Forex factory calendar ios 8
- 18.07.2019
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Open position — small profit This scenario involves an open position that is in profit, but stands a good chance of turning negative if the news event in question adversely affects the position. Should you close the trade and book a small profit to be safe? But then what if the market moves in favor of your position? If you close it now you risk missing out on potential profits.
In my experience, most traders fear a missed opportunity more than they fear losing capital. Your number one job as a trader is capital preservation. Making money always comes second. I can always get back in later if the market presents a favorable opportunity. Just remember — when in doubt, get out. When a high impact news event is around the corner and you have a position that is well into profit, you have more options.
One thing that can influence your decision here is how far away your trade is from its profit target. In this case I would be more likely to close the trade before the news event to book profits. Your other options are to take a partial profit and leave the remaining position on or keep the entire position open throughout the event.
But one thing is certain, you have a lot more options with a position that has run into considerable profit. By now you should know how to configure your Forex Factory calendar as well as how to manage news events. I have written before about how to use the news to gauge market sentiment. However this time I want to talk about actually reading the news through the price action strategies that form on your chart.
What is a pin bar, really? How about an inside bar? You probably know what they look like, but have you ever thought about why they form? These two strategies have a common thread — they are both the byproduct of news.
Whether it be something that was just announced or a more gradual flow of news that causes market sentiment to either fluctuate or remain constant. In fact, all Forex trading strategies are a byproduct of news in one way or another. However, the pin bar and inside bar really embody the essence of how news can influence a market. Pin Bar Some of the best pin bars form on the back of a major news event.
In fact one of my favorite setups is the NFP pin bar. The timing of a news event like this can often cause the price for US Dollar pairs to rise or fall quickly, thus forming a 4 hour pin bar. Inside Bar The inside bar can be thought of as the opposite to the pin bar.
While the pin bar represents a volatile push in either direction, the inside bar represents consolidation after a large move. So whereas the pin bar forms as news is released, the inside bar often forms the day after a news release. This is why the inside bar setup is often referred to as a type of breakout strategy.
Pro Tip: While the pin bar can be traded on the daily or 4 hour time frame, the inside bar is best traded only on the daily time frame. The markets can move because of an unscheduled event or perhaps an event that has already passed and the market is just now realizing the impact. Regardless of how or when the news occurs, the two strategies above give you a quick and easy way to read the news via your charts.
Final Words We have covered a lot of material in this tutorial. Everything from how to configure the Forex Factory calendar to how to use it when trading price action. As such I would like to summarize some of the more important points to keep in mind when using the news calendar. First and foremost, the news calendar should never be used as a tool to help you enter the market.
In other words, attempting to trade a news event for the volatility it causes is a surefire way to blow up a trading account. The calendar can, however, be a great way to keep track of upcoming events. Knowing when these events are scheduled can help you make decisions about the timing of your entries. As a price action trader, you have a distinct advantage over other market participants using something other than price action.
You have the ability to read the news through your charts using strategies such as the pin bar and inside bar. Just remember to stick to the daily and 4 hour time frames with the exception of the inside bar, which should only be traded on the daily time frame.
Frequently Asked Questions What is a Forex calendar? The Forex news calendar is a vital tool for any serious trader. It shows the scheduled news events for the week and usually ranks them from low to high impact. What is the best Forex news calendar? I prefer the Forex Factory news calendar. Plus, you can enter your timezone so events are displayed in your local time. Should you trade Forex news? In my opinion, the answer is a resounding no!
Trading the news is gambling. Now It's Your Turn Are you ready to start using the Forex Factory news calendar? If so, you definitely want to download the free PDF guide that I just created. It breaks down how to use the calendar in 5 simple steps and explains which news events produce the most volatility. Click the link below and enter your email to get instant access to the PDF guide.
Justin created Daily Price Action in and has since grown the monthly readership to over , Forex traders and has personally mentored more than 3, students. Read more Private Trading Community. The problem with the revised data representation on the chart is that its color dark blue mixes with the actual data presented in light blue.
FXStreet provides a zoomable chart for historic data analysis with an option to add forecast and deviation values: Three additional charts are available also more on them in the Extra Features section below. The data actual, forecast, and revision along with the date of the announcement is shown when the mouse pointer is moved over the chart. Pointing the mouse cursor over will show the exact value.
Myfxbook provides a zoomable historic line chart with forecast and actual values. Pointing the mouse cursor over will show the exact values: TeleTrader. Trading Economics provides an interactive chart with a period selector and some basic charting tools: column, line, area, spline, spline area, candlestick, bars, trend, average, histogram, variance, mean, maximum, minimum.
Only actual values are plotted. The chart provides the facility for comparison with other countries and events. Revisions Most of the actual announcement values are calculated by governments or other reporting institutions using partial data. Because some of the data gets updated or new data is coming later, the revised values are released with the next reports. When new data is announced for an indicator, simultaneously, the revised value corresponding to the previous period for the same economic indicator is reported.
