5 Forex Factory Functions in Forex Trading You Must Know!
Some traders may be familiar with forex factory. In fact, too, many traders who have used forex factory to help with forex trading activities. Forex factory or www.forexfactory.com itself is a forex website . So on this website, there is a forex calendar service. Forex calendar, in the form of a table that displays foreign economic news. The news is, news that will generally affect the occurrence of large, medium or small impacts. This depends on the type and results of the news published.
Well, by getting this information, traders will certainly be greatly helped.Especially will be very helpful in terms of making decisions for the transaction activities, to get profit. Basically, trading techniques with the help of this forex factory site are analytical techniques. Especially the technique of analyzing the fundamentals by using information from the release of a news, on the economic calendar. This is because even now, the majority of price movements in the money market are driven more by the impact of economic news and not technical analysis. For this reason, the existence of this site can of course be very useful for you. This reason is what makes us, will discuss about the function of forex factory. Immediately we see below:
Forex factory function:
Helps you in knowing the time and money market session that is open
In forex factory there are features called market sessions. This feature is what will later help and find out the market time and session. One of them is about which time and money market sessions are open and running actively. In addition, this feature can also help you determine the right strategy for you to apply to your trading activities.
Provides information about the currency to be released
Forex factory, can help you know the currency pair whose news will be loaded. To find out, you can see in the column of currency pairs that will broadcast the news.This is because, not all currency pairs will be published on that day. This information serves to help you decide whether you will transact with a currency that contains the currency, using the volatility. In addition, you can also choose another currency pair. The goal is that your technical analysis can run normally by avoiding transactions in pairs that contain currency.
Provide information about the time and impact of a news
In forex factory, the time and impact on the forex calendar can be illustrated with colored symbols. For example, like yellow which means the influence of influence on the market is said to be small. There is also, the orange color shows that impact on the middle market, about 25 to 60 pips only. Besides that, it can also be symbolized in red. If this feature is red, it means that the news will have a big effect on the market and the impact can be more than 160 pips. In general, traders are more aware of the red impact symbol
Helps you know the value of forecash
Forecash or approximate value is, data predicted by sources that are quite competent. This predicted estimate value usually appears even before the official value is published. These sources, come from banks and economic observers.With this estimated value, you can provide information. Especially, information about markets if there are good prospects for transactions
Provide information about the value of previous news releases
In this site there is a calendar. Now in the forex factory calendar there will be a column before. The location of this column is usually on the right. From the column, you can see the value of the previous news release. The value of the previous news release was, last month’s value was released from a type of news.This value, you can make a benchmark and comparison with the latest news values that are officially published. By comparing the previous value and the new news item, you can estimate the direction of the market. That way you can read and get a good opportunity for trading