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- Real Time Currency Alerts, Improve Your Trade Entries
- Forex Trading Signals CAD Weakness 8-22-2016
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- Bank Of England Interest Rate Cuts
- Sample Forex Trading Plan For One Group Of Pairs
- Forex Trades CHF Weakness 7-26-2016
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- GBP News Creates Volatility, Price Movement For Traders
- Non Farm Payroll, Trading Profitably
- Rules Based Forex Trading For Accurate Entries
- Forex Micro Lot Trading Offers Great Benefits
- Currency Strength Indicator For 28 Pairs
- Trading Forex Trends With Moving Averages
- Forex Market Analysis Spreadsheet For Eight Currencies
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Today in forex news the Bank of England interest rate was cut, dropping interest rates from 0.50% to 0.25%. The Monetary Policy Committee left the door open to more cuts going forward. The cut was widely anticipated in this post Brexit business environment. So today, August 4, 2016 is the first Bank of England rate cut in 7 years.
For forex traders, Bank of England interest rate news can cause strong movements and formation of new market trends of the British Pound against the other major currencies we follow. The British Pound dropped strong against all 7 currencies we follow after the news today. The GBP/USD is at an intra-day low of 1.8240 and the GBP/NZD had an intra-day low of 1.7750. Most GBP pairs we follow remain inside ranges and clusters, but the GBP/NZD and GBP/JPY have broken short term support levels. A chart of the GBP/JPY is shown below illustrating the the intra-day price movement of over 200 pips.
We expect more GBP pairs to follow and form trends based on GBP weakness. The long term trends on the MN time frame on all of the GBP pairs continues to show GBP weakness. Today’s live sell signals from The Forex Heatmap® are shown below to show the GBP sell off, along with the price chart movement after the Bank of England news announcement today. We will look to continue planning to sell these pairs in our daily trading plans, as the trends are now in place.
Forex news drivers like like the Bank Of England interest rate decisions can be profitable events for forex traders. If traders have the proper trading system, signal system and know the direction of the trends on the GBP pairs, they can successfully trade forex news in the direction of the trend.
Forex traders can use GBP news drivers on the economic calendar to locate strong price movements. Traders can capture these movements and profit from them with the techniques we will demonstrate. This article will show any trader how to track these volatile GBP (British Pound) pairs and we will also show you a great indicator set for trading these pairs.
Locating GBP News Drivers
Forex traders should become familiar with the world economic news calendar. The calendar can be customized to show GBP news events or news events for any other currency they like. Some examples of scheduled GBP news announcements that create volatility in the GBP pairs are: Consumer Price Index, Core Consumer Price Index, Bank Of England Interest Rate Decisions, BOE Asset Purchase Target, Manufacturing PMI, and many others. These economic news drivers are scheduled and traders can watch the market after these news announcements for trading opportunities to buy or sell the GBP pairs.
If you need a world economic news calendar to track GBP news events we have one on our website. These handy calendars will also provide you with scheduled news drivers for other important and most actively traded currencies. Now that you know how to look for scheduled GBP news, and what time these economic news announcements will be. The next thing you need to do is determine how to enter trades on the GBP pairs when they move up or down after the news.
GBP Pairs And Volatility
We trade 28 pairs at Forexearlywarning, and 7 out of the 28 pairs are GBP pairs. These pairs are all quite volatile. The EUR/GBP is the low volatility pair in the group, and the GBP/NZD is hyper volatile. If all 7 GBP pairs moved 1% in one day, the total movement on all 7 GBP pairs would be around 1000 pips on the day this article was written, and it used to be much higher before the Brexit vote. Some forex traders almost cannot believe it, but this type of volatility makes the GBP pairs group the most volatile group of most commonly traded pairs. The opportunity is here to make a lot of pips and the volatility makes it possible.
Example GBP News Trade and Signal System
On April 4, 2016, the GBP (British Pound) had a scheduled news driver on the economic calendar, it was the GBP Manufacturing PMI news announcement. The net result for traders was that the GBP weakness dominated most of the market movement after the news announcement. The GBP was weak on all pairs on this day and pairs like the GBP/JPY, GBP/CHF and GBP/AUD all sold off hard. The trading signal you see below is from The Forex Heatmap®, which provides live buy and sell signals for the GBP pairs and 7 other currencies. It provides live trading signals during forex market hours and after all forex news drivers across 28 pairs. As you can see the GBP was weak on this day after the GBP news announcements and this drove strong price movement.
