Don't chase the NFP print
It's a lesson I've re-learned more times than I care to admit: trading the immediate NFP release. The whipsaws are just too violent, too often. You get these massive multi-directional candles that clear liquidity on both sides before the real move sets in. I've been caught out setting tight stops only to see them triggered on a fakeout, or widening them only to see the true direction go against me for a much larger loss.
The better play, for me anyway, is to let the dust settle for 15-30 minutes, sometimes longer. Let the initial algorithms duke it out, let some of the retail exuberance burn off, and then look for clearer technical levels to hold or break. Trying to catch the initial spike is usually just gambling. The data itself is important, but trying to profit from the first market reaction is often a fool's errand. Learned that one with $EURUSD and $USDJPY more times than I'd like to count.
Completely agree. I've found it's much more effective to let the initial volatility die down and wait for a clearer trend to establish itself. Trying to scalp the immediate reaction often leads to getting chopped up.