I choose the biggest news, when chart can move significanly, easily. I see the forexfactory.com or other Forex news websites.
For Example, start of the month:
USA-ISM Manufacturing PMI, Non Farm Payroll, FOMC Meeting when FED Chairman Bernanke speaks, BOE, Bank Of England meeting or BOJ, Bank of Japan meeting.
Other good news with other currencies: GDP figures, cash rate, unemployment rate etc.
So the strategy is the foollowing:
Before 20 or 30 minutes of the news I take orders ( buy stops and sell stops ) both of the directions approximately 30 or 50 pips to the current standing.
I use max 4 currencies to handle this, 6 or more is too much and very hard so 4 enough.I see, use currencies with small spreads ( eur usd, usd chf , gbp chf, usd jpy , eur jpy,, nzd usd, or gold, oil.
Small news orders: 30-50 pip
Big news orders: 40-70 pips
When the news comes, I see it, if it is goo for the currency or against.
I close orders which are not cooperated with the figures.
I use small stop losses mainly 30-40 pips, because I don' t know what the market will make, so let the market run.
If there is a large fundamental changing, I let the position run more than 100 or 200 pips. If the changing is not so much I'm happy with 50-100 pips profit.
Take profit: by technikal signs, cooperation levels, exponential moving average 200 or 100, Parabolic Sar, MACD signs.
It is very simply but I think profitable, it is worth to try.
If I won much, I decrease the positions little bit,
when I ' m in losing, I increase the positions.
I use small stops, but more than 20 pip, because the cost of the brokers are relative higher when You trade small pips.
For Example: 2 pips spread 50 pip win, cost 4 %
But if You close position after 10 pips, it is 2/10, so 20 %, very-very big, so I wait more, I take the chance run.
Easy strategy and some people find it too simply, but it works. You can earn money with it, so why don't believe me?
Many people see the news and You son't need to find out what happen in the future , only You go with the river.
Thank You very much for the attention, good trading, best regards !