News Trading With Forex Factory Using The Economic Calendar

A demo trading account provides the perfect venue to practice such a trading strategy before trading live. And most of it does not affect the markets as they are not a major news event. 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. So whereas the pin bar forms as news is released, the inside bar often forms the day after a news release.

• The most valuable information will be exchanged on these pages, accessible to every trader, at the same exact time, regardless of location, citizenship, or financial standing.
• For example, if the forecast for CPI of UK is 2.5% for a quarter, and the CPI of Australia remains at 1.5%, then it will have a bullish effect on the GBP/AUD.
• It’s converted into a visual chart showing you how many % of traders are long or short .
• GBP/USD would be affected by GBP announcements and EUR/USD affected by EUR announcements etc – and all will be affected by USD announcements such as US GDP data.
• And finally, the Brokers product was created to help first timers glide through the Forex market and access brokers without a huge problem.

If you are trading the GBP/USD, just by keeping an eye on the GDP growth of the US and the UK, you can easily figure out which way the pair would move in the coming weeks. The next most important feature of the Forex Factory is definitely the Trade Explorer.

Get Free Trade Setups From Justin Bennett

This is convenient if you only want to display certain types of news events or are only interested in specific currency pairs. The Forex Factory Calendar is by far the most user-friendly and accurate calendar to keep track of Forex-related news events. By the end of this tutorial, you will know how https://dotbig-com.medium.com/ to use the calendar as well as how to read it in a way that is beneficial to your trading. Forex Factory is designed exclusively for professional traders participating in the forex markets. Every trader should come away from Forex Factory with fresh ideas, more knowledge, and keen market awareness.

This is obviously the safest place to be with major news around the corner. You have nothing at dotbig forex risk and you get to objectively analyze the price action that forms as a result of the news.

Reasons Why You Should Set Up A Trading Journal In Forex Factory

For example, if the forecast for CPI of UK is 2.5% for a quarter, and the CPI of Australia remains at 1.5%, then it will have a bullish effect on the GBP/AUD. Ahead of the FOMC minutes release Bitcoin Forex news withdrawal from exchanges continued. Proponents expect the market to react to signs Fed members will continue with more aggressive interest rate hikes, increasing the pressure on Bitcoin price.

If you see a forecast that says the Federal Reserve will likely increase the overnight rate, it will likely have a bullish effect on the U.S. So, for example, if the Japanese Central Bank keeps https://xubuntu.fr/forum/viewtopic.php?f=2&t=4351&p=15006#p15006 its rate unchanged, it will be a piece of bullish news for the USD/JPY. It measures the overall health of an economy and the higher the GDP growth rate, the stronger the currency would be.