Okay, so the first of the resources that we're going to go to is forex factory Comm. This is really your starting point. So at the start of the week, you're going to come to forex factory, and you're going to look at the economic news events that are coming out for the week ahead so you can start to plan your trades well in advance. Now, there are certain things that you need to do in order to get yourself set up in the same way as which I've been teaching you in previous topics and what you'll see in future topics. So this is what the video is all about is getting you fully set up and making sure that you can fully take advantage of this wonderful website that is going to really essentially help you identify your trading opportunities each and every single week. So first things first is you need to set yourself up with the right timezone.

So it doesn't matter where you are in the world. You can still sync your own timezone with the calendar to make sure that when the news items are coming out, they're coming out at the right time for you in your timezone. So what you need to do is you need to go to the top right hand side where it gives you the current time, click on that and go and select the timezone that you are in. I'm currently in London, so that's absolutely correct. But if you're in a different time zone, all you do is click on the drop down box, go find your timezone and select it. Once you've done that, at the current time, we have daylight savings, so this needs to be switched on for the time being when we when the daylight savings comes off, all you will do is click two off and all that does is it changes it by an hour, the time format I've currently got as am and pm.

Once you've done that, click on Save Settings. And what you'll do now is you will make sure that your synchronize time is exactly the same time as your clock on your laptop or the clock in your house in the time That you're in so I can see that my calendar is synchronized at 6:15pm. My time in London is 615 616. So the two are absolutely synced. So I am happy that now the calendar is synchronized with my local timezone. Once I've done that, I can then click back to the calendar by clicking on calendar.

And now it will give me the current calendar. As you'll see, I've filtered all of the news items. So I've got rid of the the amber and the yellow flags because they are medium and low impact. We're not interested in those. So how you do that is you go to this little symbol top right here, and you click on it, and that will give you the ability to filter for many different things. The first thing you have a filter for is the red impact.

So we only want the high impact events. Remember, we don't want the orange we don't want the yellow and we don't want the gray. So until Check all those boxes just leaving the bread checked. Now in terms of event types, the following that you want to have checked are as follows. You want to have growth events, inflation events, employment events, central bank events, housing events, consumer events, business events. But we don't actually want speeches, we're not interested in speeches, we're not interested in bonds, and we're not interested in miscellaneous, so we can uncheck those.

So we only have high impact related to the types of economic event that we want to trade. And then finally, the last filter we do is by currency. Now the only one we won't be trading is the CNY, which stands for the Chinese yuan. We can't trade that. However, we can trade all of the others so you keep the others checked. And as soon as you've done that, and you're comfortable with your filter, you can apply your filter.

The next thing we want to do is Obviously we're looking at this week. However, it's now the weekend and I'm concerned about next week's events. So how do we filter for next week? Well, you'll notice top left here it says this week, July the fifth to July the 11th. We're actually on July the 11th. So I'm more concerned about next week.

So I'm going to select Next week by left clicking on this box here. And as you'll see, it brings up the calendar. I'm then going to go down to where it says next week. Click on that it will also collect the date range. Once you've done that, click on Apply settings. And now you'll see the dates have changed.

We've got from Tuesday, the 14th all the way through to Friday, the 17th. So those are the dates that I'm most concerned about. So we've got the full filter in process and now we've got next week's dates and economic events listed for me to have a look through and start to plan my trading plan. As you'll notice, we have the previous That was last month or last times figure, we have the forecast because every time a week before the actual event, we get the analysts that give their projections. And we have the actual which is empty at the minute because the events haven't taken place yet. So this gives us the ability to have a look at the forecast, and then start to work out what we'd ideally like to see, would we like to see a better data point to add strength to the currency, or would we like to see a worse than forecast data point, which will weaken the currency so we can go through, see which news events are coming out when they're coming out.

So the date, the time based on your local timezone, the currency pair they're going to affect the impact is obviously high impact. And then we have the data points, or the data event. Now if you're unsure as to what the data event is, that economic event is, we've got this very useful folder here, which if you hover It says open detail. So if you're unsure what CPI again, you would click on that box. And all it says is it gives you the confirmation of what it is. So it's the change in the price of goods and services purchased by consumers.

So as we see down at the bottom, it's inflation data. So if I was unsure about CPI, I would go into this little box here. And it would give you a full breakdown of what that news is related to. So we know inflation is a very, very important element for a nation for a central bank and for the local currency. What's really, really useful on the right hand side here is also you get the previous month's projections. So in June, the previous was minus naught point one the forecast of naught point one and it came in as naught point one.

So you get to have a quick look at the historical data over the past few months. What's also quite useful but it doesn't have anything at the minute is related stories. So this gives you articles From the likes of Bloomberg, from Yahoo, etc, which are stories related to this particular news item where you can do a little bit of research to give yourself a bit of background in terms of the reading. So that is you all set up and ready to go with forex factory. This is a free resource, but it's so, so powerful. It's giving you the ability to filter for the big news announcements that are taking place for the forthcoming week, so you can start to build your trading plan ahead of time.

Now, we haven't gone through trading plans just yet. But we're going to go through that in due course, and that's essentially giving yourself a trading idea as to how you want to see the news pan out. And if it comes out as you expect, you can then execute that trading plan by either buying or selling the currency pair that you've identified in your trade plan. After the news announcement has been released, so we'll go through that in more detail but hopefully that's brought you up to speed on forex factory comm and how to make the most of the economic calendar.