The recent article by John Forman, "Economic Data And It's Influence On The Financial Markets", introduces the increased risk of trading during the major economic releases. So, which economic calendar do I use to alert me to these 'danger' times? The primary one is:

http://www.forexfactory.com/calendar.php

Please note though that this calendar deals with the broader economic releases. It does not cater for individual company reports.

Also, for those 'non-forex' people, please don't be put off by the website name. Economic news releases apply to all markets.

What do I like about this calendar?

1. Click on the time displayed in the column headings, and you can reset it for your own time-zone.

2. The Impact column gives a 'best guess' at the expected volatility.

• Red = High Impact

• Orange = Medium Impact

• Yellow = Low Impact

How do I use this data?

• The trading sessions prior to the most volatile releases such as NFP & FOMC can often be narrow range bound markets. I adjust my trading accordingly, or pass altogether if I'm not in-tune with the market.

• I don't enter a trade just prior to any volatile economic releases.

• If already in a trade, just prior to any volatile economic release, I consider options for either tightening stops, or exiting.

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