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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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