How to Trade Forex Using Economic Calendar / 01 Trade the EUR/USD After the NFP Report

Heads up for large EUR option expiries to come on FridayOne tool, key to how to trade forex using economic calendar a success when trading Forex is the economic calendar. By using the calendar you will get a better understanding why the market is moving in a ..

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  • LuckScout says: February 2, 2017 at 2:18 pm

    Hi Hyder,

    You’re welcome.

    Stop loss can be below the low or above the high price of the spike candlestick for the long and short positions receptively. That is the safest place for the stop loss.

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Trading Economic Events Can Help A New Traders Into A Profitable Trader. Economic events are scheduled well ahead of time and can give a novice time to research and gather knowledge and then build a proper trading strategy ahead of the event release.

Think you have what it takes to trade for a living? Take my quiz and find out! Which economic indicators are important in Forex trading?Here's another video based on the questions that I receive on my socials and the blog. The question that we are going to look at today is about the economic indicators. For example, ISM, PMI's, GDP, NFP all those indicators are released on the calendar every week in a cycle. A lot of people are wondering how do you know which ones are important? Also, why are they important and how can you know what is going to happen with those economic indicators?----------------------------------------­----------------------------------------­----------------------------------------­----------------------------------------­--------Join my Free Video Course and Learn Forex Success:

Trade News Spikes Like A Boss

4 April 2016, 13:50 Joseph Smith 0 426


  1. Why You Need A Forex Trading Journal
  2. 5 Reasons To Keep A Forex Trading Journal
  3. 5 Things You Must Have In Your Trading Journal
  4. Potential Trading Area
  5. Entry Trigger
  6. Position Sizing
  7. Trade Management Rules
  8. Trade Retrospective
  9. Trading Performance Statistics
  10. Reviewing Your Trading Journal
  11. Keeping A Trading Journal Is Hard But It’s Worth It
  12. Summary: Keeping a Trade Journal

How to deal with data?

Traders usually compare current period figures with those regarding the preceding period, while also taking into account analysts’ estimates for the specific data. By putting these three figures together, traders become aware whether new data disappoints or exceeds expectations, which will determine their next move in the market.

Economic announcements and political news can also introduce a change in the direction of a particular currency pair, sometimes even within a matter of seconds. By using the economic calendar, a trader may be aware of a possible change faster and act more rapidly than other participants in the market.

When a trader knows that the release of a particular report is imminent, his/her first decision should be whether this release will trigger volatility and whether it will be high. A trader’s response to an announcement relies very much on where he/she has positioned himself/herself and where he/she has placed protective stops . This explains why leading indicators appear so important for one’s decision. Traders are able to profit when they have information in advance, because this enables them to project the possible direction of a currency pair they are interested in.

Once you gain more knowledge of the Forex trading basics, you will be prepared to go to the next level and understand in detail each one of the most important economic data released each trading day. The guide will take you through each closely watched economic indicator by analysts, explaining how it is related to the whole picture.

If you have any questions or suggestions you are welcome to join our forum discussion about Why Using an Economic Calendar is Important? . Join The Forum

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Forex News Trading Strategy Step by Step Guide

Following this Forex news trading step by step guide, you’ll be able to achieve consistent profits in the long run. As we mentioned previously, we’ve developed a simple news trading strategy that follows a three step process:

  1.       First of all you need to decide which Forex news events to trade.
  2.       Which currency you’re going to trade on that particular Forex news event.
  3.       Establish in which direction that currency is going to move.

You also have to answer another important question whether you’re going to enter before that news event is released or after. This question is related to the last point of our news trading strategy three step process. Here is another best strategy called trading volume in forex.

If we’ve established a firm bias on how the currency will react to the Forex news event than we’re going to get in before the news comes out because we already know which way the price is going to move. However, if we can’t establish a clear bias, depending on how the market reacts we might or might not get an entry price. This might sound too good to be true, but moving forward, we’re going to show you evidence that it’s possible to successfully trade the news.

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01 Trade the EUR/USD After the NFP Report

••• Ariel Skelley/Getty Images

The EUR/USD is the most heavily traded currency pair in the world, and therefore it typically provides the smallest spread and ample price movement for making trades. There is little reason to day trade another pair during the NFP report.

Close all prior day trading positions at least 10 minutes prior to 8:30 AM ET when the data is scheduled to be released. For this strategy we DO NOT take positions before the announcement, rather we do nothing until the NFP numbers are released. When that occurs the price will see a big rise or decline which typically lasts for a few minutes (sometimes more). During that initial move we do nothing, we just wait.

For this strategy, use a 1-minute EUR/USD chart.

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