Hello and welcome back to our YouTube channel.
This is Martin from ForexBoat and in today's video.
We're going to learn how to use the Forex Factory economic calendar.
The first thing I want to do is type in the following URL (forexfactory.com)
Make sure you type it as well.
If you want to follow along with this tutorial
then, you'll see here that this portal gets displayed.
It's the Forex Factory portal.
It's one of the most popular sites out there
visited by thousands of Forex Traders every day.
So you'll see here that
it has different features and you'll see here that it has for example forums
where different Traders interact and share their
ideas and setups
then you will have information about the currency pairs what's going on with them
So it's quite interesting if you want to
Check what's going on in the market
Then you have a news section and a calendar section,
which is going to be the main topic of this video
then you have a market section will where you will find different market analysis
and insights
and then last but not least you have a broker section in case you want
to check it out.
So let's jump straight ahead and go
To the calendar
and the first thing where I want to draw your attention is this navigation panel
here on the left.
You'll see here that this has a shape of a calendar in fact
and you'll be able to navigate the different days of the month, moreover
You can change months here with these arrows
you can go you can go as far as you want in time, to check previous events,
but
I'm gonna stick with today
something that you can use as well are these buttons here below
where you can go to tomorrow's event this week, next week,
this month or next month and
you'll see that you'll be able to check all the major
economic news or releases that are coming up something that
Something I mention as well is that whenever you click a day here or
you change
the date
you'll get this information from the main panel refreshed, right?
So that's important to understand as well.
And that's how the navigation panel works.
Then you can also change Dates here by using these arrows.
and the main section
or you can also here use these options to filter date ranges
Which is could be quite convenient as well.
But anyways, then we have the main section.
So the main section has different columns, which I want to explain.
The First Column here is the Date which is self-explanatory.
Then we have the
time (hour) of the day when the news or economic event is going to happen
or the release
is going to be published and
This in local time.
So I'll explain later how you can change the time
the economic calendar to your
computer time
and make sure you don't
miss an event because you don't have the right time here.
Then you have the currency and basically this column
refers to the main currency that's going to be impacted by the news release
of course
all the
Pairs where a determined currency is involved,
Even if it's the base currency or the quoted currency.
Those pairs will be impacted as well.
So that's something for you to take into account.
Then we have the column related to impact 71 00:04:27,251 --> 00:04:29,500 So if you go to the calendar and scroll down
you'll be able to see the legend.
So the red color,
means that its high impact.
Expected
event
that it will affect a lot the the market
then there's medium impact which is illustrated by the orange color,
then there's low impact which is represented by the yellow color.
Sometimes you have non economic events,
which are gray and I think most of these events are related to bank holidays.
So whenever you spot a bank holiday or several bank holidays in one day
that will give you an idea that probably there's going to be low activity for a
or low volume for a determined currency pair.
All right, so
Then we have the
the description, the main description or the title of the event.
Then you get to see this column with the detail,
which is quite convenient because you get more information about a specific event.
and more information about it.
So for instance, we're going to check.
Let's go back here, because I want to show you an example.
The unemployment claims, let's take this one as an example
and you see here the source.
So
in this case, it's the Department of Labor, which is a
government which is the government entity
that handles everything related to jobs press releases in the United States.
Then you have the measures or what's going on.
And here you'll see that it is
the number of individuals who filed for an employee insurance
for the first time during the past week.
Then you have the usual effect, which I'll take this with
a grain of salt here.
It says actual less than forecast is good for currency, but this is not always
the case because there's a lot of volatility involved
So, please be aware of this.
But you can see here that whenever the actual result
is higher than the forecast, forecast is like the prediction of most of experts,
They give a number that they think it's going to be
but then you get the actual press release
and if that press release is in this case is higher than
allegedly is not good for the currency if it's lower than it will be green
and it's good.
But this is just for reference
Of course, it will help in the long term
to get a good understanding of how a particular economy.
It's it's working or it's performing
but when it's released the news it can have a high volatility.
Then you get the frequency some economic news, as you may know are released
every month.
Some of them are released every quarter
some events that don't go by schedule.
So for example, whenever a president is speaking, it could be any time.
So take into account that
then there are some notes here that you can also check.
And why Traders care about this, so this detail Widget
it's very useful or this section is very useful
because it gives you more information about the news
then you get the whole historical data,
which very useful as well.
You can also check the graph.
So for instance
as of today, we're in the middle of the coronavirus crisis or period and you see
here how the trend of unemployment claims has been growing exponentially.
So this this this can give you a perspective of how the
what what what to expect in regards to the economy.
All right.
So let's close it.
Then you get here the column with the actual and forecast
as we explained before the forecast.
Is that kind of the prediction
or the consensus between most of the experts
and they its Consolidated here in a number
and then you have the the actual release which is the official information
and then you have also here it's the previous number which was released before
the actual number.
Then you can also use this window to open the graph again
in case you want to so that's
in a nutshell the main screen where all the magic happens
then I want to explain how to set up the so you click here
and then you select the time zone.
And then you can pretty much
configure if you want to see it in
which time format you want to use you can save it.
On well, it's done.
I'm going to change it again to my local settings.
Alright, so
let's go back to the calendar
and last but not least you can use this filter.
So for instance if you if you just want to follow
or track the news that have
high and medium economic impact, you can select them here.
If let's say you want to just track inflation and employment and Central Bank
economic releases you can
You can select them and let's say you don't want to track the yuan.
or the New Zealand Dollar or the Australian dollar.
You can apply that filter and you get
Just information want to check something important here.
It's that this green arrow will tell you which event is going to happen next.
So, it's quite it's quite useful to to always
have reference for this Green Arrow and
gonna remove the filter for now.
And you'll see when whenever an event is going to be released.
You'll see here this green icon here next to the detail
file folder.
And that
basically whenever is the time of the of the release
you can update it,
but right now we don't were not so close to the economic event.
So
that's why it doesn't appear but make sure that whenever this.
Green update button appears
make sure to press it if you are tracking a specific release.
So you get the the actual data refreshed in your browser.
All right, so that's how the Forex Factory Calendar works.
If you have any questions,
feel free to post them below
if you like this video, make sure you click the like button
and don't forget to subscribe to our YouTube channel.
for more videos on Forex Trading until next time.
Happy Trading