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Forex factory Whether you are a new trader or a professional Forex trader, one of the best opportunities for maximum returns is to trade through Forex Factory, the world’s most popular 2962nd English website.
Launched in 2004, the Forex Factory site is indeed a great resource for all categories of traders. Here you can see numerous trading forums, statistics on transactions, all news that may impact the market, the calendar section, a description of the current situation in the Forex market (skills and possible failures), and a long list of reliable brokers—your business results.
Forums are one of Forex Factory’s best offerings and unique products as it is one of the busiest online forums in the financial world today. Traders from all corners of the world interact, share ideas, teach, learn, discuss and exchange real experiences in the forums. You’ll be amazed at the variety of topics and in-depth discussions that make these forums an excellent stage to expand your knowledge base.
Forex Factory Calendar is one of the best and most complete economic calendars ever created. This product is so innovative that it factually changed the concept of financial calendars. This tool includes impact ratings, adjustable time zones, detailed views, filters, links to activity streams, real-time data posts, economic charts, and many more unique and useful elements that help users make profitable trades.
Forex Factory news has been instrumental in completely changing the way Forex news is presented to money market traders and traders. The News product presented an entirely new concept of Forex news, as the news structure was designed to accept any story posted on the website from various sources, including all members. However, the tight control of Forex Factory’s highly experienced editorial team ensures that no fake or misreported news reaches readers.
How to Use Forex Factory Calendar in 2022: The Ultimate Guide
The Forex Factory chart is the most accessible and accurate calendar for keeping up with Forex news. By the end of this training, you will learn how to use the calendar and read it in a way that benefits your operations.
But before I get into the facts, I want to clarify a common misconception.
Many technical sellers make the mistake of thinking that they do not have to pay attention to the news because they take a technical approach to the market.
While reviewing the news is unnecessary, it is advantageous to know when the report is expected. This is especially true for big-impact information that could negatively impact the market. Such news affects an open position and can cause slippage and gaps in pending orders that can wreak havoc.
It is how you can use a Forex news calendar to start making more informed trading decisions.
Getting Started With the Forex Factory Calendar
The first gadget you must do is go to the Forex Factory calendar.
Don’t let all the events on this page scare you. At the end of the training, everything will make sense.
Next, we’ll start adjusting your calendar so you can make the most of it.
Setting your time zone
Now that you are on the calendar tab, you will want to set your time zone. Click on the clock in the upper right corner to do this.
After clicking on the timestamp, you will be taken to a page where you can set your time zone. It synchronizes the time of each news event with your local time.
Note: Setting the correct time zone is very important. If not set, it will be hard to control the right time for each news event.
At this point, you can turn day-saving time (DST) on or off. Finally, you can change the time format to show am/pm or 24-hour “military time.”
Once you are content with your settings, click “Save Settings” so you don’t have to do this every time. Unless your browser cache is cleared, your settings will remain the same each time you revisit this page.
After saving your settings, you should now see the right time in the upper right corner of the screen. If not, repeat stage 2 to ensure your locations are saved correctly.
Event filter settings
At this point, you must have the Forex Factory calendar in front of you, where every news event is synchronized to your local time. Next, we will configure the event filter to determine the news and currencies to display.
Useful if you only want to view certain news events or are interest in certain currency pairs.
After clicking the “Filter” button, you will see a screen like the one below. The screen allows you to filter events by expected impact, event type and currency.
Pro Tip: Hover over the colored boxes under “Expected Effect” for a description of each. In short, red represents high impact, orange medium impact and yellow low impact news.
I like to focus on medium to high impact news events. It gives a complete picture of what I can expect in the days ahead, without cluttering the calendar with news that will have little impact on the markets.
Once you have everything set up to your liking, click “Apply Filter” to start viewing only the events and tokens you selected. Of course, you can variation this at any time by repeating this step.
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Selecting the Desired Time Frame
It would be helpful if you now had your timezone and filter set as desired. Now it’s time to choose the desired time frame. The time that will be display on the calendar.
You can select a single day, a week or even the whole month from this window. Also note that you can quickly select preset time zones in the lower half of the navigation pane.
Pro Tip: When trading higher timeframes, choosing to view the whole week is often the best approach. It lets you prepare for the next few days instead of just the next 24 hours.
In addition to viewing “surface content” such as event name, expected impact, and scheduled time, you can expand each event to view additional information.
Be sure to use this feature carefully. It can be very easy to get fix up in the nuances of every event. As price action traders, we should be more concerned with what’s on the chart and less with the basic meaning of the news.
From the screen above, you can view additional details such as event source, frequency, and history. Click the “X” in the image above to close this window.
Before I continue, I want to reiterate the importance of using these additional details with caution, if any. The real advantage of using a calendar as a technical trader lies in the scheduled time and the expected impact of the news. Additional than that, and using a news calendar can be more of a distraction than an asset.
What is NFP in forex?
Non-Farm Payroll report
The Non-Farm Payroll report, is often the most important Forex trading session of the month. And also, who trade this day well may finish the whole month in the black, while unlucky traders could lose a fortune.
How I Traded The NFP
Trading more often then not comes down to using the fundamentals for direction and technicals (fibs in this example) for price entry. I combine that with may basic idea when I shop for something-I want to buy most times when that something goes on “sale”.
If you’ve read my posts before, you probably have a pretty good idea that I trade the equity/bond/carry trade connection. While it’s true that equity and bond markets don’t always control currency price, when things heat up on Wall Street, pairs like GBP/JPY move right along with them.
And if you read my post regarding the NFP, you’ll remember that I thought it possible that equities might plunge off a strong NFP because it would reduce chances for another cut from the fed. What no one ever tries to predict is how the revisions might look. Last month’s -4000 number had markets thinking recession and GBP/JPY responded accordingly with a drop. Once today’s report revised up last month’s number, there was a very good chance for the recession talk (at least for now) to get shelve and for markets to respond positively. The number certainly relieved the threat of recession for me and chances are for many others too.
OK, that’s my opinion. What I still want is for price to “agree” with me. Wall Street isn’t open when the NFP is release but futures markets are and they can be use as a reliable “gauge” of market sentiment. A strong rally is indicated when equity futures rise and bond futures fall, which is pretty much what happened after the release. The trend seem to be set, so now it’s a question of finding that “bargain” for an entry.
I’ve drawn a fib of the first 10 minutes of price movement on the chart because that reflected the initial burst. What I need to do now is see if price holds (finds support) at some fib levels because I feel more confident when that happens. The more price “reacts” to a fib, the better.
First thing to notice is that price retraces off the first burst pretty much back to the 50% level and finds support there. If you’re super-aggressive, you might get in there for a smallish position, but I wanted to wait a bit before doing that. What’s interesting is that from the 50 level-it rises almost exactly to the level of the original up move (100 fib level), where resistance found. Two candles over, price again finds support, but this time at the next higher fib level (618). Some coincidence!
Frequently asked Questions
What is Forex calendar?
Forex news calendar is a vital tool for any thoughtful trader. It shows the news events scheduled for the week and usually ranks them from low impact to high impact.
What is the best Forex news calendar?
I prefer Forex Factory news calendar. It is easy to use and one of the most accurate calendars. You can also enter your time zone so that events are display in your local time.
Should You Trade Forex News?
In my opinion, the answer is a 6loud no. News trading is gambling. I have found it much more helpful to examine the price action following a news event than to try to predict it.