The key behind having a trading journal is that it will keep track of all the past trades you have made, with a description of whys and outcomes. CNY, EUR, GBP, USD. The rest are optional depending on what you trade – for example, if you https://dotbig-com.medium.com/what-assets-are-worth-investing-in-during-the-third-wave-of-the-pandemic-56bfea8d55a trade JPY crosses then include JPY news events. The next thing we can change is the type of data we see in the news calendar. As you can see above, we have switched it to our local time zone and preference, including 24-hour format.
As mentioned, the time that you see here is not based on a different time so, if you want to, you can change it to match your own local time. Although the tools available can be used to gauge market participation we must highlight one tool that you should understand is misleading. However, never commit to a trading strategy or service you may come across without testing it previously before you go on a live account. This is really useful if you want to understand the granular aspects of account performance, plus all it takes is 5 minutes to set it up and get going. The Forex news indicators show when the data was released, it’s impact, and what the news was. Now you will be presented with a chart that will display the price action of the EUR/USD .
Plus, you can enter your timezone so events are displayed in your local time. Before we end this section, I would like to point out that the news which causes these types of moves isn’t always immediately apparent. The markets can move because of an unscheduled event or perhaps an event that has already passed and the market is just now realizing Forex 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. By now you should know how to configure your Forex Factory calendar as well as how to manage news events. Let’s finish up this tutorial by discussing how price action plays a role in all of this.
- 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.
- It can be far too easy to get caught up in the nuances of each event.
- It’s incredibly easy to use and is one of the more accurate calendars out there.
- You must be made aware that this information is not on the WHOLE market, but instead of all the active traders who are using the Explorer tool to output this trade data.
- There is a number of reliable websites which a client can gather information and news from, such as Bloomberg.com, Reuters.com, Cnn.com, Euronews.net and Cnbc.com.
The forecast column shows you what economists were forecasting BEFORE the news was to be released. Whether they were right or not not is determined by the “actual” figure that comes out in the actual column. Forex Factory’s mission is to provide universal access to financial market intelligence. In an ideal world, every trader has access https://www.ig.com/en/forex/what-is-forex-and-how-does-it-work to all market-moving information at the same time, and every day Forex Factory is working to making that a reality. They can work with every time frame from 5-minute time frame to daily time frame and upwards. The calendar and news flow is probably the most important tools available for you to simply take advantage of each day.
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. In my experience, most traders fear a missed opportunity more than they fear losing capital.
I prefer to use more reliable resources for education such as your site, Trading with Rayner. Your style is not exactly a match to mine, as I am developing pattern trader style, but a trend follower at the core. I learn something for consideration forex news every video I watch, so it’s always of value to me. I have been using the calendar as part of my daily process for over a year now. Hey Rayner, Thanks for this detailed post on the ins-and-outs of how to use Forex Factory.