When trading in any market, it is important to be informed. A good trade could depend on the level of information that you have about the trade subject.
Any upcoming release could deviate a trading plan. Finding out the market expectations should be done prior to placing a trade.
For instance, if a trader is going to place an order in a currency and retail data is due on the day, the trader has to be aware of how currency can be affected by retail data. If retail data released to the market is weaker than expected the currency will probably (but not always) go down, just to price in the news.
Markets can be affected in many ways. Falls in the market could be expected ahead of Reserves Bank’s meetings if the expectation is an interest cut. Nevertheless, if the interest rate cut is lower than expected, then the market could pair losses and rally a bit.
Placing a trade without knowing what might come is not a good recipe. Charting and technical analysis is an art but it is not everything. The more you compliment your knowledge the more successful shall a trade be.