Should the bulls be in charge, we may see the pair aiming if not breaking the 0. Support: Support: 0. Empowering the individual traders was, is, and will always be our motto going forward. Contact us: contact actionforex. Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website.
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USDJPY is trying to break the level. Is it going for the 50% level? I am already short USD/JPY a day ago at Don't think that it will. All about the Usd/Jpy pair. ?t= There's a lot of talk about Yen weakness this week.
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Pro Tip: Below is a list of some of the major news events you should keep an eye on as you trade the Forex market. By now you should have the time zone, filter and time frame set for your calendar. You should know how to view additional details of a news event as well as which events are most likely to cause an increase in volatility. Next we will get into how to strategically position your trades around major news events so as to minimize your risk.
The reason we want to use the Forex Factory calendar is to know when market-moving news is expected and thereby avoid or prepare for periods of high volatility. As such, I want to run through a few basic rules when it comes to trading around the news. All of the scenarios below assume that the news event in question would hypothetically impact your trade. This is obviously the safest place to be with major news around the corner.
You have nothing at risk and you get to objectively analyze the price action that forms as a result of the news. How much time is needed between putting on a new position and a scheduled news event that could adversely affect that position? As a general rule, I like to see at least a 24 hour window in which there is no scheduled major news before putting on a trade.
This of course can change depending on the last two factors listed above. This scenario involves an open position that is in profit, but stands a good chance of turning negative if the news event in question adversely affects the position. Should you close the trade and book a small profit to be safe?
But then what if the market moves in favor of your position? If you close it now you risk missing out on potential profits. Your number one job as a trader is capital preservation. Making money always comes second. I can always get back in later if the market presents a favorable opportunity. When a high impact news event is around the corner and you have a position that is well into profit, you have more options.
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. 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 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. A trade through The minor trend is up. This will shift momentum to the downside. The short-term range is Its retracement zone at The minor range is This is the last potential support before the A sustained move under The first target is Taking out this level could trigger a steep break into the minor bottom at A sustained move over Overtaking This could trigger an acceleration to the upside with