Image 1: Setup before news release

http://www.nicktodd.com/UKretailsales/pic1.gif




Total degree of spike a few seconds later (nowhere near enough time for me to make a rational decision based on the figures)

http://www.nicktodd.com/UKretailsales/pic3.gif




Spread widens to 20 pips - can not even think about getting in here

http://www.nicktodd.com/UKretailsales/pic4.gif





Price starts to fall back into preexisting place - my ideal opportunity to get in

http://www.nicktodd.com/UKretailsales/pic7.gif



that I dither and then go and screw it up entirely.

Http://www.nicktodd.com/UKretailsales/pic8.gif

CONCLUSION

There were a few chances to trade in the first 5 minutes, but the incredible reactions demanded along with the spread-widening make it impossible. In my view, the very best opportunity was to trade the market's response to this news, possibly going on the breakout of this news spike, or going short on the retrace. In case, I dithered and then traded at the instructions.

As they say, practice makes perfect.