Should you trade the NFP tomorrow?

A relatively quiet market today with another geopolitical drama into the Brexit negotiation. Will EU and UK reach any agreement tomorrow? Who knows, but one thing for sure, it’s a great trading opportunity for day traders, or not. 

Let’s zoom out to look at the hourly chart. Most GBP pairs had good price actions today, but how will a trader profit in this kind of environment? The sentimental news from Brexit negation has been driving GBP pairs in the past days, weeks and months. But can you profit in this type of trades?

It’s very easy to get caught up in the financial market and hot headlines, bitcoin mania is still ongoing, and most people just can’t resist the temptation to jump in. However, like all successful traders have shared one thing in common, that is to trade what you know and know what you trade. Approach the market with a consistent style of trading is your way to ensure that not only you will survive in this market but also profit in the long run. 

Tomorrow’s NFP is an excellent example for you to practice your approach. Have you always traded NFP? If so, you know the impact of the data and what numbers to look out. Stay beside your trading desk and ready to take action. 

I’m expecting another buy rumors and sell fact effect with Average Hourly Earnings m/m below 0.3%. The sell-off of USD will be lasting until the FOMC meeting next Wednesday. On the contrary, we might have a huge rally in USD if the number beats expectation and USD will be bought continuously until next Wednesday as well. 

What about the Employment Change and Unemployment Rate? To simply put it, they are not important and will not be my trigger. Watch Today’s Video to learn more about it. 
 

Enho Kuo is NOT a Broker Dealer and engages in trader education and training. All materials given by Enho Kuo are for educational purposes only. This information neither is, nor should be construed, as an offer, or a solicitation of an offer, to buy or sell securities. You shall be fully responsible for any investment decision you make, and such decisions will be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs. This material is being provided to you for educational purposes only. No information presented constitutes a recommendation by Enho Kuo or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy. The content neither is, nor should be construed as, an offer, or a solicitation of an offer, to buy, sell, or hold any securities. You are fully responsible for any investment decisions you make. Such decisions should be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance and liquidity needs.