Economic Calendar

The Forex currency market is affected by many factors, one of them being economic reports, politicians' speeches, sentiment indexes calculated by universities, and so on. In short, let us call this news.

News differs in degree of importance, impact on a particular currency, and so on. Some traders trade at the moment news is released, while others, on the contrary, try to avoid it. In any case, it is important for us to know the time, degree of importance, impact, and value (if it is data) of the news.

Many websites have an "economic calendar" section, but in most cases it is inconvenient to use, or the degree of importance of events is not reflected quite correctly. In this review I would like to consider the most competent version of the calendar.

It is located at the link:

http://www.forexfactory.com/calendar.php

First of all, we need to set up the clock,

so that the news release time matches our time zone.

Click on the clock at the top of the page:

Next we see the settings

1)DST ON/OFF

Daylight saving time - ON/OFF

2)Timezone

Time zone. Choose the one you need (Moscow time GMT+3)

3)Time Format

24-hour or 12-hour time display format.

4)Then click Save Changes to save the changes.

The settings are saved even without registering on forexfactory

On the calendar page we see the columns:

The economic calendar consists of columns with information that is not difficult to understand. The first column displays the date and day of the week. The second column displays the time of the news release. The third displays the currency affected by the news. Colored icons in the fourth column display the degree of impact on the currency. The fifth contains a brief description of the news. The sixth contains a detailed description, which can be viewed by clicking on an icon that looks like a folder. Next come the news values: in the seventh column the current value (the value carried by the news), in the eighth column the forecast value, and in the ninth the previous indicator.

If the current value is displayed in green, it means that the news results turned out to be more favorable than the forecast. If it is displayed in red, then it is worse than the forecast values. Gray means that the news value matches the forecast. In the last column you can view a chart of previous values over several years.

There are also 2 buttons above the calendar: "Up Next," which takes us to the nearest news item, and the "Filter" button, where you can configure filtering by currency, degree of impact, and type of news.

1)Date - date

2)Currency - currency

3)Impact - impact

4)Detail - more about the news

5)Actual - current value

6)Forecast - forecast

7)Previous - previous value

8)Chart - chart of previous values

The Impact column reflects the degree of importance of the news:

Red color - possibly strong impact

Orange - medium degree of impact

Yellow - weak impact or none

White - non-economic events (holidays, etc.)

The current value is displayed as follows:

Green color - better than the forecast

Red - worse than the forecast

Gray - the same as the forecast

Let us return to the column that reflects the degree of importance of the news. The red icon color in it indicates a strong impact on the currency. Orange indicates a medium one. Yellow indicates a weak or absent impact. Gray should be mentioned separately, it means non-economic events: various holidays or bank holidays.

If European banks are suddenly off on working days, then accordingly it is not worth trading during the European session. You will not see much activity in the market and may waste your time in vain. If it is a holiday in America, then after Europe closes there is also nothing to do on the market. Japanese holidays can generally be ignored, as they do not cause such a drop in market activity.

Every trader should know that news concerning the dollar affects not only the dollar itself, but all currencies, including gold. News about the euro affects only pairs with the euro. There is no need to focus attention on events concerning other currencies. By degree of importance, we ignore all news except those marked in red.

It is better not to trade 20 minutes before the release and 20 minutes after the release of especially important news. Do not try to predict the impact of the news. For an ordinary person this is almost impossible. Therefore, it is better not to enter the market, but to sit and wait until everything settles down.

Best regards, Andrey aka topepo241
TradeLikeaPro.ru