Also, an example chart of the GBP/CHF sell off is also shown, you can see this pair alone sold off 175 pips. The GBP pairs as a whole moved much more than 1000 pips in one trading session on this day.
If you combine the trend, GBP news economic drivers, and The Forex Heatmap®, you can start to build a powerful trading system. On this day the GBP/JPY was in a long term downtrend and it also dropped on the GBP weakness. We estimated on his day that the GBP/JPY should continue down to at least the 158.50 support level on the H4 time frame, or possibly much lower. The GBP/AUD broke out to the downside and this pair resumed the downtrend on the W1 time frame, withthe next major support is at 1.8350, so additional pip potential is available on the GBP pairs. The live heatmap signals will give you a profitable trade entry, but if you are trading with the major trends and breakouts you can start riding the trends lower on these pairs and add to your pip totals.
More Volatility and Strong Price Movement
The GBP pairs are naturally more volatile, but less volatile pairs can become much more volatile after scheduled news divers, or other unexpected worldwide news events. Pairs that are less volatile become much more volatile after news events, as logn as one currency is consistently strong and the other currency in the pair is consistently weak. We track 8 currencies including the GBP pairs with our indicators. Following all 28 pairs and 8 currencies is fairly easy, and when combined with our alert systems and the economic calendar, you will always be in the know when currencies are moving.
In this article we will review and compare forex news calendar features that are available to traders. We will review what features and functionalities are best to have when selecting the best news calendar to meet traders needs.
A forex news calendar is an important tool for forex traders. If you combine a good quality news calendar with other tools listed below, a trader can be on the road to successfully trading forex news drivers. Traders will always be in front of the computer when news is potentially creating volatility and price movement.
Features to Look for In A Forex News Calendar
Some features in a forex news calendar are important to have, others we do not believe are needed. Probably the most important news calendar feature is the interface. If an news calendar is easy to read, with well spaced text, and easy to read controls, The end user experience will be positive. News events should have color coding for better visibility.
Most forex news calendars have a set of controls for customizing the news calendar features. With most calendars, traders can add or remove currencies that they want to see scheduled news drivers for. For example, if a traders does not trade the Mexican Peso, you can just remove it from the calendar using the controls. We suggest setting up the news calendar for reporting scheduled news drivers for the 8 major, most liquid currencies: US Dollar, Canadian Dollar, Euro, Swiss Franc, British Pound, Japanese Yen, Australian Dollar, New Zealand Dollar. These 8 currencies combine into 28 different pairs, and these are the pairs we track with the Forexearlywarning trading system.
Another calendar control or filter would be to set up the news calendar for the most volatile news drivers only. This way the calendar is more compact. Most forex news calendars also come with adjustable clocks. Users can set the calendar clocks to local time or the GMT time clock, whatever the end user prefers.
Make sure the news calendar you choose has a look ahead calendar for planning your trading week. Click on the “this week” to see the entire week of important news drivers on one screen. This helps with planning your trading schedule if you are on a tight schedule. You can also use the look ahead schedule to see when major bank holidays are. USA bank holidays are good days to take a day off from trading or take a long weekend. Every trader needs an occasional mental break.
Make sure the news calendar you are using is on a website that is fast and the pages load quickly on your laptop or any mobile device like Android or Ios device. Many news calendars have a lot of popup advertisements that make the pages load very slowly. Choose a new calendar with little or no advertisements on the page to improve speed.
Some news calendars have alert systems news alerts, alarms, and or apps. These features are fine but not necessary because you will always know when the important news drivers are in advance. Traders can also use other forex alert systems with the news calendar to know when the market is moving on any pair.
How To Use A Forex News Calendar For Trading
A forex news calendar will pinpoint exact times to be in front of the computer in local time or GMT time clock. With this knowledge a trader can be in frot of the computer at the proper time for a potential trade and market volatility.
To complete your tool set for trading, you would need a forex trading demo account, an entry management confirmation system like The Forex Heatmap®, and a a set of simple and easy to set up trend indicators. You can find all of these trading tools on the Forexearlywarning website and a demo trading account is available from any forex broker.
