I have been day trading the SP and RUSS eminis for a year. I trade off of the 89T, 144T, and 233Tick charts. I use Support and Resistance, 20 Exponential MA, 50 Exponential MA, DS and MACD. I use a breakout strategy with tight stops. In 2008 I have been struggling infact lately I have only been trading the SP. I would like to know, is there anyone who is successfully day trading the eminis and what Strategy are you using? Thanks - Stevenxcel
Comments
1) Tick sizes far too small for S&P;you will get wipped around on anything less than 400t. Try taking entry off 400 t as long as trade direction is confirmed on 1200t chart.
2) S&P;and other US indicies have been consolidating on a daily chart since January. Your breakout strategy will give better follow through if you traded a market which is trending and showing same trend direction on both daily and 30 min charts. Have a look at Crude oil or any of the Grain mkts.
3) Moving average is lagging indicator have a look at momentum indicators such as CCI or MACD histogram in conjunction with support and resistance.
Hope this helps.
I have an autotrading strategy based around above principles but not prepared to publish until at least 12 months live trading results available.