Before you start trading along side the news, you have to familiar with the importance of statistical data that release by each country every time and how they impact the market, you can also read my basic trading system which is related to trading along side the news here
All of statistical data that i use for trading is provided online, which are free to use like babypips’s calender or forexfactory.com, you can also check some paid statistical data provider website which has more advance function, but in this case i would like to use forexfactory.com so you have to familiar with forexfactory.
One of useful function in forexfactory is you can filter what kind of data you want to be appeared, so I use the filter function like this…
I use only two highest impact which color are red and orange.
On Nov 30 to Dec 1, the data appeared in forexfactory calender is like this
A lot of data would be released, but we must focus on data that would be released in two days which is CAD. So I focused on trading USDCAD pair.
The condition on Nov 30 is like this…
I also prepare for technical analysis which is I use the daily chart of USDCAD, on Nov 30 the resistant level is 1.29016 so the price is on the peak, the good statistical data from CANADA vs bad data (or natural data from USA) will make this USDCAD pair bearish.
Nov 30, the current account of Canada is released, and it was green which mean bearish for USDCAD, so I sell USDCAD with SL on 1.29270 and prepare for next release of another Canadian Statistics. On Dec 1, Canada would released 3 important data they are Employment change, GDP and Unemployment rate. The condition is that if that 3 data are green I have to continue selling USDCAD but if condition is not approach I will stop selling.
You have to setup your trading plan if you want to trade along side the news by standby on your computer 15 minutes before the news release. And whoola on dec 1 the data of Canada was released as you can see all 3 kind of important data are all green, so I still keep selling USDCAD and got some pips like this…
Thx for reading