I created the app initially to help me keep track of News that would affect my current positions. Some time ago, I was in EURJPY trade during the Asia Session. My numbers were up significantly and felt comfortable enough to go to bed. I woke up in disappointment to find that the trade had hit my lower stop and ended up losing money. I had forgotten that during the European Session there was interest rate news coming out that would affect my position. This was when I decided to create something that would remind me when important market-moving news was released.
This was how Forex Watch was started. The calendar added reminders of the main news events coming out during the week from the popular website forexfactory.com. Having these reminders allows traders to better manage their trades. The app also sends traders the actual data report figures as soon as they are available. This helps us keep track of the numbers to make better trading decisions.
Also, get a feel of how the reports affected the market by watching how that pair reacted against its major counterpart.
I created Forex Watch as a companion to my trading activity. It helps me better consider the following factors in my trading activities.
Why Time Zones are important?
The time zones were added to keep track of the busiest more liquid times to trade. Any trader will tell you that the best opportunities are close to the opens and when two major markets are open. London is the most important market followed by New York and when these two are open the volume is at its highest. Along with the timezones we also have the indexes for the major markets for a glance at what the markets are doing.
Notifications are important to keep track of the markets. And with so many markets to keep track of, it is important to have opening times for both the FX and the local Stock Markets. Any competent trader will tell you that the FX markets get going a few hours earlier than the stock market opens. They are also different types of traders that trade on different types of news. Forex Watch helps you categorize and choose the types of news notifications you receive so that you don’t get inundated with too many notifications. Choose the type and the sessions you wish to get notifications for.
Know which pair to trade ( Average True Range )
The Average True Range reveals which pair moves the most during a given session or timeframe. Depending on whether you are a day trader or a swing trader, you may filter with the 15-minute chart or the daily chart. Add to your favorites to avoid having to look for the pair every time.
Event History (Better on Laptop or Desktop)
The event history is the most recent addition to Forex Watch. When trading, it is critical to monitor news events to see how they affect the market each time a report is released. Use this tool to determine how aggressively the market is reacting to the report and where it may go. Use the filters to find the data point you need by going back as far as three years of news data.