I wrote this article a week ago but I’m too busy to post it. I feel so sorry but can’t do anything. After finishing my tasks, I’m here to get the job done.
The opportunity to make a profit comes regularly every first Friday night of the month. Surely you also know that it is the first Nonfarm of 2022. This is considered a golden time to make money for traders who like to trade according to news, typically Nonfarm. So I also made up a trading plan for myself in Olymp Trade this time as follows.
Nonfarm news analysis
To earn money you need to analyze Nonfarm in which direction? Advantage or disadvantage with USD?
According to fundamental analysis, it is expected that in December there will be 426,000 new jobs after an increase of 210,000 in November. The unemployment rate is expected to reach 4.1%, down from 4.2%. Average hourly earnings are forecast to increase to 0.4% from 0.3% in the previous period. This is a positive forecast for the USD.
Also this week, the positive Nonfarm payroll data is the ADP payroll report which shows hiring spiked to 807k beating the consensus at 405k and the previous figure of 505k. . However, the JOLTS job openings figure was lower than the estimate at 10.56 million compared to the 11.06 million forecasts and the previous period’s 11.09 million. This shows that employers did not step up their recruitment activity during the month.
Nonfarm data bias will be positive
If tonight’s Nonfarm data is better than market expectations, the dollar will strengthen, causing currency pairs such as USD/JPY, USD/CHF, USD/CAD… start to increase in price after the news is announced. Conversely, currency pairs with USD behind such as AUD/USD, EUR/USD, GBP/USD… will decrease.
Due to the assumption that everything will be fine plus my favorite currency pairs are AUD/USD, EUR/USD, GPB/USD so I will wait to enter bearish orders to follow the news.
Especially if you trade gold, you should pay attention:
– If the dollar increases, the gold decreases.
– When the USD falls, the gold increases.
From the Nonfarm news, you can also trade Gold efficiently. Based on the judgment that the USD will increase or decrease, you can enter the Gold orders safely.
Place pending orders to seize the opportunity to make money in Nonfarm
Placing orders to trap the market is an art. With the prediction that Nonfarm will be good for USD, I place 3 DOWN orders as follows.
– AUD/USD: I place a DOWN pending order at 0.72850 Key Level of the day. I predict the price will go to that zone and fall.
– GBP/USD: I place a DOWN pending order at 1.35844, the important resistance level of the day which the price has touched twice but has not been able to overcome.
– EUR/USD: I place a DOWN pending order at 1.13866, a critical resistance level.
In my opinion, the price of the 3 currency pairs above will increase slightly for a while before falling. That is also common when strong news is announced.
When the Nonfarm news is released, the time to make money in Olymp Trade in a week is almost over. Summarizing the week, I gain a profit of $280 from $ 5,182 to $ 5,462. But it doesn’t reach the target of 12% per week.
However, I’m not sad or impatient. At any job, the harder you work, the more money you make. As for trading, it’s the exact opposite so I allow myself to be lazy in trading. Now it’s all done so I close my laptop and take some rest. Thank you so much for reading this late article.
Join the Olymp Trade Club Signal Group: https://t.me/olymptradeclub19