FYI my return today does not relfect trading this plan it reflects me not being careful. I made 90 pips on this plan this morning! Share ideas, debate tactics, and swap war stories with forex traders from around the world. Anticipate market-moving events long before they happen with the internet's most forex-focused economic calendar. WEST BROM VS STOKE CITY BETTING EXPERT BASKETBALL

The trader — Trading style and risk tolerance come to mind. Every trader is different and therefore has different requirements when it comes to how risk averse they are. 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. Some Forex traders need to Forex calendar to move their stop loss closer to lock in a lot more profits when they know that a major news is about to be released because they know, the market can go either way, up or down and this can work against their current running trade and eat up whatever profits that they have accumulated so far.

Some Forex traders simply want to see what time and date the Forex news is going to be released and as that time is being approached, they exit all their trades. Forex Factory Calendar Feature 1: Time I always set my time on Forex Factoryy website to my local time zone because the time you see there is not your local time zone. This makes it easier for my head not to calculate by converting the timezone there to my local time.

Makes sense? As mentioned, the time that you see here is not based on a different time so, if you want to, you can change it to match your own local time. RELATED 14 Best Forex Calendars-Alternatives To Forexfactory Calendar All you need to do is click that link and you will be taken to a page where you can change the time zone settings so that the time in the Forex Factoryy website matches your local time on your computer: Forex Factory Calendar Feature 2: Navigation Column On the navigation column, you can see that there are a few things there: a full calendar of the current month and clicking any of those those dates for the month will take you to a page where the you can see the schedule of what forex news is going to be released.

Or you can also click dates in the past and it also takes you to a page where you can see what news was released on the certain date in the past. Forex Factory Calendar Feature 3: Currency Column This column list the currency pairs that are going to be impacted by the release of forex news. For example, if Australia is going to make an interest rate announcement, any currency pair that is pegged to the Aussie Dollar will be impacted. Forex Factory Calendar Feature 4: Impact Column This column simply tells the potential severity of the impact a forex news is going to have on a currency pair.

When you click that icon, a page opens up you can read a lot more detail about the particular news, details like: Source of the forex news what that forex news measures what kind of effect it has on the currency past history of the actuals and forecast when the next date of release of similar news Forex Factory Calendar Feature 7: Actual Column The actual column shows you the actual figures figures that were released during the news.

For example, if the Australian unemployment rate released was 5.

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