The Fundamental FOREX Blog

On Wednesday, 02-24-10 at 10:00 AM ET, the USD New Home Sales report was  released by the Census Bureau

I did a “preview” of these reports on Tuesday, 02-23-10 at 10:00 AM ET, click here for a review.

Here is what happened:

USD – New Home Sales – Stats

Previous = 342K ————-revised = 348K

Forecast = 354K

Actual = 309K

I was looking for a 30K difference of the “actual” above or below the “forecast” as the point to enter my trade, which it did – I entered 2 winning trades.

Here is how I was set up and the results:

USD-8-00AM-02-24-10
Looking for a 30K difference
Actual > Forecast = Good for USD
USD New Home Sales
——actual———-forecast———-previous
________________354K________342K
_____309K______ 354K________ 348K
Out at 324K or lower – BUY GBP/USD
Out at 384K  or higher- SELL GBP/USD
Bad – “actual” came out lower then “forecast” by 45K
Bad – “actual” came out lower then “previous” by 33K
Bad – “actual” came out lower then revised “previous” by 39K

Here are the charts.

(EUR/JPY)

a one minute EUR/JPY chart

The EURJPY currency pair moved down for 19 minutes about 80 PIPS

(EUR/USD)

a one minute EUR/USD chart

The EUR/USD currency pair spiked down/up 1st minute about 28 PIPS/ 9 PIPS
Moved up next 3 minutes about 47 PIPS – right direction
Moved down next 15 minutes about 40 PIPS – wrong direction

(GBP/JPY)

a one minute GBP/JPY chart

The GBP/JPY currency pair moved down for 19 minutes about 90 PIPS
Moved up next 29 minutes about 80 PIPS!

(GBP/USD)

a one minute GBP/USD chart

The GBP/USD currency pair moved down 1st minute about 24 PIPS – entered my first trade here
Moved up next 3 minutes about 37 PIPS – entered 2nd trade and exited both trades for 2 winners

(USD/CAD)

a one minute USD/CAD chart

The USD/CAD currency pair spiked up/down 1st minute about 16 PIPS/ 10 PIPS
Moved down next 3 minutes about 23 PIPS – right direction
Moved up next 27 minutes about 50 PIPS – wrong direction

(USD/JPY)

a one minute USD/JPY chart

The USD/JPY currency pair spiked down/up 1st minute about 13 PIPS/ 24 PIPS
Moved down next 18 minutes about 49 PIPS – right direction
Ranged up

The next schedule release of these reports will be on Wednesday, 03-24-10 at 9:00 AM ET.

I will probably post a “preview” a day or two prior.

Stay tuned!