ForexSpirit

So let’s take a look at a summary of September’s trades:

Seven BWILC based entries, mixed in with one test news trade entry. All profitable.

Equity change for the month: +4.145%

Still a few open entries that were made higher up in the grid that are still lingering around, as price was range-bound for pretty much the whole month.

The US non-farm employment report that came out on Friday was very reminiscent of the old days. By old days, I mean way back (!) when I first started looking into forex trading in 2002. Back then the non-farm report was infamous for its whipsawing action. Yesterday’s price action was a perfect example of that.

The headline employment number came out at 51k, well below the expected number of 125k. This gave the euro an immediate boost, for all of 30 seconds. There was a big change to the previous month’s employment number. It got a boost of 60 thousand, from 128k up to 188k. The revised number caused a reversal in the price action and the dollar took over, driving price down 140 pips.

I demo traded this news release. I got in before the spike, with a buy entry, and exited pretty much immediately once the revision number became known. I managed to bag 21 pips on the trade, and then stood aside to see how things played out.

As the dollar took price down into Q1, I added two BWILC entries on the way, which we were added to my one BWILC entry that was made at a birthday level before the news release. Several market commentators say that weak euro buy positions have been knocked out of the market. This could be an early signal that the big guys are going to load up on euros at these low levels (low relative to price over the last several months). The Chinese were on holiday all of last week, so their re-entrance into the market tomorrow could cause things to pick up as well.