UK Manufacturing PMI 08/03/09

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Definition:

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.

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If our SELL number is hit, we can expect GBP/USD to move 50 pips within the hour. If we do not get our tradable number, there would be NO trade.

Normally we are looking for a deviation of 2.0, but in this case we are looking for an above 50.0 release and below 45.0, this is due to the recent market condition and risk sentiment.

UPDATE: We got a much better than expected release and market reacted with a strong demand for Sterling almost immediately. I waited for the market to calm down and then entered after a quick dip, made over 30 pips in about 47 minutes after the release. Not bad for a total of 77 minutes of work, if you count the 30 minutes before the release preparation time.

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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