UK Manufacturing PMI 09/01/09

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4:30am (NY Time) UK Manufacturing PMI Forecast 51.5 Previous 50.8
ACTION: GBP/USD BUY 53.5 SELL 49.0

Definition:

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UK Manufacturing PMI is a survey of purchasing managers in the manufacturing sector on various economic activities, including inventory, employment, orders, etc… A higher than 50 reading means expansion, or a less than 50 reading means contraction. If this number stays above 50, there shouldn’t be much market reaction; however, if this number falls below 50, GBP could be under some selling pressure as the confidence level for Sterling has been low among investors.

UPDATE: Market quickly moved on the worse than expected release; I waited for a decent retracement from the initial drop and picked up over 42 pips of profit in a relative short amount of time. Overall it was a great trade, great analysis, and whoever followed me in my room made good money.

About Henry Liu

My name is Henry Liu and I am a Forex Trader and Mentor. I help traders achieve consistent income trading Forex while spending less time trading. My focus in trading is a combination of Fundamental Analysis, Technical Analysis, and Market Sentiment. Far too many retail Forex traders concentrate on just one aspect of trading, technical analysis, and ignore everything else; it is my goal (and vision) to educate every trader on how to take advantage of news trading and become more balanced traders.

You can find more information about me on my Google Profile.

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