News of Eurozone GDP data came out at 1000. So you would think what now? How do I interpret if number better or worse than expected? The answer is to look at the 1 minute price chart. If it falls in the first minute, then you can enter and sell short in the second minute if it falls below the low point of the first minute. Why? Because that is telling us the market has digested the news and is thinking downwards.
When would you exit? One idea is when the price makes a 2 minute high. Ie the price goes above the high point of the previous two one minute bars. Or exit half on a 2 minute high and half on a 3 minute high.
Next you need to know each days calendar of news announcement. Easy lots on the web eg Bloomberg.com