Short Long just prior to NFP data???

[jmallx]

I'm wondering about this trade.

5 mins to NFP data going Short Long on the Euro.
Stop loss of 20-30 pips.
Seeing as how the currencies normally head a penny (100 pips) in one direction or the other do you think this is a way to make an easy 70-80 pips ?
Will slippage be too much?

Thanks

[rollingstone]

Don't go there at least not on NFP It very rarely goes just one way especially if you put your trades on 5 minutes before the numbers which in terms of NFP is an eternity maybe 10 seconds but not 5 minutes.

50% of the time the market will go 50 pips one way in a few seconds then 80 pips the other stopping out both of your positions after slippage it will generally be for more than your stop unless it is guaranteed.

[Jhaughey]

I agree totally. I'm a beginner thought that trading around times like the NFP were ripe for the picking you can see the evolution of my ideas in my few other posts (straddling collars etc...) lets just say my first account went tits up i bled to death in other words... There are ways of trading these volatile periods more times than not the specualtive frenzy is followed by retraces to the average of the general trend however I tend to stay away having been burnt once... i've closed all my euro futures positions at an uncertain time like this (big day tomorrow) its not worth the gamble.

[FXGenius]

Just a tip since we all know that the overall trend is down the forecast of NFP is 175K the prior figure is 274K this is the only reason of temporary dollar weakness today. In my opinion it will temporarily weaken the dollar for say 100-140 pips I think the speed with which it will take EUR GBP up will bring then down hopefully the same day.

Strategy:
Just buy with as soon as the figure is released sell as it touches the mark. Will seek an opportunity on this line of action.

[FOREXFORKAREN]

The night before the U.S. NFP was due out I was planning to go long EUR/USD knowing that the expected NFP numbers might be on the sluggish side for May. So having been burned last month when most of the leading analysts that I follow forecasted a much lower new jobs number this time I waited for the news to be released then shorted the p a few minutes after the initial spike. My gut feeling was that the Euro is free-falling right now that a Euro spike would be short-lived. I was right this time. I am learning fast not to trade on the news but rather sit on the sideline for twenty minutes wait for an established trend. I am relatively new to this am learning more every day. I spend 40-50 hours a week reading everything that I can find on currency trading strategies technical analysis. I am now a Forex student for life one day hope to have learned enough to trade for a living. I had planned on spending $3000 on 4xMade easy software however I feel that with the amount of time I am committing to studying the technical charts keeping up to date with the latest economic news I will eventually make a few bucks doing this. Am I looking to get rich quick? No! But I am looking to get poor slower. I have learned a lot in this forum. Thank you to everyone. EJM