GBPJPY Limit Short127% Fade on the GBPJPY. Using pastmarket angle to aggressively enter the market as it retraces towards the 38.2% retracement
Nonfarm
September 2nd Non Farm Numbers, What's The Story Here?Looks like a lot of traders are going to get hacked to bits between the potential range of $1290 to $1325 because the Fed is doing what it does best, fear mongering about a rate hike. This is only helping the Fed play the longs into their hand by forcing them to give up their positions in gold. A close under $1308 after Friday’s Non Farm numbers will increase the likelihood of traders believing that a break below $1300 is possible.
IF the Fed hikes in September (I doubt that they will), this will inevitably lead to QE. From what I can see in the charts right now, gold is experiencing a consolidation pullback that is typical during the summer months, and should be completed in the early part of September. A close over $137X will challenge for a quick breakout towards the $1410-$1420 range. Don’t get caught with your pants down because it’s going to be lightening fast when it happens.
GBPUSD Wedge formation broken + pay rolls = buy?As can be seen price has broken out of the wedge formation. What usually happens now is a deep retracement back into the wedge and a spike back out continuing the upwards trend towards a re-test of previous highs.
The farms rolls tomorrow are historically the worst and this should give a perfect opportunity for bulls to carry price higher.
See below for a double entry trade with a short and longer term target at historic structural resistance levels.
DATA VIEW (NOT A FORECAST): NONFARM PAYROLLS FULLY RECOVEREDTotal NFP confirm the positive developments in unemployment rate. The data trends firmly upwards since 2011 and has surpassed the pre-crisis peak of 2008.
