When trading Forex, it is really important to be aware of Forex news coming out which may affect your trade.
A great example of this happened this morning.
The EUR AUD had broken a support and the 4 Hr bar had closed below it.
But when I checked the news I could see AUD employment data coming out.
… and hey presto, looking at the 1 minute bar at 02:30 on MT4 (which is actually 00:30 UK time when the news was released), there was a massive spike north which would have hit my stop had I taken the trade.
4 Hour Chart – Spike would have hit my top:
So being aware of what news was coming out, and having the discipline not take the trade because of it, I saved myself having a losing trade.
The calendar I have used above is on Forex Factory.
All resources I am using are listed on my resources page.