What's the hype behind First Fridays?

High impact news and events make for increased FOREX market volatility. Which means more opportunities for profit or loss. If you are new to trading it is strongly suggested that you sit this one out. Even some top traders opt to trade Tues - Thurs only as a part of their complete trading plan. Stick to your plan.

It's always good to stay informed on how this data might impact the value of currencies, metals(gold and silver), and stock indices (S&P 500, NASDAQ, US30.)

8:30 AM EST

Set your alert. Watch the DXY(Dollar Index) chart and your favorite currency pair on a 15-minute timeframe to watch the investors' reaction to the outcome of new U.S. jobs data. In particular, what does the information mean?

Tip:

Non-Farm Payroll - total # of employees/workers excluding non-profit, sole proprietors and farming

Unemployment Rate - # of

Jobless Claims

Average Hourly Wages - Household income

TRADING THE NEWS: ~> Test trading strategies in your demo account

Here’s how to do it:

1. Review Forexfactory.com - Compare previous, forecast, and actual. Note the change. Increase, Decrease, or Unchanged?

2. What impact did it have on the dollar(DXY)? Positive (Buy) Negative (Sell)

3. EURUSD, aka the anti-dollar. How does it react to the news? If this news was deemed negative towards the dollar, EURUSD will be in a favorable buy. If the outlook of the dollar is hopeful or positive EURUSD

4. Write down your findings, date, and screen capture your chart. This will be the beginning of your monthly NFP catalog. You will become stronger by knowing the most common impacts on price.

Forexfactory.com calendar of high impact folders for Aug 7th, 2020