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Friday, November 03, 2006

Non-Farm Payroll Trade Idea:

Wow - what a report! While the October NFP number came out below expectations at 92K, there was a revision of the September number from 51K to 148K shows the job market isn't as tight as we all thought.

Also, we have other good jobs data as the unemployment rate lowered from 4.6 percent to 4.4 percent, avg. hourly earnings rose to 3.9 percent.

The market in GBP/USD has stalled after an initial reaction of almost 100 pips drop after the release. I think the trend may continue as the market digests the new information, so we will look to go short.

Short GBP/USD @ 1.8970, stop @ 1.8990, pt1 @1.8950, pt2 @ 1.8900


For those who took my longer-term trade idea from the previous post, we are currently up +50 pips, but we still have a little ways to go to hit pt1. No adjustments at this time.

Good luck and good trading everyone! Have a wonderful weekend!

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Currency trading involves substantial risk of loss, and thus is not suitable for all investors. You should carefully consider your financial situation before opening a trading account, and only risk capital should be used when trading in these markets. In addition, we recommend you consult your financial advisor to help you determine if currency trading is appropriate for you. Pipcrawler does not provide personal trading advice, and nothing contained in this web site should be construed as personalized trading advice. Although Pipcrawler obtains his information from sources that it deems reliable, no warranty can be given as to the accuracy or the completeness of any of the information provided or as to the results obtained by those using such information. While we believe the information contained herein is accurate, Pipcrawler or his affiliates cannot be held responsible for the accuracy of the information, the timeliness of the transmissions, errors or omissions in the transmission of such information. Any reliance on the information contained within this website in making investment decisions is solely at the risk of the user, and each user shall be solely responsible for any and all losses resulting from such investments. In no event shall Pipcrawler be liable for any direct, indirect, actual, special or consequential damage or losses resulting from the use of the information provided herein.