Since you've already submitted a review for this product, this submission will be added as an update to your original review. In fact one of my favorite setups is the NFP pin bar. That concludes the process of setting up the Forex Factory news calendar.
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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? 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. In fact all Forex trading strategies are a byproduct of news in one way or another. However the pin bar and inside bar really embody the essence of how news can influence a market. 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. This is because NFPs are released at 8: 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. 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. 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. It breaks down how to use the calendar in 5 simple steps and explains which news events produce the most volatility. Brilliant course, really helps to understand trading a lot better. I wrote a separate lesson regarding how to use the news to gauge market sentiment. Here is that lesson: Thank you for the kind words. I have been using Forex Factory Calendar for several months now, but your article has given me lots of tips and insights how to use it more productively.
Hi Justin, came across this accidentally, but so glad I did. Very informative and will certainly help me a lot in the future. Have been a FF subscriber for some years, and have never really tried to look at it in depth, ie past the main items I was interested in using.