Non-Farm Payrolls at 132K
Update: 10:37 am EST
Our short trade was triggered at 1.3350 and we hit pt1 for +40 pips....Holla! I closed out my position because this retracement may not move much further, but for those of you still in the trade I would adjust your stops to breakeven or close your position at your discretion.
The Labor Department stated that November Non-Farm payrolls grew by 132K jobs, slightly better than expected. It's a great number, but I think traders are focusing on the revisions. We see revisions of the October number down to 79K from 92K, and the September number up to 203K from 148K for a net gain of 42K revised.
As soon as the number was release, we saw USD strengthen before it sold off as traders see today's numbers as strong, but nothing spectacular. Obviously, it's not enough to curb the USD selloff.
Right now, EUR/USD is about 60 pips above it's pre news release price, hanging around the 1.3335 level. I am looking to short if it pushes up to the 1.3350 as the rally may be overbought. So, here's a trade idea:
Short 1 lot EUR/USD at 1.3350, stop at 1.3390, pt1 at 1.3310, pt2 at 1.3280
Stay tuned for updates...Good luck and good trading!
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Archived Comments (7)
Forex Blog: Pick of the Day
I Concur, sorry always wanted to say that.
Great call, I had the right idea just the wrong entry point I had shorted it at around 1.3340
Thanks! I hope everyone did well on today's trade!
hi pipcrawler
noob question... what indicators do you use to come up with that 1.3350? i could tell that the uptrend was slowing, but want to know how to come up with the entry point.
please be detail, i'm noob :(
thanks
Not sure how Pip came up with his entry but I picked mine by the high point of the CCI & RSI which occured around 1.3345. His system is obviously better as it picked a 5 pip higher reverse
IS there any way we can watch live news release events NFP report/CPI reports, either online or in TV
Sorry for the late reply as I just got back into town today. To answer your question babyfxtrader, I did take a look at RSI and CCI to see if the move was exhausted. I also took into consideration that the pair moved about 60 - 70 pips from it's pre news market price. The average daily range is about 80 pips for EUR/USD so i figured it had a little more to go. 1.3350 is a psychological level, therefore a good resistance point to play a reversal.
To answer you question drfx, you can watch live news releases at Bloombergs website. They have a link where you can watch their channel on the internet.
Hope everyone had a great weekend!