Ok another start of the month and another first NFP Friday and we recommend to all that don’t really have lots of experience of trying to trade the NFP or not have spent a year or so (and we not joking!) watching its price action and reaction as it is the biggest and we mean the biggest market related data out there and really needs to be treated with kid gloves if trying to trade it!
We had made 23 % on our account this week so as usual we were in no hurry to trade on a Friday never mind NFP Friday! We put the attached slide up in our live room and we honestly would not trade around NFP and we realise that even though we can’t offer real trading advice, some people via Twitter or our members may well decide to take the same trades as we do. So we have been extra careful over the last week in what we call, but in a way that is a good thing as it’s made us stick even more to our rules.
As we have decided to be open and honest 100% about what we do and yes it is warts and all and for those that have done the free training. BTW we really appreciate your time and effort in sitting and listening to us ranting on! But we hope you and our members get when we say we do trade high risk but you all know why and were the money comes from!
Anyway we did not even bother coming on the microphone this morning and we did say we were not trading but even we cannot refuse a trade when it hits all our entry rules Friday or no Friday as long as not around news time and we are aware we now have a following and they are looking to learn to trade, and trade for the right reasons. So we just had to take the cheeky short this morning above 10 as it had held a few times already this week, so was looking for a pullback down. We managed to get 6 pips and were lucky to close at the low. But we def did not want to hold it and was a pure price action scalp. Ok we put our hands up, we did not post it as we don’t want to confuse people.
We Just Had To Take The Short
Next up NFP and you can see what happened with that and that is a pure gamble and we don’t do news trading that is a skill in itself and not our style. But we are now up 27% on our account for the week and as you can see from the chart the DT at 6900 was exactly the sort of trade we look for so have gone short and will run it over weekend if we have to. In an ideal world (and no not the shopping channel!) We would take 50% off the table before market closes this eve and run the rest at breakeven, if that shows its hand we will take it. If not we will give it a bit of room to breathe due to the spreads on the Sunday eve none cash open and see what happens. But this is the sort of low risk reward trade that if it works out might even mean us not trading next week at all! As we have our targets and that is what we look to make.
If we do make our money we will still be helping out next week as usual don’t worry! This stuff really works and on that note we are nicely up atm as I type at 18:45 +7 pips and can only see it closing one way. But as usual trade safe.
BTW to any one reading this we are doing our free and 100% nothing to sell Q@A on Sunday eve starting at 7, online and all are welcome. Ask any questions just email us at traders@ftseday.co.uk and we will send you the log on details and thanks in advance.
BTW at the time of posting are now down, hang on let’s look as now 19:28 -4.3 pips but still expect a sell off spike as who really would be buying these highs to hold over the weekend!
Not us that is for sure we have a 50% position and will not be adding to it.
Trade safe
Mike L (who really does not like holding positions but we can only trade what the market offers us and you!)
