Be very weary of NON-FARM PAYROLL 2moro
Like i said this morning that our signal for 02/12/2009 was still valid, i think the market prove me right and if u follow that signal u will still come out profit.
Though i did not trade today cos i was busy through out but checking the market i noticed if u still follow the signal u would have picked about 20pips on the short side of eu like i said in th morning cos our TP1 was triggered today.
You would also have picked something on the upside of GU.
I really appreciate your comment, thanks for beign your brother's keeper.
I just want you to know that this strategy works irrespectve of the market condition cos its purely based on trendlines and major R/S.
As long as you have your stop loss and take profit in place with proper money management , there is no need to fear.The problem with most traders is that they fail to accept loss and determine the percentage of their capital they are willing to loss.
So,my brother you are welcome to the fx world where anything is possible and where only the strong heart will survive.
If i see price take out the support at 1.5030, i will go short till 1.4963 with supports at 1.5014/1.4985.
While on the upside if i see price take out resistance at 1.5068, i will consider going long uptill 1.5115 with resitances at 1.5083/1.5109
Sell EU @1.5020
If i see price take out support 1.6527 i will consider going short till 1.6269 with support at 1.6467/1.6407/1.6361.
However on the upside if i see price take out resistance 1.6591, i will consider going long till 1.6663 with resistance at 1.6640.
Sell GU @1.6517
BUY GU @1.6625
Friday is a dangerous day to trade, as NonFarm PayRoll data is due and it is one of the most serious data that move fx markets.
as much as i like to agree with u i also have learnt never to panic no matter what happens in the market.
The day u trade or market news release doesnt really counts,what counts is the trader's mindset,skill and money mangement deployed.
The question we should ask ourselves is : Is it only on NFP release that trader's losses money?
No, traders dont have to lose money on NFP, but their trading strategy may need to be different from the one they usually adopt - for example, on NFP days we use two accounts, go long in one, go short in another, set stoploss/takeprofits in both. Frequently the market swings bothways and makes money in both or at least in one. But if one trades only on one account, the swing invariably hits the stoploss and one loses.
Originally Posted by jazesfx
But you are right, a maturity to trade regardless of event-hazards is the best. It requires experience, patience, long term planning.
Please, get what am trying to say.
Traders looses money everyday and as far as am concern no day is special(NFP inclusive), if you dont have a good trading strategy, proper money management and proper mindset u will keep loosing money.
Its high time as traders we started taking responsibility for our actions and stop blaming the market.The market is never to be blamed it will do what it will do but its left to the trader to play along with the market and not fight the market.
i had a nice time trading the euro today and i hope you all did too.If you notice that i didnt put any buy signal though i did the analysis cos i expect euro to fall today.
My TP1 and TP2 was triggered today and i even did extra pips.In all i did 100pips on eur/usd alone today.
I took advantage of the uptrend that happened earlier dis money cos my buy signal was triggered though it didnt hit my tp i still manage to come out with 25pips.
On the other side my sell signal triggered my TP1 and TP2 giving me over 70pips.
PS: Am so sorry about the error i made on my tp2,tp3 and tp4 on gbp/usd where i wrote
2.6443, 3.6394 and 4.6285 respectively instead of 1.6443,1.6394,1.6285.
I jst noticed those errors now.
I HOPE TO SEE YOU GUYS NEXT WEEK.
CHEERS (I WIN)
No problem my brother and am so happy to know that you are a Nigerian.
Please lets keep the flag flying.
Which part of Nigeria are u situated?
We saw GU drop a great deal on friday after the NFP release and is presently at a strong support right now.
I will short if I see price take out fib and trendline support around 1.6379 and expect price to move down to 1.6278
I wont want to give a buy signal for now cos i believe we are still in a down mode at least till the proper unfolding of the market today.
EU is in a very strong down mode right now and u will notice on your daily chart that it has hit 1.4815 severally
if u see EU take out support around 1.4799(this price is to avoid false breakout) consider shorting eurusd down till 1.4736…. stoploss should be placed around 1.4884
If prices bounces back and take out resistance around 1.4884.. I will consider going long on eur usd up till 1.5020 with resistance around 1.4945.. stoploss should be placed around 1.4800
on 1hr chart i can see there need for a breakout on EU and GU bcoz its consolidating at the moment.
thank you jazesfx
am from Abuja and you? please l will like to have your number mine is 08053835287
Am in Abuja presently too, i will send u my no on ur private message.