I don't trade daily news being a technical analysis trader and trend follower, so I usually avoid trading around Non-Farm Payroll and other big news. I keep up with fundamentals, but only as to how they may affect the overall picture. That means today was a "day off" for me... translate "day off" to mean I actually got more than a few hours of sleep :-)
No trades currently open after closing out the EUR/JPY short, but it looks like plenty of opportunity on the horizon. Because of a combination of trading volume being down as people return from the holidays this week and the Unemployment and Non-Farm Payroll news being released today, many of the currency pairs have been trading in a range over the past couple of days. This is excellent news if you are a short term trend follower on the 1 Hour chart like I am... it means we should see some nice breakouts early next week on Monday or Tuesday.
With the employment news on the USD coming out weak today and the unemployment rate trending higher, it looks like the small amount of strength we've seen from the U.S. Dollar recently will be fading in the near term. The Great Britian Pound got some good news today on the Services PMI and mortgage news (!). I'll probably be watching for a breakout signal back to the upside on the GBP/USD after today's news... but with the interest rate decision due out on the Pound next Thursday any moves during the early part of the week will probably be quickly muted. Of course any of this is just speculation and as always I will let the market (and Forex Profit Monster) tell me what price is doing.
That's it for today... have a great weekend and as always, good trading!
Jim
http://www.forexprofitmonster.com/
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