On Friday, there was no entry signal until the time for the NFP report. This isn't a strange occurrence; many times, the market acts this way in the hours leading up to a major economic release as many speculators just sit on their hands because they don't want to be caught on the wrong side of the news.
In the moments after the NFP release, the Eur/Usd headed south but found support at the 1.4480 Support level from where it began a rapid recovery in the upward direction. A good trade (though risky) would have been to enter a Buy position when price broke the 1.4576 Resistance line around 2:45pm. You would have exited the trade at 1.4635 with a profit of about 56pips (around 3:15pm).
Sunday, October 4, 2009
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