Using macroeconomic data to trade is perfectly fine.

However, macroeconomic indicators correspond to vague time periods, not precise moments or specific price ranges.

There may be a rebound starting during that time period, but predicting the sharp declines before that is very difficult.

So, if you want to use macroeconomic data for trading, avoid high leverage; most people will get trapped.

A specific example is the Bitcoin halving; macro data indicates bullish trends in the future, and some people start heavily investing with high leverage, but during the several declines before the rise, those people are already trapped.