Before NFP and a Pre-130 Pip Drop

Posted on 03. Feb, 2011 by Moderator in Random Noise

I am currently watching Jean-Claude Trichet and over the last hour EUR/USD has dropped more than 130 pips. This move is somewhat reflected in USD/CHF which has been moving up around 70 pips but Cable and AUD/USD has not really shown a lot of downside. Right now I am somewhat indecisive as I don’t really want to short a pair after a 130 pip move down, however it sure seems counterintuitive to go in on a long trade when everyone else, clearly is selling. However, with the expectations to NFP tomorrow we are likely to see a bit more of pre-sentiment buying into $. But then again, the bull move on EUR/USD over the course of the week really did come as a surprise for me, so I would prefer to stay out of the market for now, and wait for tomorrow after NFP and try to catch something on a post-News retracement kind of setup, if we do hit a good deviation. As my laptop just broke down, I think I will take rest of the day of and be back tomorrow for NFP. In the meantime, Casey has post on trading rules which you can check out right here.

Tags: forex trading, NFP, Non-Farm Payroll, Trading Forex

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Before NFP and a Pre-130 Pip Drop

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