i dont i check the economic numbers after they come out but thats it. What i noticed is that right before a number comes out there will be buying or selling to tip you off as to which way they are going to trade it the majority of the time.
I always know the price at which I want to get in or out of a trade. Whether that price gets hit in the minutes after news gets released or not is irrelevant to me. The only thing I worry about with news is the market gapping over my stop limit orders in a bad way. If I miss a trade because the market gaps over my limit price, oh well, there will be another trade coming along, but if it gaps against me and I can't get out of a trade at the price I want out, that would be painful.
I had a broker friend that as far as I knew never held a position more than 20 minutes. He went on to trade the NYSE at the NYFE as a floor trader. One day the market was down 30 points (which was a big deal back then) and there on FNN some girl stuck a microphone in his face and asked the reason for the drop in the market. The only news of the day was the senate failed to pass some bill and he said that was the reason. I'm not sure he even knew what the senate was. So that's what gets pased for news on TV. Hey, you trade at the NYFE, you are a professional, so you must know what is going on.
Sorry for being a little confusing... However, I still mark all "known" intraday news events on the calendar as they tend to accelerate market action and increase market volatility/range. The actual news has zero value in predicting market direction. Technicals are dominant most all of the time.
back in the day, Allen Greenspan could really move a market. One time I was trading Bollinger bands and he started his schpiel. At first I was right, then I was really wrong, then I was right again and then I was wrong. By the time the fifteen minutes were over you broke even, long or short as long as you didn't do anything when he was talking.
LoL... That sounds like a lot of traders having a heart attack on his every word. That's exactly why not to have a news feed up. Bet there was a lot of support/resistance pro's who raked it in big just fading the spikes.
This will date me but I can remember what happen'd when Paul Volker would open his mouth in the late '70s
like the lady at the bank said, "I have some good news and some bad news. The bad news is I can only get you 9%. The good news it's only for 1 year."