Okay, so this is a short video to demonstrate the powerful tool of the Forex news gun. You'll have noticed in the previous lecture that there was a PDF document talking you through the steps in order to get that set up and installed. So what I want to do is just talk you through that process from a visual perspective to make sure you're comfortable with not only setting it up, but also how to use it. Now, we have a news event coming up in a few minutes time. It's not one that I personally trade, but it's going to be really, really useful for me to show you how the tool works in real time. So first and foremost, let's get it installed.

How do we do that? So in the PDF document, you will notice there is four steps. We're going to go through those now. So the first point of call is by clicking on the link just here. And this will take you through to the Forex peace army website where the original author of the tool has kindly offered it for free download. So once you get to this website, what you need to do is then just scroll Roll down slightly until you reach this following area here.

And this gives you the ability to download the tool to either your PC if your Windows based or your Mac. So on Windows base, so I'm going to click on this link here. And what it's going to do is automatically download the tool to my computer as you see bottom left here fng. I'm then going to click on that and it will start to install this system on my computer. Now there's been some updates since I last installed it so I want to have those updates. So yes, I want the new version.

And now it's downloading. So within a few seconds, we should see it. There we go. There is your forex news gun. Absolutely fantastic. It's nice and small, so we can actually overlay it on top of our charts.

What you'll notice that the bottom, just down here is you'll notice the tab which gives you fng, the symbol f g that stands for your forex news gun. So when you select that, you can then have it on top of your charts. So you can see the news breaking in real time, and then place the trade as quickly as possible because we know time is of the essence with our trade. So this is what's beautiful about the Forex news gun, we can overlay it on top of our charts. Now the first thing we need to do is we need to connect to the server so that we get all the news events coming through. So there's a little button here which says Connect, click on that.

And what it will do is it'll auto populate all the upcoming major news events for the next few hours. And once a news event has happened, what it'll do is it'll drop off and it'll continuously update itself. You'll notice on the left hand side we've got the date and the time the time is actually New York time but ignore that concentrate on the time on your forex factory calendar because remember that is synced in with your local timezone that will tell you when you need to be at your charts, trading and news events, so ignore the time here. You will get your time from forex factory.com calm. It also gives you a breakdown of the event coming out which we have in a second, the zoo German expectations of the economy. So that's coming out in Arad about a minute.

So we'll be prepared for that we're not going to trade it, I just want to illustrate you in real time, what it looks like when news hits the wires. So we're going to be concentrating obviously on the actual it gives you the forecast, it gives you the previous so you know what you're expecting. And then what we want to see is a deviation to the actual, which aligns with our trading plan. Remember, the trading plan or your trading idea has already taken place. The news gun is just releasing the economic data as quickly as possible. So in a few seconds time, we should see that hit and we'll see the actual box be populated.

And that will be then when we decide to take a trade if it matches our trade plan. So we're just going to watch this closely. And we're going to wait and see how it comes out. So the forecast is 29. Let's see how it comes out. Sometimes there's a slight delay to 29.7.

So as you can see, the actual box has now been populated, it came in slightly higher than forecast for this particular data points. So that talks you through the whole process of not only setting up the tool, but also how to use it in real time to find the actual figure. Now we use this tool for x news gun in conjunction with our FX pro squawk because this tool doesn't have every single data point it has a read about 94 95% of the data points, but not every single one. So for those occasions where it doesn't provide the data we need, we'll obviously be using the squawk as a backup Now, in terms of which of the two provides the data quickest, it does vary on a case by case basis. But generally it's the Forex news gun provides you with the release quicker. However, we use both in sync.

So we have the squawk and we have the news gun at the same time, whichever one provides us with the data First, we will obviously use because we want to get that data as quickly as possible so that we can then act upon it and trade upon it. So hopefully, that's brought you up to speed with the Forex news going again, get it set up, have a play around with it, watch it, see how the news comes out. And then obviously take a few trades off the back of it which line up with your trading plan. What you'll notice in other videos, where we go through the live trade examples is that this is always an integral part of my trading setup, and you'll see lots of examples of where I'm using it to help me identify the highest probability trades.