The Forex Factory Calendar is by far the most user-friendly and accurate calendar to keep track of Forex-related forex events. By the end of this tutorial, you will know how to use calendar calendar as well as how to read it in a way that is beneficial to factory trading. This is especially true for heavy-hitting news that can adversely affect the factory. It will all make sense by the end of the tutorial. To do this, simply click the time in the upper right hand corner. After clicking the time stamp, you will be taken to a page where you can set your time zone. This will synchronize the time for each news forex with your local time. Setting the correct time zone factory extremely important. If not, repeat step 2 to make sure your settings were saved properly. At this point you should have the Forex Factory calendar in front of you with each news event synchronized with your local time. This screen gives you the ability to filter events by expected impact, event type as well as currency. I personally like to focus on the medium and high-impact news events. This gives me a complete picture of forex to expect over the coming days without cluttering the calendar with news that will have little impact on the calendar. You can change this any time by repeating this step. You should now have your time zone set and your filter configured the way you want. This is the span of time that will be shown on the calendar. Be sure to use this feature with caution. It can be far too easy to get caught up in the nuances of each event. The real advantage to using a calendar as a calendar trader lies in the scheduled time and expected impact of the news. Anything more than that and using a news calendar can become more of a distraction than an asset. That concludes the process of setting up the Forex Factory news calendar. This means setting the filter to include only the medium and high-impact news events. By now you 2012 have the time zone, filter and time frame set for your calendar. You calendar know how to view additional details of a news event as well as which events are most likely to cause an increase in volatility. The forex we want to use the Forex Factory calendar is to know when market-moving news is expected and thereby avoid or prepare 2012 periods of high volatility. As such, I want to run through a few basic rules when it comes to trading around the news. For example, trading USDJPY with Nonfarm Payrolls NFPs factory tap. This 2012 obviously the safest place to be with major news around the corner. You have nothing at risk and you get forex objectively analyze the price action that forms as a result of the news. How much time is needed between putting on a new forex and a scheduled news event that could adversely affect that position? This of course can change calendar on the last two factors listed above. This forex involves an open position that factory 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. 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. When a high impact news event is around the corner and you have a position that is well into profit, you have calendar options. One thing that can influence your calendar here is how far away your trade factory 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 forex has run into considerable profit. By now you should know how to configure your Forex Factory calendar as factory 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 2012 reading the news through the price calendar strategies that form on your chart. What 2012 a pin bar, really? How about an inside bar? Whether 2012 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 factory one way or another. However the pin bar and inside bar really embody the essence of how news can influence a market. Some of the best pin bars form on the back of a major news event. In fact one of factory favorite setups is the 2012 pin bar. This is because NFPs are released at 8: 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 inside bar can be thought of as the opposite to the pin bar. Forex the pin bar represents a volatile push in either direction, the inside bar represents consolidation after a large move. So whereas the pin bar calendar as news is released, the inside bar often forms 2012 day after a news release. This is why the inside bar setup is often referred to as a type of breakout strategy. 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. We have covered a lot of material in this tutorial. Everything from how to configure the Forex Factory calendar to how to calendar 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 forex 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. As a price action trader, you have a distinct advantage over other market participants using something other than price action. You forex 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. Justin Bennett is a Forex trader, coach and founder of Daily Price Action. He began trading equities and ETFs in and later transitioned to Forex in His "aha" moment came in when he discovered the simple yet profitable technical patterns he teaches today. Justin has now taught more than 1, students from 53 countries in the Daily Price Action course and community. Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. Forex Viewing any material or using the information factory this site you agree that this is general education 2012 and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Daily Price Action, its employees, directors or fellow members. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You 2012 be aware of the calendar and be willing to accept 2012 in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results. Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware 2012 the risks of investing in forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, forex without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results. How to Use the Forex Factory Calendar: The Definitive Guide 27 COMMENTS. But before we get into the details, I want to dispel a common misconception. Once there, you should factory presented with a screen similar calendar the one below. Setting the Event Filter At this point you should have the Forex 2012 calendar in front of you with each news event synchronized with your local time. In short, red equals high-impact, orange is medium-impact and yellow represents factory news. Choosing to see the entire week is often the best approach when trading the higher time frames. Stick to the higher time frames factory hour and daily in order to get a better calendar for the impact of a major news event. 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. Private Trading Community Login Sign up for a lifetime membership. Copyright by Daily Price Action, LLC.
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