Pair: GBP/USD or British Pound Futures
Result: Buy
Peak spike 5 minutes: 80 ticks
Peak move: 80 ticks
Prior: -1.8% (revised to -1.5%)
Expected: 0.6%
Actual: 1.4%
Very nice trade; deviation was 0.8% with the revision of last month’s number better too. I got big time slippage on this report. However it didn’t matter as the market moved 80 ticks. I did get filled within 1 second of the report coming out at 1.9696. When the market moved 15 ticks in my favour I moved the stop to breakeven. Price did start to hesitate at the 1.9710 level so I moved my stop to +10. Market then touched my stop before moving up to R1. The better way to have played this would have been to set a target at 3 ticks in front of R1. I will pay more attention to the pivots next time and not focus so much on protecting profit, but on managing risk and setting a realistic target. All very well in hindsight of course.
Tape
Description
Measures the value of sales at the retail level. A rising trend has a positive effect on the nation’s currency because Retail Sales make up a large portion of consumer spending, which is a major driver of the economy and has a sizable impact on GDP. Traders pay close attention to Retail Sales because it is usually the first significant indicator of the month that relates to consumer behavior and is susceptible to surprises.
Posted by keymoo 