Trading the news

One poster on another thread mentioned this and got me thinking.

Are there any known strategies for trading news reports (major ones like ECB or NFP)? Do people actually trade like this - seems nuts!

One seems to be place an order 15pips either side of the current price 5 mins before the news report and set a target profit of 50pips. Very often it seems the market will either go and up and whipsaw back or just move rapidly in one direction. This seems high risk to me but many people make a living out of trading the news.
Of course, you could look at the forecast for the report but on majori reports like interest rates and NFP, I have sent he market spike both ways so it seems irrelevant what comes out in the report.

Any articles on strategies for this? I guess particularly related to EURUSD.
There’s the BabyPips one but only covers basics: Forex News Trading Methods: Straddles & Trading the Numbers

Another suggested one was trading a 1min chart bollinger breakout at major news reports and closing when the MAs indicate a retrace.

Retail traders are at such a disadvantage during news releases it’s not even funny. The first five minutes after a big release comes out are when the large interbank players are exchanging huge positions based on the fact that fundamental factors have changed and they have to adjust their long-term positions quickly. You can gamble beforehand and you can get lucky of course, but trying to form a reliable way of taking money from these players is futile and you will get steam-rolled more often than not.

Best bet is to wait 15minutes and look for opportunities to fade the news spike or enter on retracements if you believe the initial spike will set the trend for the day. Sometimes the news will cause a spike and then price will barely move from where the initial spike took it and so there are limited opportunities on days like that.

I think news trading specially during big events like non farm pay roll and intrest rate are very risky ,it is like gambling , the best way to deal with it is to wait until you get a clear view of the direction