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Forex - General Notes PDF Print E-mail
Friday, 01 August 2008 03:07

General notes for week:

Today’s NFP

I am generally pleased with this morning’s NFP release, from my personal trading strategy standpoint. It would be nice if fifty five thousand people hadn’t lost their jobs, but from my personal trading standpoint I am pleased. Less people lost their jobs than was anticipated. But unemployment hit a seven year high.

My Charts

My charts get all screwed up after a big move in a couple of hours. As it is, Sunday night might bring possible trades. Discounting yesterdays spaz move to new daily highs and lows, most pairs are comfortably within or close to ranges seen in the day or two before the NFP release. As noted in my daily email, I am looking for prices to close within 20-30 points of where they were before the NFP release.

The coming weeks

Next week we have a big event risk Tuesday to get through. The Fed is meeting on Tuesday morning and will be announcing rate decisions. Most traders are not expecting any kind of a move this time. Before year end, it is assumed at least one quarter point hike will happen. Until then, I am feeling like the longer term ranges will hold. Short term Range trading will be the money maker and new trends will be on hold.

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Last Updated on Thursday, 07 August 2008 03:07