Using forex economic calendar and its forecast, we will enter a market order 30 mins before news release and close it 2 or 3 hours later. Set SL and TP to the "Price Range" shown. Stick with only the ones that set off high and medium volatility on price, i.e. employment situation, interest rate announcement, ISM PMI, Chigago PMI, etc. Look for the ones with red icon. You should improvise the market order with like stop/limit order to gain some more pips.
Here's an example, in the attached calendar image, the calendar forecasted that on January 05 2007 13:30 GMT, the EURUSD would be moving down 80 pips. So at 13:00 GMT, you would short selling EUR-USD with SL = 80 pips and TP = 80 pips. See the chart, you can made at least 80 pips with this one event alone!
Here's past results trading USA Employment Situtation:
2007/04/06 13:00: Long EURUSD at 1.3419. P/L: -50 pips.
Mar 2007: No data. No trade.
Feb 2007 13:00: Short EUR-USD, Profit: +63 pips
Jan 2007 13:00: Short EUR-USD at 1.3089, Profit: +80 pips
Dec 2006 13:00: Long EUR-USD at 1.3275, Profit: +80 pips
2006/11/03 13:00: Short EUR-USD at 1.2760, Profit: +80 pips.
2006/10/06 13:00: Short EUR-USD at 1.2662, Profit: +80 pips.
2006/09/01 13:00: Short EUR-USD at 1.2815, Profit: +10 pips.
2006/08/04 13:00: Long EUR-USD at 1.2793, Profit: +80 pips.
2006/07/07 13:00: Long EUR-USD at 1.2774, Profit: +80 pips.
2006/06/02 13:00: Long EUR-USD at 1.2814, Profit: +80 pips.
2006/05/05 13:00: Long EUR-USD at 1.2691, Profit: +52 pips.
2006/04/07 13:00: Short EUR-USD at 1.2176, Profit: +80 pips.
And the profit goes on...
