Forex Signal (Friday May 2012,– 8:30am EDT) – US Non-Farm Payroll

Stavro D'Amore

Former FPA Special Consultant

Please see my trade plan below.

US Non-Farm Payroll
Forecast 165K
Previous 120K
Pair to trade: USD/JPY

Numbers we need:
SELL USD/JPY 225K Deviation 60K
BUY USD/JPY 105K Deviation 60K

Economical Impact: High
Typical Result: Good for Currency
Occurrence: Every month
Spike Probability: Good, we can see 40 pips on initial spike
Unemployment Rate Forecast 8.2% Previous 8.2%

About our Triggers:
US Non-farm Payroll forecasted to arrive at 165K
We are looking for a deviation of 60K either way on this trade.
If we get 165K or better I will look to enter a SHORT position on USD/JPY and if we get
105K or lower I will go LONG on USD/JPY.
Should this report be triggered, we can expect to see about 55 pips on the initial spike.

FOREX TRADING SECRET Join me Live Webinar on 9 May 2012

What is it? And why does the market care?
Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity.

A higher than expected reading should be taken as positive/bullish for the USD,
A lower than expected reading should be taken as negative/bearish for the USD.

Pre News Trade:
I will look to sell GBP/USD 30Min before release time and be out of trade 5min before release time or when 10 -20 pips take profit reached.

Method I use to trade this:
Stavro D’Amore Trading Method

I do recommend spike trading as an option. Liquidity is very good at the moment if you are using an ECN broker. Please use no more than a 17 pip limit order to control slippage.

I will look for a 30% retracement in the original spike before entering. I will be looking at a 15 minute chart. I will sell half my position as soon as I hit the original high point of the first initial spike and place a SL at the original spike price.

My TP level would be just before a resistance level or if the chart decides to form a support level, looking at a 15 minute chart time frame to analyze this.

All the best

Stavro D’Amore
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again the same problem and same contradiction. why selling usdjpy for a good news for usd???