Trading NFP
I don’t normally trade on Fridays, but because the news this morning is Non-Farm Payroll, and also because I’m still looking to recover some more of my losses from early in the week, I’m going to give it a go. I probably won’t trade much beyond the news.
Trade plan is showing the EUR and GBP pairs, and, to a lesser extent, the AUD pairs, in pretty solid directional moves, and the others clearly in ranges. We’ll see what break during the news.
Well, I still have a lot to learn about news trading. There was a nice spike on the NFP news. I took trades on the USDJPY, and on USDCAD. Both were up, the USDCAD substantially (about 20+ pips). I set trailing stop orders on both of them equal to one and a half times the initial stop (so 15 pips in both cases). The USDCAD got there before it started pulling back, and I pulled the stop back down to just above break even so at least I wouldn’t lose on it. The USDJPY never quite got there and eventually stopped out for <10.0>. The USDCAD hit my protective stop for +2.1 pips. So I’m down <7.9> after the news.
There were also big initial moves on EURUSD and AUDUSD, but I didn’t get into them, and they also pulled back substantially before continuing.
I took a YL on the GBPJPY, but that was foolish. It was still up enough to be considered a clear directional move, but it was pretty obvious that there was considerable volatility, and it was pulling back pretty sharply. It stopped me out pretty quickly for <12.0>. So now I’m down <20> and waiting for the open. But with the big moves on the USD crosses, it’s going to be a while before I can get into anything on a pullback.
I entered EURUSD and AUDUSD on strong pullbacks that appeared to have run their course. AUDUSD hung on for a couple candles before stopping out. Still holding EURUSD (at 9:07 CDT). It was up by about 6 before continuing the pullback. It’s currently down <3>.
Entered CADJPY on pending range break order. It eventually closed back inside for <4.8>.
I took a re-entry trade on GBPJPY. It moved sharply up 20 pips, and looked like it was going to do nicely, but the slowly and steadily pulled back.
Coming up on 10:00, I’m down <35.2> and holding EURUSD short, USDJPY long, and GBPJPY long.
EURUSD just stopped out for another <8.0>. And GBPJPY and USDJPY stopped out for <12.2> and <10.0> respectively. Now down <67.4>. I think I’m stopping.
<65.4> for the day (-3.14%), <145.7> for the week and month. Winning days in September: 1, average 41.1. Losing days in September: 3, average <62.3>.
3 thoughts on “Trading NFP”
Dave, just installed the PTE (new PATI member). Do you have any video demonstrations of it? I have read the PDf etc but a video showing it in use would paint a thousand words etc.
Just wondered
Thanks for creating/sharing it.
Paul
Thanks for your comment, Paul.
Unfortunately, I don’t have any videos. For one thing, honestly, I don’t know how to make them. For another thing, I’m not sure what I would show.
I did do a presentation on Kim’s webinar back in October of last year (2017) that should be available in the member’s area in the archived webinars – I believe it’s under “Technical Training”, and I think the date was October 4.
There is more information in the PATI Trading Assistant User’s Guide, including some screen shots. Unfortunately, Amazon has raised some issues with the formatting, and they’ve taken that book down for the moment. I’m working to get them resolved.
Thanks Dave, I will check that presentation out.
I may have some thoughts on the software as I use it more. Are comments in here the only mode of communications?
Paul