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Forex Signal (Wednesday August 10, 2011 - 9:30PM NY Time, EDT) - AU Employment Change

Discussion in 'Current Forex Trading Signals' started by Stavro D'Amore, Aug 9, 2011.

  1. Stavro D'Amore

    Stavro D'Amore Former FPA Special Consultant

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    AU Employment Change m/m
    Forecast 10.3K
    Previous 23.4K
    Pair to trade: AUD/USD
    Triggers we need: BUY 40 SELL -20


    Economical Impact: High
    Typical Result: Actual forecast is good for the currency
    Occurrence: Released monthly, about 10 days after the month ends

    About our Triggers:
    Australian unemployment rate forecast is 4.9% and is expected to arrive unchanged at 4.9% what we are looking for is the change in the number of employed people during the previous month, so our triggers will be set at 30 for a BUY AUD/USD if this is triggered we should see about 30pips on the initial spike, should we get -30 trigger we could see AUD go down by about 40 pips.

    Why do we care? And what is it?

    This is very vital economic data released for Australia; Australia is a strong Economy and is one of the best rate countries with a strong Reserve Bank and monetary policies. The combination of importance and earliness of this news release makes for hefty market impacts and volatility. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity, we can learn a great deal from this number in the direction the economy is heading.

    Method I use to trade this: Stavro D’Amore Trading Method
    Prior to the release (10 mins) I will be looking for a short term LONG position in AUD/USD and I would be out of this LONG trade 3 minutes before the actual release or to avoid any spreads that should widen.

    I'd recommend spike trading as the best option when there is great uncertainty in the markets; also the liquidity is very good at the moment if you’re using an ECN broker. Please keep in mind that this data is release in Australia and spike trading latency could be an issue, so if you have slow internet connections then stick to the retracement system bellow.

    I will look for a 50% retracement in the original spike before entering a trade; 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 entry price. My TP level would be Just before a resistance level or if the chart decides to form a level looking at a 15 min time frame.

    Historical Chart and Data for AU Employment Change

    All the best

    Stavro D’Amore
     
    #1 Stavro D'Amore, Aug 9, 2011
    Lasted edited by : Sep 8, 2016
  2. ivylwells

    ivylwells Recruit

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    Thanks Stavro

    Hey Stavro, thank you for ur Fx posts. I always read them and really like the easy format you use.

    Thanks Again,

    IW:)
     
  3. Stavro D'Amore

    Stavro D'Amore Former FPA Special Consultant

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    Thank you your most welcome :)
     
  4. roy lynn omohundro

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    question about spike trading?

    hi steve,

    do you use any special software to spike trade the news?

    later,

    lynn
     
  5. Stavro D'Amore

    Stavro D'Amore Former FPA Special Consultant

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    pretty much all spike trading software is the same it depends what you feel comfortable with i guess.

    I like to trade retrcement method and have special orders including pre news trading.

    I will cover this topic and many other topics in PARTII of my trading method that will be relaesed. :D
     

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