UK Retail Sales is usually a very decent news to trade but with the BOE rate decision coming up in just 2.5 hours unless we get our surprise deviation, it’s best just staying out of the market.
Obviously, the current market is going to remain in a wait-and-see pattern, so we should also follow suit because we are probably not going to see huge moves unless there is enough shock to incentivize traders.
4:30am (NY Time) UK Retail Sales Forecast 0.4% Previous 0.3%
The Trade Plan
Our tradable deviation or surprise factor for UK Retail Sales is 0.5%. If our deviation is hit, we can expect the market to move at least 50 pips within the hour; of course, considering that we are expecting a 0.4% figure, I would recommend to BUY only if the figure is at least positive at 0.9% or better, and SELL only if the figure is below -0.1%.
We´ll be looking for an after-news retracement trade for this release. For more information on my trading methods: http://www.currencynewstrading.com/how-to-get-started-with-news-trading/
I’d recommend using the Recommended Pairs from above as they are based on my CSM, which should provide the best combination of currency pairs to trade based on better/worse news… of course, you can also trade the default pair: GBPUSD.
UK Retail Sales | December 14, 2017 | News Trading Plan
December 10, 2017 by Leave a Comment