Regarding understanding of Event News to be able to analyze three major factors:
- to which currency or currency pair does content of news related to
- whether or not the event will have effect on chart (trade movement)
- whether the event, that happened, is good or bad for currency
I would like to know where could I sign up for some consulting (lectures) service that would explain me how to analyze the content (description of event) of news to be able to get the info on above said three factors?
Those are the most important factors when it comes to working with Events. However I am facing a lot of problems understanding the event. Even for most basic ones.
Example (recently obtained from DailyFX):
“Sweden’s inflation miss has the Swedish Krona as the bottom performer in the G10, but traders may want to note that SK 5yr breakevens are near a seven-year high with CPIF beyond the Riksbank’s target”
factor 1: here i am lucky that either name of country (it could be name of individual person too) or name of currency already exist.
factor 2: don’t know. No idea how to figure out if this will have effect on chart(s) or not.
factor 3: again, this is my main problem and the reason why i am asking if someone could please point me to some teaching service to learn. I simply don’t have the understanding of what is good and what is bad for currency. Therefore I don’t understand whether the quoted text means good for Swedish currency or bad. This confusion is the main reason why i am wasting months on opened position, being in loss, just to turn to profit for minimum distance to cover negative Swap so i don’t loss any money but neither earn it.
I am being fully focused on chart analysis (patterns etc) and this is WRONG. I should not be. However even the most basic Events make me confusion what is good and what is bad for currency.
Could someone please let me know about some resources, teaching service where could I learn this?
Recently I had situation with USDMXN. I went in Short position. Institution in Mexico (not sure which) cancelled airport construction and this took giant effect on chart. I had no idea this means bad for currency. All i was looking at was very well created pattern showing downtrend (and additional downward bounces from resistance line) but then obvious giant uptrend happened.
Your info about consultant would be highly appreciated,
Thank you a million times in advance.