Monday, August 1, 2011

[Trading The News] UK Manufacturing PMI on 01/08/2011

UK Manufacturing PMI (Leading Indicator)
Forecast : 51.1

Previous : 51.3


The UK Manufacturing data due to be released in 30 minutes is our first important indicator of the week. Many traders will keep an eye on this data release as it will help to shape the trend and strength of the currency in the coming weeks and indirectly have an impact on future indicators like employment and retail etc.

The Plan
A +(-) of 2.5 to 3 will be enough to move the market. If the result is positive (52.6 above), we can look into buying the GBP/USD, whereas a sell into the GBP/USD will be expected if the result comes out to 48.6 and below. Good luck.

Update: No optimal trade as actual came in at 49.1 . Cheers.

3 comments:

  1. Hi JT,

    Stumbled into your blog while reading Fat88's. I'm very impressed that you actually demo trade for 2 years! Wow the kind of peserverance! Makes me feel guilty and stupid cos I only started reading half a year ago and paper trade for a month and hope to start making money already. Really should learn from you.

    cheers,

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  2. Thanks Fat88. I like your blog too..be sourcing new forex blogs to read every now and then. Yup I did trade demos but before that I went Live and bust my account. That's the reason why I began trading demos for 2 years during my N.S days.

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