Today’s North American markets are abbreviated in the observance of Labor Day in the U.S. and Canada. Institutional participation will be limited, as will retail action facing the U.S. equities and futures markets.

Traders In The U.S. And Canada Are Taking Some R&R Today

However, the forex is open for business and the global currency trade will offer opportunity. As my colleague Skerdian mentioned a bit earlier, there are some setups facing a few of the majors that are worth a second look.

All that is needed is the proper mentality and one can trade successfully even with less-than-optimal market liquidity.

What To Watch For

It may be a holiday, but there is a ton of news hitting the wires. Hurricane Irma is bearing down on the Eastern U.S., North Korea has successfully tested a hydrogen bomb, and Bitcoin is experiencing a substantial correction. This is a charged news cycle. I will be looking for high degrees of volatility in the futures markets upon Tuesday’s electronic open. If you are carrying open positions into today's close, be extra vigilant! 

The DJIA and S&P 500 are up modestly on the open, as is WTI crude oil. Gold has started the week gap up, so we have a possible Fibonacci retracement long play coming into the picture for later on in the U.S. session.

The most important thing to remember is that trading is a “zero-sum” game. If you are going to attack the markets today, make sure they have your full attention and respect. Not having the necessary focus can be costly.

If trading is a secondary pursuit during today’s U.S. session, wait until tomorrow!