Using OCO orders for trading news announcements?

During my research for a broker, I found out that Forex.com offers OCO (one cancels the other) orders. Whereby if you place a long and short order on the same currency pair, when the first order gets filled, the other will be closed automatically. This seems to me to be much safer than doing a normal straddle. The Forex.com rep. said there is a way to structure the trade so that you wind up on the end of the winning move even if there is a whipsaw. Has anyone used OCO orders for trading news announcements, and if so, what downside is there, if any?

yes, it is actually a good idea to do oco trade when there's a market news. but you need to becareful coz sometimes the market is going crazy and you might ended up loosing your position.... i tried :surprised

the best I think if you can put 2 times order and both with the 2nd legs.(put oco on the second leg).

For example the rate right now is 1.2100 lets say the support is at 1.2064 and 1.2153 resistance. you can put order buy at 1.2153 with 2nd leg oco take profit 1.2200 and stop at 1.2100. or sell @ 1.2064 with 2nd leg 1.2114 stop and 1.2014 take profit.. like these at least it will be safer. (but make sure the pivot is right in the middle in this case it is at 1.2102)...
it is safe, but it will not always get executed.

just for your consideration...

OCO is ok, but I personaly don't use it during nfp - nfp often whipsaw and second leg is very useful (sometimes it is difference between win and loss).

Regards,

Andrew