Economic news trading

Sorry, as this is probably a real dumb question, but I'm trying to work out how to apply the economic news forceasts from the calender to trading.

I trade the GBPUSD intraday on 2 min timescale, and don't want to be holding positions 5-10 mins before the news comes out.

I am using the "Calendar" link at the top of this page for the following day's trading:

http://www.forexfactory.com/calendar.php


My question is:

Which of the news announcements do I use to stay away from the market? For example on May 22nd, USD had announcements 8.30am, 9am, 10.05am, 10.30am - but it only seems to be the 8.30am one that gave a 120 pip rise in the opposite direction to the trend.

Any guidance appreciated.

Thanks

You can get a general idea on how the market will react by the color of the forex factory logo on each news event. Red ones can (although it just depends on the market) have a big impact.

I will usually stay out of the market around interest rate statements and non-farm payroll. I won't close a trade because a news event is going to happen soon but I will not enter one +-30 min from a major news event.

Its really 'foolish' to stay away because news. trade higher time frames and you will be waiting for news to make you pips

News trading is generally a bad idea. The spread goes wilder than usual. However, in many cases, news affects a currency pair to move in a particular direction. Therefore, being aware of this pattern can be very useful for trading shortly after a news event.