Tricks to Take Advantage When Non-Farm Payrolls
Tricks to Take Advantage When Non-Farm Payrolls, This article discusses the tricks of getting benefits from Non-Farm Payrolls. In conducting forex trading activities we cannot escape analysis. From this analysis we will be able to estimate when it is time we take a Buy or Sell position. In addition, we can also find out the current trend of price movements, whether it tends to go up, down, or even sideway.
Forex analysis includes technical analysis and fundamental analysis. Technical analysis is an analysis that utilizes the previous price history displayed in a graph. From the graph we can determine the trend, support level or resistance line. We can also use the tools called technical indicators that are usually already in the trading platform that we use. Meanwhile, fundamental analysis is an analysis that utilizes news circulating. The news can be economic news, political news and even natural disasters. In addition there are also economic data, namely data released to determine the economic condition of a country. For this economic data there is a release schedule that you can search on the internet.
Regarding the economic data released, we can actually use it as a strategy to enter the position. Take advantage of economic data that has a large impact on price movements, because not all data have a large impact that can move the market. Examples of important data that have a large impact on the market are US interest rates and non-farm payrolls data.
Here are the tricks to take advantage of this data release opportunity:
- Determine the highest price of the first candle, hereinafter referred to as the resistance line.
- Install Pending Buy Stop Orders are slightly above the resistance line.
- Install Pending Sell Stop Order slightly below the support line.
- For Stop Loss (if Buy Stop Done) is if the price reverses through support. Conversely, if Sell Stop Done, Stop Loss is if the price reverses through resistance.
- For Profit Targets, adjust to the loss limit, for example in the example above about 50 pips or at the level of 0.8965, or if you are sure and want to follow the news, then you can hold a position to get a bigger profit. But must be careful.
Please try the demo account for the US non-farm payrolls data the following month, and can also be tried for other important economic data.