Since I know in an event like this you can earn or lose approximately 100 pips in just 1 or 2 minutes, I decided to use my pre-news release technique to deal with this.
First I checked what other traders predict of this event are they Pro USD or against is, mostly you will be able to tell this by looking at the D1 chart and adding the Simple moving average indicator with a period of 10, now 15 minutes before the news release, if the candle was above the SMA then you trade for long, if it's below then you trade for short, and if it stays at the middle, don't trade.
Most of the time in my Forex Trading, I would trade the currency pair USD and JPY on this event because from my history this pair usually makes the biggest movement in this event, but this time, if you looked at the D1 chart you will see that the candle is above the SMA which is Pro USD, but if you look at the D1 chart of EUR / USD and GBP / USD, you will see that both of them is against USD and it makes sense since the consensus predicts that it will go against USD. So the best choice for me is to trade the pair GBP / USD, because this pair has a history of big movement on this event although lesser than JPY but definitely bigger than EUR.
But to my surprise, the trade did go my way but the movement was almost as if there was no news release, the movements was so small, so after I saw it reach a + 5 pip I immediately closed my trade even if it increased up to 10, I felt it was safer to just stop the trade before it drops. So that wraps up my Forex Trading Last week.