US Non-Farm Payroll (NFP) Retracement Trade 10/07/11

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DEFINITION
The US Non-Farm Employment Change measures the change in number of employed people during the previous month, excluding the farming industry. A rising trend has a positive effect on the nation´s currency. Job creation is an important indicator of economic health because consumer spending, which is highly correlated with labor conditions, makes up a large portion of GDP. This report is the first of the month that relates to labor conditions, making it susceptible to big surprises.

UPDATE
The US NFP Employment change actual release number came out at 103K, much better than the expected 55K forecast. After comparing the movements and the strength of the different currency pairs, we waited for a retracement and entered on a buy trade on GBP/JPY pair at 119.60. In a couple of hours, we closed 50% of the trade for 20 pips of profit and moved the SL to break-even.

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About Henry Liu

My name is Henry Liu and I am a Forex Trader and Mentor. I help traders achieve consistent income trading Forex while spending less time trading. My focus in trading is a combination of Fundamental Analysis, Technical Analysis, and Market Sentiment. Far too many retail Forex traders concentrate on just one aspect of trading, technical analysis, and ignore everything else; it is my goal (and vision) to educate every trader on how to take advantage of news trading and become more balanced traders.

You can find more information about me on my Google Profile.

Comments

  1. thanks henry I do like your live trading videos I m learning to trade ..I wish can fallow you in live trading thanks I m in colima mexico thanks for your news.. hope soon can fallow fallow you in live trading

  2. Sir
    What was the final gain on this trade?
    Was it positive?
    I am keenly following you to get used to it and eventually
    will become a paid subscriber.

    When I do become a paid subsriber – do I get to follow most of your trades LIVE?

    I WOULD APPRECIATE A REPLY,

    Thank you Sir
    Samy

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