I targeted two tradable releases for this week- the GDP releases of USA and Canada, respectively on the 29th and 30th. For the USA release, I chose USDJPY as my trading pair. I planned to buy is the figure was 2.7 percent or more and sell if the figure was 1.7 percent or below. Moves were expected within 30 minutes of the release and probable gap was around 20 pips.
For the Canada GDP release, I targeted the USD/CAD pair. If the figure was -0.6 percent or below then I planned to buy, and to sell if the figure came out 0 percent or lower. I expected the strongest to happen within 30 minutes of the release and the gap should be around 30 pips.
At the end, USA performed well at 2.5 percent, which did not trigger any action for me. I could have gone a little over the limit, but I followed my plan accordingly, which yielded no action. Nonetheless, I guess there are some risk-taking traders who have bagged some pips from the news. At times, it is wise to take some risks. But, remember to take the calculated ones only.
On the other hand, I made a small profit with the Canadian release. The action was slower than I expected and as a result, only one of my orders was filled. If the retracement reached 30 percent, all of my orders could have been filled. However, it still feels good to see my strategy working actually. I am looking forward to it.
Potential Forex Trades http://www.topfxandbinary.com/potential-forex-trades/