Today was NFP day and as a Trader you know this can cause market movements. If you don’t know yet what this means, learn from my blog posts on this site and join my webinars! It can help you profit when you are aware of the opportunities and risks involved in trading the Forex markets.
In the morning I got into 3 trades of the USD/JPY pair. I went long because the short term trend is up. More particular because I noticed on the 3 green bars from a few hours earlier there were some buy-ins already happening. For starters my outlook at the moment is bullish USD, so I favored Long trades. This is because the FED is looking to raise the interest rates for the first times in years in coming December. The chart seemed to approve this as all Bullish signs and signals were there. So I set the targets up to a June 2007 high and awaited the NFP news release. It surprised me a bit as it came out a Lot better then expected! But I was happy with this as price jumped up immediately in matter of milli-seconds up to my targets. Gaining a nice 3x 112 Pips of Profit! You can read here about my profit on the USD/CAD with an AB-CD pattern.
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Good trading. Always manage your risk exposure, by limiting your trading size and leverage, according to your account size.
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