NON-FARM PAYROLL
The Non-farm payrolls report is one of the most anticipated economic news reports in the forex markets. It is published on the first Friday of the month at 8:30 AM Eastern time by the U.S. Bureau of labor statistics. The data release includes several statistics, and not just the NFP (which is the change in the number of employees in the country, not including farm, government, private, and non-profit employees.). Another metric included in the data release is the unemployment rate.As one of the most anticipated economic news events of the month, Integrated Binary Options Services focus mainly on currency pairs(especially those involving the U.S. Dollar) and typically see big price movements in the minutes and hours after the data is released. This makes it a great opportunity for our traders with a sound strategy to take advantage of the volatility.
BELOW IS OUR STEP-BY-STEP STRATEGY FOR TRADING NFP REPORT:
Most times, we trade the EUR/USD afterthought NFP report. The EUR/USD is the most heavily traded currency pair in the world. And therefore, it typically provides the smallest spread and ample price movement for making trades. There is little reason, to day trade another pair during the NFP report.We close all prior day trading positions at least ten minutes, before to 8:30 AM ET when the data is scheduled to be released. For this strategy, we do not take positions before the announcement, rather, we do nothing until the NFP number has been released. When that occurs, the price will see a big rise or decline which typically lasts for a few minutes. (sometimes more). During that initial move, we do nothing. We just wait. For this strategy, we use a 1-minute EUR/USD chart.
Our initial move establishes the first trade direction, just after 8:30 AM ET, the price will rise or fall rapidly, typically at least 30pips or more within a couple of minutes. The bigger this initial move, the better for day trading purposes. The initial move gives us the trade direction,(long or short) for our first trade. If the price moves more than 30pips higher, we will want to go long, but only if and when we get a valid trade setup. Which is discussed shortly.
If the price drops more than 30pips, in the few minutes after the 8:30 AM ET release, then we will be looking to go short for our first trade. When and if a trade setup occurs.
Again, the initial rise or fall in the moments after 8:30 AM lets us know in which direction we will be trading. The next setup is to wait for a trade setup. A trade setup is a sequence of events that must unfold, in other for us to get into a trade. Since there is often a lot of volatility surrounding the news, we will look at a few variations of the setup, as no two days are ever exactly alike.
HERE IS WHAT WE ARE WAITING FOR:
After the initial move of 30pips or more, there must be a pullback of at least 5 one-minute price bars. This means that if the initial move was up, we want to see the price drop off the high of the initial move and stay below that for at least 5 bars( they don't all need to be down bars.) Preferably the pullback makes sure significant downward progress, but it must not drop below the 8:30 AM price where the initial move began. If the initial move was down, we want to see the price rally off the low of the Initial move and stay above low that for at least 5 bars. Preferably, the pullback makes significant upward progress, but it must not rise above the 8:30 AM price when the Initial down move began.
By waiting for at least a 5-price-bar pullback, you can draw a trendline across the Heights of the price bar (if the initial move was up) or across the lows of the price bars. (if the initial move was down). Note: We are drawing the trendline on the price bars that compose the pull back.
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