EU rallies for 150+ pips after U.S GDP data

The Euro bulls has once again pushed ahead of the USD after very bad GDP data of 1.3%, way below the initial forecast of 1.9%. Luckily I was home on time and able to catch up on the news 5 minutes prior to release and enter right after the data was out at 1.4356. It was a pity I lock my profits after 120 pips while disgustingly watching the euro climb past the 1.44 mark before heading back to the 1.4380/90 area. Some scalping of shorts and longs made my total pip collection tonight standing at +147. What a great day and will be looking forward to next week.

[Trading The News] U.S GDP Advance GDP q\q on 29/07/2011

The U.S Advance GDP q\q data is one of the most important piece of data as it has a signficant impact on the forex market and how the market will move with it. The forecast for the GDP is as follows :

U.S Advance GDP q\q
Forecast : 1.9%
Previous : 3.9%

I will be looking at a deviation of > 0.4% before my trade would be entered. Therefore, if we get a figure of 1.5% and below, we will be looking to buy EUR/USD with a TP of more than 100 pips (your choice here). If the numbers looks good, > 2.3 , a SELL option would be your only choice. However, we would be looking into other pairs for sell options (GBP,JPY) rather than the Euro for the best bang for pips.