This video is taken from the members section of our forex mentoring site. Today is forex at its silliest for me. NFP Friday (Non Farm Payrolls) is the USA unemployment news. What generally happens on the morning of NFP friday is that price stays trapped in a narrow range from the Asian range, right through until the news release. Sometimes this starts a day or two earlier, so the whole week can be a little strange to say the least.
Today is no exception. Its now 11.00 hours GMT and most of the pairs haven’t even broken out of their over night asian range. The Chf has moved just 22 pips since the day began! I advise all my followers not to trade NFP. I have had my biggest losses and it is completely unpredictable. Often price comes out that is say bad for the $ & yet it shoots up in value!
There is a guy who does a webinar on one of the big sites who has a strategy for nfp which I also explain in the video. It works SOME of the time, but when it fails you can lose big time. Sometimes there are gaps and stops are ignored which is very scary. Then you try to close the trade but price is moving so quickly that the platform won’t let you! Next call to the broker. “Where did I put the number.” Doesn’t matter really because 1000′s of others are trying to get through at the same time so it is invariably engaged and the guys are likely to be a bit busy anyway.
Finally you get through. Make sure you have your account number ready. “Phone password. What phone password. I just want to cancel the damn trade (which is now 50 pips worse than when things started to go wrong) Make sure you ALWAYS have these broker details to hand. I have an emergency power back up that gives me 15 minutes to close trades or move stops if I have a power cut. If you do not have one you will need to phone the broker and you will need the various passwords, account numbers, trade details etc.
Below is the video. If you would like to receive DAILY updates, trade tips and advice (my analysis gained 150 pips on the GBP/$ alone yesterday and was given to members the night before. I do this on approximately 10 pairs and also advise which LMT trades to take and when NOT to trade. There are also 40 + video tutorials as well as 100+ older blog updates and videos. Cost? Its $29.95 a month!! and you can cancel anytime if its not profitable for you too:
Here is the NFP video, Have a great week-end, regards, marc
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Tagged with: currency trading • Forex Advice • forex market • forex tips • todays forex analysis
Filed under: Example Forex Trades
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Great video. Just goes to show what a gamble it is to trade the NFP. Take the day off instead,
You don't trade the NFP Fridays because you don't know how to trade it.
I love NFP Fridays.
They are much better than Sunday gaps.
You only need to know how to trade it.
If you trade the NFP event you'll most probably lose.
But if you trade aftereffects – this is completely different story.
Very predictable and very profitable
ALX
You don't trade the NFP Fridays because you don't know how to trade it.
I love NFP Fridays.
They are much better than Sunday gaps.
You only need to know how to trade it.
If you trade the NFP event you'll most probably lose.
But if you trade aftereffects – this is completely different story.
Very predictable and very profitable
ALX