Pick of the Day: None

It looks like we’re going to start off the month of June with a couple of monster reports out of the US: Core PCE and US Jobs Data. We see US jobs data the first Friday of every month. This is the one report that can cause excessive volatility, enough to create massive slippage on open orders.

Throw in the Core PCE data (the preferred measure of inflation by the Fed), and we could possibly see a lot of whipsaw action if the data is mixed.

So, no trades for now. We will wait for these reports to be released at 8:30 am EDT before we run analysis as the jobs data and inflation data should set the tone for the US Dollar in June. Stay tuned for updates after the reports!

  • alkhatarey

    hi
    can you tell me , how you read the chart and how you compine it with the fundamental , and the news to take a discision to go to trade or take a posetion?
    please send me

  • alkhatarey

    hi
    can you tell me , how you read the chart and how you compine it with the fundamental , and the news to take a discision to go to trade or take a posetion?
    please send me

  • Pipcrawler

    Greetings alkhatarey,

    That’s a tough question, and I could probably write a whole book to answer it! But to keep it simple, my approach to trading is to gauge market sentiment by seeing how the market (price action) reacts to fundamentals. Depending on how I view fundamentals and market sentiment determines which direction I will take on a currency, and then I would use charts to help me determine an entry and exit levels.

    This is my approach that works for me. My suggestion is to learn everything you can, demo trade, and then figure out your ideas and beliefs about the foreign exchange markets. From that point you can start refining your strategies and creating methods/systems that will work for you. I know it sounds like a lot of work, but of course the BabyPips community will be here to help! Good luck!

  • Pipcrawler

    Greetings alkhatarey,

    That’s a tough question, and I could probably write a whole book to answer it! But to keep it simple, my approach to trading is to gauge market sentiment by seeing how the market (price action) reacts to fundamentals. Depending on how I view fundamentals and market sentiment determines which direction I will take on a currency, and then I would use charts to help me determine an entry and exit levels.

    This is my approach that works for me. My suggestion is to learn everything you can, demo trade, and then figure out your ideas and beliefs about the foreign exchange markets. From that point you can start refining your strategies and creating methods/systems that will work for you. I know it sounds like a lot of work, but of course the BabyPips community will be here to help! Good luck!

  • nocturnal

    Hi guys , am absolutly new to forex , n to b frank with u all I really dont care how ppl read the charts (As long as I get the right info to make a bit of profit) .After all isnt this all about?… ;-)

  • Pipcrawler

    Good point nocturnal, but what if one do your favorite Forex commentator stopped putting out ideas for some reason?? What would you do then?? Wouldn’t it be nice to know you can do it yourself??

  • nocturnal

    Hi guys , am absolutly new to forex , n to b frank with u all I really dont care how ppl read the charts (As long as I get the right info to make a bit of profit) .After all isnt this all about?… ;-)

  • Pipcrawler

    Good point nocturnal, but what if one do your favorite Forex commentator stopped putting out ideas for some reason?? What would you do then?? Wouldn’t it be nice to know you can do it yourself??