By using an expert advisor the trader can safely ensure that the pending orders will be places (well, depending on the EA Slippage might prevent it more or less). Without an expert advisor, however, it is almost impossible for the trader to place the pending orders pips away from the price, in the allotted time (ie before the news).
So what the traders usually do is set an EA to place the pending orders 1 minute or so before the news release. When the news w\are released, the price - and this is what the news strategy relies on - is expected to go either up or down, triggering one of the pending orders (buy or sell). The trader then can safely close the remaining pending order and focus on managing the winning trade. But this is not it. Thanks to expert advisors such as OCO News, this can also be done automatically.
|One Cancels Others expert advisor|
Below is an example of how easy it is to set an expert advisor to trade the news, following the OCO approach.
There are other EAs capable of doing this, no doubt, but the news trading EA from RobotFX is free to download (at least for demo accounts). If you are successfully trading the news using a different trading strategy, feel free to comment and explain it below.