Forex News Trading
February 13, 2014 - US Core Retail Sales
US Core Retail Sales is probably the main focus of the week as retail sales makes up 2/3 of the US GDP. I would definitely monitor this release closely and follow in the direction of the surprise.
Here´s the forecast:
13:30am (GMT) USCore Retail Sales
Actual…??? Forecast 0.1% Previous 0.7%
[b]DEVIATION: 0.5%[/b]
BUY USD 0.6% / SELLUSD -0.4%
The Trade Plan
The plan to trade this release is straight forward. We are going to wait for 0.6% release or better to BUY USD, or a -0.4% or worse to SELL USD. If we get a in-between release, we´ll need to look at the pre-release market condition and sentiment in order to make a decision, or just stay out of the market altogether.
We will trade this news release using after news retracement method, I will pay attention to both headline and Core Retail Sales figures, but my focus will be on the Core figure. Remember to use the recommended pair above and verify the pairs to trade 1 minute before the release, or you can just use the default pair of USDJPY or EURUSD.
February 13, 2014 –Correlations
Good Luck !