QUICK FLASH UPDATE
Please share this with ANYONE planning on using the software this week
What's happening this week in the news?
Tuesday, May 14:
- Wage Price Index release (6:30 pm PDT/ 9:30 EDT) - Effects the price businesses and government pay for Labor. RED FOLDER
This is a RED folder news event that will effect AUD
Most experienced traders will probably have software turned off no later than 1 hour prior to this event. And look to turn it back on around 7:30 PDT/10:30 EDT
Wednesday, May 15 :
- Core & Retail Sales (5:30 am PDT/8:30 am PDT) - The change in the total value of sales at the retail level.
Multiple RED Folders Effecting USD
Most experienced traders will probably have software turned off no later than 1 hour prior to this event.
It is a smart habit to become familiar with the weekly news events by going to https://www.forexfactory.com/calendar.php
We encourage you to take a few minutes per day or each week and look at the upcoming events in the Foreign Exchange (FX) markets.
There is an easy to understand color code to the calendar regarding news events and helping you to understand how a news event or speech/meeting being held can impact the global currency markets and cause above normal price fluctuations.
YELLOW - means low impact
ORANGE - means medium impact
RED - means high impact
The greater the impact the more volatility & unpredictability there will be in the market. Experienced traders usually do not risk trading during these times
Historical data has proven that using the software past Wednesday at 2 pm EDT has been a risky decision as the closer you get to the end of the week, the higher the chances are you will not be able to close trades out before the end of the week
The goal is to monitor your account, especially towards the end of the week and try to remain in full control by closing any open trades before the weekend comes and you are no longer able to close out orders
Please refer to our Zendesk for video examples on account setup and software management instructions
Happy week of testing