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!