Fine Options for the Trading Crypto in Australia
Indispensable to any good trader, the economic calendar will be a precious ally here, we would even say essential if you want to trade the news. Does that seem incomprehensible to you? Don’t panic, here’s how to get to the point:
Concentrate on the news that is important, that is to say those likely to change prices significantly. You recognize them, they have a “high” indicator indicated in red, or 3 bull heads at Toro. Finally it is always indicated in one way or another! From the Xtrade Australia you will get the best supports now.
- To find out the time when the news will be given, check that the calendar is based on your time zone. It is often specified at the top left.
- Finally, check the currency pairs affected by possible market movements. It is also specified on the line of each news.
How to trade news on the forex market?
The difference is more important than the result
- The first thing to know is that a number in itself means nothing. Knowing that X people are unemployed in the USA is not going to change prices. What should be looked at, however, are this figure compared to the previous result as well as this figure compared to the expectations of traders. On the Toro calendar for example, at the end of the line you will find the 3 columns “current”, “planned” and “previous” which allow you to make these comparisons.
- In practice, we don’t care a bit. Simply because once you have analysed the result, the price will have already changed! So we come back to the first advice: place your orders upstream and don’t even worry about the meaning! If you want to analyse the result it will only be to improve your understanding of the economy, not to position yourself on this particular trade.
What indicators to trade news?
Indicators will be particularly useful to you: pivot points and trend lines. Here, we are not going to do in the lace, the signals must be visible and clear if we want to position whether to buy or sell. With such high volatility, there should be no room for doubt.
To place the pivots, go to your indicators and install them. For trend lines, you will have to draw them manually using the lines that you can add on the graphs.