Hey traders, how is your trading going so far?
As most of you already know, tomorrow we’ve got the most important announcement of them all: The non-farm payrolls report.
And let me ask you one question: How do you deal with it? Do you still try to take advantage of it?
Those days, where the market moved 200 pips in one direction in just a few minutes are long gone.
Now it’s different. The market moves up, and down, and then again up… and most of the time it ends up where it all started.
Traders that used to place two orders (a buy above the market and a sell below the market) end up with two opened trades, a buy and a sell, and both of them in a loss.
So this is no longer a feasible strategy. Sorry.
But still, we need to learn to live with the NFP announcement and other important ones as: interest rates, GDP, trade balance, and others.
Here is how I deal with important fundamental announcements
Over the years I’ve seen that most of the time, the market takes these announcements as an excuse to move in the direction of the market condition.