which events should intraday forex traders look out for?
besides the non-farm payroll and FOMC announcements…. which are the other events that will affect the financial markets most (in order of strength maybe)?
i’m looking at this from a forex trader’s (ie. intraday) point of view, and would like to identify events where a trader would be better off not trading. no news-trading for me, thanks :O)
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Tagged with: financial markets • FOMC • forex trader • order • payroll • point of view • strength • trader
Filed under: Forex News
Very intelligent question. I am surprised that more people aren’t sensitive to the impact that news announcements and economic reports have on the proper timing of entering and exitting Forex positions.
I start each week off with a careful review of the week’s economic calendar at http://www.forexfactory.com/
It shows you the date and time of the respective announcements, the previous data and the anticipated data. The part that is really cool is that they use a warning system of yellow, orange and red to indicate the level of impact that the specific economic release tends to have on the market.
There are also a couple of pretty cool sites that give you the historical impact of the various news releases. This way you can see for example, if the Chicago PMI were to miss estimates by -10%, historically the EUR/USD would have a 65 pip rise over the first 30 minutes. Unfortunately these databases tend to be a bit pricey and I no longer use them since I am into longer term hedge trading these days.
Good luck.
Paul Upp
(925) 236-1839