As we all know, the most important mover in Forex market is NEWS. Personally, I don’t trae without knowing what is going on with the currency pair I want to trade. Even, if the market seems to be moving, please do still check what is happening from the news report. With this, you are sure that you can stop some losses in the market. The following is a way to utilize the economic calendar:
2 PM—USD----Retail sales-high------0.3%----0.2%.
Now, from the illustration above, you can take advantage of any pair that has to do with the USD like the EUR/USD, GBP/USD and make good profit out of the market. The news is an high impact news and so it will have a good impact on the USD market. The example time for this release is by 2 Pm. You have to get it’s equivalent in your own local time. You should place a pending order of buy stop and sell stop 10 minutes before the release of news. In addition, you have to just watch what will happen if the news eventually comes out. Within the first 30 to 45 minutes of the release, the news will have a strong move on the market and one of your pending orders with be chosen while you manually cancel the other one. In this way, the market trend is crashing after you and not you chasing after the trend. I have obtained several results from this and was able to make consistence profit with this for sometimes. Make sure to set your take profit to about 30 pips and stop loss to about 15pips in each order. In this way, you have money management plan that definitely protects your trading account.