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Directory Article Forex Related

Trading Notes : Trade on NFP News
Forex Related
Written by Sabeq MS   
Saturday, 08 March 2008

Rating 0.0/5 (0 vote)

Today we have the most wanted news in the Forex Trading, NFP ( Non Farm Payroll ) which usually come on Friday in first week per month. This kind of news is always been wait by almost forex trader, "Big Boys" and the Beginner too. And I have a little story behind NFP news that released in a couple of hours ago.
Why has been wait??
I just have a simple answer since I'm a Beginner, because market has a BIG SPIKE in almost currency pair once the NFP news released, so If we are lucky, we will get a big profit by trade this news. I said lucky because there is no special method to trade in this news, just follow the market/trend and close your trade in a seconds with profit.
 
What is NFP??
Measures the change in number of employed people during the previous month, excluding the farming industry. A rising trend has a positive effect on the nation's currency. Job creation is an important indicator of economic health because consumer spending, which is highly correlated with labor conditions, makes up a large portion of GDP. This report is the first of the month that relates to labor conditions, making it susceptible to big surprises. (Source : ForexFactory)
 
I tried to trade on NFP news in a couple of hours ago on GBP/JPY, as stated above, I simply follow the market direction, also I use Mouteki system and RSI as the technical indicator, because I wanna be a MASTER FOREX who could combine the Fundamental and Technical in the forex Trading Cool.
 
Image
click for enlarge
 
As figured above, according the Mouteki Method :
 
we should enter the market on 205.54 ( first candle open below the trendline once the previous candle break trendline )
we have 66 Pips price projectio, so our TP will be 204.88
 
But wait!. its NFP NEWS, everything can change just in second, market moving really really fast on its top speed, I decided to add RSI to measure the extreme condition, so I could exit the market on time.
And here is the result for trading NFP News :
 
Image
click for enlarge
 
Hmmm.... I missed 14 Pips to enter the market according to Mouteki, I place the TP 100 Pips below the order because I know that GBP/JPY is a WILD pair, and finally RSI indicator saves me from loosing my profit by Warns me about Oversold condition.
So, 42 Pips in 5 minutes trade is good enough for me, a Beginner who want to be a Master Forex Cool. Happy learning, and making money  from home!!.
 
 
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