Trading the NFP Monstor | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

NFP trading idea 5 replies

What's the diff b/t ADP NFP and NFP? 14 replies

Anyone trading before NFP ? 7 replies

Trading the NFP this friday 227 replies

trading during NFP 55 replies

Attachments: Trading the NFP Monstor
Exit Attachments

Trading the NFP Monstor

  • #1
  • First Post: Jul 3, 2008 4:21am Jul 3, 2008 4:21am
Today is the most awaited report out USA,


Today at 8.30 Am EST we will have the :
Nonfarm Employment Change : -50,000
Unemployment Rate Expected at : 5.4



This is How I would trade It. :

USD/JPY

Pre-Spike Trade: I would like to sell USD/JPY before the news, but I will Not, This report is so carzy it can burn me out , it can go 100 pips against me etc....

Post Spike Trade:

This is how I would trade this Monstor:

I will explain assuming we have a Sell on the USD/JPY , we need to do the opposite if we have a Buy.

Wait For the 5 Mint Candle to Close:
Note the Lowest price on the 5 Mint Candle.
Place a Buy order at the Lowest price with a 40 Pip SL and 50 Pip Take Profit.


Based on the above staergy we would have had 6 trades in 2008 and all of them winners.

I have attached charts for your referance......


Attached Image(s) (click to enlarge)
Click to Enlarge Name: jan.gif Size: 20 KB
Click to Enlarge Name: 1st Feb.gif Size: 30 KB
Click to Enlarge Name: 7th march.gif Size: 28 KB
Click to Enlarge Name: 4th April.gif Size: 28 KB
Click to Enlarge Name: 2nd may 2008.gif Size: 30 KB
Click to Enlarge Name: 6th June 2008.gif Size: 20 KB
  • #2
  • Jul 3, 2008 7:10am Jul 3, 2008 7:10am
Interesting Huskins. I'm going to give it a go this morning. Thanks for sharing. Good luck.
  • #3
  • Edited 8:06am Jul 3, 2008 7:12am | Edited 8:06am
Thanks for the excellent work you put into this trade. Very much appreciated my friend. Your view on the trade was RIGHT ON!
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #4
  • Jul 3, 2008 8:25am Jul 3, 2008 8:25am
i am looking to go short from the 106.84 level
  • #5
  • Jul 3, 2008 8:39am Jul 3, 2008 8:39am
Quoting huskins
i am looking to go short from the 106.84 level

What are your thoughts on EUR/USD then?
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #6
  • Jul 3, 2008 8:41am Jul 3, 2008 8:41am
No Thoughts on the EUR/USD, I will stay out....


~huskins
  • #7
  • Jul 3, 2008 8:44am Jul 3, 2008 8:44am
Today was probably one of the easiest days to trade the NFP in awhile, not the instant spike like usual, more of a graceful yet quick movement
  • #8
  • Jul 3, 2008 9:12am Jul 3, 2008 9:12am
I am exiting my Yen Short with a 50 pip profit.
  • #9
  • Jul 3, 2008 9:23am Jul 3, 2008 9:23am
nice job Huskins! I'm not understanding which 5 minute candle you based your entry on, could you explain today's trade with a chart perhpas? I can see where you entered, but how did you know that candle was going to be the the highest one?
  • #10
  • Jul 3, 2008 9:40am Jul 3, 2008 9:40am
Quoting Trumpcard
nice job Huskins! I'm not understanding which 5 minute candle you based your entry on, could you explain today's trade with a chart perhpas? I can see where you entered, but how did you know that candle was going to be the the highest one?

Today there was a No trade based on my stratergy.

My Stratergy Involves going against the NFP # looking for a retrace.
Today We did not deviate enough to have a Trade on the NFP.

This was a trade based off Fib extention of the False up move!!!!!!!

Well, the NFP did not devite the Unemployment # was bad... but the DOW and its proxy the USD/Yen moved Higher....

This was in my opnion a fasle move up, now to trade the same I want to wait for a retrace, draw a Fib extention from the base of the move , wait for it toi continue higher and exhasut it self.... and then Go short

hope this chart helps
Attached Image (click to enlarge)
Click to Enlarge Name: false move.gif Size: 23 KB
  • #11
  • Last Post: Jul 3, 2008 9:51am Jul 3, 2008 9:51am
yes, thanks huskins
0 traders viewing now