How to read and interpret a weekly economic calendar The above scenario plays out in every trader from time to time. New bee and veteran alike. The winning trader senses what is happening and nips it in the bud. The winning trader spend time EVERY DAY, working on “the discipline of trading”. Reads a chapter in his favorite psychological trading book, scans the “ten commandments of trading” that hangs on the wall over his/her desk, listens to his/her mental training software for futures traders… Something… Every Day… before trading begins. Do not lose your hard earned money, as very often it’s extremely hard to recover it. Fact is that most of the times you just never get it back and instead of making money you will be struggling to recover the losses incurred. 1st Forex trading academy will provide you with a weekly economic calendar and the dose of ammunition to be a winner in the battlefield. The support, resistance levels with possible high and low targets, and to establish the direction of the Forex trading market is our job. How to read and interpret a weekly economic calendar The calendar lists the important economic events for the day, by the time at which they occur (or at midnight if they do not have a specific time). Sections on the different panels below the main display give access to the financial events for each day and time of the current week, indicators and forecast. The calendar always opens on the current day and the displayed date is noted in the Title Bar for the calendar. The currency displays all events for that week with additional information. You use technical analysis to trade but the currency markets are driven by major fundamental announcements. Therefore, it is important to know exactly when these announcements will be made so you can take advantage of the big moves that follow or avoid losing through a sudden surprise reaction. Sometimes consolidation takes place before a major fundamental announcement and you can benefit from a straddle trade. Economic calendars show in advance what time the economic data release will take place. If traders are expecting an interest rate to rise and it does, there usually will not be much of a movement because the information will already have been discounted by the market. However, if the interest rate does not rise as expected, then the market may react violently.
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