With this tool set you are ready to start demo trading, almost immediately. After any scheduled news driver on the 8 currencies we follow, you can check for consistent strength or weakness in one currency, then if the movement is in the direction of the major trends on the higher time frames, you can enter a demo trade.
Forex News Calendar Chooices
The selection process is simple. Just do a google search for “forex news calendars”. Some popular calendars will appear on the first two pages of search results. Dailyfx, Babypips, Forexlive, etc. all have news calendars to review. Forexearlywarning also has a great world economic calendar on our website, along with the other tools like trend indicators, price breakout alerts, and The Forex Heatmap®, for trade entry management. The documentation how to use these tools is also on our website. After reviewing some calendar options pick one you like that has the features you need.
Conclusions about forex news calendar selection: After you select the best news calendar for your needs, you will have an important piece of your forex trading system. Then continue building your trading system and test the system with demo trading. Then the final step is trading profitably with real money, micro lots and mini lots.
Today the Bank of England base rate remained unchanged. The Monetary Policy Committee voted 8-1 to keep interest rates unchanged. The announcement came today at 1200 GMT. The Monetary Policy Committee (MPC) also signaled that interest rates would remain low and steady. The central bank also lowered its economic growth forecasts.
The Bank Of England Base Rate news today caused the British Pound (GBP) to sell off, and this news impacted forex traders. The GBP/NZD sold off, due to some NZD (New Zealand Dollar) strength in the market. The GBP/NZD is hitting session lows at 2.2950, the overall sell off was nearly 400 pips, which is a very strong intraday selloff. The GBP also dropped against the USD, and this pair is down to session lows of 1.5120. You can see the strong selloff on the GBP/USD on the chart below.
Traders could have profited nicely after today’s news. Both sell trades on these two pairs look like short term/intraday sells, we expect the GBP/NZD to reverse back up based on the larger trends in the market. This pairs sold off but it is not trending down on the larger time frames. The GBP/USD also sold off, but this pair is still ranging up and down, so we would scale out lots or exit completely on any short term/intraday trades. The trading system you see above is The Forex Heatmap®, which provides live buy and sell signals for the GBP pairs and 7 other currencies, and 28 pairs total. The Bank of England Base Rate news, or interest rate news on any currency is one of the main forex market fundamentals for analyzing any currency, that drive currency movement and trends. Forex news is part of any great trading system.
In this article we will give you a set of instructions for how to profitably trade currencies after the non farm payroll news announcement with specific tools, indicators, and techniques. We will show any forex trader how to enter trades in a window of time after the non farm payroll news announcement. Most forex traders believe and/or are told that you should not trade non farm payroll news. This is not true at all, this article will detail and show traders how to profitably trade non farm payroll, after the news comes out, and give you a time line of how and when to enter trades and under what conditions.
What is Non Farm Payroll
Non farm payroll news is reported each month by the US Bureau of Labor Statistics. The news announcement gives out the number of paid US workers of any business, but excludes government employees, farm employees and non-profit organization employees. Volatility statistics indicate that the non farm payroll news announcement is the most volatile of all scheduled US Dollar economic news drivers. The average movement of currency pairs is higher than any other news driver, so this is why traders are interested in trading to take advantage of this.
What to Look for After Non Farm Payroll
The best thing to do is to wait until after the NFP news announcement at least 10-15 minutes for the initial price spikes to settle down. Then start to monitor the trading tools and charts we show you in this article and in the example below. In some cases the tools and indicators may show you a good trade entry point ahead of the NFP announcement, in this case you must have your stops at break even prices on any open trades ahead of the NFP news announcement, or exit the trade manually ahead of the news.
Any trades you make after non farm payroll news would have the same characteristics as you would have in any good trade, the rules for forex trade entries are exactly the same. The only scenario you must be careful about is if a pairs gaps up or moves up suddenly 100 pips or more in the first few minutes after the NFP news announcement, this is when an entry can become much riskier.
