Friday Jobs Report
Thank heaven for the Friday jobs report. Sometimes the jump after an important piece of data like this leaves the opportunity to buy on a "false dip" as I like to call them. This will happen when a pair drops quickly only to work its way back up very quickly.
This is exactly what happened last Friday when the jobs report broke at 8:30AM EST. I was able to buy at the bottom and sell pretty darn close to the top in a 5-minute span. Can't say this works every time but when it does it sure is satisfying. I've included the chart below to show the sudden drop. I only plan this strategy with EUR/USD since it is by far the most volatile pair so has the quickest jumps from one extreme to the other. You can see on the chart where I bought the pair as well as my stop and limit. You will notice in this case I am actually running two trades so I could double-up on the profits.
This is exactly what happened last Friday when the jobs report broke at 8:30AM EST. I was able to buy at the bottom and sell pretty darn close to the top in a 5-minute span. Can't say this works every time but when it does it sure is satisfying. I've included the chart below to show the sudden drop. I only plan this strategy with EUR/USD since it is by far the most volatile pair so has the quickest jumps from one extreme to the other. You can see on the chart where I bought the pair as well as my stop and limit. You will notice in this case I am actually running two trades so I could double-up on the profits.
posted by Morgan Linto at
8:48 PM
1 Comments:
Rapidly rising productivity indicates U.S. industry continues to lead in the application of new and better methods for making and delivering goods and services, and continues to bang out great new products. The U.S. economy could perform very well with more supportive policies from Washington--getting the dollar exchange rate against the euro and Chinese yuan in line with prices; enlightened energy conservation, exploration and development strategies; and fixing the woes of banks and credit markets.
Friday, the Labor Department will report employment data for August. In July, the economy lost 51,000 jobs, and the consensus forecast is for another 75,000 jobs lost in August. My forecast is for a 65,000 loss.
Even as GDP grew at a robust 3.3 percent annual rate in the second quarter, employment continued the downward trend that began in December. Private business productivity advanced 4.3 percent, and this permitted businesses to meet a temporary surge in consumer demand while still winnowing payrolls.
The stimulus package tax rebates gave consumers a boost in May and June, but now consumers are trimming back. Gasoline prices, though easing, still are straining household budgets, car sales remain disappointing and skewed toward imports, and heating oil will be expensive this fall and winter. Overall, GDP growth should be about 1.4 percent in the third quarter and slow further in the fourth quarter. Unemployment will continue to rise.
Jack roberts
Promoter
Post a Comment
<< Home