Have you ever placed an order seconds before an economic release that you knew nothing about? Your order is executed, and the market jumps literally 10 ticks against your entry price, and you get completely lost without knowing what happened and many times, without really knowing what to do. Should I wait a couple more seconds, or just close the position and try to understand what happened?
Well, this is where Jigsaw Widgets come into play. You can place them side by side with your charts and DOMs. We have a Real-Time News widget, which puts you on top of what news just got released and if they somehow impacted the market, and an Economic Release widget, which shows you all the scheduled economic news to be released for the day. This allows you to be prepared and not get caught off guard again.
Today, we will be looking at the widgets. These are cloud-based services that are available within daytradr.
We have 2 widgets available, the Real-Time News… and the Economic Releases... For those of you already using our cloud-based platform, Journalytix, these widgets will be familiar.
One of the main advantages of having the widgets, is the ability to place them side by side with the charts and the depth and sales. If we see a sudden move with volatility, it is beneficial to have a real-time news feed right here where we can glance to see if some news came up, that way we know the move is news-driven and might be a sustained move.
Looking at the real-time news widget, we have an audio option that allows the news to be read. By clicking here, we enable the option, which can be of great help, since we don’t need to be constantly looking at the window and reading the headlines. Here is an example of how it sounds…………………. To disable it, we just click it again. We can also create filters, that as the name indicates, will filter the news we see based on the keywords we’ve written. Those keywords will be highlighted in the news headline.
By clicking on the news headline itself, we can read some extra information from the headline, but if we want to read the actual news article, we just need to click here and a new window will open with the full article.
We can also switch OFF and ON the real-time news, by just clicking on this button. So, all this information is in real-time for those who have a daytradr live license or a Journalytix subscription, otherwise, the news feed will have a 15-minute delay.
Looking at the economic releases…, they help us to stay on top of what is scheduled for the day, which for some traders is a time you don’t want to be in the early stages of a position and for other traders, is the time you want to trade the news release itself, using their knowledge of how a hit or miss is received by the markets. We then have other traders that are looking for momentum off a news release, which in some cases can last all day.
If you want to know more about specific economic data, by clicking here you open a new window where you can read the most recent history for it, giving you more context, which can help you even further read what the market is doing and the data being released.
If you want to see all past releases for the day, just click show all, and you will be able to see every release for the day, both pending and already released.
I would like to call your attention to something not directly related to the widgets, but important for your trading. When you are looking at the depth and sales, and you start to see the liquidity becoming thinner and thinner, quite often, this is a heads-up that something is about to happen, and some news is about to be released. We are seeing orders being pulled from the markets because, some traders don’t want to be exposed the moment the news hit the market., and this is what has been happening here.
We can see a pop in the market, news starts to be released, we immediately see that data showing on our screen, and as mentioned earlier, based on the news and market reaction, maybe there’s an opportunity to take advantage of which some trades will take. Let’s now take a look at the Journalytix Settings for the Real-Time News and the Economic releases.
Let’s first take a look at the Economic News tab, where you can select which countries you want to see the economic news from. We have literally all countries in the world. Just select the countries you want, let’s say Norway, and then click Save. From this moment on, we will be getting also economic news from Norway.
Let’s now look at the Real-time news tab, here you can select the voice you want to hear, its pitch, and volume.
Then you just need to select the feeds you do not want to see news from. For example, we already blocked all bitcoin news feeds, let’s also block Zacks Investment, and then click save. From this moment on, we will not get any real-time news forms these feeds.
In summary, widgets are one of the “must-have” tools we need to have on our screens. How many times have we all placed a trade, to learn seconds later that major economic news is about to be released that we knew nothing about, and we get caught in the middle of all that burst of volatility that many of us simply cannot afford to be in? Be prepared ahead of time, either by using the widgets or Journalytix.