How I Traded the NFP Price Action Today | Nov. 8th
Like all things, what seems hard, elusive, or confusing, becomes easier with training.
In the beginning, I always suggest not trading the NFP number (but watching it), especially if you haven’t built up confidence in yourself, experience, chart time, and are well trained.
But once you are, the NFP number, and often volatile price action which accompanies it, is just weather…of a different kind. Sometimes its really challenging, and sometimes its more workable. And with training – there are opportunities.
Here is how I traded the EURUSD during NFP below using the 5m chart:
What you are seeing is me entering within 7 minutes after the NFP number came out, using only the 5m chart and price action.
I exited when I noticed it was likely to bounce and showing signs within the price action, wherein it bounced right after I exited. Total profit was +75 pips with < a 15 pip stop, for over 5.5R, all within about an hour.
Keep in mind, if you were busy looking for a ‘price action signal’, then you would have missed it, along with most of the moves for today.
Food for thought.
Make sure to check out our highly controversial article Trading Like A Sniper – What It Really Means
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