What economic calendar is correct?
I’ve tried to compare babypips economic calendar with economic calendar from other website but there seems to be some level of dissimilarities between them.
Sometimes some news that are medium here on babypips might be high on some other websites and also some that are low impact news here on babypips, do show medium impact on some other websites. And some news that are released here on babypips are sometimes not seen on other websites.
So, I ask again, what economic calendar do we trust, because, it would be very disastrous to mistake a High news release for a Medium one.
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forex factory is a very popular site used by a lot of traders that I’ve spoken to
I trust Oanda’s Marketplace site. Very easy to navigate also.
As fo me, the most reliable are those placed on Investing and SeekingAlpha.
The first one allows to create filters, that is also very useful.
Trust the schedule of release only and not the impact. The news impact is only judged by the website operator based on their own analysis and is not reliable. Use 2 calendars and cross reference them.
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Categorisation between High, Medium and Low impact by calendar authors is an indicator. As with all indicators, don’t make trade entry/exit/size decisions just based on the indicator.
However, if you keep looking at the calendars, you’re going in the right direction. Bear in mind that most bad news comes out in a market that’s already a bear and most good news emerges in a market that’s already a bull.
@tommor
" Bear in mind that most bad news comes out in a market that’s already a bear and most good news emerges in a market that’s already a bull "
How true is this?
I mean is there a way that you can prove it?
Only through experience.
But this is almost obvious. Consider the logic - only the largest players in forex can move prices - the big banks and funds etc… They obviously have better analysts, computers, newsflow and trading resources of every kind than we do. So if they are selling a currency and causing its price to fall, printing as a downtrend, how probable is it that they have got the direction 180 degrees wrong? Its far more likely they have seen some negative information or analysis and they expect more of the same. They will usually be right.
if you have the time and resources, i think it might be a good idea to view multiple calendars and compare and contrast your data. maybe that way, you will rarely miss anything
I think that indicator relevance is very flexible. Each country has some indicators that are important and some that might be important in some moment of time. So, not all economies are the same, nor are perceived relevance of indicators. Every broker would have some opinion on relevance
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The impact of each news release will also depend on it’s perceived importance by the wider market at that time and whether or not it’s largely different to the expected number.
However, many of the free economic calendars out there are delayed with their release of the news - delayed compared to the Bloomberg terminals that pro traders use. Hence why you often see the market move before your economic calendar has released the number.
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On a related note, I created a list of known economic calendars online below…
- EconoDay - Free but not very thorough and hard to navigate
- Trading Economics - Generally good but not as thorough as others
- EconoCal - Paid (no ads) with community engagement features that aggregates other economic calendars
- ForexFactory - Very well known and popular, easy to navigate and reliable
- FX Street - Lots of ads and alerts, can be complicated to navigate (not user friendly)
- TradingView - Excellent layout and navigation, one of the best out there
- Baha - Very simple interface but the site can be a bit much on the eyes
- DukasCopy - Decent and easy to navigate
- Investing - Somewhat popular but a bit to small to navigate
- BabyPips - Another popular one, very nice navigation and easy on the eyes
- MyFXBook - A good one with easy navigation and good data
Thanks and hope you enjoy!
Economic calendars often differ in impact ratings and coverage, so it’s best to cross-reference multiple reputable sources like DailyFx, Babypips, Forex Factory, and Investing.com to ensure you’re prepared for significant news events.
MyFxBook calendar