In this video:00:24 An increase in the non-farm payroll employment data
01:06 Strength continue in the US
02:00 Heading into the European session on Friday
03:12 Posting each day on the Forex Peace Army site
03:36 Trading just on the daily charts over the next three weeks
Well, as I mentioned last week, I was looking for an increase in the job numbers in the US non-farm payrolls and that came through, and we’re seeing US strength ever since, throughout the whole of this week.
Let me tell you more about it now.
Well, that’s right, if you remember this time last week, I was saying before the non-farm payrolls, when I recorded the video, that looking at the charts, the technical setups, it was looking like there was going to be an increase in the non-farm payroll employment data out of the States, and it came out about 165,000 jobs created as an expected 146,000.
So, about 19,000 jobs more created than expected.
So, good news for the US economy!
And like I said, you could see that was likely to be the result by looking at the daily charts especially, and the technical setups on the charts. And I was calling that, as you would’ve seen on this video last week, but also for my clients, to look for that number to increase.
Now, as we’ve gone through this week – so the non-farm payrolls were last Friday, we’ve gone through this entire week, today being Friday, the 10th of May – we’ve seen that strength continue in the US throughout much of the week. And I’ve been calling positions, looking for strength in the US dollar. Right behind me on the chart here, we’ve got the US Swiss Franc, right now as I’m talking, just skyrocketing, going up and up and up. So, there’s definite strength in the US.
Another piece of news and technical sort of change that will blend the two that happened together: I was calling short positions on the AUD/ USD this week. It was on the day that the Aussies dropped their interest rate, the cash rate dropped down by a quarter of one percent; and eight hours prior to that announcement, with my data, you had trading suggestions for my clients, and also the strengths and weaknesses that I post freely on Forex Peace Army, I was calling AUD weakness, and it’s just continued to fall and fall.
And again, one of the charts behind me here, I was just looking at the AUD right now, even heading into the European session on Friday, just continuing to fall. But, again, the charts were showing me well before the news announcement, what the likely effect was going to be. And again, I come back to the point, that’s why I’m a technical trader, because the charts tell me where the market is likely to move and that’s all I worry about. I don’t really worry about whether the news comes in and what the figure is, whether it’s good or bad, because the charts tell me much of that information, 90% of the time, the charts will tell you in advance.
So we’ve seen US strengthen, we’ve seen Aussie weaken, and we’ve seen the JPY weaken tremendously throughout this entire week as well.
So, this weekend I’m heading over to Singapore for a couple of days, and then over to India for three weeks, can’t wait to go there. Like I said several weeks ago, it’s been on my goals list for a number of years now.
I’ve turned forty, it’s my goal to go there at forty, so that’s what I’m doing. I will be continuing to post my daily trade suggestions, my actual trades with the entries, the stock loss, the profit targets, for my clients while I’m in India, and that will be at 2:30 a.m. local time over in India.
And I’ll also be posting a brief post each day on the Forex Peace Army site. So, I wanted to point out that even though I’m away, I’m going to continue to work remotely and look after my clients; it’s my number one priority, looking after clients and providing them with good service and good, quality trade setups to make them profitable. After all, that’s what people who come to me are looking for, they’re looking to be profitable, and they’re looking to be independently profitable, and that’s what I can provide.
Now, over the next three weeks, personally, for my own trading, because I am going to be on holiday, I’m going to be trading just on the daily charts. I may also look at the weekly charts to see if there’s any setups, but I’m going to be trading mostly on the daily charts. I’m not really going down to four hourlies and hourlies, because I’m on holiday, I just want to go and see India, and explore the sights and sounds and the foods and the cricket of India. But, it will be really interesting in three or four weeks’ time from now, and I’ll keep you updated how the trades go and how my personal results are going from trading just once a day on the daily charts.
So, keep watching the videos.
This time next week, I’ll be in very hot India where it’s about 43 degrees centigrade and I’ll be coming to you somewhere in India with another weekly update.
So, I look forward to talking to you this time next week.