On days like today, traders tend to look at alternative markets and products for opportunities. The US Stock market was generally flat Wednesday August 6th so the opportunities for directional entry points weren’t as present as they have been over the past week. If you’re a short term trader and one with a Forex account consider using Forex trading as a way to supplement your stock, options and futures trades. Days like today are perfect conditions to do that in.

Forex trades 24 hours a day and 5 and 1/2 days per week from the Sidney Bank Open up until close in New York from Sunday night to Friday Night respectively. When you trade a currency pair it’s important that you check the economic calendar to confirm whether there are or are not any significant reports for that pair.

Some economic data points are critical to pay attention to, others aren’t so significant.  Using an economic calendar that labels each events significance can be very helpful in this regard.  When you do this, you can decide before the event happens whether you’re willing to take the risk going into the report, or if you’re going to stay out of the Forex trade and wait for the report to happen.  One simple tip: make sure you check your calendars time settings against your charts time settings.  It’s common for some Forex charts to be set to GMT (Grenwich Mean Time) and the economic calendar to be set to Eastern Standard Time. The image you see above is set to Mountain Time (Denver, USA).

There are many cross-pairs that include The Aussie. AUD/JPY and AUD/USD are 2 of the more popular and liquid ones. A day like today is a perfect chance to try a new product like Forex and expand your trading tool kit to include a  new technique that you can use after the bell, for a quick scalp or day trade.  Check out some of our videos in the education section or join one of our Coaches Show’s for more extensive detail on how to execute this trading strategy.

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