Of course it isn’t always the case, but when an NFP pin bar forms at a key level, it’s often worth taking. In my experience, most traders fear a missed opportunity more than they fear losing capital. You have nothing at risk and you get to objectively analyze the price action that forms as a result of the news. The reason we want to use the Forex Factory calendar is to know when market-moving news is expected and thereby avoid or prepare for periods of high volatility. The first thing to understand is that you only want to focus on the market-moving events.
Forex Economic Calendar
The ForexLive Economic Calendar also offers detailed analysis and commentary from industry experts, giving you valuable insights into the market trends and potential trading opportunities. Whether you’re a beginner or an experienced trader, the FX Empire Economic Calendar is a valuable tool to have in your arsenal. The FX Empire Economic Calendar also offers additional features, such as customizable filters and notifications, to help you tailor the calendar to your specific needs.
You can use the keyword search bar to focus on any particular events you think might impact the markets you’re trading. 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. The advantage to using the Forex Factory calendar as a technical trader lies in the scheduled time and expected impact of the news. This screen gives you the ability to filter events by expected impact, event type as well as currency.
Detailed analysis of market events and weekly news review allows investors to choose profitable assets and competently assess risks. Know ahead of time of upcoming economic data releases or events that may cause sudden volatility and negatively affect your trading, such as any open positions. I also show you how to trade around news events, including my two favorite trading strategies. The pin bar strategy is one of my favorite ways to enter a trade following a high-impact news event on the Forex Factory calendar. This is convenient if you only want to display certain types of news events or are only interested in specific currency pairs. By staying informed and effectively using the economic calendar, you can make better trading decisions and navigate the market more confidently.
Economic Calendar by TradingView
Anything more than that and using a news calendar can become more of a distraction than an asset. You should now have your time zone set and your filter configured the way you want. Once you have everything set the way you want, click “Apply Filter” to begin showing only the events and currencies you selected. To set the filter, click the “Filter” icon in the upper right hand corner while on the calendar tab. The ability to sync the calendar with your time zone is one of my favorite features of the Forex Factory calendar. Today I’m going to show you exactly how to use the Forex Factory calendar to improve your trading.
- With its user-friendly interface, you can easily navigate through the calendar and stay updated on the latest economic news.
- You can filter the events based on their importance, currency, and country, allowing you to focus on the events that matter the most to your trading strategy.
- Also note that you can quickly select predetermined time frames in the bottom half of the navigation pane.
- To risk giving back 260 pips for an additional 40 pips isn’t the greatest of propositions.
- This material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument.
Why you should use a forex economic calendar
FX Empire’s Economic Calendar offers a global perspective on financial events and economic indicators, with updates as new data becomes available. It is designed to provide a general overview for informational purposes and should not be used as the sole basis for making financial decisions. While we strive for accuracy, the sheer volume of data and the diversity of sources mean that FX Empire cannot guarantee the absence of errors. The information on the calendar is subject to change at any moment and without prior notification. Users should verify the data independently and exercise due diligence in their financial activities. DotBig displays information about global inflation, Central Bank interest rates, unemployment rate changes, and more.
Actual values of indicators are updated the moment they are released in real time. The library of historical values of the most important macroeconomic indicators ensures the high informativeness of this application. FxPro’s Economic Calendar offers a user-friendly interface with customizable features, allowing you to filter events based on their importance, country, or impact level. With FxPro’s Economic Calendar, you can easily access a comprehensive overview of upcoming economic announcements, including key indicators, central bank meetings, and important speeches. Stay up to date on the latest economic events and their impact on the financial markets with the ForexLive Economic Calendar.
- OANDA is a well-known and respected name in the forex industry, and its economic calendar is a valuable tool for traders.
- Users should verify the data independently and exercise due diligence in their financial activities.
- Traders should stay updated with the latest market news to identify potential trading opportunities and adjust their trading strategies accordingly.
- The FX Empire Economic Calendar also offers additional features, such as customizable filters and notifications, to help you tailor the calendar to your specific needs.
- Plan your trades ahead with our real-time Forex economic calendar, providing all the key data and events to keep you ahead of the market.
- Brokers and market makers offer FXStreet’s calendar to their clients as a tool to trade.
Your other options are to take a partial profit and leave the remaining position on or keep the entire position open throughout the event. As such, I want to run through a few basic rules when it comes to trading around the news. Knowing how to set up the Forex Factory calendar is one thing, knowing how to use it properly is quite another. Also note that you can quickly select predetermined time frames in the bottom half of the navigation pane. If you do, it’ll be incredibly difficult to determine when these events are starting.
Each and every economic event is labeled with an impact from no-impact to low, medium and high impact as well as the previous, consensus and actual result. In addition to monitoring economic events, traders can also utilize technical analysis and fundamental analysis to make well-informed trading best forex calendar decisions. Technical analysis involves studying price action and using various indicators to identify patterns and trends in the market. Fundamental analysis, on the other hand, focuses on analyzing economic indicators, news releases, and central bank policies to assess the intrinsic value of a currency.
Economic indicator analysis
In this case I would be more likely to close the trade before the news event to book profits. All of the scenarios below assume that the news event in question would hypothetically impact your trade. By now you should have the time zone, filter and time frame set for your calendar. By doing this, you don’t have to sift through the low-impact news to find the events that are likely to cause increased volatility.