I spoke before here about trading with the trend instead of against it. That’s fine, but I always take into consideration fundamentals, i.e. news. So if I think there is some news coming I may place an order on a trade below the current trend if it is bearish and I think it’s going to break down. Then my order comes on when it’s confirmed.
My most successful and profitable trades happen like that, I spend time looking at different peoples opinion of the pair, the charts and make an overall judgement on it. Then set up my orders.
If my order does not take, I was wrong, but it’s not cost me anything to be wrong! 🙂 If a trade is on, that’s a different story.