Most traders expect movement from the USD pairs after non farm payroll, this is logical since it is a news announcement related to the US economy. The example below shows that you can look for trades on any USD pair, however with this trading system you can look for trades on any of the 28 pairs we follow in the eight major currency groups. So this is yet another myth we are breaking about trading after NFP. In the example below the US Dollar (USD) was weak and the Japanese Yen (JPY) has some strength, so the USD/JPY pair move strong after the NFP news driver. Using the same logic, any one of 28 pairs can be traded after NFP, even non USD pairs.
Traders sometime look at the NFP predictions and results to try to trade from this information, we do not think that this is the correct approach. Just wait for the news to come out, then wait for the price spikes to settle down. At that point you should trust your tools and indicators presented in this article, because they are highly logical and work well in almost every situation. Demo trading NFP will prove your system.
Example Post NFP Trade
On June 3, 2016 here is how trading unfolded, after the NFP news announcement, about 15-20 minutes later, the 107.80 support area was broken on the USD/JPY. This pair continued down to an intra-day low of 106.60, so 120 pips was possible. This pair closed the day at 106.62. This pair was getting close to support on the H4 time frame, but in many cases we have seen on trending pairs, post NFP movements can be used to enter strong trends with considerable additional pip potential. See the images below of the USD/JPY post NFP news sell signal and chart movement with breakout point.
The indicators you see above includes The Forex Heatmap®, which gives live buy and sell signals for 28 pairs in real time, even after strong forex news drivers like NFP. The chart setup you see is some very simple exponential moving averages combined with support and resistance levels. The heatmap is indicating clear USD weakness in real time and the trend indicators are showing the trend and support and resistance levels.
The USD/JPY sell was not the only trade available after NFP. The EUR/USD also gave a buy signal after NFP, it also broke out and into a trend in the D1 time frame. This also served as an entry point into a trend with additional upside potential. So the EUR/USD moved up on the same USD weakness and this pair is in an uptrend that should continue much higher on a larger time frame based on support and resistance analysis. So you could have also caught a buy entry on this pair as well while maintaining significant pip potential going forward. Another great trading opportunity after NFP on the same day.
After selling the USD/JPY we would advise scaling out lots, or closing out half of your lots on that sell position. Then let the additional lots ride the trend. Similarly on the EUR/USD buy position, you could scale out profitable lots, then ride the new D1 time frame uptrend higher with a break even stop in place.
Concusions about Non Farm Payroll trading – It is certainly possible to trade the non farm payroll news, just after the NFP news announcement, and this type of trading is certainly possible for any one of 28 pairs, not just the USD pairs. You just need the right trading system that is flexible enough to give you accurate entry signals with very low risk, under these market conditions. This article gives exact instructions on how to trade non farm payroll profitably, after the news announcement, and also shows you the trend and entry indicators used. If anyone tells you not to trade non farm payroll they are simply mistaken, or the trading system they are using is inadequate or not flexible enough for all market conditions. These same trading techniques and real time indicators also work after all of the volatile news drivers on the world economic calendar across 8 different currencies we track daily.
Today in forex trading Yuan (CNY) was allowed to appreciate 2% against the US Dollar (USD). This move by the People’s bank of China was due to the recent economic slowdown there, but was still very sudden and unexpected. This was the biggest one day drop in the value of the Yuan in 20 years.This devaluation caused a strong reaction in the forex market. Devaluing the Yuan against the US Dollar by 2% is hoped to boost the Chinese economy.
Most of the price movement and opportunities for forex traders today resulting from the devaluation of the Yuan was based in currencies in the same region like the Australian Dollar (AUD and New Zealand Dollar (NZD). The AUD and NZD both tumbled, but the Euro (EUR) strengthened overnight, producing strong movements in the EUR/AUD and EUR/NZD. The EUR/CAD and moved up strong as all commodity based currencies reacted to the devaluation news. As you can see below, the trading opportunities on the AUD pairs alone was significant. The Forex Heatmap® indicated buy signals on the EUR/AUD, EUR/NZD and EUR/CAD for intra-day or longer term buys, as these pairs are in uptrends. This is a valuable lesson on how forex news and global events can bring profits to any trader who uses this type of real time signal system.
In this article we will examine the various US Dollar news drivers, and how these economic news announcements impact currency traders on a day to day basis. We will also discuss several techniques for profitably trading these US Dollar news drivers.
