Roland, I know you wanted to discuss this report:
I've been reading the same thing as well. Now what's interesting is that I can see a box-play set up on the Yen.
Note, this isn't a trade recommendation but looking ahead this month's report might be quite important for the next few weeks given that we're coming off the sub-prime woes and waiting for the fed meeting - the limbo situation is reflected right now, just before NFP.
DislikedTomorrow is NFP, the single most important piece of employment data. I would never miss trading this volatile news item. The problem is the past several releases have been slow and lack the whippy conditions that i thrive in. I still make my pips, but find it more difficult to really clean up.
Here is what is on my mind prior to NFP:
Most everyone is positioned short USD.
Most expect the NFP number to be horrible.
Most think ADP number was a prelude of bad things to come.
Most no longer fear the carry trade. Short memory.
Most feel confident being long anything against the USD.
I always think outside of the box, but not against the price action. I will be watching closely to see if I can catch some of these traders off guard if we get a good NFP number. It's not likely the number will be good so the chances of getting a trade in this direction is low.
I will wait on the release. Watch the price action & hope to catch some people on the wrong side of the trade. It should be interesting to see if the market already factored in a bad number or if this be the straw that breaks the camels back.
Good luck everyone.....
RoIgnored
Note, this isn't a trade recommendation but looking ahead this month's report might be quite important for the next few weeks given that we're coming off the sub-prime woes and waiting for the fed meeting - the limbo situation is reflected right now, just before NFP.
Attached Image (click to enlarge)
well, quite surprising really since the box paid off big time today.
