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  • This week's non-farm payrolls (NFP) will likely be key to gauge the direction of gold as markets look ahead to the Jackson Hole Economic Symposium. Get your market update from @FxWestwater here:https://t.co/WmTrqe0xJN https://t.co/BO2uwXMAko
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  • RT @FxWestwater: $NZDUSD Wedge Breakout Back in Play on Stellar Q2 Jobs Report Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/08/03/NZDUSD-Wedge-Breakout-Back-in-Play-on-Stellar-Q2-Jobs-Report.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/YAIqqu5RDB
  • 🇦🇺 Markit Services PMI Final (JUL) Actual: 44.2 Previous: 56.8 https://www.dailyfx.com/economic-calendar#2021-08-03
  • $AUDNZD likely to attempt closing at a new 2021 low over the remaining 24 hours following the stellar New Zealand jobs report The December 2020 low has been further exposed at 1.0418 since July's #RBNZ rate decision New Zealand bond yields on the rise https://t.co/ipjwkSNt9n https://t.co/ncQX4hL8G3
  • Strong jobs report lifts $NZD - Money markets pricing in a 93% probability of a 25bps hike at the August meeting (previously 77%) - Over the forecast horizon, the RBNZ had projected (in the May MPS) the unemployment rate to gradually fall to 4.3% https://t.co/G5Ejzl2H6L
  • #NZDUSD cautiously higher after solid New Zealand jobs report Unemployment rate declined to 4.0% in Q2 from 4.7% prior (vs 4.4% anticipated) Job gains were at 1.7% y/y vs 1.2% expected Data seems to be supporting the case for a less-dovish #RBNZ given the cease to QE recently https://t.co/XmzhuLXh1H
  • 🇳🇿 Unemployment Rate (Q2) Actual: 4% Expected: 4.5% Previous: 4.7% https://www.dailyfx.com/economic-calendar#2021-08-03
  • 🇳🇿 Employment Change QoQ (Q2) Actual: 1% Expected: 0.7% Previous: 0.6% https://www.dailyfx.com/economic-calendar#2021-08-03
Strategy Video: When to Cut Trades Moving in My Favor

Strategy Video: When to Cut Trades Moving in My Favor

John Kicklighter, Chief Strategist

Talking Points:

• The saying "I'd rather make money than be right" is practical, but shouldn't be a part of our strategy

• A successful strategy should lead us to placing successful trades over time, avoiding 'luck'

• When a position moves in our favor but not for the reasons we expected, it is better to cut

Want to test out all the premium tools and resources FXCM has to offer? We are holding an Open House

The saying "I'd rather make money rather then be 'right'" is an enlightened adage for traders. It keeps us from looking beyond our strategy and trading. However, we shouldn't mistake that saying for the similar "I'd rather be lucky than good". Luck may serve us for a single trade or even a single theme. However, a strategy over time that has to rely on luck is one destined to fail. When we are trading, and the fundamental and/or technical backing for a position falls apart, the sensible thing to do would be to exit the setup and look for another with better prospects. That may not be difficult to if the trade is already down or even if it is flat. However, those that do not fully follow there process often have a hard time making that call when the 'lucky' trade is in the green. We discuss the importance of following our strategy even after the trade is placed in today's Strategy Video.

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