Most economic calendars display such revised information in a different color. Approaches of different economic calendars to revised values are explained below. On mouseover, the 'revised from' value is displayed. Unfortunately, not all events get revisions displayed with this calendar. DailyFX displays revised values. If the value was revised, it says Revised instead of Previous. You can see the original value in the Previous revised from section if you click on the report. Dukascopy shows only original values.
Econoday shows both unrevised and revised values, but you have to click on an event to get to them unless you watch a daily view. Forex Factory gives revised values alongside a small yellow triangle. Moving the mouse pointer over the triangle reveals the previous value. The previous value is revealed by placing the mouse pointer over the icon. Placing the mouse pointer over the number reveals the previous unrevised value.
The original values are displayed in a tooltip. Myfxbook displays revised values with a dotted underline while the tooltip reveals the original value. On mouseover, the original data is revealed. Filters Using a filter, a trader can prioritize the list of events to monitor as per personal need.
By default, all the currencies, news events, and sessions remain selected. Remember Filters option can be used to make the website remember your choice of filters. DailyFX supports only country and impact-based filtering.
It does not offer an event-based filter. However, a keyword-based event search facility is provided. Dukascopy offers country, currency, and impact filters. There is also a provision to perform a keyword search. In all, 21 currencies are listed in the currency filter. Forex Factory offers currency, impact, and an event-based filter. FXStreet offers all three filters — country, impact, and event. The calendar also offers a keyword-based event search.
There is also a custom date filter. Most other economic calendars do not allow event-based search between two specific dates. This facility overcomes that issue. Unfortunately, the maximum search range is three months now, whereas it was twelve months previously.
While Dukascopy can also filter by keyword in a custom date range, the maximum period is 60 days there. At Investing. Furthermore, there is also a time-based filter to view the actual display time or the time remaining for the announcement. Event-based keyword search is also possible. For countries, there are 22 entities in total. Myfxbook provides impact and currency filters, though you have to be registered to be able to use them. Trading Economics offers country and impact-based filtering.
In addition to selecting several countries one by one, it is possible to select All, Major, Africa, America, Asia, and Europe groups. Time zone A trader may or may not be located in the same time zone used by the economic calendar to display the schedule of economic announcements. The economic calendars tackle this issue in the following manner. The local time settings can be changed using the drop-down menu but cannot be saved permanently.
DailyFX — detects your time zone. The settings can be changed using the dropdown menu and will be remembered via cookies. Dukascopy — detects and uses your local time to display the schedule of event announcements. You can toggle between Local and GMT. There is no way to save the choice and it is impossible to select any other time zones. However, it offers a provision to change the time zone as you want and save it in a cookie file.
Forex Factory — detects your local time zone by default. You can manage the time settings with or without registration. The calendar uses cookies for unregistered users and member profiles for registered users to remember the time zone. Time zone can be changed including to autodetect both for registered and unregistered users.
The website will remember the choice regardless of your registration status. The time zone can be changed, but not saved without registration. It can be changed and saved even without registration. Myfxbook — by default detects the time zone via your browser. If you open a free account with Myfxbook, you can change and save the time zone in your account settings. There is no way to change the calendar time zone without registration. If the time settings are changed using the dropdown menu, then the latest setting saved in cookies is used when opening the economic calendar during the next visit.
Trading Economics — automatically detects your time zone settings and applies them to the economic calendar. You can also set an arbitrary time zone and it will be saved for your next visit even if you do not register. Time browsing Forex traders might need to browse through past economic data or look at the future schedule of events for a variety of reasons.
Thus, every economic calendar strives to offer such a facility, albeit each in its own way. The actual browsing is done by a kind of page flipping or by selecting a particular week from a dropdown list, though to see the list you have to narrow the browser window.
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HOW DOES THE MONEYLINE WORK
For a currency, it is all about the interest rate level. Hence, the Federal Reserve interest rate announcement and press conferences move the dollar. And, the Forex market. The Fed meets every six weeks. This is a text describing the monetary policy. Once a quarter, or every two sessions, a press conference follows the FOMC statement. Never has the Fed hiked or cut the federal funds rate without a press conference to follow. Therefore, the federal funds interest rate level is THE Forex news to watch.
As a rule of thumb, the higher the interest rate goes, the stronger the dollar becomes. The Forex market volatility increases tremendously during the Fed presser. Press representatives from around the world ask questions. No one knows the questions. And, no one knows what the answer will be too. As such, the USD makes large swings all over the charts.
Effectively, it trips stops both for longs and for shorts. It is one of the closely watched Forex news. The market reaches extreme Forex volatility levels if the CPI deviates from the target. Traders know the Fed closely watches inflation. Part of its mandate, the Fed targets a two percent level for the CPI.
Instead, it considers the Core CPI. Or, inflation without transportation, energy and food costs. The standard interpretation is that when inflation falls, the currency depreciates. When inflation is in the fall, expectations grow that the Fed will ease the monetary policy. After all, trading is a game of expectations.
However, if deviates strongly, the Forex volatility spikes as traders bet the Fed will react. More exactly, with the lack of it. In this relation, levels of 1. Higher inflation levels lead to the central bank raising rates. Contrary, lower inflation results in the central bank cutting rates. Higher rates mean a higher currency, while lower rates are bearish for a currency. It is clear now why inflation is so important for the central banks.
