Today was a wild ride wasn’t it?? It was like those old FX days of crazy volatility that we haven’t seen much of lately. NFP came out pretty much in line with consensus, but there was a downward revision of Oct number to 79K from 92K. So, we saw some volatility after the NFP reports, but the mother of all moves came after US Treasury Secretary Paulson commented on how a “strong dollar” is in the best interest of the US, and how today’s reports was good news for the US economy.
Our trade triggered shortly after the U. of Michigan number was released and we saw EUR/USD drift lower afterwards. After pt1 was hit I closed my position for +40 pips, and suggested to those who didn’t close to move stop to break even and go for pt2. I hope a lot of people stayed in, because after the surprise comments from Paulson we saw EUR/USD drop about 120 pips, easily hitting pt2 along the way. What an awesome way to end the trading week!
Lot 1: +40 pips