A Plan 3. Free bets valid for 7 days, stake not returned. This race - despite only having a small history, has help construct several horses preparations, on their way to becoming champions, and in some cases - legends. Card payments only. Free bet valid for 7 days, stake not returned. In order to make money using a chase betting system you need three items at your disposal: 1. Free, void, cashed out or partially cashed out bets do not qualify.
An Overview of an Economic Calendar The economic calendar is an integral and effective tool that any successful modern trader cannot do without. The forex calendar provides economic data. And with this data, the trader can predict and speculate changes that may occur in the Forex markets. Typically, lucrative Forex trades revolve around an upcoming event and announcements that may impact the financial markets like GDP, price index, etc.
And, professional traders look for opportunities to maximize their ROIs owing to the event-driven price movements. The impact of similar events on the economy and the Forex market acts as a precursor aiding the traders to derive profitable trading strategies. Moreover, experienced traders rely on fundamental analysis, which includes analyzing past profitable Forex trading opportunities and its propelling events.
As one of the indispensable tools for both fundamental and technical analysis, Forex calendars alert traders about news, market trends, and the statement that may impact price movements in the financial markets. In this article, we will learn all about using the Forex calendars, its importance, and tips for using them effectively.
We will also determine the role of these calendars concerning the price movements of the currencies in the financial markets. How to Use a Forex or Economic Calendar? The objective of using an economic calendar is to make better trading decisions.
It typically involves: Understanding the FX Calendar The first glance of the FX calendar is often intimidating, especially to new traders and beginners. Always take the time to study the calendar to better understand how to navigate it. An FX calendar features time zone, nation, events, forecast, actual value, the previous value, time frame, etc. Configuring the time zone is crucial to determining the accurate time of the news events.
Traders must also consider factors like the exact time of the news release and the effective time frame to take the required actions. Determining the Events and Currencies Most calendars can filter the type of events the trader is keen on using as market indicators. Users can set filters to showcase only those events and currencies on the economic calendar and compare the forecast with that of the past occurring.
Most FX calendars also have options like low, medium, and high impact events filters. Enabling the filters will display only those news and currencies that interest you and makes the calendar appear less cluttered. Some of the vital events that experienced traders look for include and are not limited to ; gross domestic product, nonfarm payrolls, unemployment rates, consumer price index, monetary policy announcements, and announcements from the central bank, which may impact interest rates.
Apart from the events, choosing medium and high impact data releases over the low impact events helps traders to look for events that would likely impact the market in a major way. Determining the Preferred Time Frame Typically, an FX calendar has the following time frames; day, week, and sometimes months. Most often, professionals choose a time frame of a complete week as it enables them to consider the important dates for trade movements.
Make Informed Forex Trading Decisions Based on the events and the previous actual results, traders can make informed trading decisions, which is the end objective of using an FX calendar. Why Economic Calendars are Important Profitable trading is when you buy for less and sell for more, and the difference is the gains you earn. Although this sounds quite straightforward, traders must consider certain factors like entry and exit points, stop-loss limits, etc.
The future positions of the popular currency pairs, though dynamic, are often fluctuating. It is this volatility the trader banks on for better gains. The role of the economic calendar like the ones found at Forex Factory is to provide information about the market changes. Such a calendar enables traders to plan trades based on the likely future positions of the currency pairs.
Thus, a calendar like the one found on the Forex Factory site is ideal for options trading with better gains. Moreover, the calendar enables you to create trading strategies for a particular time or period with high-profit margins. Does the Information Really Help Traders? Experienced and professional Forex traders rely on fundamental analysis for trading signals.
Forex news, economic data, and news events form the crux of fundamental analysis. And the calendar is an exhaustive resource of all that important economic data accounting for most of the Forex news events. Thus, most of experienced FX traders interpret the information provided in the economic calendar and forex signal providers mentioned here to execute profitable trades.
Apart from economic factors, there are political aspects as well that directly influence the value and demand of national currency. Most often, a reliable Forex or economic calendar provides information on all the changes or volatility a currency may experience due to economic and non-economic aspects influencing the markets. Impact on the Forex Market The calendar can indirectly impact the FX market as traders make decisions to buy or sell a currency pair based on the data available on the calendar.
Simply put, for purchasing goods from a particular country, the buyer must first convert their currency to that of the country they are trading with. The bottom line is an FX calendar is a very useful tool that enables traders to make important Forex trade decisions.
While this is a given, the FX calendar also impacts the Forex market making it an extremely vital tool for fundamental analysis due to its data releases. So, which is the best economic calendar among a plethora of options? Which Economic Calendar Is the Best? As we established earlier, there are many Forex or economic calendars in the market.
Choosing the best that meets your trading requirements may get difficult. But when you consider certain aspects, determining the best gets convenient. Consider the following questions and use the website version of the calendar to determine whether it would work for you or not. Is the economic calendar easy to use? Does it have enough filter options for data releases? Does it support a myriad of time frames? Most importantly, consider if the economic calendar is free to use and whether it has a mobile app or not.
And if yes, is it compatible with both Android and iPhone. Dukascopy provides no legend. Econoday provides a complete legend for all icons used throughout the calendar. Forex Factory has a very detailed legend with an explanation of icons and abbreviations used. FXStreet doesn't have a legend per se but offers a textual description of the calendar, which will help you to understand how it works.