Hence, it is one of the most important Forex fundamental analysis indicators. The end of October saw the inflation in the Eurozone unexpectedly falling. As per the economic calendar, the expected or forecasted value was 1. However, the actual number came at 0.
Hence, market participants started to sell the Euro in a frenzy. Because part of the fundamental analysis of Forex market is to trade expectations. In this case, based on the inflation data, expectations grew that the central bank will cut rates at the next meeting.
Cutting rates are bearish for a currency and sellers step in. So they did, as the chart above shows. The next ECB meeting was after two weeks and traders sold the Euro on rate cut speculations. This is how the economic calendar Forex influences trading decisions. For the next two weeks, all Euro pairs suffered across the dashboard. No other news part of any economic calendars mattered anymore. The ECB did deliver. However, the lows in that day turned out to be the lows for a long period ahead. The explanation comes from the press conference.
A press conference follows forty-five minutes after every ECB meeting. The President reads the statement, and press representatives ask questions. However, he added that the ECB expects inflation to pick up next year. Because of that message, traders focused, yet again, on expectations. So, bullish for the U. Traders simply disregarded the data and before you know the pre-ECB highs disappeared.
Before continuing, it is worth repeating that the details, while interesting, should be used sparingly. Anything beyond this and it can become more distraction than an asset. Part two: How to use the Forex Factory calendar guide Feel free to continue experimenting with the Forex Factory calendar. A Forex Factory demo account will let you see how the site works and see the rolling news impacting the markets in real-time. Understand Forex Factory events Okay, we have now set up the calendar.
But how to use the Forex Factory calendar for the best results? White noise levels out there are quite high. You have to tune that out and concentrate on events that will move the market. Hence, the importance of setting filters to only high and medium impact news events. To help out a little more, here is an inexhaustive list of significant event categories you should be routinely monitoring closely.
These include fiscal and interest rate announcements, macroeconomic data and indicators, and geopolitics. Fiscal policy announcements Monthly statements are issued by the central banks, along with their take on economic conditions. These are accessible on forexfactory. The monthly roundups by the central banks are the most critical data points to keep an eye on firmly.
Other data points are essential, too. But the central bank statements are a weather-vane of what is up ahead, mainly if they are about to change interest rates. Short term rates are lowered to stimulate growth and raised to keep inflation in check. Therefore, you must know how to use the Forex Factory calendar properly. As a rule of thumb, expectations of rising interest rates fuel higher currency valuations, while the opposite holds for expectations of lower rates. Macroeconomic Data and Indicators If the central banks are the weather-vanes, macroeconomic data and indicators are the barometers.
What microeconomics and indicators tell us is the underlying health of the economy which are often driven by exports and inward foreign investment. You should, therefore, be tracking such info with the Forex Factory calendar. Having a handle on what is going on below the surface is invaluable to spot a currency trending.
Which fundamentals should I be tracking? You should be tracking interest rate expectations, central bank policy, and any indicators that directly affect either. Getting to know your way around the Forex Factory calendar is time well spent. To speed things up for you, here is a tip sheet on the ones to watch. The Forex Factory calendar is a good all-rounder in this regard as it flags up major headlines as high impact and offers explanations as to the significance of the news.
Quarterly Gross Domestic Product GDP : About a month after the quarter ends, there is typically a preliminary or advanced reading available. A final reading follows about three months later. The most important one to watch in your Forex Factory calendar news filter is the preliminary reading. The much later final text rarely deviates from the first reading. Monthly jobs report: Another item for the Forex Factory news filters is the monthly jobs report.
Monthly job news is much more significant to countries like the US and the UK due to these economies relying on consumer spending rather than exports or domestic manufacturing. Monthly retail sales: The same applies here as an indicator of consumer spending. A score of 50 or higher signals growth. Any number under 50 means a decrease.
Housing Data: This encompasses a diversity of monthly reports from new builds to home sales, etc. This data is a temperature test of the economy. It is also a good health indicator of banking, consumer lending, and spending, employment as housing has a significant influence on all of these sectors.
These suggestions above are good starting places while you are learning how to use the Forex Factory calendar. Geopolitics Due to its inherently international nature, the forex market is highly sensitive to significant geopolitical events. Much more so than other markets. Keep a close tab on geopolitics, particularly currency pairs that may be acutely sensitive to local events. Geopolitics hold a lot of influence over countries and consequently, their currency price. Valuations will move — and rapidly — to geopolitical changes as these will impact on such levers as interest rates, trade, growth, and a raft of factors underlying their economies.
It is, therefore, to get to grips with the Forex Factory calendar to minimize your risk in the same way that big money traders do as a matter of course. The adage here is that geopolitical instability means markets sell and then ask questions afterward. The Forex market is hyper-sensitive to serious unrest of any kind and will retreat with its capital into currencies of safe haven to the whole thing blows over.
Set up this as a news filter, too, as positive or negative geopolitical data outranks economic data. We have discussed a lot so far about newsgathering.
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