Update 01/04/07: 10:50 am EST
ISM Non-Manufacturing numbers came out with less than stellar number of 57.1 versus 58.9 in November. That number definitely shows growth in the month of December, but at a slower pace. The market’s reaction to the number was very “unspectacular”, so I have decided to close my position at 1.3094 since the number did not have the affect on the markets as I expected. In situations like these, I would reduce my position size and let the trade run, but with NFP out tomorrow I think it’s best to close it all out. Of course, you should do so at your discretion….
Total: -04 pips
Stay tuned as I will have an analysis and hopefully a trade idea for the mother of all market movers tomorrow: US Non-Farm Payrolls report. Until then…have a great day!
We have ISM non-manufacturing data coming up pretty soon at 10:00 am EST. Now, the market is currently bullish on the dollar, so I’m looking to short EUR/USD this morning. This will be a short term play as we will probably see market volatility die out with NFP coming out real soon.
Short EUR/USD at market(currently 1.3090), stop at 1.3130, pt1 1.3060, pt2 at 1.3010
Remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.
Good luck and good trading!