 15 pip entry
After Spike
I will look for a 30% retracement in the original spike before entering a trade; I will only enter spike if my triggers are hit. I will close half my position as soon as I hit the original high point of the first initial spike and place a SL at entry price. I will also look for volume and MA indicators to decide if the spike is to reverse.
My TP level would be just before a resistance level or if the chart decides to form a support level, looking at a 15 minute chart time frame. I expect to be in this trade for a total of 30 mins.
Historical Chart and Data UK Retail Sales
All the best
Stavro D’Amore
Please see UK retail Sales due out today.
UK Retail Sales
Forecast -0.3%
Previous 0.6%
Pair to trade: GBP/USD
Estimated Pips: 40 pips on initial spike
The numbers we will look for:
BUY GBP/USD at 0.2%
SELL GBP/USD at -0.8%
Economic Impact: High (will bring strong volatility)
Typical Result: Good for currency
Occurrence: Released monthly, about 20 days after the month ends
About our Triggers:
We will be looking for a deviation of 0.5 % to BUY GBP or SELL GBP/USD.
If our deviation is hit, there is a strong possibility that the market will move 40 pips on spike immediately; there is a good chance that we will get a 30% retracement before entering if we miss the spike.
What is it? Why does the market care?
The Retail Sales is a monthly measurement of all goods sold by retailers based on a sampling of retail stores of different types and sizes in the UK. It is an important indicator of consumer spending and also correlated to consumer confidence and considered as a pace indicator of the UK economy.
A higher than expected reading should be taken as positive/bullish for the GBP,
A lower than expected reading should be taken as negative/bearish for the GBP.
Method I use to trade this:
Stavro D’Amore Trading Method
Felix Trading Indicators:
Indicator Descriptions
Pre News
There is no pre news for this release
Spike Trading
I do recommend spike trading as an option if you have an Auto clicker.
Please use limit orders or bounds set to 15 pip entry
After Spike
I will look for a 30% retracement in the original spike before entering a trade; I will only enter spike if my triggers are hit. I will close half my position as soon as I hit the original high point of the first initial spike and place a SL at entry price. I will also look for volume and MA indicators to decide if the spike is to reverse.
My TP level would be just before a resistance level or if the chart decides to form a support level, looking at a 15 minute chart time frame. I expect to be in this trade for a total of 30 mins.
Historical Chart and Data UK Retail Sales
All the best
Stavro D’Amore