I hope you have had a great weekend. I am definitely enjoying my time in the Smoky Mountains. I drove up on Friday with a group from my church after the Non Farm trade.
NON FARM RECAP
Just prior to the release the GBPUSD started to climb and within 20 minutes had moved over 70 pips. I was caught off guard by the lack of movement of the USDCHF and the EURUSD during this time. Generally these country combinations will react in the same manner.
Because of the strange movement of the GBP/USD I decided to trade the EUR.USD in the live trade room. The release initially signaled a buy when the number was released less than expected by 69k. I have a video of the trade unfortunately I was using my new laptop to record with and the audio did not come thru.
I want you to watch the number above the word deviation; this is the revision and having this information in plain view was what made it possible for me to quickly give the close signal. As you will see in the video within seconds after the buy signal the revision number came out red at 60 which meant that last month was revised by 60k and that biased was short therefore conflicting with the actual release.
I called a close almost immediately. It was actually almost perfect timing because the market had just hit the high as I was calling the close of the trade.
I have talked in the past about the importance of using a proper triggers and this is a great example of why especially on non far a good trigger is necessary. Had this release came out at say 30k and we used that low of a trigger we would have never been able to exit.
The trade would have turned so quick that we would not have had time to exit.
There were actually people who closed there position with profit and entered short making money in both directions. The trade wasn’t the best possible situation however it was a very quick and profitable trade non the less.
There were of course a few who lost some money due to their broker freezing the station however the overall consensus seemed to be profit. I only tell you about the losses so as not to paint a perfect picture because losses are always possible however it was a great day for most. To see the video click on this link
WEEK OUTLOOK
This week is fairly slow with only a few released that I consider tradable. First up is the UK Trade Balance being released early Tuesday morning. I will send out my analysis on this release as well as the desired trigger levels etc. tomorrow afternoon.
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Good Luck trading!!!
P. S. because I have been out of town I have not been able to respond to all emails however I will respond to all emails when I get back to Florida if not before.
