I normally take the first Friday of each month off to avoid the volatile reaction of the market to the Non-Farm Payroll number – now called Non-Farm Employment. Due to this economic news release potential for extreme volatility, before and at the release, it’s usually a good idea to step aside. If you really want to find a trade, wait for the market to settle down and catch the real move not the reactionary move…an hour or so afterward. I was particularly interested in the number today because I thought we were going to get a big surprise to the upside but we didn’t.
Today when the AUDUSD rolled over once again, we were able to risk 8 pips for a potential 50 pips to our daily target at .7029 (Not shown). Price moved down and we exited the trade at the U.K. close.
Monday is a holiday in North America.
Good luck with your trading and enjoy your weekend!
