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How to use news and data reports to make transactions profitableFrom central bank interest rate resolutions, non-farm payrolls, PMI indexes, inflation rates and other data reports, to geopolitical developments, and even natural disasters, these are major news that foreign exchange investors cannot ignore.Because the trend of the currency is always guided by these major economic events and news developments, it is accompanied by trading opportunities. Of course, not all news is worth trading, so we must be familiar with how economic events will affect currency market trends.For major transaction news and data reports, we can follow the following three steps: 1. Select news events that will cause price fluctuations Foreign exchange traders tend to pay attention to certain key economic data that have an impact on interest rate speculation. These economic data include: central bank decisions and speeches, gross domestic product (GDP) data, employment data, inflation rate and trade balance. 2. Choose the right currency pair Generally speaking, we will choose currency pairs with high liquidity. There are mainly the following 8 pairs: EUR/USD, USD/¥, AUD/USD, GBP/¥, EUR/CHF, and CHF/¥.The sufficient liquidity of currency pairs is conducive to us to use lower transaction costs to win huge profits through greater volatility. 3. Pay attention to the news release time and forecast results We have to trade based on data expectations, that is, the actual announced results are compared with the predicted values.For example, if the non-farm payrolls report is better than expected, the dollar will generally rise, and EUR/USD may fall. In addition, before the data is released, we need to check the price movement of the short-term chart (5, 10, 15-minute chart), and use the closing price to decide whether to trade the current data report.After the price trend is confirmed, open a position and set a take profit and stop loss. In order to facilitate everyone to continue to follow up on my analysis and sharing, you can like and follow me; in addition, I will share the daily real-time strategy in the channel. If you can't follow up in real time, you may make operational errors.You can use the following methods to enter my channel for free to follow the latest news and follow up on market trends in real time.
Education
by Short-term-king
Almost done with Intermediate 3 down Thinking we may have ended Minor wave 4 (yellow numbers) today with a strong jump. Expecting the GDP report to confirm for everyone we are in a recession tomorrow. The yellow lines are the historical quartiles for waves ending in 535, while the light blue lines are the same for waves ending in 35. The slightly longer lines are extensions of Intermediate wave 3 from wave 1. I tend to favor the more specific data so I am considering the 535 data slightly more than the 35 data. We are looking at strong data for this fifth wave to last 2-4 days. If we do not go higher than today’s high, tomorrow would be day 1. Our original projection for Intermediate wave 3 had it ending on October 4. That would mean this wave could last for 4 days. I think Monday is most likely but we will count the waves down as we go. From a day’s perspective, waves 1 and 3 were equal in length. From an hourly perspective, wave 1 was 30 trading hours while wave 3 was only 27. This could put a maximum length of wave 5 at no more than 27 trading hours which is October 4th at 1430 eastern time (meaning until 1530). I think getting done before this is easily doable. The levels to watch for Intermediate wave 3 based on Intermediate wave 1 are between 3477.78 and 3595.96. The levels to watch for Minor wave 5 based on Minor wave 3 are between 3483.30 and 3585.24. These Minor wave levels likely help narrow our target zone for the bottom to be less than 3585 and greater than 3525. I would plan an exit around 3550 or see how we move along the way.
SP:SPXShort
by StockSignaler
5