Sometimes forex traders need to know that the market moves based on economic news that is sourced from the forex factory website. But many forex traders know economic news only has the effect not until 5% effect to forex market movement. Because of this almost all senior or professional forex traders use technical strategy rather than news or fundamental strategy, but some forex traders have a good consistent result to get profit from the forex market using fundamental or news strategy for medium or even short-term trade that we called scalping strategy. Setting up your time based on your country from Forex factory like the picture below, change the DST parameter to DST OFF, choose your time zone based on your GMT country, change am/pm to 24 hours from the time format option, and change start of the week to Sunday and then click save. After the saved is done, then click the calendar on the top page then you’ll see news per day per week.
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Many professional traders have said, “If you’re using medium to long-term strategy you have to analyze forex market movement based economic indicators too in several weeks”. From this statement, we have to combine between fundamental factor with the technical factor.
These two kinds of variables are a must and then we have to use money management strategies on your averaging, martingale, scalping, or even hedging strategy.
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The Forex market has a new contract per 4 hours, so if you want to decide to become a long-term technique use the H4 timeframe and start analyzing the Forex chart using trendline or Fibo or Forex reversal candlesticks strategy or any indicator that is suitable from your trading style. If you want to use a scalping strategy you can get strong parameters from H1 to take entry buy or sell-based supply demand area. You can read some articles about supply-demand strategy or scalping trading strategies on forex factories too.
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Forex Factory is very important for forex traders in the world to measure market strength. We can test many strategies from forex factory forums, and even we can take subscribe signals from professional forex traders because forex factory provides their lists or go to mql4.com and choose verified signals list there start from $20 per month.
Forex traders suggested opening a forex factory calendar on Sunday or Monday to analyze the market per week, so then we can combine these economic indicators with technical strategy. For scalping traders usually stay away from Non-Farm Employment Change which is always released on Friday of every first week of the monthly or interest rate statement and FOMC statement. Why, because the forex market will spike hundreds of pips in several seconds if this Non-Farm Employment Change is released on the forex factory. Sometimes economic indicator forecasts from forex factory very helpful for traders to get accurate forex signals faster. Another forex news source is from tradingeconomics.com. On tradingeconomics.com we can read more details about which top forex economic indicators have a big effect on forex markets. So no need to fulfill our mt4 charts with economic calendar indicators again. As a trader, we should understand which major economic indicators itself. Besides we can learn many forex trading strategies like how to identify supply demand zones with high accuracy, then we can learn more about this economic indicators article from leading or lagging economics indicators to calculate the “effect” in market strength movement. As per our experience, these economic indicators are not always equal to candlestick reversal patterns.
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I suggest waiting until the value from the economics data release first and reversal candlestick patterns are formed equally based on the value of the economics number data release then we take open positions. So in the end candlestick basics, price action confirmation, liquidity zone, and pivot trading strategy are the primary analyses in forex trading.