Forex News Trading: Trades for Friday, May 8, 2020

8:30 AM EDT
US Non-Farm Employment Change
XAU/USD

History certainly doesn’t matter here. The forecast is for 21,400,000 lost jobs and the unemployment rate jumping from 4.4% to 16%. Like last month this could be off by millions and it won’t matter.

Notably the stock market is pushing back up pretty aggressively, indicating the big money is much less worried about all this than they were a month ago. I’m hoping the Forex market follows suit in the coming weeks, but no confidence when that will happen.

Obviously these are highly risky trades.

SETTINGS: Set buy/sellPips to maybe 12 or so and get out if you aren’t live within a couple seconds.

8:30 AM
CAD Employment Change
USD/CAD

The forecast here is 4,125,000 lost jobs and an unemployment rate that jumps from 7.8 to 20%. This could also be off by millions and not even move the needle. Highly risky.

SETTINGS: Set buy/sellPips 12 to 15 and get out if you are not live within a couple seconds. Even if you are live get out fast.

About Barry Battista

I am a software guy that started trading in 2006. I have been trading the news for a living ever since. Eventually I wrote some code to help a friend and I improve our odds, and gradually the software took on a life of its own. My intention is to adapt this trading style to the ever changing Forex markets to always provide the trader with the tools and information to give them the maximum odds of a profitable trade.
This entry was posted in CAD News Data, News Trade Calls, News Trading, US News Data and tagged , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *