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IlyaSpivak Apr 2, Follow. DailyFX Apr 2, Follow. Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Apr 2, Follow. Economic Calendar. Participation Rate MAR. P: R: P: R: 5. Market Data Rates Live Chart. First Name: Please fill out this field. Please enter valid First Name. Last Name: Please fill out this field. Please enter valid Last Name. For instance, a non-farm payroll report comes out, and the numbers surprise to the upside yet the U.
Inevitably, my inbox begins to fill up with questions like — non-farm payroll was positive so why did the USD tank? If you love reading price charts and studying various patterns , then forget about trying to figure out how the news will impact the market. The same goes for past events. Those who do are usually disappointed with the result.
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Before I take a trade, I always check the event calendar. By the way, I use the Forex Factory event calendar. If you want to learn how to use the Forex Factory calendar, see this guide. But with so many events occurring each week, how do I trade while protecting my capital from volatility? The first thing to know is that I only pay attention to the high and medium impact events. Sorting it this way gets rid of about a third of the Forex news on the calendar. My general rule for trading ahead of a high-impact event is that it cannot be less than 48 hours away.
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This gives the trade room to breathe before volatility picks up. Notice that most of the events above affect the U. Instead of reading Forex news, learn to read the price action on your charts. This will help increase your confidence in any setup that materializes as a result of the news. Never take a trade without first checking the calendar. My preference is the event calendar at Forex Factory. Save my name, email, and website in this browser for the next time I comment.
Thanks for your clarification concerning trading the news. How do you manage trades which are still active 48 hours before the high impact news? I always thought the whole point of knowing the news was to figure out if it would ultimately lead to a rate hike, because that is supposed to be the big thing that will be positive for a currency. On both occasions, market participants were expecting the hike during the preceding days, and many probably front ran it with some getting burnt this time around — judging by comments on Forex Factory.
Afterwards, we got all the usual silly excuses explaining why down and not up: hike already priced in; dovish sentiments surrounding release; dot plot and forecasts unchanged, etc. All a lot of feeble excuses to cover the market manipulation that probably occurred. Yes, your absolutely right Justin, making our own forecasts from the news is usually just a big and costly waste of time. I quite agree with you sir. Arin, I have no doubt that move took a lot of traders by surprise and not in a good way, particularly those in the first and second group mentioned in this post.
Thanks in advance. Hi Mo, thanks for the question. Are you trading pin bars, engulfing patterns, etc.? This is confusing to me. William, thanks for the question. The idea is to catch the move that plays out over the next few days possibly weeks following the event. Also, my first job as a trader is to protect the money in my account. I do that by staying on the sideline during volatile news events. Once things settle down, I can begin looking for opportunities.
Entering directly in front of high-impact news is nothing more than gambling in my opinion. There are too many unknowns. Look no further than the recent Fed rate hike and the subsequent reaction from the U. Too many words, too much information to read ,next time please make it short while message is passed.
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Ariyo, thanks for the suggestion but I always make the posts as long as I think they need to be to get the message across. Hi Justin. We never know where the price go, even when we are sure — last USD rate decision is the example. Very educative article. Glad to hear you enjoyed it, Alex. A lot of folks got tripped up by the latest Fed decision. Very interesting post, I like your thinking and urge you to keep them coming.
If you have any positions on the future of the UK Pound I would like to hear them. Thanks, Allan. Glad to help.
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Price action is just a way of describing the way a market moves. So technically there can be more than one method of price action trading just as there are various indicator combinations.
Justin you are a true hero man God bless you. Your lessons are very special Mr Bennett. Justin, for example there is an open trade few days before the scheduled high impact news, would you suggest that I locked in profits and close my trade before the news?
How best can I trade price action is it with the combination of other technical tool, please I will be willing to learn more and hear from you? Hi Justin! I just want to thank you for answering the biggest question I had about the difference between trading by following the news and trading following price action.
It is true that price action trading will come with better profit. My first question is: If am trading weekly or monthly time frame swings what must I do if there is high impact news and the trade is on, must I close my trade and open my trade after news, or must I leave my trade to continue since am using high time frame? My second question is: There is another strategy that of cause am not sure whether you know it. Some traders claim to be making a lot of profit out of it.
But they call it one minute time frame. The strategy works like this, when the candle reaches support or resistance that is then they put their trades and collect some profits. What they do is that they trade the fluctuation of the candle sticks. They call it Whipsaw, random or fluctuation of price.
Some time I saw them trading a candle on the longer time frame. When the same candle trying to move up and down, they trade it. According to you is it possible to make profit just like that? Indeed you are a genius in the Forex World,,my question is should I focus on daily and weekly time frame or 4hour and daily time frame as a price action trader,, thanks.
Hey Justin, I am increasing the ability to manage trading behavior, such as patience, discipline, consistency, focus and so on. I need your input.