Friday, June 4, 2010
4 Jun, Eur/Usd - NFP
Hell of a night. 35 minutes prior to the non-farm payroll news i was already scalping, because price has already taken side - USD. Must be the forecast of the news. Frankly, i never follow fundamental news lately. But the forecast data from forexfactory.com looks promising this time.
It was still 30 minutes before the news release and price has made a new low, i bought the pairs and closed it clean. Price reach a range about 1.2045 - 1.2070 throughout before the news, i scalp a few times there. I made a mistake by selling at 1.2045 range when it was still 15 minutes prior to the release, price went back into range. i lost my night's profit from there.
I resisted taking another shot - almost immediately. because i wanted to wait for the news this time and i know im gonna sell. managed to curb my urge to revenge. There was a chinese saying that goes 'revenge for a man, 10 years is never too late'. sound a bit broken english here but thats the best i can translate. :)
That point of waiting time for the news, i was curious with Oanda's pip spread. i fire-up my FXGame account. Indeed, Eur/Usd pair went higher than Gbp/Usd! must have been the volume of traders in that pair.
Finally, 830pm (singapore time) strikes. the usual rubber band movement of that newborn candlestick emerged. price immediately went down - as if everyone sold without even digesting the data - Non-farm employment change was RED! 431K, forecast was 521K, although it was better than previous which was at 290K.
it juz seem to go down. i sold full size - at the bottom tip of the candle. $&(*)(#@^!!
the monthly elastic candlestick pull back up, looked as if like a catapult ready to be release. i sold another 2/3 size.
it pulled further up. i sold another 1/3 size - knowingly that Unemployment rate was green at 9.7%, on top of hourly earning green at 0.3%. but i somehow felt that this very candlestick will not leave such a long lower shadow behind - i juz felt so, no proof alright.
It was hard to handle. i need to put on my stop-losses and take-profit quickly. my earlier's night lost was when i got disconnected halfway and after 3 minutes trying to log back in my positions were stopped out.. screw Malta's connection as its not the firstime. Halfway thru, my Oanda FXGame for some reason got disconnected. It was intense.
Finally, the candle stick let loose. with the first plunge hitting two birds, my 2nd & 3rd position closed at take-profit. i let my first position of full size ran. i closed at the last bear candle (in the pic above) bottom 'meat' of the candle.. before price recover back up. sweet.
Lucky for tonight, lost size were 1/3 size but winning trades were mostly larger size. I can't go on after the last (ninth) trade of the night. Rest for the weekend. Happy trading.