see what time the report is getting released and what the Consensus is. The NFP is always released at 8:30am EST but you should always double check every report just to make sure. The second thing you would do would be to go to the Calendar menu on the Fast Economic News site and find the previous releases for all the past Non-Farm Payroll reports. You would quickly see what deviations caused a huge move in the currency pair when this report was released in the past. I personally trade theUSD/JPY (US Dollar vs. Japanese Yen) pair for this report. In my opinion, this pair is the most dependable pair to trade for this report. So, if you see that a deviation of 100,000 for example, caused a huge move, then you would Buy the USD/JPY pair if the number came out at 100,000 or better. And the opposite is true. If you saw a number worse than 120,000 historically caused a huge move in the other direction, you would Sell the USD/JPY pair. If you were fortunate enough to get theSecret News Weapon, you would put these deviation numbers into the Weapon and set your autoclicks. Then wait for the news to come out and if your deviation gets hit, watch your trade fly into profit. I suggest closing 1/2 of your position immediately after the initial spike. Then watch the price action and either go for more profit if price continues, or close out the final 1/2 if price retraces past 50% of the initial spike.
There are many reports released each week and sometimes you'll get a few each day! In my opinion, there's nothing more profitable than news trading in forex. At least with news trading, you know exaclty when to be ready for a trade and you can get in immediately. With technical trading, you really need to watch all your charts and indicators all the time, to make good trading decisions. I'd rather sit through a news release trade for 15-20 minutes than look at my charts for a few hours waiting for a setup. Dont' get me wrong though. I enjoy technical trading, but for faster profits and much less risk, nothing beats trading the news.
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