Just wanted to bring your attention to this interesting piece of Price Action from this afternoons NFP release. Now in the interests of honesty I did not trade these setups ( I admit that I wish I had though) however I rarely, if ever, trade NFP these days – as most times it’s usually just a great day for making brokers richer!
Nevertheless I was watching the release whilst talking with a client and noticed this interesting Price Action which I thought I’d share with you.
Post the news release we saw:
The S&P bounce off the 2000 handle at the same time as
The Dow bounce off the 17000 handle which happened as
The NASDAQ bounced off the significant 4350 resistance level
Really nice set-ups and interesting price action. If you’ve traded intra-day(or news releases for that matter) then you’ll already understand about how the first move post-news can be the wrong one, and this afternoons price-action showed that. I’d be interested to hear from anyone who did trade these set-ups and they can tell me what their brokers spreads were around this time!
Interestingly I delivered a webinar last night where I touched upon scalping around big numbers/levels. Could it have been a coincidence that I delivered that the night before some big news came out?
Anyway from my own trading I will be interested to see if a) the DOW closes the week above 17000 (and the daily 200SMA) and b) if the S&P closes above 2000 (and its daily 200SMA) as well.
Have a great weekend and trade well!