Forex Factory Calendar is a useful tool for forex traders who want to stay updated on the latest economic events and indicators from around the world. The calendar shows the schedule of market-moving events and their impact on the forex market, as well as the actual, forecast, and previous data for each event. The calendar also allows users to filter the events by date, currency, impact, detail, forecast, and graph.
Why Use Forex Factory Calendar?
Forex Factory Calendar can help forex traders to:
- Anticipate market volatility and plan their trading strategies accordingly.
- Identify trading opportunities based on the expected and actual outcomes of the events.
- Avoid unnecessary risks by staying away from the market during high-impact events.
- Learn more about the economic factors that influence the forex market and the currencies they trade.
How to Use Forex Factory Calendar?
Forex Factory Calendar is easy to use and navigate. Here are some tips on how to use the calendar effectively:
- Adjust the time zone to match your local time or the time zone of your broker.
- Use the filters to select the events that are relevant to your trading interests and goals.
- Click on the event name to see more details, such as the source, explanation, history, and link to the official release.
- Click on the graph icon to see a chart of the historical data and the forecast range for the event.
- Pay attention to the color-coded impact icons, which indicate the potential impact of the event on the market. The colors are:
- Red: High impact
- Orange: Medium impact
- Yellow: Low impact
- Gray: Non-economic
- Brown: Bank holidays
- Compare the actual data with the forecast and previous data to see if the event met, exceeded, or missed the market expectations.
- Monitor the market reaction to the event and adjust your trading positions accordingly.
Example of Using Forex Factory Calendar
Let’s say you are interested in trading the EUR/USD pair and you want to know the upcoming economic events that could affect this pair. You can use the Forex Factory Calendar to find out the events by following these steps:
- Go to the Forex Factory Calendar page.
- Set the time zone to GMT+1, which is the time zone of your broker.
- Use the filters to select the events for the current week, the EUR and USD currencies, and the high and medium impact levels.
- You will see a list of events that match your criteria, such as the German ZEW Economic Sentiment, the US Core CPI, and the EU Economic Forecasts.
- Click on the event name to see more details, such as the definition, source, effect, and link to the official release.
- Click on the graph icon to see a chart of the historical data and the forecast range for the event.
- Compare the actual data with the forecast and previous data to see if the event met, exceeded, or missed the market expectations.
- Monitor the market reaction to the event and adjust your trading positions accordingly.
Conclusion
Forex Factory Calendar is a valuable resource for forex traders who want to stay informed and prepared for the economic events that influence the forex market. The calendar provides comprehensive and reliable information on the events and their impact, as well as the actual, forecast, and previous data for each event. The calendar also allows users to customize the filters and settings to suit their trading preferences and goals. By using the Forex Factory Calendar, forex traders can enhance their trading performance and profitability.