Market trend analysis for 5th of August (updated) ~ forex trading books
Big day for markets: Nonfarm payrolls release
Hello everyone. I am on holidays at the moment and do not have enough time to monitor markets closely, so my post is going to be very short today. You know that we had a big day today in terms of fundamental news releases. Nonfarm payrolls is always a special day in financial markets as this piece of news creates huge volatility unlike any other piece of news. I would not say there was much reaction of the market to the news, but one could have still made some money from the event.
Possibilities in eur/usd pair
If we take eur/usd as an example, one could have placed a long entry above 1.4180 level. Initial reaction of the market was ambiguous. It first rose, then fell back and then continued its initial uptrend. You would have exited at an even number or as I often say 10 pips before an even number of 1.4290. The best place for initial stop would have been at 1.4120 level. It could be later moved following peaks and valleys principle.
I will deal on other pairs and today’s possibilities (Friday) in a few days’ time.
See also:
Range trading
Breakout trading
Disclaimer
Trading financial markets carries a high level of risk, and may not be suitable for all investors. All information on the blog is of educational nature and cannot be considered as advice, recommendation or signals to trade in any financial markets.
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