NFP Tips?

[superfxmom]

Any experienced traders who would like to share any tips they have for the upcoming Non Farm Payroll? I'm trying to decide if I should attempt to trade it. Thanks!

[psytrader]

wait for the spike,...and hit it on the comeback

PSY

[FXGenius]

NFP are forecasted to get better by 2.4 times, from 78K to 289K, which is too bullish for the dollar, since figures like NFP bring too violent moves, only those with high level of risk tolerance dare to trade it.

I suggest buying USDCAD now, for details see my trade recommendation in Intraday trade recommendations section.

[FXGenius]

A word of caution, it seems to me that the market may have already factored or priced in strong NFP figure as it did in case of BoE and ECB rate scenario, therefore, a caution is needed, the market may even act contrary to the expectations. This is a reality and this is why you can not simply take trading decision in short term based on solely fundamental analysis.

[Gamma_Jammer]

Originally Posted by psytrader

wait for the spike,...and hit it on the comeback

PSY

If you do this (and I personally often have) it's important to have a tech level in mind beforehand. Then watch to see if the market is respecting your level. I find those are the situations where this tactic works best. Typical sorts of things to use are major moving averages on hourly charts etc etc. Those are the sorts of things that the bank spot desks will use, and also the short term prop fund types will use these sorts of things for timing, if not for actual entry / exit decisions themselves.

My other tip is to always watch usd/chf. It almost always serves as a good signal fo the other majors.

GJ

[mahras]

Never enter before the news.
Wait 10-15 minutes for the underlying sustained trend in the M5 charts.
Place trade with tight stoploss. View trade from M1 chart.
Exit when you see the trend reversal by taking some money on the table and constantly chasing profits with a stop loss.