Forex Traders Daily
Trapped Traders Daily Analysis
October 6, 2017
Hello traders, Mark Chapman here, the creator of the trademarked Trapped Traders Concept.
Welcome to today’s Trapped Traders Trade of the Day Analysis. Today’s date is Friday, October 6, 2017. And today we’ve got non-farm payrolls and the number is expected to be a dreadful result for the US. Previously 156 thousand. Forecast 82 thousand.
And I always like to look for a little bit of value in a chart prior to the number coming out. What I mean by that is this is obviously a GBPUSD chart, and the degree that that’s been strengthening against GBP. So, if this is a really bad number, there’s a good potential for a pop up against the USD because it’s been strengthening against this currency. So, it’s more likely to have some room to the upside than it would be for this to continue.
If it’s a good number for the USD, I wouldn’t really necessarily want to sell this particular pair because it’s been coming down for so long that it’s like well, how much more can it really go. So, I always like, as you’re well aware by now, to go against the prevailing consensus. That’s what traps are all about, and there is no trap in this image. The only trap would be if obviously we get some type of initial sell-off and then a reversal, and now we’re talking that’s the type of trade we want to take.
So, it’d be really nice if the number is even worse than 82 thousand by let’s say 10, 15, 20 thousand jobs and the GBP to the upside. GBPUSD looks like a decent trade. But let the data come out and don’t panic. Don’t take a lot of trade size if you’re new, or even sit on the sidelines and just observe it. Make sure you’ve got a live news feed so that you can understand what’s going on. You’re not just looking at the market, wondering what the hell has just happened. You’ll have that data. You’ll have that knowledge. And then, from there, you can make some smart choices.
Have a nice weekend. Take care.
Forex Traders Daily