I had tried this so many times, you may succeed once or twice but :

a) The Brokers freeze the feed and the platforms wakes up to a loosing trade..
b) The spreads double and when you lose its 33% more losses for a sl of 10.
c) The brokers manipulate and spike it 1 min before the news.
d) The orders are rejected some time, with a trade context .
e) The worse bit is when the brokers do not honor the stops because of market volatility (they just point you to the clause in the contract where they cannot control stuff under extreme market conditions...I lost a 5k account like this ...)
f) I won a few times with this strategy and lost 5 times that much....
g) Pro traders do not trade news like this anymore it is too risky.

Just food for thought