NFP Friday Report
September 5th, 2008Today’s weak Non Farm Payrolls may provide the Market Sentiment needed for some very nice profit taking from the recent USD rally.
Strategy: Look for signals and clues from the charts for any signs of Dollar selling. Monitor the Euro and GBP crosses, the CHF pairs, and the JPY pairs. Look for any strong moves, then wait for retraces to enter after confirmation for a short term scalp or a resumption of the multi-years trends. Be prepared to exit quickly with partial profits, small lot sizes, reasonable stop losses, and take profit targets. Have cash on the side and wait for some very nice trading opportunities soon. Get a good price to buy or sell, depending on the pair you trade.
September 5th, 2008 at 7:08 pm
Just remember, the Euro and GBP crosses that make a short term scalp are not necessarily going to be perfect for what you need. If you are looking for one of the most popular methods of hosting a short term scalp, then the shared option might be appropriate for you. Monitor, receiving the JPY pairs.
September 5th, 2008 at 7:10 pm
As you can tell this is the JPY pairs. The Euro and GBP crosses form the ask / bid price. That’s a short term scalp.
September 5th, 2008 at 10:02 pm
Excellent comments….
I learned something.
Ovaforty