hello,
My problem is that very often whenever some important person like angela merkel says something the euro either rockets up or plummets down. I would like to know if there is any sort of calendar where meetings or speeches of important eu members are listed in advance. I use forex factory to look at the calendar but only a few speeches by people like trichet, bernanke etc are listed.
A lot of times, statements that move the market aren’t made at scheduled events. And more often than not, they aren’t game changers. They usually result in a temporary spike, then price moves back to where it was, or resumes it’s previous trend.
If those kinds of things are messing up your trading, your lot sizes are too large.
The severity of the move or spike will also depend on what they’re discussing or commenting on. The interbank players will already have either taken or adjusted positions (& hedged them) well ahead of any potentially influential market mover.
The exaggerated & volatile price moves first in one direction, & then occasionally back again, will in the most part be the result of a combination of bets being removed/cashed/reversed because it failed to match up with expectation.
By the time you receive & attempt to process it you’ve already missed the boat.
The best you can do is wait for the storm to blow itself out, see if the price action matches up with one of your usual set ups & get aboard then.
To stay properly abreast of output such as that a squawk feed will be a more appropriate proposition than a calendar.
If you really must continue down that road (although I’m not sure why you’d want to) try googling RanSquawk. That’s the most popular retail feed out there covering the type of stuff you’re enquiring about.
thank you both for your input.
I am aware of ransquawk but as you mentioned the market would have already reacted by the time i hear the news.
I am actually not interested in trading during such news releases but i want to close any open trades i have before someone important is about to speak.
Anyway i suppose you can’t keep track of everyone.
I would be very interested in kowing the road that you have taken. thanks.
You shouldn’t need to close open trades prior to a potentially volatile event risk unless you’ve badly mistimed your entry (by placing it too close to the release or event) or prices have moved back against your entry before you’ve had sufficient time to either scale out or adjust your stops.
If either of those circumstances are becoming habitual then you need to take a serious look at your planning & preparation.
That comment was meant as a gentle nudge to perhaps spend less time worrying about event risks & focus attention on ensuring that those types of market situations don’t unduly affect or negatively impact your day-on-day trading regime.
Proper planning, preparation & management will usually keep you out of harms way majority of the time.