Protection against Economic Calendar Errors!

Unfortunately, like us, the people that prepare and manage the economic calendars we use are only human. Therefore, on the rare occasion they make a mistake.

Yesterday gave us such an example…

Myfxbook listed the RBA interest rate news as being due at 4:30am (GMT), where in actual fact the release was ay 3:30am (GMT)….

Thankfully it is a rare thing to see but there is a way to avoid losing out due to it happening… its optional, not essential, but you can just crosscheck the times with www.forexfactory.com, or any other economic calendar…. if you see conflicting times on a release, just set an order up for both times, but bear in mind you are doubling your risk…. this can work in your favor or against you… 


 

3 things can happen:

1) Both orders trigger and lose

2) Order only triggers at the actual news time

3) both orders trigger and win / or one loses , one wins.

Yesterdays RBA release gave us the result of 2). it worked out for most… 

It is extra effort, but cross checking against another calendar is a sure fire way to avoid missing out…

As a side note – we copy and paste the news release lines (inc time) direct from the myfxbook calendar – so if you do want to crosscheck – i’d suggest Forex Factory…. just bear in mind they are a little sensitive in terms of what they deem “high impact” so I would only use them to cross check actual news times…

Have a great week all!

3 replies
  1. Penny
    Penny says:

    Hi Ben, Good idea to double-check the news events – I’ll start doing that, thanks.
    I’ve always used Forex Factory until starting with your service, so I’m still getting used to Myfxbook and the way they name some events differently. When you say Forex Factory are a little sensitive in calling high impact events, is that why you don’t use them? Do you mean they make more high impact calls than Myfxbook?
    cheers, Penny

    Reply

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