Is it my imagination, or have I really seen great increase in websites, commentaries and “systems” having to do with trading NFP report? Just today I got invited to this “free webinar” which is supposed to teach you how to trade this announcement. Social networks, like Facebook, are just full of this kind of offers. And what about Google ads? More and more of them deal with the subject. I will dive into the topic deeper on another occasion, but today I was actually watching markets reaction to it, partly because of the email received just before that. At any rate, dollar failed to respond to in any meaningful way. Except in pairs with the other dollars. Well, those dollars have been on the move before, since yesterday, really. It looked like they were the only things moving today, with all their crosses. I’m biased of course, being involved in a lot of trades which included the other dollars, namely the ones from antipodes. AUD and NZD have become much stronger. CAD was somewhat slower but is catching up right now. I’ve been blabbing about Kiwi a lot lately, looking for long trades. After some trial and error, NZD staged quite impressive rally. Fortunately for me I was on board with a trade in NZD-CAD, from a post couple of days ago.
Entry was at 0.6362. Small pull back after entry, very typical followed by a beautiful up move. Objective of 120 pips was reached. About 2 weeks I started to track EUR-NZD daily chart with a sell order. It was posted somewhere here in this blog. Unfortunately, I failed to renew the order and it expired. Missed out on a good move. I know, I know “Check your orders, Mike”, duh. Even though, the few trades in NZD pairs were not bad.
In the post “Silly or what” I covered a buy in GBP-CHF. Intermediate chart, 4H, provided the set up and order was executed yesterday.
Trade was closed few hours ago, that’s when this snapshot was taken, so it doesn’t include last four or five candles. My original objective was over 400 pips, however, this is the end of the week, trade was showing nice profit of about 300 pips. I would hate to see this cross get into sideways pattern for few days or maybe pull back, so decision was made to close it and be happy.
Last two days were very productive and there are still more trades or orders which were presented here this week. All of them also include the other dollars. CAD-CHF order from yesterday is still valid, while CAD-JPY trade is under development, going through growing pains. More on them next week. If I have time and inclination, tomorrow I will take a look at the beast on couple of time frames and try to figure out what’s next.
Mike K.
Few weeks ago I didn’t even know you could trade something like nzd/cad. I tried this trade with you. Very nice. For me it is an exotic pair but the experience was great. Fantastic job by you.
Thank you. But i must stress again, you should be carefull if you take these trades. It is impossible for me to keep updating throughout the day, so your own analysis is always a must.
Hi,
I’ve found this blog few days ago. Just want to let you know that I think it is a very good read and interesting. Hope you continue writing.
Thank you. I likely will.
These breakouts are working very well for you. The selection process, how you choose them, is rather mysterious, but the mechanics are simple. I;m sure there is more to it, details not disclosed here, but looks like most people could learn to trade like this. Am I right?
Yes, I think most people with some discipline and patience could learn my methods. Or any other ones for that matter.
[...] moves once Europe opened for business. Well, not much of anything happened. Later on with NFP, which I don’t trade, approaching, I tried to look at some pairs less likely to be effected by the announcement. [...]