Staying alert for news and data developments

If your trade rationale is reliant on certain data or event expectations,

you need to be especially alert for upcoming reports on those themes. Part of your calculus to go short EUR/USD, for instance, may
be based on the view that Eurozone inflation pressures are receding, suggesting lower Eurozone interest rates ahead. If the next day’s Eurozone consumer price index (CPI) report confirms your view, the fundamental basis for maintaining the strategy is reinforced.

You may then consider whether to increase your take-profit objective depending on the market’s reaction. By the same token, if the CPI report comes out unexpectedly high, the fundamental basis for your trade is seriously undermined and serves as a clue to exit the trade earlier than you originally planned. Every trade strategy needs to take into account upcoming news and data events before the position is opened. Ideally, you should be aware of all data reports and news events scheduled to occur during the anticipated time horizon of your trade strategy. You should also have a good understanding of what the market is expecting in terms of event outcomes to anticipate how the market is likely to react.

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