There are various economic news events that drive movement on the US Dollar against other currencies. Currency traders watch these news drivers, looking for opportunities to buy or sell the major currency pairs for short term profits, swing trades, or longer term trend trading. See the example below of the world economic news calendar showing some scheduled US Dollar news releases. Some examples of the US Dollar news drivers include Purchasing Managers Index, Unemployment Claims, Crude Oil Supplies, Non Farm Payrolls, and many others.
Volatility and price movement in the forex market can be expected after most of the scheduled US Dollar news announcements. Some US Dollar news announcements like the Federal Funds Rate, Non Farm payrolls or the FOMC Statement can provide substantial volatility and price movement. Volatile US Dollar news announcements occur between 25 and 30 times per month, not to mention all of the volatile news announcements from the other seven currencies we trade. There are plenty of times throughout the month when traders should be watching the market around these US Dollar news announcements. The top 7 major currency pairs that can be traded that are influenced by US Dollar news include the USD/JPY, AUD/USD, NZD/USD, USD/CAD, EUR/USD, USD/CHF, and GBP/USD.
Example US Dollar News Announcement:
On Friday March 6, 2015, the non farm payrolls US Dollar news was announced, like it always is on the first Friday of every month. Non farm payrolls is a monthly statistic researched, recorded and reported by the U.S. Bureau of Labor Statistics. Total non farm payrolls rose by 295,000 jobs for the prior month in February, shattering expectations for 235,000, resulting in the US Dollar strengthening. The employment situation report indicated that the February unemployment rate had fallen to 5.5%, down from January’s 5.7%.
How The US Dollar News Impacted Traders
After the non farm payrolls news driver the US Dollar (USD) strengthened on all pairs. Traders could have profited from the price movements that happened after the non farm payrolls news drivers, if they have access to real time professional tools. Check out the live indicator below, this is called The Forex Heatmap®. The heatmap can tell you in real time what pair to trade, and in which direction. It works for 28 pairs, including all 7 of the US Dollar pairs. After the NFP news the heatmap indicated USD strength in real time. The arrow system pointed traders to the USD/CHF for a buy and the NZD/USD for a sell.
The readings on the heatmap tell you how far these pairs moved. A 1.6% movement on the NZD/USD is about 115 pips of movement, and a 1.12% movement on the USD/CHF is about 110 pips. The entire group of USD pairs moved hundreds of pips total.
From the standpoint of the trends of the market, the NZD/USD drop was in the direction of the long term downtrend on this pair. This pair should continue down to the 0.7225 support level and likely continue lower. So any sell trade on this pair would have resulted in an intraday profit, but also ongoing pip potential in the direction of the trend. Traders can use the heatmap to make informed buy or sell decisions on a day to day basis for trades in the direction of the trend, or possibly short term trades (day trades) against the trend. We have a great article that discusses trading non farm payrolls in more detail for further reading on this subject.
All US Dollar news events on the world economic news calendar are of great importance to traders. The same thing goes for news events from all of the currencies we trade. Making pips is possible from any of these economic news announcements with our trading tools and live indicators. If the US Dollar has a series of economic news showing that the economy is strong in the USA, and inflation is heating up, the US Dollar could start to strengthen against other currencies as the Federal Reserve starts to raise interest rates. Then, long term trends could form on pairs like the USD/CHF and USD/JPY. As trend followers we find this information to be vital.
Unscheduled US Dollar News
The economic news calendar shown above will give traders access to scheduled US Dollar news drivers, along with news drivers from all 8 currencies that we trade. Sometimes world political events, natural disasters, government of central bank actions, etc., can cause strong movement in the currency markets. We recommend using audible forex price alerts to supplement the scheduled news drivers for better monitoring of the 28 pairs we follow. Finding strong movements and breakouts gets easier with multiple alert systems.
Conclusions – Currency traders like the US Dollar and the major pairs for trading, knowing how strong the dollar is in real time, is extremely valuable to them. Live indicators like the heatmap are strongly favored by traders for increasing trading accuracy on the US Dollar pairs. If traders would analyze all 7 major US Dollar pairs daily, they could easily determine if the US Dollar is strong or weak with simple trend indicators. This would lead traders to being able to perform a daily US Dollar forecast. We analyze the US Dollar daily at Forexearlywarning, along with 7 other currencies. We also prepare a forecast for the US Dollar every day.
