Well, first of all you should always consult in advance the news calendar and be aware of any incoming major news.
Second, before major economic news releases, stay out of the market. Wait for the market to digest the news and make its mind. Here, be aware of a usual phenomenon called "the knee jerk reaction", a fake move in one direction, followed by the real move. Sometimes the news is so obvious that there is no knee jerk reaction, but the straight move. In any case, you can enter the market and capitalize on the newly formed trend only after it becomes obvious.
Third, big stop losses are not a good idea unless your lots are very small, which is not a very bright idea either. Find some middle groud and use primarily technical analysis plus the risk-reward ratio to calculate your stop loss limits.