check the NFP Calendar below. All this requires me to adapt to this market climate and - as a conservative trader - it means I need to widen my stops to stay safer. For the advanced strategy, a 1-minute chart is used instead of a 15-minute chart. An expected change in payroll figure causes a mixed reaction in the currency markets.
If the initial wave was down, short when the price breaks below the trendline or makes a strong move down from the pullback. That is why when trading the NFP, traders also need to pay attention to both the average hourly earnings and the unemployment rate. Whether it is a trendline break or a consolidation breakout doesnt really matter. The real key is watching the price and noticing the shift back in the trending direction, which indicates the pullback is likely over.
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So, why don't I trade this you might wonder? Consumers who have both money and a job tend to spend more, leading to growth. So I'd rather call it an early start to the weekend on the Fridays that NFP is scheduled. The Importance of the NFP to Traders. This is because speculating on the direction of a given currency pair upon the release can be very dangerous. Eurusd NFP Forex Strategy with Trend Reversal 1-Minute Chart Click to enlarge Wait for the actual trade signal to occur. From the high or low of the big move, the price must pullback or stay below high or above the low for at least 5 bars. The Average Hourly Earnings (wages) that represent the change in the price businesses pay for labour, excluding the farming industry and the unemployment rate, the percentage of the total workforce that is unemployed and actively seeking employment during the previous month.