Trading system forex factory
Find Free WordPress Themes and plugins. Although, at first glance, it may seem that Forex trading is based on suppositions and guessing, in reality, it involves monitoring, analysis, and calculations. Hence, it is quite logical to make use of any help on offer, including specialized software.
This platform is a component of Fair Economy Inc. Meanwhile, Forex Factory is created exclusively for the needs of users earning from speculations on foreign currencies. Furthermore, in addition to friendly and supportive communication and exchange of ideas via local forums, this project offers access to a comprehensive array of free tools for enhancing trading outcomes: Also Read: Day Trading Signals: Pros, Cons, Best Providers Trades.
As you have probably guessed already, this feature offers recent news from the world of Forex trading. It is selected and published according to minutely, hourly, and daily schemes. Market Scanner. Its functionality goes far beyond standard price display. Due to its integration with Calendar and News, it provides an all-around view of the current market situation in connection with global economic events and historical context. The time frame — On average, a trade on the 4 hour chart will require less time between the entry and the pending news than a trade on the daily time frame.
This is because, hypothetically speaking, a trade on the 4 hour chart has a greater chance of running to profit before the news event occurs. Distance to take profit — Aside from the time frame, the distance from the entry to the take profit also plays a role.
A trade with a 50 pip profit target will require less time than a trade with a pip target, hypothetically speaking of course. As a general rule, I like to see at least a 24 hour window in which there is no scheduled major news before putting on a trade. This of course can change depending on the last two factors listed above.
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?
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