There are a lot of things to consider before taking a trade
{I}  First and for most is the broad market.  you have to determine where the broader market is at by this i mean due to a lot of correlations in the currency market, you need to be cautious not to become so focused on an individual currency you forget to consider what is occurring in the overall markets. Once you have your overall market forecast, you will the search for investments that will provide the best opportunity to take advantage of your broad market analysis.
{II}   Fundamental analysis is also a key indicator in a productive strategy.
 It is the cornerstone of investing. In fact, some would say that you aren't really
investing if you aren't performing fundamental analysis' Because the
subject is so broad, however, it's tough to know where to start. There
are an endless number of investment strategies that are very different
from each other, yet almost all use the fundamentals

{III}. A technician on the other hand will say that fundamentals don't matter, The chart of the currency pair will tell you its time to buy or sell.  The technical analyst will carefully study the charts because he knows that certain patterns and situations will develop time and time again, and if he recognize the, he can profit from the expected movement. Much like a weatherman will forecast the weather be analyzing what's happened in the past , so will the technical analyst learn from the past and forecast the future movement of a pair.

{IV} Risk management is what ties a good strategy together, You cannot win 100% of the time on any market, making sure your risk to reward ratio favors reward on every trade you take

Professional traders like me and many others concentrate on risk to reward ratios,
and not so much on over analyzing the markets or having unrealistically
wide profit targets. This is because professional traders understand
that trading is a game of probabilities and capital management. It
begins with having a definable market edge, or a trading method that is
proven to be at least slightly better than random at determining market
direction. This edge for me has been price action analysis. The price action trading strategies that I teach and use can have an accuracy rate of upwards of 70-80% if they are used wisely and at the appropriate times.

power of risk to reward comes in with its ability to effectively and
consistently build trading accounts. We all hear the old axioms like
“let your profits run” and “cut your losses early”, while these are well
and fine, they don’t really provide any useful information for new
traders to implement. The bottom line is that if you are trading with
anything less than about $25,000, you are going to have to take profits at pre-determined intervals
if you want to keep your sanity and your trading account growing.
Entering trades with open profit targets typically doesn’t work for
smaller traders because they end up never taking the profits until the
market comes swinging back against them dramatically. (I think this is
very important, go back an re read that last sentence)

If you know
your strike rate is between 40-50% than you can consistently make money
in the market by implementing simple risk to reward ratios. By learning
to use well-defined price action setups to enter your trades you should
able to win a higher percentage of your trades, assuming you TAKE profits.

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