I think one of the best intraday strategies out there involves trading the news. Given a large surprise in economic data, markets tend to clearly lean in a specific direction through short term trade. Drawdowns are relatively small: if a trade goes against you, you immediately know you were wrong and get out. If markets prove you "right", you stand to make anywhere from similarly small to large profits in post-news price action.

As an example, check out today's "Trading the News" report.

http://www.dailyfx.com/story/tophead...020282758.html

Given a softer-than-expected home sales print, the trader would've gone long the EURUSD at approximately 1.3453 at 10:05 EST. The pair later went on to hit highs of 1.3471 on dollar-bearish sentiment, allowing for approximately 15 points in profits within a short amount of time. Now, the EURUSD has recently reversed momentum and turned lower, but it stands a mere 5 points from entry price and a good distance from the proposed stop below 1.3440. If it trades downward, the trader could be stopped out at an approximate 20 point loss, but it is fairly safe to say that profit targets get hit more often than not.