One thing that can influence your decision here is how far away your trade is from its profit target. In this case I would be more likely to close the trade before the news event to book profits.
Forex News
Your other options are to take a partial profit and leave the remaining position on or keep the entire position open throughout the event. But one thing is certain, you have a lot more options with a position that has run into considerable profit. By now you should know how to configure your Forex Factory calendar as well as how to manage news events. I have written before about how to use the news to gauge market sentiment. However this time I want to talk about actually reading the news through the price action strategies that form on your chart. What is a pin bar, really?
How to Use the Forex Factory Calendar in 2021: The Ultimate Guide
How about an inside bar? You probably know what they look like, but have you ever thought about why they form? These two strategies have a common thread — they are both the byproduct of news. Whether it be something that was just announced or a more gradual flow of news that causes market sentiment to either fluctuate or remain constant.
However, the pin bar and inside bar really embody the essence of how news can influence a market.
Pro Tip: Stick to the higher time frames 4 hour and daily in order to get a better feel for the impact of a major news event. Some of the best pin bars form on the back of a major news event. In fact one of my favorite setups is the NFP pin bar. The timing of a news event like this can often cause the price for US Dollar pairs to rise or fall quickly, thus forming a 4 hour pin bar.
The inside bar can be thought of as the opposite to the pin bar. While the pin bar represents a volatile push in either direction, the inside bar represents consolidation after a large move. So whereas the pin bar forms as news is released, the inside bar often forms the day after a news release. This is why the inside bar setup is often referred to as a type of breakout strategy. Pro Tip: While the pin bar can be traded on the daily or 4 hour time frame, the inside bar is best traded only on the daily time frame.
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The markets can move because of an unscheduled event or perhaps an event that has already passed and the market is just now realizing the impact. Regardless of how or when the news occurs, the two strategies above give you a quick and easy way to read the news via your charts. We have covered a lot of material in this tutorial. Everything from how to configure the Forex Factory calendar to how to use it when trading price action. As such I would like to summarize some of the more important points to keep in mind when using the news calendar.
First and foremost, the news calendar should never be used as a tool to help you enter the market. In other words, attempting to trade a news event for the volatility it causes is a surefire way to blow up a trading account. The calendar can, however, be a great way to keep track of upcoming events. Knowing when these events are scheduled can help you make decisions about the timing of your entries. As a price action trader, you have a distinct advantage over other market participants using something other than price action. You have the ability to read the news through your charts using strategies such as the pin bar and inside bar.
Just remember to stick to the daily and 4 hour time frames with the exception of the inside bar, which should only be traded on the daily time frame. The Forex news calendar is a vital tool for any serious trader. It shows the scheduled news events for the week and usually ranks them from low to high impact. I've highlighted the key ones in.
Category: Forex Orders. UBS reportedly may face at least low-three-digit millions losses from Archegos Capital fallout The hit to banks continue to unfold The figure is being reported by Finews, citing a person familiar with the matter. UBS has been mum over the situation as Credit Suisse had earlier in the week warn of a "significant and material" hit to its Q1 performance from the Archegos Capital fallout.
The hit to banks continue to unfold The figure is being reported by Finews, citing a person familiar with the matter. Germany reports 17, new coronavirus cases, deaths in latest update today The 7-day incidence rate eases slightly to So, that puts things into context despite the slight dip from The 7-day incidence rate eases slightly to The move higher did not stop there, after an hour or so of consolidation the pair moved higher again, to highs just under for the day as I post.
There was little of an obvious catalyst to prompt the move leaving us grasping at what was new during the session:. Author: Eamonn Sheridan. There has been little in the way of specific news on the yen - although Japanese TV is reporting that coronavirus restrictions are being prepared for Japan's second city of Osaka.
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New lock down for a city in China after new coronavirus cases Ruili is a county-level city in the west of Yunnan province. Ruili is a county-level city in the west of Yunnan province. A rate that's significantly stronger or weaker than expected is typically considered a signal from the PBOC.
PBOC injects 10 billion yuan liquidity via 7-day reverse repo. Category: Central Banks. The People's Bank of China set the onshore yuan reference rate for the trading session ahead. Euro Command has raised its alert level following the build up of Russian forces along the border with Ukraine The New York Times with the report that the head of U.
European Command raised the American military's watch level for the second time in several days after Russian troops failed to leave Ukraine's border region. Euro Command has raised its alert level following the build up of Russian forces along the border with Ukraine Eamonn Sheridan. The New York Times with the report that the head of U. This provides an inkling as to why Australian authorities are loath to do too much about surging house prices.
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Forex News - FXstreet
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