We have the biggest short term, market moving report, US Non-Farm Payrolls, tomor row morning at 8:30 am EST. Tonight’s pick is going to focus on that event.
Before I talk about the Pick of the Day, I’d like to remind everyone that this is the most volatile and dangerous report to trade. We’re still up 37 pips for the week, even after the EUR/JPY trade, so it may be a good idea to just sit this one out and start the weekend early.
For those of you who still want to trade it, I will enter my orders between 7 – 8 am EST. If you are unable to enter your orders at the recommended levels, you’ll just have to enter the trades manually. Very dangerous. The market moves so fast during this report that fill prices are not guaranteed by most brokers. I think if you are unable to get your orders in just wait about 20 to 30 minutes until after the report to enter, and wait to see if a trend forms. Again, this report is very difficult to trade. Be very cautious, keep your stops close, and trade in smaller lot sizes than normal.
Long USD/CHF at 1.2323, Stop at 1.2303, PT1 at 1.2350, PT2 at 1.2385
Short USD/CHF at 1.2215, stop at 1.2235, PT1 at 1.2187, PT2 at 1.2152
Good luck and good trading!