Forex news trading is possible for any trader as long as you have the correct tools and indicators. We will show traders how to locate the most important forex news, then give them the proper tools and an indicator set for a complete forex news trading strategy.
Locating The Most Important Forex News
The exact times of scheduled news releases can be obtained from any forex news calendar. Here is a snapshot of a popular news calendar. Traders can see the news items with their exact release time, and the times can be adjusted to GMT time clock or local time. Forex news calendars like this one and the news calendar on our website are part of your tool set for news trading for locating high impact forex trading news. High impact news items are in red on this particular news calendar.
Indicators For Forex News Trading
A good set of trend indicators and a live signaling system are also part of a great forex news trading system. After the news there can be volatility in the market for the any of pairs with the news related currency, or possibly on other pairs too. Before doing any forex news trading, traders need to know the direction of the major trends of the market, and you also need to know if at least one currency is consistently strong or weak before entering any news related trades.
Knowing the direction of the major trends and having some simple forex trend indicators is a good place to start with your indicator set. Here is a set of free forex trend indicators that can be set up on most forex charting platforms. When you place a forex news trade you will know if you are trading in the direction of the major trends.
Another powerful tool for your news trading would be The Forex Heatmap®, which is a real time momentum indicator for forex traders. This would be another great indicator to have ready for trading forex news. It works for 8 currencies.
Forex News Trading And Money Management
If you enter a trade after some important forex news, always place a stop order to minimize any risk of loss. When the trade proceeds in the direction of the indicators and the trend, then scale out lots and move your stop to break even. Scaling out lots means you take profits on half of your lots and let the remaining lots continue to profit, with a break even stop on the remaining lots. Capturing profits from forex news trading and moving stops will increase your account balance and reduce risk to zero.
Forex News Trading Example
Let’s look at one forex news trading example. The forex news calendar indicates an important Canadian Dollar (CAD) news driver at 1230 GMT in the main trading session. The news happens and the CAD is consistently weak on all 7 pairs in the group in one direction using The Forex Heatmap®.
The heatmap specifies that the NZD/CAD has the best signal. You check your trend indicators and you see that the NZD/CAD is in an uptrend on the higher time frames, with no nearby resistance. In this case you have a very good situation for buying the NZD/CAD, or selling the CAD/CHF. With signals this strong a trader can enter a trade in the direction of the trend, and in many cases enter a short term term trade on the smaller time frames in the direction of the CAD weakness. Signals this strong and consistent generate great movement.
Conclusions About Forex News Trading – Trading after forex news drivers is possible with the right set of tools, indicators, and money management techniques. The techniques and tools presented here work well for the 8 currency groups and 28 pairs we track daily as part of our trading system.
Today after the non-farm payrolls news, the CAD (Canadian Dollar) strengthened on all pairs.The CAD/JPY continued upward in it’s current uptrend and has no resistance nearby, we would continue to hold this pair. The CAD/CHF broke through some resistance, the next resistance area on this pair is around 0.8500, we would scale out lots as it trends higher and approaches this next resistance point. The AUD/CAD also had a very strong downward movement based on the CAD strength. The indicator you see below is The Forex Heatmap®, it provides forex traders with easy to read buy and sell signals. The heatmap works well after any forex news driver like non-farm payrolls, to help traders detect more accurate forex trade entries. Non-farm payrolls can generate movement on many currencies, not just the US Dollar. It is not unusual for another currency group besides the US Dollar pairs to move after the non-farm payrolls news drivers.
Today in forex news the CAD (Canadian Dollar) Consumer Price Index (CPI) was announced. The CPI rose 2.3% in the 12 months to May, following a 2.0% increase in April. After the CPI news the CAD strengthened on all pairs. Pairs like the CAD/CHF and CAD/JPY moved higher, since both pairs are trending up they should continue higher next week. We will look to set more trading plans on both pairs next week. The live trading signals you see below indicating the CAD strength are from The Forex Heatmap®, which provides buy and sell signals for 28 pairs. This trading system works to provide forex traders with live trading signals after forex news drivers like Canadian CPI.