News trading: straddle, fade or wait?

Three families of news strategy: the straddle (orders both sides before the release), the fade (trade against the spike when it overshoots), and the wait (enter after the first structure forms). Each has its own death scenario.

Which do you trade?

• the release, the strategy and your rules
• the death scenario you've lived through
• how spreads and slippage changed your numbers

The CPI and payrolls guides explain the releases themselves.