While the forex markets operate 24 hours a day, trading is at its minimal during the weekends are most of the major trading markets such as London, US, Asia are closed on the weekends. Some traders tend to make use of this slow periods in order to draft up a trading plan for the week ahead. When markets are closed, it provides a different environment, where in the trader doesn't have to do much expect to focus on the week's upcoming events and how the currencies will react in the week ahead.
In this article, we'll outline some ways on how you can conduct your weekend forex trading analysis and how it can help you out for the week ahead.
Forex Charts - Past Week's Analysis
Looking at forex charts during the past week can prove to be detrimental for traders in order to get an idea on how and where the markets are by the time the markets were closed on the weekends. Furthermore the price movements can offer a great source of information to get an idea on how the prices were moving during the previous week. Reflecting on past week's charts and also analyzing any of the trades made can provide some insights for traders and rectify any mistakes that might have been made. Various trading strategies such as forex hedging and scalping can be planned out in advance.Forex Economic Calendar - Looking ahead
The Forex economic calender is a great way to plan the trading week ahead. Traders know that currencies tend to get very volatile during important news releases. By preparing a trading plan for the week ahead, based on the economic calendar can be a great way to build a trading strategy. Coorelating the week ahead based on previous weeks price movements can help traders to identify potential trading opportunities and prepare for any eventualities as well.Focus on the fundamental
Forex fundamental analysis can be a great way to gain insights into the most important market movements and also the price action on the currencies in focus. Fundamental analysis can help give the trader insights into the market and thus enable traders to plan their trades accordingly. As traders know that there are many factors that influence the currency prices, fundamental analysis can help the traders to get a better economic and political idea on the countries in question which can tend to influence the currencies.Forex weekend analysis is a great way for traders to relax and observe the forex markets without having to spend a great deal of time focusing on their trades. Weekend forex analysis should infact become one of the basic steps for traders in order to plan for the long term and also prepare for the trading week ahead.
