How to use forex factory calendar. Keeping track of news is very important in forex trading and If you are a day trader or scalper it is essential to be aware if there is news scheduled throughout the day as it can cause a temporary but sudden impulsive price movement that may stop you out and cause you a loss.
00:00 - Important Advice Before using forex factory calendar
00:57 - How to use forex factory calendar
01:09 - How to Setup forex factory calendar
01:31 - How to Set Filter in Forex Factory Calendar
02:34 - How to set custom date in forex factory calendar
03:02 - How to read news on forex factory calendar
04:25 - Types of Forex News
05:48 - How to read news on forex factory calendar
Hey guys, welcome to forex monopoly, in this video I will tell you how to use the forex factory calendar to keep a track of fundamentals.
Now, generally, it is advised to stop trading 30 minutes prior to a news event and only start trading 15-30 minutes after.
Now let's quickly jump to the website to learn how to use the forex factory calendar.
So, this is the forex factory website, Forex factory is not just a simple news website but also offers a variety of services like forex forums, blogs, a variety of brokers, and many other things and we are gonna talk about that in the future videos so make sure you subscribe to this channel so that you don't miss out on that video.
Now, the first thing you need to do is set up the calendar as per your timezone.
There are different news going on throughout the day but not all news is important as not all news will have a high impact on the currencies.
So, here in the forex factory, you will get to see three different types of news, the red box indicates the high-impact news.
The orange box indicates the medium impact news and the yellow box indicates the low impact news.
Now, I only prefer to keep an eye on high-impact news so I only choose high-impact news, but if you are a scalper or day trader you will need to choose high impact as well as medium impact news.
So tick on the red and orange boxes and untick yellow and white boxes.
Now, select the currency pairs you trade on, keep the event types to all and click on apply filter.
From here, you can set the custom date as per your needs.
Like if you want to see the upcoming news for an entire week you can do it from here itself.
And if you wish to backtest and go to the previous news data you can also do that by selecting the date.
Now let's quickly go to the news section and I will tell you how to read the news.
So, this is the news section, here you have your date the time of news release, the currency on which the news is scheduled, the box that indicates the impact, and here you have the information about the news.
In this folder over here, you have all the details about the upcoming news.
Like the history, here we have the history or the previous data,
here you can view the effect the data will have on the currency.
The most important thing to understand is that we should use news or fundamentals to strengthen our analysis and not just to blindly enter into a trade just by reading the news.
Now, many people do trade news but in my opinion, that is very risky and not worth the effort.
So, there are different types of news but out of them all I consider only 5 news to be very important and I only keep an eye on that news.
Like when the interest rates go up, that tells us that a countries economy is booming.
If the interest rates go down that tells us that a countries economy is getting weaker.
Also I the unemployment rate increases that tells us that a country's economy is not doing well.
As a countries economy works well when more people are employed.
Like let us say we consider EURUSD, so in this pair, as the USD got weak, we will try to find a buy trade to benefit from it.
Just remember that you should not trade news alone, that means stay aside or don't trade 30 minutes prior to a news event, and only start trading again 15 to 30 minutes after the news event.
Also, there are several websites that provide you with news updates throughout the day and I am soon going to add a video on top websites for fundamental analysis and tell you how to customize them as per your needs, so make sure you subscribe to this channel so that you don't miss out on that video.
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