Stavro D'Amore
Former FPA Special Consultant
- Messages
- 547
Hello all,
Hope you have a great trading day, my trade plan and analysis for this report is below.
UK Retail Sales m/m
Forecast 0.0
Previous -0.2
Pair to trade: GBP/USD
Numbers we need: BUY GBP/USD 0.3%
SELL GBP/USD 0.5%
Economical Impact: High
Typical Result: Good for currency
Occurrence: monthly, about 20 days
Spike Probability: Very Good, 40 pips if triggered
About our Triggers:
UK Retail Sales m/m is forecasted to arrive at 0.0%.
We are looking for a deviation of 0.3% on this trade for Long and -0.5 for short.
If we get 0.3% or higher I will look to enter a LONG position on GBP/USD and if we get -0.5% or lower I will go SHORT on GBP/USD.
Should this report be triggered, we can expect to see about 40pips on the initial spike.
NOTE: I will not take retracement on this trade unless our triggers are hit or I see a minimum of 30+ pips move
What is it? And why does the market care?
Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.
It's the primary gauge of consumer spending, which accounts for the majority of overall economic activity
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
I will look for a 30-50% retracement in the original spike before entering a trade; I will be looking at a 5 minute chart. I will close my position as soon as I hit the original high point of the first initial spike and place a SL at the original spike price.
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 to analyse this.
I do recommend spike trading as an option if you have the correct software and setup
Historical Chart and Data for UK Retail Sales
All the best
Stavro D’Amore
Hope you have a great trading day, my trade plan and analysis for this report is below.
UK Retail Sales m/m
Forecast 0.0
Previous -0.2
Pair to trade: GBP/USD
Numbers we need: BUY GBP/USD 0.3%
SELL GBP/USD 0.5%
Economical Impact: High
Typical Result: Good for currency
Occurrence: monthly, about 20 days
Spike Probability: Very Good, 40 pips if triggered
About our Triggers:
UK Retail Sales m/m is forecasted to arrive at 0.0%.
We are looking for a deviation of 0.3% on this trade for Long and -0.5 for short.
If we get 0.3% or higher I will look to enter a LONG position on GBP/USD and if we get -0.5% or lower I will go SHORT on GBP/USD.
Should this report be triggered, we can expect to see about 40pips on the initial spike.
NOTE: I will not take retracement on this trade unless our triggers are hit or I see a minimum of 30+ pips move
What is it? And why does the market care?
Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.
It's the primary gauge of consumer spending, which accounts for the majority of overall economic activity
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
I will look for a 30-50% retracement in the original spike before entering a trade; I will be looking at a 5 minute chart. I will close my position as soon as I hit the original high point of the first initial spike and place a SL at the original spike price.
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 to analyse this.
I do recommend spike trading as an option if you have the correct software and setup
Historical Chart and Data for UK Retail Sales
All the best
Stavro D’Amore
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