Amazing figures from the Non Farm Payroll last week made a lot of profits woohoo!. Basically the trick with Non Farm Payrolls is to research what people are saying, there are normally some analysts out there and generally their predicted figures are in line with what happens. Another way to check out Non Farm Payrolls is to look at the amount of wages tax that has been paid in the USA.
You may think that news is kept secret till it’s release, well it is but you’ll find out there are a lot of tools to help us predict pretty accurately what it will be.
With NFP I actually watch BLOOMBERG they normally do some good analysis (I actually was trying to find the article from Friday).
Anyway on to today – I’m looking for some sort of retrace on the dollar before buying paying particular attention to Draghi’s speach at 14:30 which always puts fire in the belly of EURUSD. Ofcourse some people say you can predict the outcome of the meeting from the colour of his tie.. Brown Bullish, Blue, Bearish….but don’t pay any attention to that.
My plan for today is to retain 3 trades I have on buying USD but steer clear of more trades till after the speech so I can see where the market lies.