Yes, you can trade in front of big econ reports, like the Philly Fed report at 10am ET today. The trick is to have a valid technical entry signal in front of the report that would have worked on its own, even if no such report was scheduled. Partial out of the position to pay for the trade, and then hold the balance into the report ONLY if prices still reflect a profit to your remaining position as the report approaches in the last 20 seconds or so. That premium can serve to cushion the blow if reaction to the report goes against you with a sudden spike. If price comes back to your entry price on the balance of your position just before the news, bail out. No harm done. But more often than not, a technical signal to enter the market before the report will play out in agreement with the reaction to the report itself, almost as if the market
seems to 'know'.
20120621
Long 3 YM 12760, 12757, 12759, +4, +13 +5
Short 2 TF 778.2, 778.5, +1.0, +3.2
Total YM +22
Total TF +4.2
