This would have triggered the OCO order with the Sell Stop order being filled, putting you in the market with a short trade, and the buy stop order would have been cancelled automatically.
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Buy Stop Order — buys the Forex pair at a price higher than the current. Sell Stop Order — sells the Forex pair at a price lower than the current. You probably guessed that the purpose of the two pending orders is to trade the currency pair in the direction of the initial volatility expansion — irrespective of what the data comes in at — if the expected data is better than expected our buy side will be triggered, and if the data is worse than expected then our sell side will be triggered.
This strategy requires a volatility expansion, if the pair creates a sharp move in either direction, the respective order will be executed automatically. I will give you a historic example of January, when the Swiss National Bank lifted the minimum exchange rate of 1.
As a result of that, the CHF made incredible increases in its exchange rates. Though this is a somewhat rare occurrence, the mechanics of this strategy remain the same, which is what we are trying to evaluate. The two lines at the top of the chart represent the two pending orders which you could have used to bracket the price prior to the upcoming Swiss interest rates release. The stop loss order of the Buy Stop should match the level of the Sell Stop order.
Also, the stop loss of the Sell Stop order should match the level of the Buy Stop. In our case, the rates were released at the extremely low value of This would have triggered the OCO order with the Sell Stop order being filled, putting you in the market with a short trade, and the buy stop order would have been cancelled automatically.
Download the short printable PDF version summarizing the key points of this lesson…. Click Here to Download Conclusion Economic data released in a country is likely to cause volatility in the currency of the respective country. The Forex market calendar is an informative tool that includes past and future economic events.
Forex traders use economic calendars to track economic data releases and their impact on currencies. Some of the most important economic events include the following economic reports: The most frequently used news trading strategy is the non-directional approach. In this method, we completely dissociate from the directional approach.
It is actually concerned with the fact that a big news report will surely create quite a lot of stir in the market. We do not consider the direction in which the market moves in this approach. What we are only concerned with is the fact that the there will be significant swift in currency trading post the news.
Once you sense that the market has moved in a particular direction, it is quite mandatory that we have a definitive plan to make a mark in the trade.
This approach is known as non-directional bias given the fact that we are not having any actual bias in terms of the price going up or down. In the world of forex trading, we come cross many well-known analysts who would provide some predictions on the numbers and results that would be declared in an impending news report that will be released in few days or weeks.
Consensus is the number that many analysts will definitely agree upon; you will come across other numbers that will be conflicting in the analysis put forward by many research analysts. On the other hand, actual number is the number that is furnished when the news report enters the market. The most common adage in forex trading is as follows: Let us explain the implications on forex trading through one example of a related news report.
Take the case of the unemployment statistics report in US.
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It’s reliable. You can trust it. It’s the most complete, accurate and timely economic calendar of the Forex market. We have a dedicated team of economists and journalists who update all the. Our forex economic calendar allows you to view important economic events by time period, currency, market impact. Definitions are available for each event.
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