GOLD NFP CALL OUT - I don't trade news but it's fun to Analyze
Hey guys what's up Brandon here - So I believe in buys for NFP on GOLD but I will not be trading it as I don't think it makes sense to take that risk.
At one point in my tenure as a trader about a year or so ago - Every single NFP I was able to call and get it right and I traded 0\17 NFP events that I got right. It isn't worth it
Quick gains can be just as quickly wiped out - Especially on GOLD.
That being said I do believe that gold is a bull market still and buys are still very much the name of this game. In light of that I think it makes sense however for gold to drive price down a bit before buying further because if it wanted to buy it would have done so already. I think it doesn't have enough energy to make it's move and it is relying on the fact that everyone is attempting to buy it now to inject liquidity so that it can be taken and used for EVIL lol
This is my exact reason for not trading News - What if I am wrong...what if it just sells, what if it just buys? I hate to know that not only I am wrong even though I did my homework but also how easily the spreads can be manipulated at this point. I am sure we all have some horror stories about how you couldn't even close your trade during the news because your broker decided to throw you under the bus.
Godspeed to anyone who is attempting to take a trade today for the NFP event - you may get it today but I think sooner or later the market will get you - it always does and you don't want to get got from the market.
Let me know what you think and do you agree with my approach?
Have a great weekend guys :)
At one point in my tenure as a trader about a year or so ago - Every single NFP I was able to call and get it right and I traded 0\17 NFP events that I got right. It isn't worth it
Quick gains can be just as quickly wiped out - Especially on GOLD.
That being said I do believe that gold is a bull market still and buys are still very much the name of this game. In light of that I think it makes sense however for gold to drive price down a bit before buying further because if it wanted to buy it would have done so already. I think it doesn't have enough energy to make it's move and it is relying on the fact that everyone is attempting to buy it now to inject liquidity so that it can be taken and used for EVIL lol
This is my exact reason for not trading News - What if I am wrong...what if it just sells, what if it just buys? I hate to know that not only I am wrong even though I did my homework but also how easily the spreads can be manipulated at this point. I am sure we all have some horror stories about how you couldn't even close your trade during the news because your broker decided to throw you under the bus.
Godspeed to anyone who is attempting to take a trade today for the NFP event - you may get it today but I think sooner or later the market will get you - it always does and you don't want to get got from the market.
Let me know what you think and do you agree with my approach?
Have a great weekend guys :)