What I do first is check out the Forex Factory Calendar for upcoming news (you should set it to your time zone). Mostly I've been paying attention to news about the USD and the Euro, in particular the events noted with a red "impact" icon.
Depending on the currency I'm following, I'll pull up a USD/JPY or EUR/USD five minute chart about fifteen to twenty minutes ahead of time and look for a price range the pair has settled into. Usually before a major news release the pairs will range very tightly as traders stop trying to move the pairs significantly due to the uncertainty that results from a pending report.
When there is five minutes or less to go, I place limit orders above and below the price range,
Normally a significant news event will push the price decisively in one direction or the other. If action heads up, my buy limit order is triggered and my trailing stop begins chasing the gains. If price plummets, my sell limit order is activated. All I do after that is cancel the order that wasn't triggered and let the one that was run its course.
This method doesn't always work as intended, and sometimes the gains are not very substantial.