Taking A Look At The Forex Calendar

A Forex calendar is a document that has all the important economic indicators and events. The document helps you in keeping track of the Forex estimates made by Forex experts. As a trader, you will find all the information that you need in order to predict the future.

Where to Find A Forex Calendar

There are many calendars provided by different brokers and financial organizations. All you need to do is to go online and find these calendars. If you are working with a professional broker you will definitely find a calendar on the broker's website.

You can also make your own calendar. Here you need to visit the online calendars and choose the most important indicators and paste them into your document. You should then choose the ones that are of importance to you and save. This will help you to act accordingly.

Indicators Found On the Economic Calendars

Indicators are the ones that give you information about a given survey or occurrence. Some of the notable indicators that you will find on the calendars include:

Consumer credit report: popularly known as CCR, this is a report that aids in estimating the changes in the dollar amounts brought about by the issuance of unsecured loans aimed at purchasing consumer goods.

Although, the indicator isn't a big market mover, it will help you in predicting the future spending levels of the consumers-if more loans have been given it means that consumers have more money to spend. The report also aids in informing you on the position that you should take when trading the retail sales and personal consumption reports.

Consumer confidence index (CCI): it's usually released at 10am EST of every Tuesday of each month. It's usually a survey of over 5,000 US households and it intends to show the spending power, financial health and confidence of the average American consumer.

The survey comes with three headline figures: the index of consumer sentiment, current economic conditions and index of consumer expectations. This survey is usually a big market mover since the confidence of the consumer is of great importance for the performance of the country as a whole.

How to Read The Forex Calendar

It's very easy to read the calendar as all the information you need to know is given to you in black and white. The information comes in different colors where red is the most important, orange is less important while yellow shows the information is not important at all.

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Nonfarm Payrolls Preview: NFP can't save the not-so-mighty dollar

Another week is almost over, with the EUR/USD pair having flirted with 1.1900 for the first time in over two years and the greenback mixed across the board, but still weak. The American currency only gained these last few days against currencies that eased on self-weakness, as the negative sentiment towards the greenback remains intact. If anything, chances of a rate hike in the US have decreased further on dovish comments from Fed's officers, while political jitters keep coming as President Trump seems unable to focus beyond the Obamacare repeal bill and North Korea, still struggling to form a reliable team around him.

Traders have one more milestone to surpass this week that is, the US monthly employment report, to be release this Friday. The country is expected to have added 183K new jobs in July, after June's positive surprise of 222K. The 4.4% unemployment rate is still expected to drop to 4.3%, while average hourly earnings are expected to be up 0.3% monthly basis, and by 2.4% on the annualized figure, this last, slightly below previous 2.5%.

The ADP survey released on Wednesday showed that the private sectors added 178,000 new jobs last month, just below forecasts for of 185,000, while June reading was upwardly revised to 191,000 from an initial estimate of 158,000, neutralizing the slightly negative headline, and somehow anticipating a solid US employment report, but would it matter?

There's has been long since the US Nonfarm Payroll report triggered interesting market movements, except in the case of big disappointments, quite logical given the ongoing distrust in dollar's future. And that will be the case for this Friday: the NFP report will only be relevant if it's a big miss.

All components will be relevant, but jobs' creation and wages will take center stage, as slow wage growth will maintain inflation subdued, and with poor inflation, there are no rate hikes in the Fed's book.

EUR/USD levels to watch

There is one reason why a strong report can trigger a downward move in the EUR/USD pair: the market can take it as a reason to take profits out of the table ahead of the weekend. Yet after the dust settles, probably early next week, the common currency could resume its advance.

The EUR/USD pair stands a handful of pips below its yearly high, up for a third consecutive week, and pretty much advancing since mid April, resulting in overbought conditions in daily and weekly charts, another reason why a pullback can't be dismissed. At the same time, there´s no sign of upward exhaustion, which means that the rally can extend on a lousy report.

The weekly chart shows that the price is now above its 200 SMA, the first time since July 2014, while technical indicators maintain their upward slopes within overbought territory. In the daily chart, the RSI indicator keeps heading higher around 75, while the Momentum indicator consolidates near its recent record highs, as all of the moving averages head north far below the current level, all of which supports more gains ahead.

Beyond 1.1910, the next resistance comes at 1.1950, followed by the critical 1.2000 threshold, where the market can also rush to take profits out of the table. To the downside, 1.1830 is the immediate support, with a more relevant one at 1.1785. Below this last, the corrective movement can extend down to 1.1715, August 2015 high, without affecting the dominant bullish trend. 

How To Thrive In Your Trading Career

Let's face it: Most traders if they are lucky manage to survive, very few thrive. In fact, I am certain most traders don't even know what thriving means.

To thrive in your trading career is about much more than making it to the end of the trading day. I am not even talking about the money you may or may not be making. That will happen automatically when you learn to self actualize instead to react.

If you can make this quantum leap from reacting to self actualising your entire trading life will change for the better.

We are reactionary creatures by default

By this I mean that your brain has been trained to react by default. Impulse reactions drive the markets after a big news event like NFP, or the FOMC meetings.

There are trading bots which take advantage of these trading patterns which exaggerate the moves in the markets, but that is another story for another day.

The point I want you to get is this:

Your trading mind operates on reactionary auto pilot.

This is not in your interest because your mind is like an untrained monkey. The untrained mind is all over the place and thinks in dualistic terms. Good or bad and right or wrong. This thinking puts immense strain on your entire body. It causes stress and anxiety.

Such emotions fuel dualistic thinking and reactionary behaviour

In order to thrive in your trading career your have to learn techniques to distance yourself from your emotions.

There are only two ways in which you can do this:

Learn about yourself, how your brain works and how the universe works and learn how to apply this knowledge in your trading life. You will soon discover that most of your thoughts are actually meaningless.

When you learn to stay out of reaction you have a chance to thrive in your trading because your brain has spare capacity it now can use to, you guessed correctly design strategies that work for you.

This is what self actualization is all about:

When you have the spare capacity in your mind to allow new information in you will expand. You become more mindful because you are open to seeing new things about yourself, about the world the markets and so on which you had never seen before.

Imagine how the ability to stay out of reaction to anything you experience will set you free. Imagine how much better you feel. More energy fuels creativity and vision. You need both to thrive in your trading career and in your life in general.

Isn't it time that you started to thrive today?

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