Its very important that we know how to trade the news. If we don't know how to do analysis then its good not to trade at all. But I do recommend that we study how to trade with the news since its really good earning chance. In fact this is were I make some profit.
To trade news successfully, we should know how the currency pairs are related to each other. Some pairs have direct correlation while some others have inverse correlation among them. Also, the amount of uptrend or down trend seen in the past few days may affect the price movement considerably as well. Also, cross pairs are normally not affected by news. We may see a momentary uptrend or downtrend but after that price usually returns back where it was before the news was released. All these factors should be studied well before trading news. If so, as you have opined, there is a very good chance of making money.