The general consensus among traders is that short-term trading is based on technical analysis, while long-term trading is based on fundamental analysis. We generally agree with this assessment, but for intraday trading you need to rely on technical analysis AND keep an eye on the fundamental announcements which may affect the market. There are times fundamental announcements override technical analysis in currency behaviors, but in intraday trading technical analysis generally rules. You should make it a practice to get flat, i.e., have no open trades, whenever a major fundamental announcement is taking place. There are several online sources of economic calendar announcements from which to choose. Then, after the fundamental announcement is released, wait for the reaction to that announcement. If there is a strong reaction to the news your stops are not guaranteed by any broker, so it is safer to exit. You can always reenter the trade.
When examining technical analysis, look primarily for areas in the chart with as few barriers to your trade as possible. These “wide open spaces” allow you to reduce your overall risk and still maximize the opportunity for profit. Once you have identified such an area, wait for our proprietary trade setup to materialize. After ensuring you have a trade as well as a trade setup, do all you can to manage your trade and stay in to the predetermined target.”