Tomorrow morning we have one of the most volatile, market moving reports in the U.S. Non-Farm Payroll report. It is a very dangerous report to play and I recommend to take the trading day off since we’re up +67 pips for the week. For those of you who still want to trade I recommend waiting 20 to 30 minutes after the NFP report to enter the recommend levels to avoid whipsaws and quick stopouts. The goal is to wait and see if a strong movement in one direction will form and participate in it.
Long USD/CHF at 1.2300, stop at 1.2254, pt1 at 1.2320, pt2 at 1.2355
Short USD/CHF at 1.2144, stop at 1.2194, pt1 at 1.2129, pt2 at 1.2098
Good luck and good trading!
P.S. – Don’t forget to check out Big Pippin’s and Pipcrawler’s new signal blogs!