Myfxbook doesn't offer a legend for the calendar. Trading Economics offers a rather poor legend, which is mostly a textual description and does not cover all the styling features used in the calendar. DailyFX utilizes only country flags and names. Dukascopy utilizes country flags and 3-letter currency ISO codes. Econoday employs country flags and 2-letter country codes.
Forex Factory uses only 3-letter currency ISO codes. Myfxbook uses a country flag and a 3-letter currency ISO code. Trading Economics uses country flags along with 2-letter country codes. All of the listed calendars also provide a news impact measure of some sort. Some calendars choose to augment this data with additional details.
The icon in the Details column indicates whether the report has a detailed description. To view the description, if it is available, you need to click on the icon. DailyFX provides historical data, related news links, and a textual description. Econoday gives a detailed explanation of the indicators, historic chart for some events , release schedule, last released data, and in-depth study of recently released data.
There is also a quick link named Why Investors Care, which describes the importance of the indicator for the economy. The link provides additional details such as the frequency and approximate time of release, original data source without a link, revision methodology, and, finally, a period that the report covers. Forex Factory shows an elaborate explanation of the indicator, a link to the official source page and the report itself, historic data and chart, related news articles, the next release date, an explanation of why it is important, and the indicator's full name and alternative names if any.
FXStreet provides a definition of the indicator, link to the official report, frequency of the release, the date of the next release, links to the related news, a historic chart with forecast and deviation plots, and elaborate market impact charts for major currency pairs see the Extra features section below. Myfxbook provides a link to the source page, a textual description of the event, the date of the next release, how many days to the next release left, and a historic chart of the data vs.
Trading Economics offers a detailed explanation of the indicator, a link to the official source page, a historic chart with a quick chart view directly in the calendar table , a data table, and related news. Charts Historic data assists in the study and interpretation of the economic data announced recently. Most of the charts show some amount of historical data related to the concerned economic event.
However, the level of interaction possible with the chart differs from calendar to calendar. This section makes an attempt to assess the quality of the charts provided by the economic calendars. DailyFX offers a small historic chart with about a year's worth of past data: Dukascopy offers a scalable line chart providing the actual and forecast values for the past few years for a given indicator.
Econoday doesn't offer any charts. Forex Factory shows a scalable interactive histogram chart with all values — actual, forecast, and revised. The problem with the revised data representation on the chart is that its color dark blue mixes with the actual data presented in light blue.
FXStreet provides a zoomable chart for historic data analysis with an option to add forecast and deviation values: Three additional charts are available also more on them in the Extra Features section below. The data actual, forecast, and revision along with the date of the announcement is shown when the mouse pointer is moved over the chart.
Pointing the mouse cursor over will show the exact value. Myfxbook provides a zoomable historic line chart with forecast and actual values. Pointing the mouse cursor over will show the exact values: TeleTrader. Trading Economics provides an interactive chart with a period selector and some basic charting tools: column, line, area, spline, spline area, candlestick, bars, trend, average, histogram, variance, mean, maximum, minimum.
Only actual values are plotted. The chart provides the facility for comparison with other countries and events. Revisions Most of the actual announcement values are calculated by governments or other reporting institutions using partial data. Because some of the data gets updated or new data is coming later, the revised values are released with the next reports. When new data is announced for an indicator, simultaneously, the revised value corresponding to the previous period for the same economic indicator is reported.
Most economic calendars display such revised information in a different color. Approaches of different economic calendars to revised values are explained below. On mouseover, the 'revised from' value is displayed. Unfortunately, not all events get revisions displayed with this calendar. DailyFX displays revised values.
If the value was revised, it says Revised instead of Previous. You can see the original value in the Previous revised from section if you click on the report. Dukascopy shows only original values. Econoday shows both unrevised and revised values, but you have to click on an event to get to them unless you watch a daily view.
Forex Factory gives revised values alongside a small yellow triangle. Moving the mouse pointer over the triangle reveals the previous value. The previous value is revealed by placing the mouse pointer over the icon. Placing the mouse pointer over the number reveals the previous unrevised value. The original values are displayed in a tooltip. Myfxbook displays revised values with a dotted underline while the tooltip reveals the original value.
On mouseover, the original data is revealed. Filters Using a filter, a trader can prioritize the list of events to monitor as per personal need. By default, all the currencies, news events, and sessions remain selected. Remember Filters option can be used to make the website remember your choice of filters. DailyFX supports only country and impact-based filtering. It does not offer an event-based filter.
However, a keyword-based event search facility is provided. Dukascopy offers country, currency, and impact filters. There is also a provision to perform a keyword search. In all, 21 currencies are listed in the currency filter. Forex Factory offers currency, impact, and an event-based filter.
FXStreet offers all three filters — country, impact, and event. The calendar also offers a keyword-based event search. There is also a custom date filter. Most other economic calendars do not allow event-based search between two specific dates. This facility overcomes that issue.
Unfortunately, the maximum search range is three months now, whereas it was twelve months previously. While Dukascopy can also filter by keyword in a custom date range, the maximum period is 60 days there. At Investing.
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