When markets trade with such high volatility, one must understand the enviroment he or she are trading in, which is quite different from the enviroment of few weeks ago.
Ranges are wider, speed is faster and volume is higher. You must take that into account, adjust your trading accordingly and make sure that you set limits as far as your daily risk is concerned and now allow for one trade or one trading day wipe your trading account.
I wrote more about the topic in an article called: “Survivor day-trading”
In between, weekly chart of mini Russell with long term FIB levels for your review.
BIG NUMBERS TOMORROW BEFORE THE OPEN CAN EVEN ADD TO THE VOLATILITY.
Monthly Chart of the Mini Russell from August 4th, 2011
GOOD TRADING!
TRADING LEVELS!
Economic Reports Friday August 5th, 2011
Non-Farm Employment Change
8:30am USD
Unemployment Rate
8:30am USD
Average Hourly Earnings m/m
8:30am USD
Consumer Credit m/m
3:00pm USD
Economics Report Source: http://www.forexfactory.com/calendar.php
This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!