JICPT| Data dependent strategy worked well for gold, what's next
Hello everyone. Yesterday, I published an idea mentioned two trading strategies dependent on the job data released today. The Non-Farm Employment Change is 943K vs forecasted 870K and unemployment rate is 5.4% vs forecasted 5.7%.
It fell into the first scenario that the data is better then expected. Like what I mentioned in the idea with the link below, it's bad news for gold and stock index. In retrospect, there was a nice short pullback setup for Nasdaq. But, I missed it, because I was having dinner with my family.
So, what's next?
I think price tends to look for support near its recent low around 1851 after the structure got violated. Normally Friday is a quiet day, so price is likely to bounce back a bit next week before starting another plunge to retest the level 1851.
I'm writing this to emphasize the importance of the trade plan. Before the big announcement, you can do your analysis, check how price moved previously and make your projections based on your findings. I'm sure you will become a better trader after those practice.
Good luck and have a nice weekend.
It fell into the first scenario that the data is better then expected. Like what I mentioned in the idea with the link below, it's bad news for gold and stock index. In retrospect, there was a nice short pullback setup for Nasdaq. But, I missed it, because I was having dinner with my family.
So, what's next?
I think price tends to look for support near its recent low around 1851 after the structure got violated. Normally Friday is a quiet day, so price is likely to bounce back a bit next week before starting another plunge to retest the level 1851.
I'm writing this to emphasize the importance of the trade plan. Before the big announcement, you can do your analysis, check how price moved previously and make your projections based on your findings. I'm sure you will become a better trader after those practice.
Good luck and have a nice weekend.
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Price fell drastically in the Asian trading session. 1750 got directly violated and previous low got retested. I can see buying pressure from there to push the price back.
plan your trade and trade your plan
